Sphere Resources Files Technical Report on Ziggurat Gold Project and Settles Royalty Terms
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/13/12 -- Sphere Resources Inc. (the "Company"), NEX Board of the TSX Venture Exchange (TSX VENTURE: SPH.H) is pleased to make the following announcement:
The Company filed a technical report titled "Spartan Gold Ltd., Ziggurat Gold Project, Nye County, Nevada, USA, NI 43-101 Updated Technical Report" with an effective date of April 30, 2011 and an issue date of December 28, 2011 (the "Technical Report") on SEDAR on January 11, 2012. The Technical Report was prepared for Spartan Gold Ltd. ("Spartan"), which became a majority-owned subsidiary of the Company in October 2011, and was prepared by a qualified person, Allen David V. Heyl, C.P.G.
The Ziggurat project comprises one contiguous claim block totalling 343 unpatented claims covering approximately 3,118.2 hectares (6,860 acres). The project is located 92.8 kilometres (58 miles) north-northeast of Tonopah and 22.4 kilometres (14 miles) north-northeast of Round Mountain, along the western flank of the Toquima Range bordering the Big Smokey Valley, within the Northumberland mining district, Nye County, Nevada, USA. Spartan controls the Ziggurat project through claim staking and all claims have been filed with the Nye County Recorder and the Bureau of Land Management (BLM).
The project is situated along the Round Mountain-Northumberland Trend in northern Nye County. The Round Mountain-Northumberland Trend is an Oligocene to Miocene age structural zone which hosts multiple, diverse types of precious metal deposits and is controlled by high angle northwest-trending faults in the limestone that preferentially host local high grade gold mineralization which reportedly has a combined mineral endowment of over 20 million ounces of gold including Kinross/Barrick's Round Mountain and Gold Hill mines and Newmont's Northumberland Mine. Reports of recent exploration at the Northumberland mine indicate that the mineralized sedimentary host rocks and geologic setting are similar to those of the Ziggurat property.
In 2011 to date, Spartan conducted the expansion of the Ziggurat claim block from 35 to 343 claims and completed ground magnetics, a gravity survey and additional geological mapping and outcrop sampling. The gravity and magnetic geophysical surveys have identified an oval-shaped high centred in the project that is elongated east-west. Linear gravity gradients bound the gravity high suggesting structural faceting along a number of horst bounding faults. Similar gravity highs have reportedly been successfully targeted by others for Carlin type gold deposits in northern Nevada.
Spartan will continue to advance the current work on the Ziggurat property. The geophysics program is planned to advance to IP/Resistivity surveys to find sulfide mineralization and silicification at depth. Geochemical surveys will be more extensive and sample existing outcrops with the idea of using trace element zonation for targeting. The property will continue to be geologically mapped to create mineralization models for anticipated drilling.
Further to the amended option and mining claims acquisition agreement among the Company, Spartan and Mexivada Mining Corporation ("Mexivada") effective March 28, 2011 (the "Ziggurat Option Agreement") in respect of the Ziggurat property (see the Company's press release of April 1, 2011), the Company has entered into an Agreement for Grant of NSR Production Royalty effective December 22, 2011 with Spartan and Mexivada to clarify various provisions of the Ziggurat Option Agreement (as well as the existing option agreement among the parties in respect of the Poker Flats property in Nevada referred to in the same news release) to better reflect the commercial understanding of the agreements, including reference to the Spartan's grant to the Company of a two and one-half percent (2.5%) net smelter returns (NSR) Production Royalty on the mineral products that are produced from the Ziggurat property if and when there is production from the property.
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 the Carlin Gold Trend, Nevada.
About Spartan Gold Ltd:
Spartan Gold Ltd. is a publicly traded U.S. based junior gold exploration and mining company that is currently pursuing opportunities in the Carlin Gold Trend, Nevada. The directors, management and advisers of Spartan Gold have over 90 years of combined experience in the exploration and development of global mining projects.
Spartan's reported commitment to asset growth and increased shareholder value is expected to be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources. Spartan has selected an international board of directors experienced in undertaking exploration, development and funding of numerous energy and minerals projects around the world. The company is currently exploring additional acquisition opportunities.
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 and Spartan'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 and Spartan's business, including risks inherent in mineral exploration and development and necessary financing. As a result, actual results may vary materially from those described in the forward-looking statements.
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.
Contacts:
Sphere Resources Inc.
Malcolm L Stevens
+16479868940
+61396023554 (FAX)
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Datum: 13.01.2012 - 15:00 Uhr
Sprache: Deutsch
News-ID 103987
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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