INDIALANTIC, FL (September 4, 2013 - ACCESSWIRE) - Spartan Gold Ltd. ("Spartan") (OTCBB: SPAG), a U.S. based junior gold exploration company, is pleased to make the following announcement:
Spartan Gold Ltd. ("Spartan") (OTCBB:SPAG) is a 51.6% subsidiary of Sphere Resources Inc., listed on the NEX Board of the TSX Venture Exchange (TSX-V:SPH.H) collectively called (the "Sphere Group") have substantial holdings in some of the most prolific, high-grade gold regions of the world. Spartan has gold exploration and development projects in Nevada, with its most significant assets centered in the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Northeast Nevada.
- Surrounded By Majors. Spartan's properties are enveloped by the biggest gold miners in the world that are producing millions of ounces of gold each year, including Barrick Gold, Kinross and Newmont Mining.
- High-Grade Gold Potential. The Poker Flats and Ziggurat properties are believed to not only host Carlin-type gold mineralization, but drilling last year at Gold Standard Venture's ("GSV") Railroad Property immediately adjacent and to the west of the Poker Flats property boundary intersected 56.4 meters of 4.26 grams/tonne gold and another intersection of 77.8 meters of 1.63 grams/tonne gold.
- Seasoned Management. Malcolm Stevens sits as Chief Executive Officer of Spartan. Combined with his experience and the other experts in mining and finance that make up the executive teams, there is more than 200 years of highly-relevant knowledge.
- Innovative Financing. Sphere Resources, with a 51.6% controlling interest in Spartan, has an offering for a $10 million financing that is based around corporate bonds, a unique approach that gives the company a competitive edge over other junior miners, while sheltering shareholders from any type of toxic funding.
Importantly, when making an investment decision, mining companies now must consider the paradigm shift toward high-grade gold production. With production costs ever increasing, miners are looking to move away from low-grade gold that requires larger amounts of mining and processing that erodes profits and becoming more focused on lower amounts of digging to yield higher revenues, hence the shift to high-grade projects.
Spartan has gold exploration and development projects in Nevada, with its most significant assets centered in the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Northeast Nevada.
Simply, the best way to find gold is to own property contiguous to producing mines.
The companies' 3,040-acre Poker Flats project in Nevada is only 1.5 kilometers south of Newmont Mining Corp.'s Emigrant gold mine that is estimated to contain over one million ounces of gold (about $1.6 billion at today's prices). Poker Flats is the next logical progression of mines that follow the Carlin Trend of Nevada and it is literally surrounded by productive projects. To the north of Emigrant are a series of other mines, including Goldstrike, Leeville and Gold Quarry that produce over 3 million ounces annually and host about 140 million ounces of gold, as well as silver and copper.
A National Instrument technical report on Poker Flats shows the initial focus to be on Carlin-type gold mineralization (fine particles of low-grade gold in large amounts). Gold is gold and that plays an important role, but the property holds strong potential to host high-grade mineralization as well. Drilling last year at Gold Standard Venture's Railroad Property immediately adjacent and to the west of the Poker Flats property boundary intersected 56.4 meters of 4.26 grams/tonne gold and another intersection of 77.8 meters of 1.63 grams/tonne gold. Considering the new discovery looks to run directly into the large Poker Flats property, the Sphere/Spartan land could be a glut of both low-grade and high-grade gold.
The 420-acre Ziggurat gold property has many of the same characteristics with Carlin-type gold and major miners enveloping the land. The 15-million-ounce Round Mountain and Gold Hill gold mines of Kinross Gold and Barrick Gold as well as Newmont's 3-million-ounce Northumberland gold mine are all in the same vicinity.
The Sphere Group, to compliment its existing land interests, will commence negotiations to finalize participation in a gold and silver mineralized project in Nevada in October 2013.
About Spartan Gold Ltd.
Spartan Gold Ltd. (OTCBB: SPAG) is a publicly traded U.S. based junior gold exploration company with gold exploration and development activity centered in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan's Poker Flats prospect is located in the southern Carlin region and the Ziggurat project is located in the Round Mountain-Northumberland mining district.
The Poker Flats prospect consists of 64 lode claims and private land and mineral rights for a total of 3,040 acres, and Spartan holds an option for 75% majority ownership of this project in the southern Carlin Trend, which is home to some of the world's leaders in the mining industry. Neighboring mining projects north and west of Poker Flats include Newmont Mining Corporation, Premier Gold Mines Limited and Gold Standard Ventures Corporation.
Spartan also has the Ziggurat prospect in Nye County, Nevada, which comprises one contiguous block of 21 lode claims and a total land area of 420 acres. The Company holds an option for 75% majority ownership of this project.
The Company is currently pursuing opportunities for several acquisition targets in North America and focusing on exploration plans for current projects. Spartan has selected an international board of directors and advisors with over 90 years of combined experience in the exploration and development of global mining projects. Spartan's commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources.
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.
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 http://www.spartangoldltd.com/
Malcolm L Stevens
122 Fourth Ave., Suite 103
Indialantic, FL 32903, Florida,
United States of America
Cell:+ 1 (623) 2077784
Office:+ 1 (480) 4771585
Source: Spartan Gold Ltd.
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