Spartan Gold Ltd. (SPAG) Increases Acreage Position at Poker Flats in Nevada’s Carlin Trend to 3,600 Acres, Begins Extensive Surveying
Seeking Alpha Analyst Since 2008
Spartan Gold, the mineral developer with a current focus on gold at several sites in Nevada, reported today successful completion of a major project expansion plan at the Company’s Poker Flats prospect in Elko County.
Working together with project partner Mexivada Mining Corporation, SPAG has secured additional acreage to be added to the 25 claims defined and previously reported in the option and mining claim acquisition (Dec. 22, 2010). The Company’s team has placed location monuments on 67 new claims, bringing the total acreage to 1,840 and the total number of claims to 92.
As soon as corner posts are placed to define the boundaries for the claims, the SPAG team will move quickly to complete necessary claim filings with the BLM. The team is currently conducting extensive geological/geophysical mapping/analysis at Poker Flats and is employing magnetic and gravity surveying techniques for the geophysical portion.
The Company eagerly anticipates finalizing an updated NI 43-101 compliant technical report for the entire property, which now includes an additional 1,760 acres, thanks to two separate transactions to acquire the mineral and land use rights for this additional acreage.
Having closed escrow on these additional private deals, SPAG has successfully increased its land position at Poker Flats to an impressive 3,600 acres, paying real testament to the Company’s aggressive management and acquisitive nature. This is a very strong land position to supplement other holdings in NV and the Poker Flats project collectively sits directly south of and adjacent to Newmont Mining Corporation’s large Emigrant project. The project is also in close proximity to several other large, productive sites like Newmont’s other project, the Rain-Tess Mine, Premier Gold Mines Limited’s Saddle Mine, or the Railroad project being run by Gold Standard Ventures Corp.
CEO of SPAG, Malcolm Stevens, called the Company’s progress in sewing up Poker Flats “nothing short of extraordinary” and remarked at how rare it is to see any company pull off this kind of coordinated land position expansion. Stevens called the acquisitions an important value step for SPAG shareholders, explaining that the Poker Flats site greatly increases the Company’s overall resource footprint and thus increases the potential to meet the Company’s defined production goals.
Spartan has significant holdings in the Carlin-Rain and Round Mountain-Northumberland Gold Trends; the Poker Flats (currently holding a 75% majority ownership option) are in the Carlin and the Company’s other major site, the Ziggurat project (recently also expanded, this project is now up to 6,800 acres with a 75% majority ownership option) is in the Round Mountain-Northumberland. In addition SPAG has some mining property in northeastern Alabama in the historically proven Arbacoochee Mining District.
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