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SPARTON RESOURCES INC. SPARTON REPORTS ENCOURAGING DRILLING NEW GOLD DISCOVERY IN THE SOUTH SILICIFIED ZONE |
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Sparton Resources Inc. (SRI:TSX-V) (the "Company") reported today that the initial drilling program on its West Hammond Contact ("WHC") property located in northern Ontario has given very encouraging results and that a new gold discovery has now been made in the "South Silicified Zone". The WHC claim group is contiguous to the claim holdings of Brett Resources Inc. ("Brett"), and is located approximately 25 km north of the town of Atikokan. Brett is doing advanced evaluation of its Hammond Reef deposit which is now reported to contain 6.7 million ounces of gold at a grade of 0.80 g/t gold using a cut off grade of 0.30g/t gold. (See Sparton news releases dated October 26, 2009, December 10, 2009 and recent news releases and 43-101 Technical Report of Brett Resources Inc.). Twelve holes totalling approximately 2750 metres were completed in the initial five week drilling program. All holes were drilled at an angle of -50 degrees to the southeast and the average hole length was 215 metres. One hole (WH10-12) was completed at a length of 305 metres. The holes have partially tested a series of en echelon Induced Polarization (IP) anomalies located along a portion of the 3.10 km long West Hammond Contact grid which follows a strong, wide (over 300m) alteration and shear zone along the contact between the Finlayson Volcanic Belt and the Marmion Granitic Batholith. At least 6 distinct IP trends occur along the zone and three of these remain untested. Priority drill targets were chosen where IP anomalies were associated with anomalous gold found in surface prospecting samples and/or zones of anomalous soil sample results. No drilling has yet been done on the north third of the grid where several broad IP anomalies are located. DRILLING and RESULTS Holes WH10-07, 12 were drilled on Line 300 north, Hole WH10-02 is 1.1km northeast on line 1400 north, and holes WH10-03, 08 are 400 and 300 metres respectively northeast of holes WH10-07, 12 |
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The mineralization in these holes is hosted in a 50-200 metre wide zone of highly sheared, silicified and mineralized The mineralized section of the South Silcified zone intersected in holes WH10-07, 12 appears to dip north DISCUSSION The mineralization found in the South Silicified Zone (located by Sparton's team in November of 2009) Additional drilling to follow up the results reported here will begin on or about March 10, 2010. Drilling will focus on tracing the South Silicified Zone mineralization at depth and along strike, as well as testing the remaining geophysical targets on the West Hammond Contact Property. Sparton's domestic and international exploration, development, and evaluation programs 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. |
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This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may" ,"could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to exploration and development, the environment, local and foreign government regulation, currency fluctuation infrastructure, capital markets and additional funding requirements and the departure of key executives as well as those factors discussed in the Company's documents filed on SEDAR (www.sedar.com). |
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