TORONTO, Nov. 25, 2019 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced today that it has successfully completed initial reconnaissance work on three Mining Leases (the “Oakes Prospect”) near Hawley Lake in the Matachewan gold mining area of northern Ontario. See Sparton News Release dated September 25, 2019.
HISTORICAL TECHNICAL INFORMATION
The three Mining Leases (totalling approximately 45 hectares) were historically held by the Sir Harry Oakes Interests in the 1930s and explored by a shallow shaft with lateral workings, several trenches and several short drill holes, which were completed between 1934 and 1936. They are accessible by all-terrain vehicle and on foot along a 3-km long trail from Ontario Highway 566 between Matachewan and Timmins.
Gold mineralization was reported to be hosted in quartz veins in sheared and altered syenite porphyry, reported to be similar to the mineralization and host rocks at the Young Davidson Mine, operated by Alamos Gold Inc., 3 kilometres to the south. Young Davidson produced over 1 million ounces of gold between 1934 and 1957 and is currently back in production. We note that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization that may be hosted on the Company’s Oakes Prospect.
The early historical technical information available to Sparton is limited to maps and parts of a 1936 technical report on work on the historical mining claims comprising the Leases. Please See Sparton News Release dated September 25, 2019, for details.
Access to the 3 leases was established and several old trenches, the Oakes shaft, and one drill hole were located.
A detailed aerial photo survey was also completed over the lease area using a drone. This greatly assisted in locating the old work areas on the ground. Snow conditions prevented any sampling of outcrops or material excavated from the shaft. A number of mineralized quartz vein structures were, however, observed in a stripped area of outcrop near the shaft.
The work confirmed the location of the shaft and trenches documented in the 1934-36 data available to the Company, none of which is available in any government records. The shaft is open, flooded to surface, and has not been capped. Sparton personnel erected safety perimeter markings around the shaft area.
Sparton plans to complete an airborne magnetic survey over the lease area in order to determine the approximate size of two diabase dykes that are shown to trend across the leases on government geological maps. These dykes, common in the Matachewan area, are not a host to gold mineralization, and their exact location and approximate size will determine how additional exploration on the leases will proceed. The drone survey is expected to be completed in the next two weeks. Additional geophysical surveying may be undertaken this coming winter once the magnetic results have been compiled and interpreted.
Photos and a video showing the reconnaissance results will be posted on the Company website www.spartonresources.com. “Sparton is delighted to now have confirmed the existence of some of the historical information available on the Oakes Prospect” stated A. Lee Barker Company CEO. “It is not often the opportunity arises to acquire a strategic and historically significant property in an active mining area. Our due diligence work has now confirmed much of the historic data and we will begin a detailed exploration program on the Leases and nearby claims beginning with the aerial magnetic survey as soon as possible”.
Sir Harry Oakes is a legendary Canadian mining figure, purported to be the richest man in Canada in his day, having discovered the prolific Lakeshore Mine. His interest and knowledge of mining led him to acquire the ground recently acquired by Sparton.
A. L. Barker M.A.Sc., P. Eng., P. Geol. is the Qualified Person under NI 43-101 for the technical information in this news release and has reviewed all available data for the Property and approved the contents of this news release.
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Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
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