Spartan Gold Receives BLM Approval for Phase 1 Drill Program and Achieves 51% Interest in Poker Flats Property, Nevadaadmin
INDIALANTIC, FL / February 18, 2014 / ACCESSWIRE / Spartan Gold Ltd. (“Spartan” or the “Company”) (OTCBB: SPAG), a U.S. based junior gold exploration company, is pleased to make the following announcement:
Spartan has received Approval from BLM for its Phase 1 drilling Program as outlined in its News Release dated December 24, 2014 on the western border of the Poker Flats property bordering Gold Standard Ventures (GSV”) Railroad property. On January 29, 2014, Spartan Gold Ltd. received a favourable decision regarding the Notice to Conduct Exploration proposal for exploration activities in the Poker Flats project area. The application has been reviewed and is considered complete by the Bureau of Land Management. This project consists of exploration drill holes, drill pads and road construction less than five acres. This Notice is subject to payment of a financial rehabilitation bond of which the estimate was considered acceptable to the BLM, and certain typical recommended terms and conditions respecting public lands and the environment. This Decision is valid for two years and is a requirement for any potential exploration work that may disturb public lands in Nevada.
Following the review of the CSAMT/IP survey the Company will initiate a 3,200 meter drill program to identify high grade feeder shoots from the continuation of gold mineralization of Gold Standard Ventures high grade gold discovery and other targets which include the anomalous area, from Spartan’s magnetic survey, known as the “Mag Dome” hosts structures that should provide specific target environments.
As of December 20, 2013 (the third anniversary date), Spartan has incurred $513,118 of exploration and property expenditures on Poker Flats, thus earning the initial 51% interest.
Spartan has completed the first round funding by way of a Private Placement for $250,000 at ten cents per share and continues negotiating with select and knowledgeable regional investors to take up a further Private Placement to participate in funding the Phase 1 drilling program and corporate overheads for approximately $1 million.
About Spartan Gold Ltd.
Spartan Gold Ltd. (OTCBB: SPAG) is a publicly traded U.S. based junior gold exploration company with gold exploration and development activity centered in both the Carlin-Rain and Round Mountain-Northumberland Gold Trends in Nevada. Spartan’s Poker Flats prospect is located in the southern Carlin region and the Ziggurat project is located in the Round Mountain-Northumberland mining district.
The Poker Flats prospect consists of 64 lode claims and private land and mineral rights for a total of 3,040 acres, and Spartan holds an option for 75% majority ownership of this project in the southern Carlin Trend, which is home to some of the world’s leaders in the mining industry. Neighboring mining projects north and west of Poker Flats include Newmont Mining Corporation, Premier Gold Mines Limited and Gold Standard Ventures Corporation.
Spartan also has the Ziggurat prospect in Nye County, Nevada, which comprises one contiguous block of 21 lode claims and a total land area of 420 acres. As of December 27, 2013 (the third anniversary date), the Company has incurred $213,659 of exploration and property expenditures on the property. Accordingly, Spartan has not earned the initial 51% interest and pursuant to the terms of the Option and Claim Acquisition Agreement, the agreement is terminated. Spartan is currently renegotiating the Option and Mining Claim Acquisition Agreement to reflect current market conditions. We cannot assure that The Company will be successful in this renegotiation.
The Company is currently pursuing opportunities for several acquisition targets in North America and focusing on exploration plans for current projects. Spartan has selected an international board of directors and advisors with 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.
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Spartan Gold Ltd. predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Spartan Gold Ltd. has little or no control. Such forward-looking statements are made only as of the date of this release, and Spartan Gold Ltd. assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Spartan Gold Ltd. Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Spartan Gold Ltd. with the Securities and Exchange Commission.
For more information about Spartan Gold Ltd:
Malcolm L Stevens
122 Fourth Ave., Suite 103
Indialantic, FL 32903, Florida,
United States of America
Cell: +1 (623) 2077784
Office: +1 (480) 4771585
Source: Spartan Gold Ltd.
Posted: February 18th, 2014 under ACCESSWIRE.