Sokoman Minerals Corporation: Update on Moosehead Gold Project, Central Newfoundland
Structural Consultant Dr. David Coller On-siteST. JOHN'S, April 16, 2024 - Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman" or the "Company") is pleased to report that structural consultant Dr. David Coller is on-site at the Moosehead gold property to update the structural model and to help plan for deeper drilling later this year. The Phase 6 program is winding down for spring breakup with assay results for 12 holes remaining outstanding and expected in two to three weeks. Drilling will resume once all assays have been received, compiled, and included in Dr. Coller's updated structural model.
Timothy Froude, P. Geo., President and CEO states; "We are very pleased to have Dr. Coller back and look forward to receiving his recommendations for continued drilling at Moosehead. Dr. Coller has been involved with the project since our first year and has been instrumental in guiding us to several significant high-grade discoveries. Currently, Dr. Coller and Sokoman's geological team are evaluating drill sections from the recently discovered 552 Zone to characterize the mineralization, to determine the significance of the zone and what it means for future exploration. We are also happy to have Dr. Hamish Sandeman of the Geological Survey of Newfoundland with us, to update us on the government's advanced research (with the Geological Survey of Canada) aimed at understanding the genesis of gold mineralization in Central Newfoundland and, potentially, helping to locate new gold zones. Dr. Sandeman has worked in the central Newfoundland region for many years and is considered one of the province's top geoscientists especially with regards to gold mineral deposits in Newfoundland."
Recent drill results at the 552 Zone include MH-23-574 - 2.10 m of 5.00 g/t Au, and MH-24-580 - 2.05 m of 8.31 g/t Au incl. 0.50 m of 27.79 g/t Au. Both holes had multiple specks of visible gold, a characteristic of all the high-grade zones on the property. The 552 drilling has defined a two- to five-metre-wide zone of vuggy (epizonal) quartz veining/quartz breccia, in variably sheared, to undeformed, sedimentary units located approximately 400 m to the east of the Eastern Trend mineralization in the central portion of the property. The 552 Zone has been drilled over a 150 m strike length and to 125 m vertical depth and remains open along strike and to depth.
Sokoman is completing drilling at both the 552 Zone and several short holes (30 m - 50 m depth) up dip of the Footwall Splay Zone, which has been identified as a possible bulk sample target area.
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., a "Qualified Person" under National Instrument 43-101 and President and CEO of Sokoman Minerals Corp.
Analytical Techniques / QA/QC
Samples, including duplicates, blanks, and standards, are submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. All core samples submitted for assay are saw cut by Sokoman personnel with one-half submitted for assay and one-half retained for reference. Samples are delivered in sealed bags directly to the lab by Sokoman personnel. Eastern Analytical Ltd. is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples with visible gold are submitted for total pulp metallics with a gravimetric finish. All other samples are analyzed by standard fire assay methods. Total pulp metallic analysis includes: the entire sample being crushed to -10 mesh; and then pulverized to 95% -150 mesh. The total sample is weighed and screened to 150 mesh; the +150-mesh fraction is fire-assayed for Au, and a 30 g subsample of the -150-mesh fraction is fire-assayed for Au; with a calculated weighted average of total Au in the sample reported as well. One blank and one industry-approved standard for every twenty samples submitted is included in the sample stream. Random duplicates of selected samples are analyzed in addition to the in-house standard and duplicate policies of Eastern Analytical Ltd. All reported assays are uncut.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The Company's primary focus is its portfolio of gold projects; the 100%-owned flagship, advanced-stage Moosehead, Crippleback Lake, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company entered into a strategic alliance with Benton Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland. Sokoman is one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.
In October 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a major developer of lithium projects and processing plants in the USA, and exactly the right partner to have to advance the lithium project. The agreement provides for Piedmont to earn up to 62.5% of the Killick Lithium Project (formerly Golden Hope project) by funding up to $12 million in exploration expenses and issuing $10 million common shares in three stages. The Killick Lithium Project has been transferred to Killick Lithium Inc. (Killick), a 100%-owned subsidiary of Vinland Lithium Inc. (Vinland). Newly created Vinland has received $2 million in financing from Piedmont for a 19.9% interest, with the balance of ownership between Sokoman and Benton. Sokoman and Benton will continue to operate the exploration efforts at Killick through the earn-in stages. Sokoman and Benton will retain a royalty of 2% NSR on future production. Piedmont will have exclusive marketing rights for the promotion and sale of any lithium products produced from the project on a life-of-mine basis, and the right of first refusal on 100% offtake rights to the lithium concentrates.
Projects optioned with optionee fully vested:
- East Alder Project optioned to Canterra Minerals Inc (SIC retains 850,000 shares of CTM plus 1% NSR)
- Startrek Project optioned to Thunder Gold (SIC retains 1,750,000 shares of TGOL plus 1% NSR)
The Company would like to thank the Government of Newfoundland and Labrador for the financial support of the Moosehead and Fleur de Lys Projects through the Junior Exploration Assistance Program over the past few years.
For more information, please contact:
Timothy Froude, P.Geo., President & CEO
T: 709-765-1726
E: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
E: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
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.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. Except for historical information contained herein, this news release contains forward- looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Minerals Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Sokoman Minerals Corp.
SOURCE: Sokoman Minerals Corp.