Sparton Resources Inc. has entered into a definitive option and joint venture agreement with Glen Eagle Resources Inc. covering the past-producing Morrison silver mine near Gowganda, Ontario. Under the agreement signed on September 1, 2026, Glen Eagle holds the exclusive right to earn up to a 70% interest in the property over three years by funding $500,000 in exploration expenditures, making $112,500 in cash option payments, and providing $20,000 in share-cost compensation.

When Sparton initially acquired its option in June 2026, it held a 100% option interest. The new definitive agreement replaces that structure with a planned joint venture where Glen Eagle will hold 70% and Sparton will retain a 30% participating interest upon a successful earn-in.

To maintain the option, Glen Eagle must fund $150,000 in exploration expenditures and make a $35,000 cash option payment by the first anniversary. Subsequent requirements include $175,000 in work costs and $35,000 in cash by the second anniversary, followed by a final $175,000 in exploration spending by the third year. Sparton will act as the operator for exploration programs during the option period, earning a 10% management fee. The underlying vendor retains a 2% net smelter returns royalty, half of which can be acquired for $350,000.

“This agreement provides Sparton with a practical way to advance Morrison while preserving meaningful exposure to the project's upside.”

— A. Lee Barker, President and CEO of Sparton

The historical Morrison property encompasses four claims containing a capped shaft extending approximately 600 feet below surface. Records indicate the mine produced over 750,000 ounces of silver between 1912 and 1955 at an average grade of roughly 25 ounces per short ton, with cobalt as the only other reported metal. Work by Nord Precious Metals Mining Inc. at its nearby Castle East project highlights active regional exploration in the historic Gowganda silver camp. Sparton and Glen Eagle are coordinating an initial exploration phase focused on surface work and drilling to test unmined veins around historical workings, pending regulatory approvals.

Alongside the joint venture, Sparton appointed director Jamal Amin as Vice President, Corporate Development to assist with the Morrison property and corporate evaluation. The company granted Mr. Amin 500,000 incentive stock options exercisable at $0.05 per share for 18 months.

“We are also pleased to expand Jamal's role with Sparton.”

— A. Lee Barker, President and CEO of Sparton

Read the full announcement: Sparton Signs Definitive Morrison Silver Mine Option and Joint Venture Agreement with Glen Eagle; Appoints Vice President, Corporate Development