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Spartan Gold Ltd. (SPAG) Announces New Discovery at Ziggurat Property

May 04, 2011 1:52 PM ET
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Spartan Gold, the junior gold explorer with primary assets in Nevada’s Carlin-Rain and Round Mountain-Northumberland Gold Trends, reported a new discovery today at the SPAG/Mexivada Mining Corp. jointly-controlled Ziggurat property, with strong Carlin-like mineralization characteristics.

This new “Whitehorse” discovery occurs in a completely unexamined Paleozoic interval of rock and is analogous to similar findings at the adjacent Northumberland Mine property that is currently being worked by Newmont Mining Corp.

CEO of SPAG, Malcolm Stevens, extolled the diligence of the engineering and geological teams in turning up this incredibly promising find, explaining that one of the primary drivers for the Company since its inception was the willingness of the SPAG team to go above and beyond the call of duty in maximizing the potential of the Company’s resource base. Stevens remarked on the upswing in momentum at SPAG surrounding this new discovery, especially as gold continues to trade well above $1500, calling it an exciting time for the Company and its shareholders.

The SPAG geological team was so thorough in their mapping of the outcrop during review of the extended Ziggurat acreage that the new Whitehorse target area became apparent. The obvious Carlin-type mineralization and parallels with the Northumberland Mine, the alteration and felsic diking (generally small igneous intrusions formed into sheet-like bodies as magma penetrates rock fractures) all combined to stimulate interest.

The Whitehorse discovery itself extends into an area which has previously been mapped and roughly analyzed for mineralization, seeing artisan development throughout the 1900’s and then left dormant. This is a very strong profile for an untapped resource bed and the findings are so robust that the SPAG geological team was able to acquire high grade rock chip samples which were sent off to the assay lab for geochemical analysis.

The Company looks to report its results from the sample analysis shortly and is confident that the Company’s dedicated/experienced personnel will help to instantly differentiate the operation from competitors as development commences. Magnetic/gravity surveying is complete and the results will be contained in the upcoming updated NI 43-101 compliant technical report on the Ziggurat property as a whole.

Between the expanded Ziggurat holdings (6,800 acres, 343 claims, option for 75% ownership), which include the new Whitehorse discovery, additional acreage in Alabama’s historically prolific Arbacoochee Mining District and some 3,600 acres at the Company’s Poker Flats site, SPAG is well positioned for a junior gold developer.

More information is available at the Spartan Gold Ltd. website: spartangoldltd.com

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