UPDATE: Sphere Resources Up 40% As Commences Its 2012 Winter Drill Program; Optionee Duncan Park Hlgs Flat
Sphere Resources Inc. (SPH-H.V) is up 1 cent at 3.5 cents and has touched a session high 4 cents with more than 10.2 million shares traded.
Sphere today announced that at its Dome Property in Red Lake, Ontario, the company, and Duncan Park Holdings Corp. (DPH.V) as optionee have completed construction of the ice roads and ice pads on Red Lake and have commenced with its 2012 winter drill program. DPH is unchanged at 8 cents.
The proposed minimum 3 hole 1,400 metre drill program will test for further gold mineralization along strike of the 1.3 km mineralized system discovered in last summer's drill program. The drill program will also test for gold mineralization where the company believes the northwest trending Chukuni River deformation zone and the northeast trending Madsen deformation zone structural trends intersect.
In Nevada, USA, Sphere Resources has noted the significant drill results announced on February 22, 2012 by Gold Standard Ventures (GV.V)at its Railroad property which is adjacent to our Poker Flats property. Gold Standard Ventures Hole RR11-16 intersected 56.4m of 4.26g/tonne gold from 169.2m to 225.6m. This mineralization at depth could be accessible by open pit. The Company and its partner Spartan Gold Ltd, have an undivided 75% interest in the Poker Flats property. The Company also has a 2.5% NSR royalty on the property.
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