A prospectus filing is being made in Quebec, New Brunswick and Nova Scotia which, if completed, will net Sparton Resources up to $1.3 million for ongoing exploration programs.
The bulk of the financing will go to fund the company’s programs in the Elmtree area near Bathurst, N.B., President Peter Matthews says. Sparton has a 17.7% interest in the MEX syndicate, operated by Lacana Mining Corp. The syndicate controls the Elmtree property on which an important gold discovery was made in 1985. More than 40 diamond drill holes completed by Lacana encountered gold mineralization across a strike length of 1,250 ft and to a depth of 700 ft.
Some of the better holes from the program include 13 ft grading 0.23 oz gold per ton and 25.5 ft grading 0.25. In addition to the company’s interest in the Elmtree property, Sparton also controls a 100% interest in 425 nearby claims.
The 183-claim north group is east of the Elmtree property and protects the eastern extension of geological features striking off the Elmtree ground, the company says.
Sparton also intends to continue exploring its Currie Twp., Que., property near Quevillon and its Casa Berardi holdings in Estrades Twp. The Estrades property is held in joint venture with Golden Zone Resources. If the maximum offering is completed, $494,000 will fund exploration on the New Brunswick claims and $431,500 will be budgeted for the Currie property. Estrades will be allocated $62,500.