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What Drove Sparton Resources (SPNRF) Stock Up 96%?

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Sparton Resources Inc (OTCPK-SPNRF), which recorded a 96.47% rise to $0.0613 at the previous close, increased impressively yesterday. Sparton Resources Stock returned -12.55% over the last week of the month, compared to 10.45% of the return over a month. SPNRF stock increased after it announced a summer project work program for 2021.

How will SPNRF implement field programs?

Sparton is a mineral exploration company with interests in gold exploration projects near gold mines in eastern Ontario and western Québec, regions that are known for their gold production. Eldorado Gold, which owns the Lamaque Mine in nearby Québec and has discovered a new gold discovery in the Bruell Property, has optioned the property, which hosts a new gold discovery.

In 2021, Eldorado plans to carry out a vast work program, including drilling later in the year. A focus of the SPNRF’s exploration program is at the Oakes Gold. Poly Metallic Copper is a nearby property and is within striking distance of the Alamos Gold Young Davidson Mine.

Recent announcements from Sparton include the start of its 2021 field programs in Ontario and Québec, as well as a detailed evaluation of an Ontario polymetallic project.

Bruell Project Field Program Val D’Or East, Quebec:

  • SPNRF’s Eldorado Gold has embarked on field work at Bruell and plans to complete the comprehensive till / soil survey begun in 2020.
  • As a result of SPNRF’s 2021 work at that location, the entire claim area will be covered.
  • A drilling program could begin in the fall of 2021 after Eldorado completes a detailed geological survey.
  • SPNRF plans to spend $400,000 in 2021 on Bruell activities.

Oakes Project Area:

  • SPNRF is planning a comprehensive trenching and prospecting program to obtain additional details about the mineralizing system located in the old shaft area.
  • The SPNRF will accomplish detailed work in this area because material similar to that at the west end of the open pit previously mined at the local Young Davidson Mine also exists.
  • Sparton (SPNRF) will test drills later this year in potential favorable zones, if any are identified.

Copper–Poly Metallic Project:

Sparton (SPNRF) has agreed to do a detailed evaluation of a property with an existing copper deposit adjacent to Sparton’s claim holdings in the Oakes Project area under an exclusive agreement for one year.

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