VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2012) - Sphere Resources Inc. ("the Company"), listed on the NEX Board of the TSX Venture Exchange (TSX VENTURE:SPH.H), is pleased to make the following announcement:
Spartan Gold Ltd. ("Spartan") (OTCBB:SPAG), a subsidiary of the Company is finalizing its plans for implementation of its 2012 fall drilling program. The first step is to complete a CSAMT/IP survey of the Poker Flats property, particularly, the western property sections immediately adjacent to Gold Standard Ventures highly successful exploration results from the North Bullion Fault Zone (NBFZ) to determine the continuation of the mineralization into the Poker Flats property. In addition, Spartan will establish immediate drill targets on the identified areas at Poker Flats. Once drill hole locations have been determined Spartan will apply for an exploration permit and hire a drill contractor for its 1st phase drill program of up to 3,000 meters.
The Poker Flats property encompasses 3,600 acres and is immediately adjacent to Gold Standard Ventures Railroad property where it has discovered a very large, robust gold zone approximately 500 meters from its western property boundary with drilling being eastbound. Drill results from Gold Standard Ventures include 56.4 meters of 4.26 g/tonne gold in hole RR11-16, 77.8 meters of 1.63 g/tonne gold in hole RR11-18 and 164 meters of 3.38 g/tonne gold in hole RR12-1. Spartan's drilling effort will focus on this highly prospective area.
A dedicated effort to locate and secure any possible drill logs and/or assay results on the historical competitor drilling activities on or near the present holdings is underway. The Spartan team is assembling all known geological and geophysical data from the above surveys and investigations along with ongoing adjacent competitor activity to select drill sites/targets.
The Ziggurat property, comprising of 6,800 acres, will have a drill program consisting of a series of 6 to 8 shallow Reverse Circulation holes to quantify the recent anticline discovery consists of the same mineralization as that of the Northumberland gold mine owned by Newmont Mining approximately 12kms to the north of the property.
Spartan Gold Ltd. has an option to earn up to a 75% interest of the Poker Flats and Ziggurat properties from Mexivada Mining Corporation.
Malcolm Stevens, Executive Chairman of Sphere Resources Inc. commented "We are very pleased Spartan Gold will start its CSAMT/IP survey followed by a 3,000 meter drill program on the identified areas, including one area, very close to Gold Standard Ventures gold discovery. We are eager to find out if this large, robust gold zone, a stone's throw away from the western boundary, continues onto our Poker Flats 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 in Nevada, USA on the Carlin Trend.
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.
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.