Sphere Resources Inc.
TSX VENTURE : SPH.H

Sphere Resources Inc.

May 01, 2012 10:54 ET

Sphere Resources Reports Encouraging Gold Results of Winter Drilling at Red Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2012) - Sphere Resources Inc. (TSX VENTURE:SPH.H) is pleased to announce that despite the unseasonably mild winter conditions, the Company was able to complete most of its planned winter core drilling program on its contiguous Dome and McManus claim groups in the prolific Red Lake gold Camp of northwestern Ontario. This work consisted of two holes on the Dome claims and two holes on the McManus Patents. The optionee to these claims and patents is Duncan Park Holdings Corporation.

The intent of the Dome drilling was to position the projected intersection of two geological structures interpreted to host gold systems within the Red Lake Gold camp. These structures are inferred from projections of the basic geologic framework adjacent to and under Red Lake that had been developed from government mapping and Company reconnaissance mapping. Drilling on the McManus Patents was intended to test the northwest extension of the newly discovered McManus/Chukuni Mineralized Zone (Press Release dated November 14, 2011).

The two Dome holes, drilled 1.6 km west of the McManus Gold system, confirmed the projection of contacts between the Howey Diorite on the south, a relatively thin (+/- 350 m) middle unit of iron-carbonate altered volcano-sedimentary rocks and an assemblage of mafic volcanic rocks on the north. Drilling has penetrated and positioned these contacts. The Company believes that this structural contact zone may represent part of the northeast trending Flat Lake - Madsen /Goldcorp deformation zone proposed by the Ontario Geological Survey in the 1980's. Hole SD12-09 returned 0.34 g/t gold over a 3m core interval at 175m down-hole (146m vertical).

The two holes on the McManus Patents were step-out holes drilled 150m and 300m west of the 2011 drilling on the westerly projection of the northwest trending McManus/Chukuni Mineralized Zone beneath Red Lake. These holes confirmed the continuation of the Zone and the presence of low grade gold mineralization, but did not encounter significant precious metal mineralization. Hole SM12-12 300m west intersected 0.288 g/t gold over 9.0m between 399.0-408.0m down-hole, a vertical depth of 297.5m. Assay intervals generally appear sub-vertical. True widths can be estimated at 0.6 X sample interval width.

A total of six diamond drill holes comprised of 2,121m were collared from four ice pads on Red Lake. Two holes were aborted due to overburden conditions.

Geochemical results have been received and will be incorporated into the extensive database evolving from the Company's work program. These data will be studied over the next few months as part of the planning for the next phase of drilling that, subject to available financing, is expected to be carried out over the summer of 2012. The summer program will be planned to extend and define the McManus/Chukuni mineralized zone and to continue the exploration of the rest of the large, highly prospective, land holding.


2012 Dome and McManus Project Drill Program - Significant Assay Results *
(* Arbitrary analytical results greater than 0.1 g/t Au)
Dome Claims
Hole#
(SD -series)
Collar Location
UTM
Nad83 Z 15
Hole Elev Hole Attitude
(Azm/Dip)
Hole
Depth (m)
Sample Interval
From - To
(m)
Sample
Interval (m)
True Width ~ 0.6 * Sample width
Gold
(Au g/t)
Target
SD12-06 444260.4, 5653628.5 356.03 360,-50 402.0 46.5-48.0 1.5 0.193 Intersection Madsen
& Chukuni Trend (?)
156.5-157.3 0.8 0.163
SD12-07 444260.7, 5653395.4 355.96 360,-50 63.0 Hole aborted in overburden
SD12-08 444260.7, 5653395.4 355.96 360,-55 60.0 Hole aborted in overburden
SD12-09 444260.7, 5653395. 355.76 360,-58 396.0 172.0-175.0 3.0 0.342 Intersection Madsen
& Chukuni Trend (?)
Incl. 172.0-173.3 1.3 0.483
184.5-186.0 1.5 0.116
McManus Patents
Hole#
(SM- Series)
Collar Location
UTM
Nad83 Z 15
Hole Elev Hole Attitude
(Azm/Dip)
Depth (m) Sample Interval
From - To
(m)
Sample Interval (m) True Width ~ 0.6 * Sample width Au
(g/t)
Target
SM12-11 445475.4, 5653046.3 356.05 020,-50 600.0 285.0-286.5 1.5 0.112 McManus-Chukuni Sulphide Zone
325.5-327.0 1.5 0.707
378.5-380.0 1.5 0.433
382.5-384.0 1.5 0.148
393.0-394.5 1.5 0.282
399.0-408.0 9.0 0.288
Incl. 399.0-400.5 1.5 0.383
Incl. 400.5-402.0 1.5 0.195
Incl. 402.0-403.5 1.5 0.287
Incl. 403.5-405.0 1.5 0.081
Incl. 405.0-406.5 1.5 0.454
Incl. 406.5-408.0 1.5 0.327
472.2-473.7 1.5 0.157
560.8-561.3 0.5 0.11
561.9-562.1 0.2 1.726
565.5-567.0 1.5 0.14
SM12-12 445818.0,
5653511.6
356.07 200, -45 600.0 46.5-48.0 1.5 0.193 McManus-Chukuni Sulphide Zone
156.5-157.3 0.8 0.163
Incl. 156.5-156.8 0.3 0.249
Incl. 156.8-157.3 0.5 0.112
324.0-325.5 1.5 0.101
471.0-472.0 1.0 0.228
490.0-491.5 1.5 0.106
Incl. 490.0-491.0 1.0 0.102
Incl. 491.0-491.5 0.5 0.109
594.0-595.0 1.0 0.166

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 Accurassay Laboratories, an independent commercial ISO 17000 certified analytical laboratory in Thunder Bay, Ontario for fire assay-atomic absorption analysis, and by ICP geochemical analysis. The drill core and samples were kept secure by the drill contractor, by company field crew, the bonded carrier and analytical facility following established chain-of-custody protocols. Quality control checks were completed by the random insertion of two certified reference standards and a blank standard into the sample stream by the on-site QP. As well, Accurassay maintain their internal QA/QC program. The remaining half core is being stored on the property, and sample material secured in Thunder Bay.

Gord Yule, P.Geo. Project manager and Qualified Person has reviewed this news release.

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.

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

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