VANCOUVER, BRITISH COLUMBIA, October 21, 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:
Following the completion of a CSAMT/IP survey the Company will initiate a 3,200 meter drill program to identify high grade feeder shoots from the continuation of gold mineralization of Gold Standard Ventures ("GSV") high grade gold discovery and other targets which include the anomalous area, from Spartan’s magnetic survey, known as the “Mag Dome” hosts structures that should provide specific target environments.
The survey also indicates a shallow magnetic high similar to the one at the Central Bullion Discovery made at the Railroad Property by GSV. In the news release dated October 2, 2013 by GSV it was stated that: "We are excited by this discovery of gold in oxide material at Bald Mountain as well as the multi-element potential of the broader Central Bullion area. We have recently expanded our surface sample coverage and are now looking at a target area for copper, gold and silver with a diameter of four kilometers."
There is no certainty further exploration will lead to discovery or development of similar deposits.
A breakdown of the estimated costs of the survey and drill program on Poker Flats is as follows:
CSAMT/IP Survey $180,000
10 Reverse Circulation Drill Holes ("RC") - 2,000m $193,000
4 Diamond Core Drill Holes ("DD") - 1,200m $466,000
The RC holes will be cased and used for diamond drilling.
The Company has been advised by its New York advisors that once the terms of syndicated insurance of the Debt Instrument are finalised this will allow investors to complete subscriptions. In the meantime, the Company's 52% owned affiliate, Spartan Gold Ltd. ("Spartan") (OTCBB:SPAG) has been negotiating with select and knowledgeable regional investors to take up a Private Placement to participate in funding the Phase 1 exploration program.
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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