Sparton Resources Inc. Announces Ramping Up Exploration on Company Gold and Critical Metals Projects

TORONTO, April 05, 2024 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV-SRI) ("Sparton" or the "Company") reported today that it has accelerated exploration work on its two gold and critical metals projects in Ontario and Quebec. These include the Oakes project in Ontario and the Pense Project in northeastern Ontario and western Quebec.

Bruell Project Quebec

Eldorado Gold Corporation (“Eldorado”) is also actively assessing the project data to implement a decision related to its future involvement at the Bruell gold project, east of Val d’Or, Quebec, which is subject to an agreement, extending Eldorado’s option decision date to April 19^th, 2024. Please see the Company’s news release dated February 28^th, 2024.

Pense Project, Ontario/Quebec

The recent reconnaissance ground surveys completed at Pense have confirmed strong electrical and coincident magnetic anomalies at all of the priority targets located by the airborne work. Line cutting of detailed survey grids has started and detailed ground surveys, using horizontal loop survey equipment, will begin after breakup, once line cutting is completed and ground conditions permit.

The reconnaissance results indicate the presence of relatively short strike length conductive bodies with coincident or adjacent magnetic anomalies that are similar to those displayed by the mineralization reported in several drill holes from historical 1997 work. Please see Company’s news release dated February 28^th, 2024. These are also similar to geophysical responses described in the literature for the world class Outokumpu-style critical minerals mineralization in Finland.

About the Pense Property

At Pense, there are a number of surface showings of steeply dipping sulphide mineralization hosted in intercalated sediments and mafic and ultramafic volcanic rocks (komatiites). At least 2 priority areas with past diamond drill hole intersections clearly warrant follow-up evaluation. These have been identified by the current airborne survey results and confirmed on the ground with follow-up work.

Copper, Zinc, Gold, Silver, Nickel and Cobalt have all been reported from past surface sampling and historical drilling. The last significant drilling program on the Property was in 1997. One historical hole, in 1997, recorded 0.893% copper,1.30% zinc, 4.12 grams per tonne silver, and 1.69 grams per tonne gold, over a core length of 9.02 metres. This zone was not followed-up in detail with more drilling and is associated with a distinct magnetic and electromagnetic anomaly from past ground surveys (reference Ontario MNDM File Number MD131M13SE00008). This anomaly was confirmed by the current Target EM work.