Sphere Resources (SPH.H-V) Sept 8, '14 subsidiary Spartan Gold Ltd. will acquire up to a 75-per-cent interest in the Poker Flats gold concession in Nevada's world-renowned Carlin trend under a new option agreement with Mexivada Mining (MNV.H-V suspended) Under the terms of the agreement, Spartan Gold is to spend $300,000 of cash expenditures by Dec. 31, 2015 to earn 51% and a further $250,000 to earn a further 24% by Dec. 31, 2017. Spartan is responsible for financing all stages of exploration activities at Poker Flats, including the responsibility to complete the preliminary feasibility study for the project as part of the exploration program. Poker Flats Gold Property
The Poker Flats properties are located approximately 20 miles south-southwest of Elko, Nevada, and comprise two non-contiguous blocks containing 64 unpatented lode mining claims, covering approximately 1,280 acres. All of the claims are within the Carlin Mining District in Elko County. In addition, Spartan has a lease with a landowner covering 1,760 acres which is part of the Option Agreement under the area of influence. The property has an updated National Instrument NI 43-101 technical report prepared by a competent Qualified Person. According to the NI 43-101 technical report, the exploration focus at Poker Flats will be on Carlin-type mineralization, which typically occurs as finely dispersed sub-micron gold and some silver.
The properties are in the vicinity of the large Rain(Newmont), Emigrant Springs(Newmont), Railroad-Pinon(Gold Standard Ventures) gold mines. The previous geophysical and geological interpretations indicate that the Poker Flats property has favorable characteristics for Carlin-type mineralization. As previously announced, (News Release date April 27, 2012) 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, 1,100 to 1,750 metres in length adjacent to Sphere's/Spartan's property blocks.
In a press release dated October 2, 2013, Gold Standard Ventures it was stated that: "We have recently expanded our surface sample coverage and are now looking at a target area for copper, gold, silver with a diameter of 4 kilometres."
Plan of Exploration: A
CSAMT survey will be initiated immediately to identify high priority drill targets followed by a 3,200m drill program to locate high grade feeder shoots from the continuation of gold mineralization of Gold Standard Ventures high grade North Bullion gold discovery, approximately 500m from Poker Flats western border. Drilling is anticipated to commence in late fall of 2014 or the first quarter of 2015, subject to financing.
Highlights of the drill program will be:
- 10 Reverse Circulation Drill Holes ("RC") - 2,000m - 4 Diamond Core Drill Holes ("DC") - 1,200m
The RC holes will be cased so they can be used for diamond drilling.
Malcolm Stevens, Chairman and President of the Company and Bill Whitmore, President of Spartan commented: "The new Poker Flats agreement enables the Company to explore and potentially mine a concession surrounded by lucrative producing mines and industry leaders. The existing data on The Poker Flats prospect is extremely encouraging because the mineralization is consistent with the producing adjacent properties".
Mr. Richard Redfern, CEO and President of Mexivada stated: "We are extremely pleased to be pursuing the historic and prolific Carlin gold mining camp with an extremely talented technical team working on the Property. We feel very confident in Spartan Gold's ability to explore and prepare the property to drill ready status leading to the completion of required formal studies to validate the prospect". |
