Exploration On Its Poker Flats Property, Nevada
Indialantic, FL, Aug 24, 2013 AEST (ABN Newswire) - Spartan Gold Ltd. ("Spartan") (
SPAG:OTCMKTS), a U.S. based junior gold exploration company, is pleased to make the following announcement:
The Company believes the Railroad Fault system passes directly through the Poker Flats gold property, and is interpreted to comprise at least 3 sub-parallel fault strands, 1100 to 1750 metres in length adjacent to Sphere/Spartan's property blocks. Gold Standard Ventures Corp ("Gold Standard") has drilled several holes along these different faults, to the west of the Poker Flats property.
Gold Standard. reported on August 13, 2013, inter alia, "the restart of the Railroad Project drilling program. A budget of $3 million has been approved by the Gold Standard Board of Directors to drill approximately 9,000 meters in about 16 RC and, or core holes to test several of the most promising targets on the Railroad project.
Gold Standard's program will initially focus on extension of the high grade gold mineralization encountered in the lower breccia within hole RR13-08 (73.5m of 3.67 gAu/T) in the North Bullion deposit. This lower breccia, which is comprised dominantly of collapse breccia, is the preferred depositional environment for gold and the intercept in 13-08 is essentially open in all directions. Gold mineralization in the collapse breccias tends to be more laterally extensive and uniformly distributed. Previous holes drilled into this breccia encountered equally thick, 50 to 100m intervals of consistent 0.5 to 2.0 gAu/T mineralization. Hole RR13-11 is in progress to provide a test of this prospective high grade zone to the west of the RR13-08 intercept. Based on the results of both RR13-08 and RR13-11, an offset hole to the north will immediately follow."
The Company, as recently advised, will focus its exploration efforts on areas of high grade gold on its highly prospective Poker Flats project in the Carlin Trend, Nevada. The Poker Flats property has the attributes to host a potential high grade deposit such as the high grade gold discovery approximately 500 meters from Sphere's western border identified by Gold Standard at the North Bullion Fault Zone on its Railroad property.
The Company intends to complete a CSAMT/IP survey followed by a 3,000 meter drill program to identify high grade feeder shoots from the continuation of gold mineralization of Gold Standard Ventures high grade gold discovery and other targets.
Malcolm L Stevens, Executive Chairman and CEO of Spartan Gold Ltd commented: "We are very pleased to be working on a new financing technique to aggressively explore the Company's properties which could elevate the Company to a new level in respect of its industry peers."
About Sphere Resources Inc
Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and in Nevada, USA on the Carlin Trend.
DISCLAIMER
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Spartan Gold Ltd. predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Spartan Gold Ltd. has little or no control. Such forward-looking statements are made only as of the date of this release, and Spartan Gold Ltd. assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Spartan Gold Ltd. Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Spartan Gold Ltd. with the Securities and Exchange Commission.
For more information about Spartan Gold Ltd.:
See our website www.spartangoldltd.com
Contact
Malcolm L Stevens
Executive Chairman and CEO
122 Fourth Ave., Suite 103
Indialantic, FL 32903, Florida,
United States of America
Office: (480) 4771585
Cell: (623) 2077784
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