Sparton Files Morrison Mine N-I 43-101 Technical Report

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Sparton Files Morrison Mine N-I 43-101 Technical Report

THINGS TO KNOW 02.11.2026

Sparton Files Morrison Mine N-I 43-101 Technical Report

TORONTO, ON / ACCESS Newswire / November 2, 2026 / Sparton Resources Inc. (TSXV:SRI) ("Sparton" or the "Company") is pleased to announce that an independent N-I 43-101 Technical Report on the Morrison Mine Project has been filed on SEDAR+ and on the Company's website.

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By way of background, on July 18, 2026, the Company announced that it had secured an option to acquire 100% of the past producing Morrison Silver Mine property (the "Morrison Property"), near Gowganda, Ontario from a private individual.

On September 1^st, 2026, the Company announced that it had signed a definitive Option and Joint Venture Agreement (the "Agreement") with Glen Eagle Resources Inc. (TSXV:GER) ("Glen Eagle") relating to the Morrison Property.

Under the Agreement, Glen Eagle has been granted the exclusive option to earn up to a 70% interest in the Morrison Property over a three-year option period by making specified cash payments and share-cost compensation by funding exploration expenditures. Following a successful earn-in and satisfaction or waiver of the applicable earn-in conditions, the parties will form a joint venture with initial participating interests of 70% Glen Eagle and 30% Sparton. The Transaction highlights are set out in the News Release dated September 1st, 2026.

The grant and exercise of both options are subject to applicable TSX Venture Exchange requirements and the terms of the Agreement. Both options are arm's length transactions, and there are no finder's fees arrangements. Note: Correction to the July 18 News Release, the aggregate work program expenditures over the three year option period should read as $650,000.

A. Lee Barker, President and CEO of Sparton, commented:

"Morrison's history of successful silver production and the potential for locating unmined material in and around the old mine area is an exciting opportunity. There are eight identified vein systems in the historical workings and unmined material on the extension of these vein systems documented in historical data. These agreements provide Sparton with a practical way to advance Morrison while preserving meaningful exposure to the project's upside. Glen Eagle can earn its interest by funding an exploration drilling program, while Sparton remains operator during the option period and retains a 30% interest following a successful earn-in.

Morrison Silver Mine Property

Morrison is a past-producing, native silver mine with a documented history of more than 750,000 ounces of production at a reported grade of roughly 25 ounces per short ton, during intermittent operations between 1912 and 1954. Ore was milled at the nearby Siscoe Metals Mill and there are no tailings on the property.

The four-claim property contains a capped production shaft extending to approximately 600 feet below surface. Historical information identified eight sub-parallel, near-vertical veins that were partially mined and refers to additional silver-bearing areas encountered by underground exploration drilling that were not subsequently followed up with mine development. The extensions of the eight identified vein systems into unmined areas have never fully tested with modern diamond drilling techniques.

The property is located in the historic Gowganda silver camp of northeastern Ontario, which is reported to have produced over 60 Million ounces of silver.

The Morrison Mine is notable for its native silver mineralization. A Geological Survey of Canada publication reports that a mass of native silver weighing more than 22 kilograms was recovered from the property in its early history and describes a calcite vein containing a large streak of native silver. Morrison mineralization is also represented in the Royal Ontario Museum's mineral collection.

Planned Exploration and Next Steps

The Ontario Ministry of Mines has very recently issued an exploration permit for up to 12 holes comprising a total of approximately 1200 meters on the Morrison Property. Sparton and Glen Eagle are coordinating the initial Morrison exploration program. Paul Chamois, the independent Qualified Person, has recommended a Phase 1 program consisting of a LIDAR survey, line cutting and 1,000m of diamond drilling, at an estimated budget of $213,000. The focus will be on testing unmined areas representing extensions of mined portions of the various veins including pillars.

Reference:

Technical Report on the Morrison Mine Project, Gowganda Area, Northeastern Ontario. Prepared for Sparton Resources Inc. Report for N-I 43-101. Qualified Person: Paul Chamois M.Sc. (A), P. Geo. Oct. 06, 2026.

Qualified Person and Cautionary Note Regarding Historical Information

A. Lee Barker, M.A.Sc., P.Eng., President and CEO of Sparton, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

The historical production, grade, mine-development and mineral-occurrence information described above is based on historical records and published sources. Sparton believes this information is relevant and reasonably reliable; however, a Qualified Person has not completed sufficient work to independently verify all of the historical information through new exploration. The Company does not treat the historical information as a current mineral resource or mineral reserve.

About Sparton Resources Inc.

Sparton Resources Inc. is a mineral exploration company with critical-mineral and gold projects in Ontario and Quebec. The Company also holds a strategic investment in a leading vanadium redox flow battery manufacturer.

For More Information

A. Lee Barker, M.A.Sc., P.Eng.
President and CEO
Sparton Resources Inc.
Tel./Fax: 647-344-7734
Mobile: 416-716-5762
Email: [email protected]
Website: www.spartonres.ca

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.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable securities laws, including statements concerning the Morrison exploration program, future expenditures, the satisfaction of option and earn-in conditions, receipt of regulatory approvals, formation and operation of the joint venture, and Sparton's corporate development activities. Forward-looking statements are based on management's current expectations, estimates and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Readers should not place undue reliance on forward-looking statements. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise forward-looking statements after the date of this release.

We Seek Safe Harbour

SOURCE: Sparton Resources Inc.

View the original press release on ACCESS Newswire

F.T. Michaud--SMC

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