|
Sparton
Resources Inc. (TSX VENTURE:SRI) (the "Company")
reported today that a 2 million RMB operating budget (approximately
$300,000 Canadian dollars) has been approved by the Yunnan Sparton
Minerals ("YSM") directors for the first quarter of 2007. The Company
owns a 39% interest in YSM along with partners Starry Limited (51%)
and Yunnan Nuclear Exploration Team 201 (10%). The exploration
program will continue to be operated by Sparton technical staff.
In addition uranium leaching tests have commenced on the coal ash
samples collected from the Xiaolongtang power station.
LUXI PROGRAM
The approved expenditures will be used for YSM administrative
costs as well as a 3000 metre reverse circulation and core drilling
program which will begin this month. A minimum 2000 metre contract
has been signed with Citation Drilling Services for reverse circulation
drilling, and approximately 1000 metres of core drilling will be
done with YSM owned equipment. The drilling will initially concentrate
on extending (outside the mine area) the mineralization previously
located in the Guanlingpo Mine (see news release dated September
14, 2005). Subsequently the approved exploration plan is to undertake
similar work in the Bajaowa (see news
release dated May 31, 2006)
and Mabozi targets in the larger YSM 250 square km. exploration
area.
At Mabozi strong IP anomalies were located in the geophysical
program completed in late 2005, in the area where very limited
drilling done by an earlier program in 1997 indicate strongly anomalous
gold values (0.44 grams over 58 metres including 9.5 metres of
0.9g/t and 7.1 metres of 1.0 g/t gold). No follow up drilling was
ever done in this area. The detailed exploration completed by YSM
has extended the Mabozi mineralized area over 600 metres to the
north east for a total known length of over 1.5 km.
Due to the Chinese Spring Festival holiday period results are
not expected from the initial work until late March. Initial assaying
will be done at the YSM laboratory at the Guanlingpo mine site
with quality control check analyses to be performed by SGS Laboratories
in either China or Canada as per previous programs.
COAL ASH LEACHING TESTS
Elsewhere in Yunnan, Coal ash samples from the various burners
at the Xiaolongtang Power station have been delivered to laboratories
in both North America and China for detailed chemical analyses
and uranium recovery leaching tests. (See
news release dated December 19, 2006 for details.)
Ash sample collection from other power stations in the area as
well as the newly commissioned burners at Xiaolongtang is also
underway. The results of these programs will be reported when available.
Sparton's exploration and evaluation programs in China are being
carried out under the direct supervision of A. Lee Barker, P. Eng.,
P Geol., the Company's President and CEO who is a Qualified Person
under National Instrument 43-101.
FOR FURTHER INFORMATION PLEASE
CONTACT:
|
