INDIALANTIC, FL (September 19, 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.
Spartan management 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.
Today, Gold Standard reported, inter alia:
"- New drill hole RR13-11 intersected 98.1 meters of 3.26g/T of gold including, 17.1 meters of 9.98 g/T. 13-11 is located 70 meters west of previously drilled and reported hole RR13-08, that intersected 75 meters of 3.67 g/T of gold at essentially the same depth (about 275 meters below surface).
- The high grade mineralization encountered in 13-8 and 13-11 is essentially open in all directions. Drill hole RR13-12, in progress, is a 50 meter offset to the north of 13-8 and 13-11.
- New drill hole RR13-10, located approximately 150 meters south of 13-08 & 11, intersected 35 meters of 1.82 g/T in the upper breccia and 70.7 meters of 0.55 g/T in the lower breccia."
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. There is no certainty further exploration will lead to discovery or development of similar deposits.
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 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 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.
Leave a comment...