Sphere Resources (SPH.H-V) believes the Railroad fault system passes directly through the Poker Flats gold property, conduct survey and drilling at Poker Flats
Aug 13, 2013 - News Release
Sphere Resources Inc. believes the Railroad fault system passes directly through the Poker Flats gold property and is interpreted to comprise at least three subparallel fault strands 1,100 to 1,750 metres in length adjacent to Sphere/Spartan's property blocks. Gold Standard Ventures Corp. has drilled several holes along these different faults to the west of the Poker Flats property. Gold Standard reported, inter alia, the restart of the Railroad project drilling program: "A budget of $3-million has been approved by the Gold Standard board of directors to drill approximately 9,000 metres in about 16 reverse circulation and/or core holes to test several of the most promising targets on the Railroad project.
"Gold Standard's program will initially focus on extension of the high-grade gold mineralization encountered in the lower breccia within hole RR13-08 (73.5 metres of 3.67 grams per tonne gold) in the North Bullion deposit. This lower breccia, which comprises dominantly collapse breccia, is the preferred depositional environment for gold, and the intercept in 13-08 is essentially open in all directions. Gold mineralization in the collapse breccias tends to be more laterally extensive and uniformly distributed. Previous holes drilled into this breccia encountered equally thick, 50- to 100-metre intervals of consistent 0.5- to two-gram-per-tonne-gold mineralization. Hole RR13-11 is in progress to provide a test of this prospective high-grade zone to the west of the RR13-08 intercept. Based on the results of both RR13-08 and RR13-11, an offset hole to the north will immediately follow."
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 in Nevada. The Poker Flats property has the attributes to host a potential high-grade deposit such as the high-grade gold discovery approximately 500 metres from Sphere's western border identified by Gold Standard at the North Bullion fault zone on its Railroad property.
The company intends to complete a CSAMT/induced polarization survey followed by a 3,000-metre 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, 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."
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