SRI Sparton Resources Inc

Sparton Resources Inc. (the “Company”) (“SRI”-TSX-V) is pleased to report summary results from the Eldorado Gold Corporation drill program, completed at the Company’s Bruell property east of Val d’Or Quebec. On October 26, 2022, Sparton reported that it has completed the earn-in and exercised its option to acquire 100% of the 51 claim Bruell Property in Vauquelin Township, Quebec (the “Bruell Property”) from the underlying vendors. Please see Company news release dated October 26, 2022, for details.

It was also announced at that time that Eldorado had requested, and Sparton had agreed to a one-year extension on the Eldorado Option Agreement. In consideration for the extension, Eldorado has agreed to carry out a minimum of 4,000 meters of additional drilling as a new option commitment. The additional drilling will test several geochemical (till) anomalies, as well as follow-up holes on positive results from the recently completed 2022 drilling program, and test other areas of the property.

Bruell Project

In 2022, Eldorado completed 11 diamond drill holes totaling 4,745 meters. Complete assays are now available. The drilling work (9 holes) concentrated on the area between the Avocalon /Aurora shaft and the area where Sparton drilling in 2018-2019 located several wide shear zones with anomalous gold mineralization. Please see Sparton News Release dated April 25, 2019. Two holes (numbers 10 and 11) were drilled about 2,500 meters to the east of this area to test a gold-in-till geochemical anomaly. Highlights of the assay results follow:

Hole ID	Zone	From	To	Core length	True thickness	Au selection (ppm)
BU-22-001	BRU	265.30	266.10	0.80	0.53	0.76
BU-22-002	BRU	149.70	152.40	2.70	2.05	1.26
BU-22-002	BRU	167.60	170.20	2.60	1.97	1.71
BU-22-002	BRU	251.95	253.00	1.05	0.76	3.44
BU-22-002	BRU	289.75	298.00	8.25	5.90	0.51
BU-22-005A	BRU	75.90	77.00	1.10	0.88	0.71
BU-22-005A	BRU	125.50	126.00	0.50	0.39	1.76
BU-22-005A	BRU	195.30	199.80	4.50	3.39	0.60
BU-22-005A	BRU	370.10	377.40	7.30	5.18	0.91
BU-22-009A	BRU	189.70	191.40	1.70	1.14	7.46
BU-22-009A	BRU	232.50	234.20	1.70	1.11	4.22
BU-22-009A	BRU	246.00	252.00	6.00	3.87	0.93
BU-22-011A	BRU	347.80	348.30	0.50	0.33	12.26 VG
BU-22-011A	BRU	416.20	418.60	2.40	1.53	2.25

Eldorado’s 2022 work also involved structural analysis of the geometry of the mineralized intervals to determine true thickness. As well, limited trenching, stripping and sampling where feasible, was completed in the central claim area. No drilling was done in the vicinity of the Bruell 1 and Bruell 2 shaft areas to the north and west of Avocalon/Aurora area. A map showing the drill hole locations will be posted on the Sparton website at www.spartonresources.com. The Hole Collar Table for the Bruell drilling follows the text of this news release.

Exploration activities on the Bruell project have been conducted under the direct supervision of Eldorado Gold Québec employee Nathalie Prud’homme, P.Geo. from Eldorado Gold who is a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), and has verified and approved, the scientific and technical disclosure contained in this press release in relation to the Bruell project. Eldorado operates its exploration programs according to industry best practices and employs rigorous quality assurance and quality control procedures. All results are based on half-core samples of diamond drill core. Drill core samples were prepared and analyzed at ALS-Chemex Laboratories in Val d’Or, Quebec. All gold assays are based on fire assay analysis of a 30 gm charge followed by an atomic absorption finish. Samples with gold grades above 5.0 g/t were re-assayed and completed with a gravimetric finish. Some of the samples were prepared and analyzed at the MSA Lab in Val-d’Or where a 500 gm charge is analyzed for gold by gamma ray with photon assay instrumentation. Certified standard reference materials, field duplicates and blank samples were inserted regularly and were closely monitored to ensure the quality of the data.

Company President, A. Lee Barker commented: “We are delighted that Eldorado will carry on the work at Bruell in 2023 and have been very pleased at the systematic work program completed so far. The new zone discovered in Hole 11 has confirmed the effectiveness of Eldorado’s approach and we are looking forward to more positive results going forward. Bruell’s strategic location in the Val D’Or East Gold Area and proximity to Eldorado’s Lamaque Operations are strategic factors warranting the additional work at Bruell and we believe that the added drilling planned for the 29 square kilometer property can enhance the prospects of discovering an economic gold deposit.”

Oakes Project Area New Exploration Permit

The Company also reports that it has now received an exploration permit from the Ontario Ministry of Natural Resources to allow up to 2,000 meters of drilling, and overburden stripping and sampling on claims west of Hawley Lake, Ontario, adjacent to where the old Oakes Syndicate supported shaft is located, and Sparton focused it past work. These claims were not part of the original property package and contain a number of high priority induced polarization (“IP”) anomalies located in Sparton’s earlier work programs. These are associated with syenite Porphyry intrusive rocks which host both gold and base metal mineralization in the area. Testing them will be part of the Company’s planned 2023 exploration work.

VRB Energy Update

Final decisions on the large Hubei Project battery contract in China are now expected to take place before the Chinese New Year which occurs on January 22, 2023. Delays in the decision process have been mainly due to COVID issues in PRC and their effects on the multiple parties involved in the contract, which will be with the Hubei State Power Company.

A. L. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 for the technical information in this news release and has reviewed current data for the Bruell Property and approved the contents of this news release.

Bruell 2022 Drilling Collar Table	Status	Azimuth	Dip	Length (m)	Easting UTM NAD 83	Northing_UTM NAD 83
BU-22-001		4.04	-50	299.79	329662	5332764
BU-22-002		345.04	-50	342.09	329669	5332624
BU-22-003		2.04	-50	364.6	329530	5332291
BU-22-004		2.04	-50	394.21	329859	5332770
BU-22-005	Abandoned	2.04	-50	46.25	330054	5332765
BU-22-005A		2.04	-55	440.64	330054	5332765
BU-22-005B	Abandoned	2.04	-50	33	330054	5332765
BU-22-005C	Abandoned	2.04	-55	27	330054	5332765
BU-22-006		4.04	-55	484.63	330155	5332787
BU-22-007		10.04	-55	24.2	330228	5332780
BU-22-007A		10.04	-55	29.5	330228	5332780
BU-22-007B		10.04	-55	457.82	330228	5332780
BU-22-008		2.04	-50	447.12	330347	5332766
BU-22-009	Abandoned	178.04	-50	21	330466	5333000
BU-22-009A		178.04	-50	446.52	330466	5333000
BU-22-010		20.04	-50	402	332458	5332666
BU-22-011	Abandoned	11.04	-50	37.5	332610	5332684
BU-22-011A		11.04	-50	444.32	332610	5332684
			Total	4742.19

For more information contact:A. Lee Barker, M.A Sc., P. Eng.President and CEOTel./Fax: 647-344-7734 or Mobile: 416-716-5762Email: info@spartonres.ca 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

Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.

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