VANCOUVER, BRITISH COLUMBIA, August 13, 2013 - Sphere Resources Inc. ("the Company"), listed on the NEX Board of the TSX Venture Exchange (NEX – SPH.H), is pleased to make the following announcement:
As previously advised (News Release April 27, 2012) 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 today, 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 President of Sphere Resources Inc 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.
On behalf of Sphere Resources Inc
Malcolm L Stevens,
Executive Chairman and President
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward‑looking statements. Forward‑looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sphere Resources Inc
Malcolm L Stevens
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Leave a comment...