TORONTO, ON / ACCESS Newswire / June 18, 2026 / Sparton Resources Inc. (TSXV:SRI) ("Sparton" or the "Company") announced today it has entered into a binding Letter of Intent giving it a 3 year option to acquire a 100% interest in the past producing Morrison Silver Mine, located near Gowganda, Ontario.
The Morrison Mine produced over 750,000 ounces of silver at a final average grade of 25 ounces per short ton during intermittent production between 1912 and 1955 (report by L.J. Cunningham BSc. P.Eng. for Consolidated Morrison Explorations Jan. 30, 1980), ("Morrison Report"). Cobalt was the only other metal reported from historical production records. The four-claim property contains a capped shaft that goes down approximately 600 feet. A series of eight near vertical veins have been identified on the property and partially mined. The Morrison Report cites several areas where exploration drilling identified lower than average mined silver values that were not followed up with mining development.
CAUTIONARY NOTE
It should be noted that historical information reported here is included in data recently made available to Sparton. The Company believes the information to be reliable, however more work needs to be done to verify these historical records. The Company is seeking additional information about the Morrison Mine history of production. Further, a Qualified Person under N-I 43-101 has not done sufficient work to verify this historical information with new research.
LETTER OF INTENT
Under the terms of the Letter of Intent, which was signed June 17, 2026, Sparton has a 3 year option, beginning upon receipt of a drill permit, to explore and acquire a 100% interest in the property subject to annual payments of $25,000, $50,000 and $75,000 respectively; annual delivery of shares in the following amounts 150,000 shares, 150,000 shares and 200,000 shares, respectively, or their cash value equivalent (at Sparton's option) and annual exploration expenditures of $150,000, $150,000 and $200,000, respectively; the initial year's consideration is obligatory, the subsequent 2 years are optional. Should the option be exercised and the property be acquired, the vendor will retain a 2% Net Smelter Returns Royalty ("NSR"), of which 1% can be acquired for $350,000. There is no finder's fee payable for this transaction.
Company President, A Lee Barker commented that: "This is one of the many properties in the area that were originally developed back in the 1900's, during the Cobalt and Gowganda silver boom, when the price of silver averaged $0.50-2.00 per ounce. Today, given that the price of silver has increased over 30 times, there is renewed interest in the area, as the economics have improved dramatically. The cut-off mining grade will have decreased substantially since the early mine days, and we believe un-mined areas of the mine require evaluation initially by surface drilling. We also hope to bring in a third party to joint-venture the project and defray most of the associated costs".
NEW SPARTON DIRECTOR
The Company is also announcing the election of Jamal Amin to its Board of Directors at the Annual Meeting of Shareholders held on June 17, 2026. Jamal holds a B.Sc. Honours Science and Business (Earth Science) and an M.Sc. in Geological Sciences (Volcanology). He has experience spanning mineral exploration, technical evaluation, corporate development and capital markets analysis. Mr. Amin has worked as a geological and corporate development consultant and as a mining analyst with a boutique investment firm, conducting property evaluations and technical due diligence in support of exploration and investment decisions. Jamal has been awarded 500,000 share purchase options, exercisable at $0.05 per share and valid for 3 years ending June 17, 2029.
A. L. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 for the technical information in this news release and has reviewed available data for the Morrison Mine Property and approved the contents of this news release.
SPARTON IS A MINERAL EXPLORATION COMPANY WITH CRITICAL MINERAL AND GOLD PROJECTS IN ONTARIO AND QUEBEC. IT ALSO HOLDS A STRATEGIC INVESTMENT IN A LEADING VANADIUM REDOX BATTERY MANUFACTURER.
For more information contact:
A. Lee Barker, M.A.Sc., P. Eng.,
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: info@spartonres.ca Website: www.spartonres.ca
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.
Forward-Looking Statements
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein. We Seek Safe Harbour
SOURCE: Sparton Resources Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/sparton-acquires-option-to-past-producing-silver-property-and-strengthens-board-a-1179033
