Canada markets closed

Sparton Resources Inc. (SRI.V)

TSXV - TSXV Real Time Price. Currency in CAD
Add to watchlist
0.0800+0.0050 (+6.67%)
At close: 3:20PM EDT
Full screen
Previous Close0.0750
Open0.0750
Bid0.0800 x 0
Ask0.0850 x 0
Day's Range0.0750 - 0.0850
52 Week Range0.0200 - 0.2100
Volume1,201,324
Avg. Volume1,843,543
Market Cap10.956M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.0050
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Sparton Resources Inc.: Oakes Gold Project – Initial Drilling Results, Ongoing Program
    GlobeNewswire

    Sparton Resources Inc.: Oakes Gold Project – Initial Drilling Results, Ongoing Program

    TORONTO, March 19, 2021 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced initial drilling results for work completed in late 2020 at the Oakes Gold Project, near Matachewan, Ontario. Program Six core holes comprising a total of approximately 800 metres were diamond drilled at the sites of historical holes numbered DDH 2A, DDH 3 and DDH 5. (Please see Sparton news release dated October 19th, 2020). All holes, except number 6, were drilled to the end of visible mineralization or alteration and ended in fresh rock material. The historical holes were only drilled to approximately 30 to 40 metre depths at minus 45 degree angles. The completed drilling was designed to essentially duplicate the historical holes by drilling a minus 50 degree hole and a steeper hole (minus 65 degrees) underneath from the same setup. Assay results have been slow in coming due to COVID-19 delays and extremely high laboratory work loads. Over 450 samples have been submitted for precious metal and multi element analyses. To date, results for only about 70 percent of these have been received. Holes DDH 20-1 and 20-2 were drilled east of the old shaft at the site of historical hole DDH 2A, which reported a zone of 5.5 grams per tonne over 5.53 metres. Holes DDH 20-3 and 20-4 were drilled at the site of historical hole DDH 3, which reported intersections of 8.23 grams per tonne over 1.5 metres, and 14.4 grams per tonne over 0.9 metres. Current holes DDH 20-5 and 20-6 were located at the site of historical hole DDH 5 which reported which 6.85 grams per tonne over 1.85 metres, 3.77 grams per tonne over 1.49 metres, and 3.43 grams per tonne over 0.61 metres. Please see Sparton news release dated September 16, 2020, and historical maps on the Sparton website at www.spartonresources.com. Results All holes intersected significant sulfide mineralization (up to 40% pyrite with lesser chalcopyrite) and ubiquitous red hematite and grey magnetite alteration plus intense silicification. The host sedimentary rocks are strongly brecciated and contain multiple quartz stringers and veining up to 1 metre in core length often associated with zones of red to grey syenite and locally containing up to 20% chalcopyrite. Zones of multiple stage quartz veining and mineralization occur in the completed drill holes at roughly the same intervals as reported in the shallow historical holes but significantly more mineralization is present deeper in the current holes, indicating a much larger mineralised structural zone over 50 metres in width. Several small fault zones were encountered in all holes and overall core recovery exceeded 95%. All core was systematically logged with a susceptibility meter to attempt to correlate mineralized sections with magnetic or non–magnetic zones. As well, all the core was logged systematically with a scintillometer to check for anomalous radioactivity associated with potassium alteration, which is characteristic of gold deposits in the area, including the nearby Young Davidson Mine. Assay results to date are not consistent with the historical data. The best results received from the current drilling are set out below: Hole 20-1 –0.31 grams/tonne (“G/T”) Au (gold) over 1.5 metres from 14.5 to 16 metres, roughly corresponding to the zone reported in historical hole 2A; Hole 20-1 –0.26 G/T Au over 1.5 metres from 58.5 to 60 metres; Hole 20-1 –1.91 G/T Ag (silver) over 6.5 metres from 67.5 to 74.0 metres; Hole 20-3 –0.14 G/T Au over 6 metres rom 4.5 to 10.5 metres and: 0.10 G/T Au and 1.12 G/T Ag over 4.5 metres from 31.0 to 35.5 metres and: 0.22 G/T Au over 1.5 metres from 56.0 to 57.5 metres and: 0.11 G/T Au, 1.2 G/T Ag and 0.09% Cu (copper) over 0.5 metres from 104.0 to 104.5 metres from Hole 20-4 drilled under the historical hole DDH 3 at -65 degrees. Approximately 100 assay results are still awaited from holes 4 and 5. Quality Control and Quality Assurance Mineralized intervals were systematically sampled using a core saw and one half of the intervals submitted for assay to Swastika Laboratories Ltd. or Agat Laboratories, both recognized organizations and ISO certified. Normal industry standard practices for Chain of Custody, Quality Assurance, Blank Assays, Standard Assays and Quality Control were followed and the results for blanks and standards were all accurate within normal variability ranges. Ongoing Work Program The work planned for later in 2021 will involve prospecting of the entire claim area surrounding the Oakes Leases and clearing and sampling of various trenches on the property where gold values were reported by previous operators. This is expected to begin in late spring or summer when field conditions are optimal. The 41-claim property package has several target areas highlighted for groundwork, and the geologic potential of the area is excellent given the proximity to Alamos Golds highly successful Young Davidson Mine. CAUTIONARY NOTE It should be noted that historical results reported here and earlier, by the Company are included with the recent drilling data results and were available to Sparton. Knowing the laboratories where the historical analyses were done, the Company believed the historical data to be reliable and has reviewed them in detail to attempt to determine the discrepancies with the current results. More work needs to be done however, to verify these historical results and information and provide an explanation the reason for the differences with the current results. Further, a qualified person under NI 43-101 has not done sufficient work to verify the historical results with new sampling and analyses because the original samples and drill core are not available for re-analysis. ABOUT THE COMPANY Sparton is a mineral exploration company currently focused on exploring gold projects near producing mines on or near the major gold producing trends in eastern Ontario and western Quebec where it holds interests in two exploration prospects. The Bruell Property in Quebec, which hosts a new gold discovery, has been optioned to Eldorado Gold, which owns the nearby producing Lamaque Mine. Eldorado is planning an extensive work program during 2021 with possible drilling late in the year. The Oakes Gold Property in Ontario is the current focus of the Company’s exploration drilling program and is in close proximity to Alamos Gold’s producing Young Davidson Mine. Sparton also holds an interest in VRB Energy Inc., a leading vanadium battery company that is currently private and has recently announced a contract for a 1 gigawatt storage system linked to a major new solar installation in Hubei Province China. A. Lee. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 for the technical information in this news release, has reviewed all available data for the project discussed here, and approved the contents of this news release. For more information contact:A. Lee Barker, M.A Sc., P. Eng., President and CEOTel./Fax: 647-344-7734 or Mobile: 416-716-5762Email: info@spartonres.ca Website: www.spartonres.ca Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements 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. We Seek Safe Harbour

  • Sparton Announces VRB Energy Agreement to Build China’s Largest Solar Integrated Battery System
    GlobeNewswire

    Sparton Announces VRB Energy Agreement to Build China’s Largest Solar Integrated Battery System

    TORONTO, March 16, 2021 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV: SRI) ("Sparton" or the "Company") is pleased to announce that VRB Energy Inc. (“VRB”) reported, on March 15, 2021 an agreement signed on March 4th, 2021, to build China’s largest photo voltaic (“PV”) solar integrated battery system. Sparton owns a minority interest in VRB and was instrumental in organizing the acquisition and reactivation of VRB by the current majority shareholder, High Power Exploration (“HPX”). VRB’s Chairman, Robert Friedland and CEO Mianyan Huang reported on the four-party agreement to build in phases, a 500 MWh PV and energy storage power station integrating VRB’s vanadium flow battery energy storage system (“VRB-ESS”). The project will be located in Xiangyang, Hubei Province at a new industrial park complex that will include a VRB-ESS manufacturing “Gigafactory”, and a vanadium flow battery energy research and development institute. It will eventually generate 1000 megawatts (1 GW) of power annually. Construction is scheduled to begin in May of 2021 with a 40 MW, 200 MWh system and 50 MW of annual battery manufacturing. This project builds on the success of the 3MW, 12 MWh solar plus storage system installed by VRB at Xiangyang in 2019. There is a growing number of 100MW renewable energy and flow battery projects under development in many provinces in China. Many of these provinces are mandating minimums of 5-20% storage capacity to be integrated with new solar and wind power projects. Vanadium flow batteries have been recommended by the China Central Government as the technology of choice for large scale integrated battery installations. VRB Energy is now the leading contender for multiple 100 MW-class projects scheduled under China’s infrastructure investment program, which is being accelerated as part of post-COVID economic stimulus. On the international front VRB is in discussions with a number of developers and utilities in the U.S., Australia, and South Africa for large 100 MW-class systems. The energy storage industry and VRB are clearly supporting the ongoing worldwide green energy revolution. Details of the new contract and the full VRB News Release disseminated on March 15, 2021, can be seen at the following websites: www.vrbenergy.com, www.hpxploration.com, and www.ipulse-group.com and on VRB’s Twitter site “@Think VRB”. VRB is majority owned by High Power Exploration (“HPX”) which is a subsidiary of I-Pulse, a private innovative technology development company. DISCUSSION “This announcement is another milestone in the evolution of VRB’s energy storage business,” stated Lee Barker, Company CEO. “The choice to use VRB to build China’s biggest PV integrated energy storage system is a major breakthrough for the Company and should create significant new business and value for all VRB stakeholders in the future. Sparton once again commends the VRB staff and management for this achievement.” Information regarding the Company’s interest held in VRB is as follows: Sparton’s 89.8% owned subsidiary, VanSpar Mining Inc., registered in the British Virgin Islands, owns 9.8% of VRB which is registered in the Cayman Islands, which in turn owns 100% of VRB Energy Systems, registered in China, and is the vanadium flow battery manufacturer. Full information regarding the history of the VRB investment interest held by Sparton is in its various news releases and available at www.sedar.com in its corporate filings. For more information contact: A. Lee Barker, M.A Sc., P. Eng.President and CEOTel./Fax: 647-344-7734 or Mobile: 416-716-5762Email: info@spartonres.ca Website: www.spartonres.ca Jim StoverCharles Gejim.stover@vrbenergy.comcharlesge@vrbenergy.com +1 604 648 3900+86 186 7010 7777 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements 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. We Seek Safe Harbour

  • Sparton Resources Inc. Provides Update for Bruell Gold Project
    GlobeNewswire

    Sparton Resources Inc. Provides Update for Bruell Gold Project

    TORONTO, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV:SRI) ("Sparton" or the "Company") provided today an update on the 2020 work program completed by Eldorado Gold Corp. (“Eldorado”) on the Company’s Bruell Gold Property in Vauquelin Township, Quebec. Earlier work by the Company on the Bruell claim group discovered new gold mineralization contained in a number of shear zones and related quartz vein systems located in the east central part of the claim area (See Sparton News Release dated April 25, 2019).During the early part of the 2020 field season, Eldorado completed a high resolution VTEM airborne magnetic and electromagnetic survey with a 50-metre flight line spacing over the entire property. The data from this survey has highlighted previously un-recognized structures and refined the interpretation of various lithologic contacts on the claims and the relationship of gold mineralization to these features.Covid-19 logistical restrictions prevented a comprehensive geological mapping and geochemical sampling program but significant fieldwork was still completed, including a detailed till and soil sampling survey in the Avocalon-Aurora shaft area and a set of widely spaced till and soil sample profiles across the entire claim group. An initial review of these preliminary data indicate some positive results. Prospecting and mapping commenced over selected parts of the property and will be continued in the 2021 program.All drill core from Sparton’s past work is also currently being relogged and scanned with Magnetic Susceptibility and portable X-Ray Fluorescence equipment. Multi-element analyses will also be completed on selected samples to correlate gold mineralization with other elements.   Additionally, the historical induced polarization (“IP”) data for Bruell was reprocessed and new IP interpretations were generated that has highlighted new target areas.All historical and new data are being compiled by Eldorado in a GIS format that will permit data comparisons and aid in the interpretation of the information. Once complete, Eldorado will provide a summary report and Sparton will provide highlights.The 2020 work program at Bruell was budgeted at $300,000. Eldorado has met the year 1 expenditure commitment and indicated it will continue with the 2021 program.ACCESS AND INFRASTRUCTUREThe 51 claims in the Bruell property package are accessible from Val d’Or and Senneterre by paved Highways 117 and 113, and local forestry roads and logging trails. The Bruell property contains a number of structurally hosted vein and shear zone type gold occurrences. Four (4) shallow shafts, the Bruell 1, Bruell 2, the Avocalon/Aurora, and the Boycon-Pershing were excavated on the claims in the 1930s during past exploration programs and there are numerous historical drill holes with encouraging gold values that have not yet been followed up.SUMMARY“We are very pleased with Eldorado’s systematic progress on the Project,” stated A. Lee Barker, Sparton CEO. “Based on a review of the initial data, it is obvious that a proper compilation of all historic information and an updated geophysical program and database were necessary to properly prioritize areas for drilling in 2021. Very little detailed modern exploration work has been done in the area and given the strength of the structures hosting the new mineralization located by the Company, and the number of gold occurrences on the claim group, we believe that Eldorado is using the correct comprehensive approach to evaluating this exciting area and prioritizing drill targets for the upcoming season.”THE SPARTON ELDORADO AGREEMENTOn December 16, 2019, Sparton announced that it had executed an Option Agreement with Eldorado Gold Corporation (“Eldorado”) whereby Eldorado can earn up to an initial 75% interest (“Option”) in the Bruell Project. Eldorado agreed to make all future cash payments and fund all the future expenditures required under the Property Option Agreement between the Company and the original optionor. Sparton also received a cash payment of $150,000 as partial compensation for past expenditures. Should Eldorado make all future cash payments and fund all the future optional exploration expenditures ($400,000 in Year 2 and $500,000 in Year 3) then it has the right to have Sparton participate in a new joint-venture in which Sparton will hold a 25% interest, or buy-out Sparton’s 25% interest for $1.8 million adjusted for the Consumer Price Index at the time Eldorado makes the election, in which case Sparton will be granted a 2% Net Smelter Return Production Royalty (“NSR”). Fifty percent of the NSR can be purchased by Eldorado for $2.5 million at any time.ABOUT THE COMPANYSparton is a mineral exploration Company currently focused on exploring gold projects near producing mines on or near the major gold producing trends in eastern Ontario and western Quebec where it holds interests in two exploration prospects. The Bruell Property, hosts a new gold discovery, is now being explored by Eldorado, which owns the nearby producing Lamaque Mine.   The Sir Harry Oakes Property in Ontario is the current focus of the Company’s exploration drilling program and is in close proximity to Alamos Gold’s producing Young Davidson Mine. The Company is currently conducting an initial drill program at the Oakes Project which is designed to confirm the results of work originally carried out by a syndicate funded by Sir Harry Oakes in the 1930’s.Sparton also holds an interest in VRB Energy Inc., a leading vanadium battery manufacturing company that is currently private.A. L. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 for the technical information in this news release and has reviewed current data for the Bruell Property and approved the contents of this news release.For more information contact: A. Lee Barker, M.A Sc., P. Eng. President and CEO Tel./Fax: 647-344-7734 or Mobile: 416-716-5762 Email: info@spartonres.ca Website:www.spartonres.caNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking Statements 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.We Seek Safe Harbour