Sparton Resources Inc

Published : August 11th, 2008

Locates New High Grade Copper-Moly Zone at Whiskey Project-New Brunswick

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  August 11, 2008  
 
 

SPARTON RESOURCES INC.

Sparton Locates New High Grade Copper-Moly Zone at Whiskey Project-New Brunswick
 
 
 
 

INITIAL SAMPLING RESULTS SHOW UP TO 4.5% COPPER AND 0.63% MOLYBDENUM

 
       
 

Sparton Resources Inc. (TSX VENTURE: SRI) (the "Company") reported today that it has located a new zone of mineralization on its 100% owned 'Whiskey' claim area in central New Brunswick. Preliminary grab and chip sampling results have returned significant values in copper, silver, and molybdenum. The new area is not located in one of the zones tested by the drilling program completed in March of 2008. (See Sparton news release dated February 20, 2007).

Subsequent to the completion of the winter 2008 drill program, the Government of New Brunswick, bowed to pressure from various local lobby groups and has declared a ban on all uranium exploration in the province. A moratorium on claim staking was also put in place pending the implementation of a new on-line system of mineral claim acquisition. As a consequence Sparton's summer program has focussed on copper exploration, and the uranium program has been suspended.

 

NEW ZONE RESULTS-HIGHLIGHTS

The newly discovered mineralization is hosted in an altered and brecciated, sub vertical, granitic intrusive emplaced in sedimentary rocks. The zone is intensely sheared and faulted and exposed in a rock face approximately eight meters wide. Assay results now available indicate continuous copper mineralization across the zone with four chip samples taken across the zone at right angles to the mineralized body returning higher values:

 

SAMPLE NO.
TRUE WIDTH
%Cu
PPM Ag(ii)
%Pb
%Mo
GQ-JF-08-05
1 METER
1.00%
4.75 PPM
0.08%
0.03%
GQ-JF-08-06
1 METER
1.51%
33.6 PPM
0.08%
0.14%
GQ-JF-08-06A
0.5 METER
4.46%
115 PPM
0.40%
0.63%
GQ-JF-08-07
1 METER
0.04%
NSV
NSV
NSV
GQ-JF-08-08
1 METER
0.04%
NSV
NSV
NSV
GQ-JF-08-09
1 METER
2.93%
NSV
NSV
NSV
GQ-JF-08-10
GRAB
0.05%
NSV
NSV
NSV
GQ-JF-08-11
1 METER
0.12%
NSV
NSV
NSV
GQ-JF-08-12
1 METER
0.02%
NSV
NSV
NSV
Samples GQ-JF-01 to 04 returned low values. Samples 11, 12 were taken
about 15 meters along strike from 8 and 9 in similar mineralized material.
 

DISCUSSION

The discovery of this new zone and style of mineralization is very encouraging. The fact that the values are hosted in an intrusive rock unit and not previously recognized in this area opens up a new environment for exploration in the region.

A follow up program of soil sampling has recently been completed to trace extensions of the new zone under overburden covered areas, and results are expected to be available within 6-8 weeks. Additional chip sampling will be undertaken shortly and if similar positive results are received from this work a drilling program may be undertaken later this year.

New results will be reported when available.

 

NEW STOCK OPTIONS

Sparton has issued new incentive stock options to directors and consultants of the Company to purchase a total of 560,000 common shares of the Company exercisable at $0.10 per share for a five year period expiring on August 11, 2013.

All sample results reported here were analysed by ALS Chemex Canada Ltd. and the Company maintains industry standard control programs for sample Chain of Custody, Quality Control and Quality Assurance.

Sparton's domestic and international exploration 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.

(ii)Notes: - PPM equals parts per million One troy ounce per tonne equals approximately 34.3 PPM

 

Contacts:    
Sparton Resources Inc.
A. Lee Barker
President and CEO
(416) 366-3551 or Mobile: (416) 716-5762
(416) 366-7421 (FAX)
Email: leebarker@spartonres.ca
  Sparton Resources Inc.
Edward G. Thompson
Chairman
(416) 366-6083
(416) 366-2713 (FAX)
Email: edthompson@spartonres.ca
Website: www.spartonres.ca
   

   
       
  The TSX Venture Exchange has not reviewed and does not accept responsibility for adequacy or accuracy of the content of the information contained herein.    
 

     
Other Recent Sparton Resources News:    
         
  Randoph Buss' GMR Letter
  A Few Gems Amongst Them
"Uranium, Germanium, Gas, Gold"
 
       
         
         
Special Report
Management Discussion
June 24, 2008
 
LEE BARKER,
SPARTON PRESIDENT
Lee Barker   &  

MICHAEL VAUGHAN, BUSINESS JOURNALIST

Michael Vaughan
         
         
Coal/Germanium/Uranium   Planned US$10 MILLION Convertible Debenture Financing to Complete Acquistiion of Profitable COAL/GERMANIUM/URANIUM Opportunity
         
         
Germanium   Sparton Signs Final Share Purchase Agreement for Germanium Production in China
         
         
Video: Germanium  
  See Sparton's New Corporate Video:  
  Germanium in China
(3 minutes)
(more)
     

 

SPARTON RESOURCES INC. Company website: www.spartonres.ca
Listed:TSX Venture Exchange
Trading Symbol: SRI
.

     
   
     
Data and Statistics for these countries : Canada | China | All
Gold and Silver Prices for these countries : Canada | China | All

Sparton Resources Inc

EXPLORATION STAGE
CODE : SRI.V
ISIN : CA8472431029
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Sparton Res. is a silver exploration company based in Canada.

Sparton Res. holds various exploration projects in Canada, in China, in Mexico and in Mongolia.

Its main exploration properties are WEMINDJI, BLIZZARD and WHISKEY in Canada, SIERRA ROSARIO in Mexico, LUXI in China and TIANSHAN GOLD BELT in Mongolia.

Sparton Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 4.5 millions as of today (US$ 3.3 millions, € 3.0 millions).

Its stock quote reached its highest recent level on December 31, 2004 at CA$ 1.05, and its lowest recent point on October 02, 2015 at CA$ 0.01.

Sparton Res. has 111 375 460 shares outstanding.

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