Sparton Acquires Option to Past Producing Silver Property and Strengthens Board at AGM

About this update from Sparton Resources Inc.

TORONTO, ON / ACCESS Newswire / June 18, 2026 / Sparton Resources Inc. (TSXV:SRI) ("Sparton" or the "Company") announced today it has entered into a binding Letter of Intent giving it a 3 year option to acquire a 100% interest in the past producing Morrison Silver Mine, located near Gowganda, Ontario. The Morrison Mine produced over 750,000 ounces of silver at a final average grade of 25 ounces per short ton during intermittent production between 1912 and 1955 (report by L.J. Cunningham BSc. P.Eng. for Consolidated Morrison Explorations Jan. 30, 1980), ("Morrison Report"). Cobalt was the only other metal reported from historical production records. The four-claim property contains a capped shaft that goes down approximately 600 feet. A series of eight near vertical veins have been identified on the property and partially mined. The Morrison Report cites several areas where exploration drilling identified lower than average mined silver values that were not followed up with mining development. CAUTIONARY NOTE It should be noted that historical information reported here is included in data recently made available to Sparton. The Company believes the information to be reliable, however more work needs to be done to verify these historical records. The Company is seeking additional information about the Morrison Mine history of production. Further, a Qualified Person under N-I 43-101 has not done sufficient work to verify this historical information with new research. LETTER OF INTENT Under the terms of the Letter of Intent, which was signed June 17, 2026, Sparton has a 3 year option, beginning upon receipt of a drill permit, to explore and acquire a 100% interest in the property subject to annual payments of $25,000, $50,000 and $75,000 respectively; annual delivery of shares in the following amounts 150,000 shares, 150,000 shares and 200,000 shares, respectively, or their cash value equivalent (at Sparton's option) and annual exploration expenditures of $150,000, $150,000 and $200,000, respectively; the initial year's consideration is obligatory, the subsequent 2 years are optional. Should the option be exercised and the property be acquired, the vendor will retain a 2% Net Smelter Returns Royalty ("NSR"), of which 1% can be acquired for $350,000. There is no finder's fee payable for this transaction. Comp...

View stock analysis, news, and events for Sparton Resources Inc.