VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2012) - Sphere Resources Inc. ("the Company"), listed on the NEX Board of the TSX Venture Exchange (TSX VENTURE:SPH.H), is pleased to make the following announcement:
The Company along with its subsidiary Spartan Gold Ltd (OTCBB:SPAG) and Mexivada Mining Corp. (TSX VENTURE:MNV) is pleased to announce that it has been modeling the "Railroad Fault" gold target on its Poker Flats property in the Railroad-Bullion sub-district of the Carlin Trend, Nevada. The Poker Flats property adjoins the Railroad property of Gold Standard Ventures Corp. ("GSV"), which recently reported a major new discovery of high-grade Carlin-style gold mineralization on its property, including a newly reported core drilling intercept of 537 feet of 3.38 grams per tonne gold from its drill hole RR12-1, which included a high-grade core of 22 feet assaying 16.4 g/t Au. Gold Standard made a favourable mention of the Railroad Fault gold target, which is a sub-parallel analog to the Rain Fault at the Rain-Saddle gold deposits of Newmont and Premier Gold. Spartan Gold Ltd, has an option to earn a 75% interest in the Poker Flats property. The Company has a 53.48% controlling interest in Spartan Gold.
The Company believes the Railroad Fault system passes directly through the Poker Flats gold property, and is interpreted to comprise at least 3 sub-parallel fault strands, 1100 to 1750 metres in length adjacent to Spartan/Sphere's property blocks. Gold Standard has drilled several holes along these different faults, to the west of the Poker Flats property.
Further drilling work by Gold Standard will provide additional guidance on just how Spartan/Sphere should proceed on its exploration programs on the Poker Flats property, to reduce the inherent exploration risk.
Malcolm Stevens, Executive Chairman of Sphere Resources Inc. commented "We are very pleased to see the continuing intercepts of high grade gold at Gold Standard's Railroad property a stone's throw away from the western boundary of the Poker Flats property. This new modeling work will greater define our drilling targets for greater success in finding a major gold deposit. A great majority of the gold found in the Carlin Trend has been located on and around the flanks of similar gravity and magnetic anomalies. These individual resource discoveries have ranged from less than 1 million ounces to greater than 20 million ounces of contained gold."
About Sphere Resources Inc.
Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and in Nevada, USA on the Carlin Trend.
On behalf of Sphere Resources Inc.
Malcolm L Stevens, Executive Chairman and President
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.