SPHERE RESOURCES INC.
For Immediate Release
Sphere Resources and its Subsidiary Spartan Gold Signs New Option Agreement for Poker Flats
Property, Carlin Trend, Nevada with Mexivada Mining.
VANCOUVER, BRITISH COLUMBIA, September 8, 2014 - 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:
The Company via its subsidiary, Spartan Gold Ltd (OTCBB: SPAG), a U.S based junior gold exploration company will acquire up to a 75% interest in the Poker Flats gold concession in Nevada's world renowned Carlin Trend under a new Option Agreement with Mexivada Mining Corporation ("Mexivada") (TSX-V: MNV). 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".
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
About Spartan Gold Ltd:
Spartan Gold Ltd. is a publicly traded U.S. based junior gold exploration and mining company with gold exploration and development centred around the Carlin Gold Trend, Nevada. The superior Carlin Trend gold camp of Nevada is endowed with world class mineral deposits. The directors, management and advisers of Spartan Gold have over 200 years of combined experience in the exploration and development of global mining projects.
Spartan's commitment to asset growth and increased shareholder value will 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.
About Mexivada Mining Corp.:
Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, mining, and joint venturing high-grade Gold-Silver, Tellurium, and Rare Metal exploration projects in Nevada and Mexico. Mexivada is managed by experienced and successful board
members and advisors.
The proposed transaction remains subject to, among other things, receipt of all requisite Regulatory and other approvals, including the approval of the NEX board of the TSX Venture Exchange.
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 Phone: +16232077784mailto:mstevens@sphereresources.commstevens@sphereresources.comhttp://www.sphereresources.com/www.sphereresources.com
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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