Sparton Resources Inc. Announces Bruell Project Option Extension

Positive Results Received From Detailed Airborne Survey on the Pense Critical Metals Project

Ground Surveys Underway

TORONTO, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV-SRI) ("Sparton" or the "Company") announced today that it has received preliminary results from an airborne electromagnetic (“EM”) and magnetic (“Mag”) survey covering most of the 90 claim (3,775 hectare) Pense Property (“the Property”) in northeastern Ontario and western Quebec. The claims are located approximately 25 kilometres east of Englehart, Ontario.

The Company is also pleased to announce that the Company and Eldorado Gold Corporation (“Eldorado”) have executed an agreement effective February 13^th, 2024, extending Eldorado’s Option Agreement decision date for the Bruell gold project, east of Val D’Or, Québec.

Bruell Option Extension

Under the original Option Agreement Eldorado had a 60-business day period from December 9^th, 2023, to decide if it wished to acquire a 75% interest in the Bruell Claims and set up a 75% Eldorado and 25% Sparton Joint Venture for further development of the project. Eldorado also had a further option (if it exercised the original option to set up the joint venture), to acquire all of the Sparton 25% interest for a combination of a cash payment and a residual royalty. Please see Sparton News Release dated December 16^th, 2019, for details.

The Option Agreement decision date for Eldorado has now been extended for 90 business days from December 9^th, 2023, or until April 19^th, 2024.

About the Airborne Survey

The survey utilized the “Target EM” system developed by Expert Geophysics of Aurora, Ontario (www.expertgeophysics.com). This helicopter borne system uses advanced time domain technology and interpretation methods to highlight bedrock conductive zones in the survey area that may be related to sulphide mineralization hosting various critical metals such as copper, zinc, nickel, cobalt, etc. The work represents the first modern combined airborne EM and Mag survey conducted in this area.

The survey was done with seventy-five (75) metre nominal line spacing and has outlined nine (9) areas with distinctive conductive responses on the claim group.

Only two of these areas have had any significant drilling based on available assessment data records and one of the areas returned significant assay results for a number of critical metals. Please see Company news release dated November 3^rd, 2022, and below as well as the Company website www.spartonresources.com. Initial ground surveys are currently underway at Pense and are confirming the presence of conductive zones related to the priority targets located by the airborne work.