eResearch | Today’s Video-of the-Day is from InvestmentPitch Media about Sparton Resources (TSXV:SRI) as the Company announces a $0.5 million financing.
Based in Toronto, Sparton is a mineral exploration company focusing on the Sir Harry Oakes Gold Project, Matachewan Gold Area, Ontario and the Bruell Project, Val D’or East, Quebec, as well as interests in the energy storage industry, a contract drilling business, and the Chebucto natural gas field.
Currently, Sparton is raising capital for corporate and exploration expenditures, including 2000 meters of drilling at the Sir Harry Oakes Gold Project in the Matachewan Gold Area of Ontario and monitoring activities on the Bruell Gold Project, east of Val D’Or, Quebec, being operated by Eldorado Gold Corporation (TSX:ELD).
Sir Harry Oakes Gold Project, Matachewan Gold Area, Ontario
In September 2019, Sparton announced that it secured an option to purchase a gold property owned by Sir Harry Oakes that comprised of 3 Mining Leases in the Matachewan gold mining area of northern Ontario and staked another 12 Mining Claims adjacent to the area of the Mining Leases.
Sir Harry Oakes was a prospector and established the Lake Shore Mine in 1911. From 1918 until 1965, the mine produced 8.5 million ounces of gold. Sir Harry Oakes staked the claims around Matachewan but died before the properties were fully explored.
In a September 2019 news release, Lee Barker, CEO of Sparton, stated “Sparton is quite excited to have the opportunity to evaluate this historic property. It is not often the opportunity arises to acquire a strategic and historically significant property in an active mining area. If our due diligence work confirms the historic data we will begin a detailed exploration program on the Leases and nearby claims as quickly as possible.”
On July 6, Sparton announced that it had acquired 18 additional mining claims adjacent to, or nearby to, the Company’s Sir Harry Oakes Mining Leases. Sparton plans a detailed exploration program on the project area as soon as possible and exploration permit applications are well advanced.
FIGURE 1: Sparton Resources, Regional Map, Matachewan Gold Area
Bruell Project, Val D’or East, Quebec
In December 2019, Eldorado Gold optioned the Bruell Project from Sparton that allows the Eldorado to earn up to an initial 75% interest in the Bruell Gold project.
This year, Eldorado’s work at Bruell will involve a detailed high resolution airborne magnetic survey covering the entire 51 claim property. Planned to begin in June, data from this work will be correlated with an existing geophysical data base. Following the magnetic survey, Eldorado plans detailed mechanized basal till geochemical sampling program and then, potentially, a fall 2020 diamond drilling program.
To learn more about the Sparton’s financing, you can access today’s Video-of-the-Day here:
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