Sparton Resources increases holdings in Oakes Gold Project, Matachewan
Sparton Resources Inc. has acquired eighteen (18) additional mining claim units adjacent to or nearby to the company’s Sir Harry Oakes Mining Leases near Matachewan. Sparton has executed a Purchase Agreement with a private owner to acquire a 100% unencumbered interest in the 18 claim units for a cash consideration. This increases the total size of the property held by Sparton in the area to forty-six (46) Ontario mining claim units and three (3) Leases comprising approximately 736 hectares or 1472 acres.
TECHNICAL INFORMATION
Three of the Claims are immediately adjacent to the Oakes Leases and complete the property as a contiguous block. The others adjoin the 28 claim units acquired and staked earlier by Sparton in the same general area. Some of the Claims cover favourable host rocks such as “syenite porphyry” that hosts mineralization on the Leases and also at the nearby Young Davidson Gold Mine, operated by Alamos Gold Inc.
Most of the Claims are accessible from Ontario Highway 566 or local logging trails. The technical information review indicates that limited detailed or general exploration has been carried out in the area. Newly logged areas will provide excellent exposures for the planned prospecting work that will be part of the planned Sparton work program in the area.
SUMMARY
“Sparton now has a significant land package and a historically notable property in an active mining camp. By acquiring these new claims, we have filled-in the claim block, and increased our property holdings to make regional exploration easier. The work program will be expanded to cover both the Oakes Leases and adjacent property,” stated A. Lee Barker, Company CEO. “Exploration permit applications are well advanced. We plan a detailed exploration program on the Leases and nearby Claims as soon as possible, hoping to duplicate the success Sir Harry Oakes had at the Lakeshore Mine in Kirkland Lake.”
Tags: Northern Ontario / Deals & Financial / Gold / All Articles