VANCOUVER, BRITISH COLUMBIA, October 2, 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 September 19, 2013) 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.
Today, Gold Standard reported, inter alia:
"results from its first core hole drilled into the Bald Mountain Au-Cu target which could have important economic consequences for the Company's 100%-owned Railroad Project in the Carlin Trend.
Vertical core hole RRB13-1 intersected 56.1 meters of 1.47 g Au/T, including an internal interval of 7.3 meters of 5.66 g Au/T. Importantly, the gold intercept is hosted entirely in oxidized hornfels breccia and represents the most significant oxidized gold mineralization found to date in the northern Railroad project area. Gold in oxidized mineralization can typically be recovered using less expensive methods than non-oxidized (sulphide) material.
Immediately below the gold intercept, RRB13-1 intersected a separate copper zone returning 23.3 meters of 0.4% copper as well as narrower but high-grade intercepts of other base metals and silver.
• RRB13-1 (located about 1500 meters southwest from the North Bullion gold discovery), the first hole drilled by Gold Standard into the Bald Mountain Au-Cu target, was designed to provide an early-stage core test of a porphyry Cu-Au-type target opportunity indicated by historical shallow reverse circulation holes. This high priority target opportunity became available for drilling when the exploration Plan of Operations (POO) was approved and finalized in December, 2012. (Please see drill hole location map below.)
• Significant intercepts in RRB13-1 include 56.1 meters of 1.47 g Au/T , including an internal interval of 7.3 meters of 5.66 g Au/T . Immediately below the gold intercept, the hole intersected a separate zone of 23.3 meters grading 0.4% copper. The gold and copper mineralization is open in all directions.
• The gold and copper mineralization appears to be entirely within non-calcareous, oxidized material which could ultimately be amenable to simple cyanidization and/or acid leaching extraction.
• In addition to the gold and copper mineralization, four intercepts of silver with base metals were encountered in RRB13-1 including a 1.5 meter intercept of 763.8g g Ag/t, 1.6%Cu, 11.8% Pb and 2.43% Zn. The implications of these intercepts are being evaluated."
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 President of Sphere Resources Inc commented: "We are very pleased to be commencing work on the Company's Poker Flats property adjacent to Gold Standard and look for to providing further information on the Company's financing shortly which could elevate it 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..
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