Subscribe
Be the first with the news that moves the market- Sparton Resources (TSXV:SRI) has purchased 18 mining claims adjacent to the Sir Harry Oakes mining lease in Ontario
- The claims boost Sparton’s holdings in the Matachewan gold mining region to 736 hectares of land
- Three of the claims connect to the Oakes property as a contiguous block
- The other 15 claims will adjoin the 28 claims the company has already acquired and staked in region
- Sparton Resources (SRI) is down 18 per cent and is trading at C$0.045 per share
Sparton Resources (TSXV:SRI) has purchased 18 mining claims adjacent to the company’s Sir Harry Oakes Mining leases in Northern Ontario.
The company agreed to acquire the leases off a private seller for an undisclosed cash offer.
The acquisition will boost Sparton’s holdings in the area to a respectable 46 mining claim units, and three mining leases totalling 736 hectares of land.
The company’s still waiting on exploration permits but has stated the process is well advanced.
Three of the claims sit immediately adjacent the company’s Oakes property and connect as a single contiguous block.
The other 15 claims will adjoin the other 28 claims the company has acquired and staked in the same area.
Some of the claims cover what Sparton has described as favourable host rocks like syenite porphyry.
The claims are all currently accessible by road or local logging trails and will, therefore, not require significant construction work. The company has acquired technical information for the leases, which shows limited previous exploration.
Sparton’s CEO, A Lee Barker said the acquisitions had given Sparton a significant land package in an active mining camp.
“By acquiring these new claims, we have filled-in the claim block, and increased our property holdings to make regional exploration easier. The work program will be expanded to cover both the Oakes Leases and adjacent property.
“We plan a detailed exploration program on the leases and nearby claims as doonas possible, hoping to duplicate the success Sir Harry Oakes had at the Lakeshore mine in Kirkland Lake,” he said.
Sparton Resources (SRI) is down 18 per cent and is trading at C$0.045 per share at 11:15 am EDT.
