Sparton Files Morrison Mine N-I 43-101 Technical Report
Sparton Resources Inc. announced the filing of an independent National Instrument 43-101 Technical Report for the Morrison Mine Project on SEDAR+ and the Company's website. The report, prepared by Qualified Person Paul Chamois, M.Sc. (A), P. Geo., is dated October 6, 2026. Alongside the technical filing, the company detailed a definitive Option and Joint Venture Agreement with Glen Eagle Resources Inc., which allows Glen Eagle to earn up to a 70% interest in the Morrison Property through specified cash payments and exploration expenditures.
The Morrison Mine Project is a past-producing silver mine located near Gowganda, Ontario, in the historic Gowganda silver camp. Between 1912 and 1954, the property produced more than 750,000 ounces of native silver at a reported grade of roughly 25 ounces per short ton. A Geological Survey of Canada publication notes that a mass of native silver weighing more than 22 kilograms was recovered from the property. The four-claim property contains a capped production shaft extending to approximately 600 feet below surface and holds no tailings. Eight identified sub-parallel, near-vertical veins were partially mined, but extensions of these vein systems into unmined areas have not been fully tested with modern diamond drilling.
Under the terms of the joint venture agreement, Glen Eagle has an exclusive option to earn up to a 70% interest in the Morrison Property over a three-year period. This earn-in requires specified cash payments, share-cost compensation, and funding of exploration expenditures. A correction to a previous news release dated July 18, 2026, clarifies that aggregate work program expenditures over the three-year option period are $650,000. Upon successful completion of the earn-in, a joint venture will be formed with initial participating interests of 70% for Glen Eagle and 30% for Sparton. Sparton will remain the operator during the option period and retain its 30% interest following a successful earn-in.
The technical report recommends an initial Phase 1 exploration program, which includes a LIDAR survey, line cutting, and 1,000 meters of diamond drilling. The Ontario Ministry of Mines has issued an exploration permit for up to 12 holes comprising approximately 1,200 meters. The estimated budget for this program is $213,000. The objective of the drilling is to test unmined areas representing extensions of mined portions of various veins, including pillars.
A. Lee Barker, President and CEO, commented on the development: "Morrison's history of successful silver production and the potential for locating unmined material in and around the old mine area is an exciting opportunity. There are eight identified vein systems in the historical workings and unmined material on the extension of these vein systems documented in historical data. These agreements provide Sparton with a practical way to advance Morrison while preserving meaningful exposure to the project's upside. Glen Eagle can earn its interest by funding an exploration drilling program, while Sparton remains operator during the option period and retains a 30% interest following a successful earn-in."