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Sparton options Bruell gold property in Quebec

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Sparton options Bruell gold property in Quebec

Sparton Resources Inc. said Aug. 11 that it signed an option agreement with two prospectors to acquire the 20-claim Bruell gold property in Quebec.

Under the terms, the company will issue 1.5 million shares, pay C$300,000 and incur a total of C$1.5 million in exploration expenditures on the claims over a five-year period.

The vendors will receive an annual 2% net smelter returns royalty upon the start of commercial production at Bruell, and half of this royalty may be bought back by the company for C$1 million at any time after the completion of a feasibility study.

Sparton plans to initially evaluate two key areas at the property including the Avocalon-Aurora site, where past drilling yielded several gold intersections that merit follow-up.