Sphere Resources Inc.

Sphere Resources Inc.

November 14, 2011 09:08 ET

Sphere Resources Discovers a New Mineralized Gold System in Red Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2011) - Sphere Resources Inc (TSX VENTURE:SPH.H) ("the Company") and its optionee Duncan Park Holdings Corporation (TSX VENTURE:DPH) is pleased to announce the completion of the summer drilling program on its contiguous Dome and McManus mining claims in the prolific Red Lake gold camp in northwestern Ontario.

The Company drilled 15 angled diamond drill holes for a total of 4,895 meters. A total of 3,144 samples were selected and submitted to Accurassay Laboratories of Thunder Bay, Ontario for high precision gold assay and ICP geochemical analyses. Results have been received for all of the gold analyses and approximately 50% of the geochemical results.

Based on the results received the Company is encouraged by the exploration on the McManus patented mining claims which has identified the occurrence of quartz veining, sulphide minerals and anomalous gold values within a structured zone, which, in combination, is indicative of a mineralizing system. The size of the possible mineralization system (McManus-Chukuni Sulphide Zone) extends more than 300m in width and 1 km in length running from the east of the McManus patented mining claims to the west into the lake and is open in all directions. This system appears to parallel the structural pattern (strike and dip) of Goldcorp's Red Lake Mine system.

A winter drilling program on both properties is currently in the planning stages. This program will continue the drilling of the easterly land based claims on the McManus property, and, when ice conditions on Red Lake permit, commence a comprehensive program on the westerly lake based claims of both properties, particularly targeting the projected intersection of the north-west trending Chukuni River Deformation Zone and the north-east trending Madsen-Goldcorp (NE) Trend Deformation Zone.

The drilling on the McManus property was focused on a west northwesterly trending structural zone containing variable quartz veining, iron carbonate alteration with locally abundant pyrite and accessory pyrrhotite, chalcopyrite and arsenopyrite. This zone is within and sub-parallel to the Chukuni River Deformation Zone defined by the Ontario Geological Survey in the early 1980's. The McManus structural zone includes several chargeability anomalies interpreted to be due to the sulfide content and one previously known gold showing. Ten angled core holes explored the zone with 2200 samples taken where sulphides, carbonate and/or quartz vein mineralization was observed, and 273 quality control and assurance (QA/QC) core samples were submitted for analysis. Of the results received 56 samples contained gold quantities above an arbitrary 0.1 g/t gold. The sample with the highest grade was 12.99 g/t gold over a 0.4 m interval.

Drilling on the southeastern portion of the Dome property focused on a number of geophysical anomalies identified by last winter's geophysics program. The mining claims include two previously known gold showings. Five angled core holes tested five of the geophysical anomalies which included one of the known gold showings. A total of 587 core samples were taken where sulphides, carbonate and/or quartz vein mineralization was observed, and 84 QA/QC core samples were submitted for analysis. All of the gold analyses have been received with 3 samples containing gold quantities above an arbitrary 0.1 g/t gold with a maximum value of 0.232 g/t gold over a 1.0m sample interval.

Sphere Resources Inc. – Duncan Park Holdings Corporation
2011 Dome Project Drill Program - Significant Assay Results *
(* Arbitrary analytical results greater than 0.1 g/t Au, true width equals 0.7 of the sample width)
Dome Claims
(SD - series)
UTM Nad83
Z 15
) Hole
) Sample
From – To
) Sample
) Gold
(Au g/t
) Target
SD11-01 446648.4,
180, -45 291.0 75.0-75.5 0.5 0.156 IP anomaly
SD11-02 446644.5,
180, -45 294.0 No significant
values (NSV
) IP Anomaly
SD11-03 446802.7,
020, -45 297.0 97.0-98.0 1.0 0.232 IP Anomaly
SD11-04 445825.5, 5651594.9 020, -45 257.0 NSV IP Anomaly
SD11-05 447057.9,
200, -45 287.0 153.6-154.2 0.6 0.219 IP Anomaly
McManus Patents
(SM- Series)
Nad83 Z 15
) Depth
) Sample
From – To
) Core
) Au
) Target
SM11-01 446344.4,
020, -45 291.0 196.4-198.0 1.6 0.601 McManus-Chukuni Sulphide
213.0-213.4 0.4 0.155
SM11-02 446337.0,
020, -45 270.0 6.0-7.0 1.0 0.171 McManus-Chukuni Sulphide
11.0-12.0 1.0 2.581
78.1-78.8 0.7 0.439
83.0-84.0 1.0 0.222
85.0-86.0 1.0 0.122
102.5-103.5 1.0 0.458
141.4-142.4 1.0 0.162
153.8-154.8 1.0 0.450
SM11-03 446358.6,
200, -45 312.0 78.7-79.7 1.0 0.210 McManus-Chukuni Sulphide
238.4-244.6 6.2 0.426
Incl. 238.4-239.4 1.0 0.110
Incl. 239.9-240.6 0.70 0.393
Incl. 240.6-242.0 1.4 0.181
Incl. 243.0-243.6 0.6 0.127
Incl. 243.6-244.6 1.0 1.862
SM11-04 445904.5,
200, -45 366.0 116.6-117.0 0.4 0.121 McManus-Chukuni Sulphide
201.5-202.5 1.0 0.333
Incl. 201.5-202.0 0.5 0.478
Incl. 202.0-202.5 0.5 0.187
206.8-207.6 0.8 0.236
209.0-209.4 0.4 0.482
212.0-213.0 1.0 0.102
216.6-217.7 1.1 0.114
SM11-05 445894.7,
020, -45 300.0 188.9-189.3 0.4 12.988 McManus – Main
SM11-06 446159.0,
200, -45 312.0 32.0-33.0 1.0 0.152 McManus-Chukuni Sulphide
154.0-154.8 0.8 0.533
292.2-292.9 0.7 0.303
SM11-07 446197.8,
200, -45 330.0 21.0-22.5 1.5 0.207 McManus-Chukuni Sulphide
40.0-40.7 0.7 8.970 McManus – Main Vein
41.6-42.5 0.9 0.274
49.0-49.5 0.5 2.211
127.0-133.6 6.6 0.310
Incl. 127.0-128.0 1.0 0.178
Incl. 129.0-130.0 1.0 0.223
Incl. 131.0-132.0 1.0 1.233
Incl. 132.0-132.8 0.8 0.193
Incl. 132.8-133.6 0.8 0.132
157.5-159.0 1.5 0.522
232.0-233.0 1.0 0.164
SM11-08 446231.36,
020, -47 252.0 44.6-45.2 0.6 0.521 Howey Contact
49.5-51.0 1.5 0.127
144.0-144.5 0.5 0.129
153.4-154.0 0.6 0.904
SM11-09 445450.2,
200, -45 390.0 183.2-183.6 0.4 0.857 IP Anomaly
SM11-10 446345.4,
200, -45 651.0 26.0-29.0 3.0 0.941 Deeper tier of McManus-Chukuni Sulphide
Incl. 26.0-27.0 1.0 0.383
Incl. 27.0-28.0 1.0 0.295
Incl. 28.0-29.0 1.0 2.145
123.0-124.0 1.0 0.240
183.8-184.3 0.5 0.194
186.7-187.0 0.3 0.507
189.0-190.0 1.0 0.485
198.5-199.5 1.0 0.547
210.5-211.3 0.8 0.373
365.0-366.0 1.0 0.216
510.0-511.5 1.5 0.139
542.7-543.3 0.6 0.279
Incl. 542.7-543.0 0.3 0.350
Incl. 543.0-543.3 0.3 0.208

Mr. Gordon Yule, P.Geo., the project's consulting geologist and a Qualified Person (QP) within the meaning of NI 43-101 has reviewed and approved the contents of this news release. Mr. Yule a QP has verified the data disclosed including all sampling, analytical and test data provided in this press release and the project.

The drill program followed all accepted mineral industry practices. All drill core was delivered to the secure core handling facility in Red Lake, where it was geologically logged, photographed, and geologically marked for sampling by the QP. Samples were then cut in half by diamond-bladed core saw, bagged, tagged and shipped to Thunder Bay for fire assay-atomic absorption analysis, and by ICP geochemical analysis. The drill core and samples were kept secure by the drill contractor, the company field crews, the bonded carrier and analytical facility following established chain-of-custody protocols. Quality control checks were completed by the blind and random insertion of two certified reference standards and a blank standard into the sample stream by the on-site QP. In addition, the analytical laboratory maintains their own internal QA/QC program. The remaining half core is being stored on the property, and sample material secured in Thunder Bay.

About Sphere Resources Inc.

Sphere Resources Inc. is focused on identifying and 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 U.S.A.

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.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to Sphere Resources exploration plans and possible financing activities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Sphere Resources to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors, future commodity prices, market conditions, changes in foreign exchange and interest rates, government regulation, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with exploration and development activities, availability of skilled labour and equipment, the speculative nature of gold exploration and development, contests over title to properties, and changes in project parameters as plans continue to be refined, risks related to private placement financings, such as market conditions and regulatory and other approvals, obtaining necessary financing and requisite regulatory and other approvals, as well as those risk factors discussed in Sphere Resources management's discussion and analysis which is available on www.sedar.com. Although Sphere Resources has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information. Sphere Resources does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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