Sparton Announces Closing of Sale of a 25 Per Cent Interest in Bruell Gold Project Claims, Quebec
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (SRI: TSX-V) (the 'Company') is pleased to announce that the Company and Eldorado Gold Corporation ('Eldorado') have closed an agreement, effective May 29, 2025, whereunder Eldorado acquired the Company's remaining 25% interest in the Bruell Gold Project 51 claim property in Vauquelin township, Quebec. (The Company and Eldorado are referred to jointly herein as 'the Parties'.) All dollar figures stated are in Canadian Dollars.
The Option Agreement for the Bruell Property was originally entered into by the Parties in 2019 and has subsequently been amended to accommodate work programs and negotiate transaction terms. The Parties reached an agreement on November 24, 2024, to amend the agreement, whereby Sparton's 25% interest in Bruell could be purchased by Eldorado for $275,000 plus a 2% Net Smelter Return Royalty ('NSR'). The original option set out in the agreement allowed for the remaining 25% interest to be purchased for $1.8 million plus an annual cost of living increase, and the granting of a 2% Production NSR with a buyout of 50% percent of this NSR for $2.5 Million dollars at any time. As a result of this transaction, Eldorado will now own 100% of the Bruell Gold Project, and Sparton will retain the Production NSR as above.
Given the state of the junior exploration sector and the current Company share price, the Board made the decision to forego future participation costs related to the exploration and development on the Bruell property, where the timing is not within its control, in order obtain cash to meet current commitments and pursue opportunities on its wholly owned critical mineral and precious metals properties and for general corporate purposes.
For More Information contact: A. Lee Barker, President and CEO Tel.: +1 647-344-7734 Fax: +1 647-344-7734 Mobile: +1 416-716-5762 E-mail: info@spartonres.ca
SPARTON RESOURCES INC.
Company website:
Listed: TSX Venture ExchangeTrading Symbol: SRI
We Seek Safe Harbour
Neither the 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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Politico
21 minutes ago
- Politico
Notes for Trump
Presented by The Canadian Medical Association Send tips | Subscribe here | Email Canada Playbook | Follow Politico Canada Happy Monday. Thanks for reading Canada Playbook. Let's get into it. → JUSTIN TRUDEAU's prep note for a DONALD TRUMP call in February. → Three things we're watching this week: tariffs, streamers and the House. → Liberal MP SUKH DHALIWAL on the PM's NARENDRA MODI invite to the G7. THE FIRST THING SPENDING BOOST — Prime Minister MARK CARNEY is scheduled to make a defense and security announcement in Toronto at 10 a.m. He'll tour a military facility and speak with reporters at 1 p.m. — Sources tell The Globe and Mail's STEVE CHASE that Carney will unveil a plan that hits NATO's defense spending benchmark in the current fiscal year. Trade war TRUDEAU-TRUMP CALL — Ten days before Trump unleashed tariffs on Canadian-made goods in early March, Trudeau was on the horn with the U.S. president. A briefing note prepared for the PM in advance of the Feb. 22 call reveals his two major priorities: the war in Ukraine, which was two days away from its third anniversary, and those pesky, painful, looming tariffs. → Priority No. 1: 'Reiterate importance of engagement as part of G7 and the upcoming [leaders' video teleconference] and support for Ukraine and for the principle of a just and sustainable peace.' → Priority No. 2: 'Express disappointment with the President's decision to impose tariffs on Canada and reiterate the Government of Canada's obligation to defend the interests of Canadians.' — Good cop: The PM's briefers counseled him on saying nice things. 'In your first weeks in office, you have moved quickly on key issues, including economic security, energy dominance, and border security,' the note read, adding these were 'shared priorities.' And on Ukraine: 'I know the G7 appreciates your commitment to ending this war,' read a suggested talking point that also pressed the imperative of a sovereign Ukraine with a seat at the negotiating table. 'A bad peace will reverberate around the world,' read another line. — American firearms: The briefers tucked in a section on the increasing number of guns crossing the border into Canada. 'Canadian police have long warned that illegal U.S. firearms are driving gun-related crime in this country,' read the note. Trudeau and Trump both published readouts following the conversation. Neither mentioned firearms coming up in the conversation. — Trade 101: The memo advised Trudeau on how to cautiously rebut Trump's persistent claim that an American trade deficit with Canada is a 'subsidy.' The suggested talking points sound at times like an exasperated undergrad economics prof: 'The U.S. does not give anything for free by trading with Canada,' the memo said. 'It willingly purchases and obtains products it needs in return.' — Redacted entirely: A short section with advice on how to respond to Trump on defense spending. THREE THINGS WE'RE WATCHING COUNTER-TARIFF OR NAH — That is the question Prime Minister MARK CARNEY is mulling as he faces pressure to respond to Trump's latest hit to Canada's economy. Last week, the U.S. doubled tariffs on Canadian steel and aluminum to 50 percent. Business and labor leaders were quick to call for retaliation, alongside Ontario Premier DOUG FORD — who accused the PM of falling short in his response to Trump. — Patience wearing thin: This week, they're expecting answers. Canadian Steel Producers Association President CATHERINE COBDEN described her recent discussions with Cabinet ministers and senior officials on Parliament Hill as 'intense' and 'frank.' 'The CSPA expects to see concrete action taken as early as next week and we offer our full support to Canadian policymakers to ensure that action comes forward as soon as possible,' Cobden said in a statement Friday. Industry Minister MÉLANIE JOLY told The Globe and Mail a crackdown on the dumping of cheap foreign steel into Canada is coming, addressing concerns on that file from the Trump administration. — Turning up the heat: Ford has no plans to bring down the temperature himself, as Carney and Trump reportedly negotiate a cross-border deal. 'I have the utmost respect for the prime minister and his job. He's negotiating, but I have to protect the people of Ontario,' he told reporters in Toronto Friday. — On the horn: Ford says he speaks with Carney every day, and has been very clear with his message to the PM: 'The ideal situation is to get a deal, and if that deal does not happen in the next few days, then we have to slap another 25 percent tariff on top of the existing 25 percent tariff on our aluminum and steel,' Ford said. DAY IN COURT — Foreign streaming giants are pushing back against Ottawa's controversial Online Streaming Act. This week, they'll take their fight to the Federal Court of Appeal in Toronto. Regulations under the law have ordered foreign streaming companies to fund local news and other Canadian content through a portion of their Canadian revenue. — Major players: Amazon, Apple and Spotify have taken legal action to avoid coughing up a cut of their Canadian earnings. The Motion Picture Association – Canada, which represents studios such as Netflix, Disney, Paramount, Sony, NBCUniversal and Warner Bros., filed their own legal challenge. Their cases have been consolidated into one and will be heard by a judge starting today. WENDY NOSS, MPA — Canada's president, previously called the tax 'a discriminatory measure that goes far beyond what Parliament intended.' — Trade irritant: Republican and Democratic lawmakers in Washington have raised concerns over the law, insisting it discriminates against U.S. companies. Trump administration officials are monitoring the issue, including the Office of the United States Trade Representative — which has pegged the law as a trade barrier. BUILD, BABY, BUILD — The PM wants his signature 'One Canadian Economy' bill passed by the time the House is scheduled to adjourn for the summer on June 20. But if that doesn't happen, he's prepared to sit into July. 'We're in a crisis,' Carney said Friday. 'We will do everything to get it passed before the summer. And if parliament needs to sit longer, it should sit longer.' — Fine print: The PM is finding out that the House of Commons doesn't often move as quickly as a boardroom. Carney's government had to backpedal from a campaign promise of cross-Canada free trade by Canada Day. During a technical briefing for the bill, government officials said the goal is now to remove as many internal trade barriers 'as possible' by July 1. PLAYBOOK'S ONE-ON-ONE SURPRISE INVITE — B.C. Liberal MP SUKH DHALIWAL woke up in a state of shock Friday morning. News had just broken that Indian Prime Minister NARENDRA MODI would attend the upcoming G7 leaders' summit in Kananaskis. — Piece of the economic puzzle: Carney argued it made 'sense' having India at the table after consulting with other G7 partners. 'India is the fifth-largest economy in the world, effectively the most populous country in the world,' and central to global supply chains, Carney told reporters Friday. — Complete about-face: The Modi invite marked a remarkable shift in foreign policy for the Liberal government. Only eight months ago, the Trudeau government expelled India's high commissioner and five envoys after the RCMP revealed evidence linking members of India's government to multiple homicides on Canadian soil. The RCMP also uncovered apparent evidence of Indian interference into Canada's democratic processes. 'My constituents are telling me it's the wrong move to invite Prime Minister Modi,' Dhaliwal said to Playbook. 'Canada is the country of rule of law, the country of justice, the champion of human rights.' — Constituents first: Dhaliwal represents the riding of Surrey Newton, where Sikh Khalistani activist HARDEEP SINGH NIJJAR was gunned down in June 2023 outside a gurdwara. He was a constituent of Dhaliwal's. Trudeau told the House of Commons in September 2023 that Canada had 'credible allegations' that agents acting on behalf of the Indian government were involved in Nijjar's death. The Indian government rejected the allegations as 'absurd' and 'motivated,' and alleged Canada was a supporter of Khalistani 'terrorists.' Dhaliwal was the first MP to visit the gurdwara after the shooting and has remained engaged ever since. — Feeling the heat: The MP's phone has been 'ringing like crazy.' He has lost track of all the emails from constituents. 'People are telling me that they are not very happy. They're worried about their safety,' he said. 'It's ordinary people on the ground. People who don't have any links to anything. Just ordinary citizens, coming into my office telling me, 'this is not the right thing to do.'' — Message to the PM: Dhaliwal expects to share his constituents' concerns with Carney in the coming days. His ask: 'Make sure that India fully cooperates in the investigation so justice can be served for the victims and their family.' — Another thing: 'Make sure moving forward there will be, absolutely zero, interference from India into our affairs here in Canada,' he said. MORNING MUST-CLICKS — U.S. Ambassador to Canada PETE HOEKSTRA says the U.S. will not dictate what the Canadian government must spend on defense, CP's DYLAN ROBERTSON writes. — The Hill Times' ABBAS RANA reports that PMO staffers are no longer allowed in Liberal national caucus meetings. First quote from Liberal MP HEDY FRY: 'It's a good idea.' — 'PIERRE POILIEVRE's numbers as preferred prime minister have plummeted,' NIK NANOS tells CTV News. 'Him losing his seat, him not being in the House of Commons, him not having the same type of profile as during the election has really hurt him. It will be interesting to see if he recovers from this.' — Top of POLITICO this morning: How Trump broke the politics of Medicaid — Military deploys to support northern Ontario wildfire evacuations, Global News reports. — CTV's JUDY TRINH reports a father living in Canada faces indefinite separation from his son with Trump's travel ban. THE ROOMS THAT MATTER — Liberals will gather for a Laurier Club donor garden party this evening at the Canadian War Museum. Prime Minister MARK CARNEY will be there. A pile of ministers are expected to join him, including JOËL LIGHTBOUND, CHRYSTIA FREELAND, MARJORIE MICHEL, RECHIE VALDEZ, DOMINIC LEBLANC, PATTY HAJDU, JULIE DABRUSIN, STEVEN MACKINNON, JOANNE THOMPSON, STEPHANIE MCLEAN, ELEANOR OLSZEWSKI, RANDEEP SARAI, DAVID MCGUINTY and STEVEN GUILBEAULT. — Alberta Premier DANIELLE SMITH will deliver a keynote address at the Calgary Region Hydrogen Hub grand opening. The Global Energy Show also kicks off in Calgary today. — Monday and Tuesday are opposition days in the House of Commons. PROZONE For Pro subscribers, our latest policy newsletter by MIKE BLANCHFIELD, NICK TAYLOR-VAISEY and MICKEY DJURIC: 'Crisis' trade law needed by summer. In other news for Pro readers: — The stealth Senate dealmaker who could deliver Trump's tax cuts. — House appropriators unveil Homeland Security funding bill. PLAYBOOKERS Birthdays: HBD to Green MP ELIZABETH MAY, Ontario Green Party Leader MIKE SCHREINER, Canadian Identity Minister STEVEN GUILBEAULT, TVO anchor STEVE PAIKIN, ARIEL POLLOCK of the U.S. Embassy and former Liberal MP JEAN R. RIOUX. HBD + 1 to CINDY CATURAO, press sec to AI Minister EVAN SOLOMON. Noted: PM Carney published Canada's G7 priorities ahead of the upcoming leaders' summit: 'protecting our communities and the world', 'building energy security and accelerating the digital transition' and 'securing the partnerships of the future.' Spotted in that release: 'catalyzing' (with a 'z'). — The Procedure and House Affairs Committee picks its chair Tuesday. These MPs are on the committee: → Liberals: CHRIS BITTLE, ÉLISABETH BRIÈRE, GREG FERGUS, ARIELLE KAYABAGA and TIM LOUIS. → Conservatives: BLAINE CALKINS, MICHAEL COOPER, GRANT JACKSON and TAKO VAN POPTA. → Bloc Québécois: CHRISTINE NORMANDIN. Spotted: Liberal MP VINCE GASPARRO and Toronto city councilor BRAD BRADFORD, breaking bread at Bistro on Avenue with rest owner CINDY STERN. Movers and shakers: JESSICA FULLERTON starts this week as a senior policy adviser to Finance Minister FRANÇOIS-PHILIPPE CHAMPAGNE … BELLA OROZCO-MADISON is planning to leave the PMO comms shop for a new gig with a former boss: Industry Minister MÉLANIE JOLY … GUILLAUME BERTRAND is now director of communications for Health Minister MARJORIE MICHEL. JULIAN OVENS joined the board of directors at Kenz Global Resources … MICHAEL SOLBERG joined the board at Carbon Removal Canada. Got a document to share? A birthday coming up? Send it all our way. TRIVIA Friday's answer: On June 6, 1813, American and British forces clashed at the Battle of Stoney Creek during the War of 1812. Props to PATRICK DION, PETER STUDER, ANDREW BALFOUR, MARC SHAW, DAVE COURNOYER, BARB WRIGHT, PAUL PARK, GREG MACEACHERN, ELIZABETH BURN, BOOTS TAYLOR-VAISEY, GARY ALLEN, CHRIS RANDS, WILL BULMER, SAAHIL JAFFER, CULLY ROBINSON, MAUREEN MACGILLIVRAY, DARREN MAJOR, JOHN PEPPER, JOHN DILLON, JOHN ALHO, ALEXANDER LANDRY, RALPH LEVENSTEIN, CAMERON RYAN, ROBERT MCDOUGALL, MALCOLM MCKAY, BRETT SZMUL, MARC LEBLANC, SHAUGHN MCARTHUR and GREG LYNDON. Props +1 to BARB WRIGHT. Today's question: According to a motion that passed the House of Commons last week, how many MPs will sit on standing committees chaired by Liberals during this session of Parliament? Send your answer to canadaplaybook@ Canada Playbook would not happen without: Canada Editor Sue Allan, editor Willa Plank and POLITICO's Grace Maalouf.
Bloomberg
27 minutes ago
- Bloomberg
Canada Couldn't Build a Pipeline. The '51st State' Just Might.
President Donald Trump is gung ho about building new pipelines — but not in Canada, surely? Yet his other passion, that of menacing America's closest ally, is doing more for the cause of pipelines north of the border than any politician in Ottawa could. Up to now, anyway. Having leveraged Trump's hostility to win a seemingly unwinnable election, Canada's newly installed Prime Minister Mark Carney is also using it to unpick the Gordian knot of his country's pipeline politics. He hosted provincial leaders last week to build support for new infrastructure projects of 'national significance' as well as announcing legislation to fast-track those that enhance economic independence. Alberta Premier Danielle Smith, whose province dominates Canadian oil production and has little love for Carney's Liberals, later spoke of a potential 'grand bargain' with Ottawa.
Yahoo
38 minutes ago
- Yahoo
TSX futures lifted by gains in metal prices; eyes on US-China trade talks
(Reuters) -Futures for Canada's main stock index rose on Monday, supported by gains in metal prices, as markets await a fresh round of U.S.-China trade talks later in the day. The futures on the S&P/TSX index were up 0.17% at 5:22 a.m. ET (9:22 GMT). All eyes will be on the high-stakes talks in London, where top U.S. and Chinese officials will attempt to defuse tensions that have recently expanded beyond tariffs to export controls over goods and components critical to global supply chains. The discussions follow a rare call last week between U.S. President Donald Trump and Chinese President Xi Jinping. Meanwhile, Beijing signaled interest in improving relations with Canada, as Chinese Premier Li Qiang and Prime Minister Mark Carney talked on a phone call on Friday, according to the Xinhua news agency. In the stock market, shares of metal miners might grab the spotlight as spot silver rose near 1% in the day, while gold and copper prices also edged higher. On the flip side, oil prices slipped on weak China data, but held on to most of last week's gains On Friday, Canada's main stock index rose to a new record high, led by gains in energy and technology shares, as oil prices advanced and U.S. and Canadian jobs data eased investor concerns about a possible recession. This week, global markets will focus on Wednesday's U.S. inflation report, which will shape expectations for Federal Reserve rate cuts. In corporate news, brokerage firm Barclays raised price target on major Canadian banks, including Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report [.TO] Canadian dollar and bonds report [CAD/] [CA/] Reuters global stocks poll for Canada Canadian markets directory Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
