SOKOMAN IRON CORP. and ALTIUS RESOURCES INC. COMPLETE MOOSEHEAD OPTION AGREEMENT
March 23, 2018, Puslinch, ON. – Sokoman Iron Corp (Sokoman) (TSX-V: SIC) is pleased to announce that the TSX Venture Exchange has accepted for filing all of the documents in regard to the Moosehead property transaction as previously announced on November 9, 2017. Sokoman has also issued the share payment and related warrant certificate to Altius Minerals Inc. (Altius) consisting of 7,754,371 common shares* and 1,428,571 share purchase warrants. Upon closing, Altius will hold a total of 9,182,942 common shares of Sokoman Iron Corp. which represents 19.9% of the outstanding shares of Sokoman at the time of the closing of Sokoman’s November 2017 financing. The issued share purchase warrants have a strike price of 5 cents good for three years after the date of the closing.
On November 10, 2017, both parties entered into a definitive agreement whereby Sokoman has the exclusive right to acquire a 100% interest (subject to an existing 0.5% NSR royalty) in Altius Resources Inc’s** high grade Moosehead Gold Project in central Newfoundland (the Option). The 98 claim (2450 ha) property has returned numerous significant drill intercepts, with highlights as follows;
- DDH MH-01-13 returned 11.05 g/t gold over 17.11 m from 38.00 m downhole;
- DDH MH-02-38 returned 14.07 g/t gold over 16.84 m from 74.38 m downhole;
True width of selected intercepts may vary between 30-100% of the reported interval.
The mineralization remains open along strike and to depth with the deepest intercept (MH-03-15) returning 277.96 g/t gold over 0.44 m starting at 257.26 m downhole. A total of 111 drill holes have been completed at the Moosehead property over a 2 km strike length of the 8.5 km long property with an average depth of only 108 m. Structural analysis including information from the 2016 trenching and downhole televiewer analysis by Altius has provided a new interpretation of the structures controlling mineralization and concluded that most historic drilling on the property did not adequately test the mineralization. In addition, the source of mineralized float found during Altius’ 2016 trenching program on the property, along with panned gold grains, remains unresolved.
Sokoman intends to provide updated maps and related reports on the Moosehead Property as soon as possible and, will immediately file for the required exploration permits to begin Phase 1 drilling (1500 meters) which is expected to begin in late May or early June, 2018.
Timothy Froude, P. Geo., Interim CEO states; “We are extremely pleased to finalize the deal with Altius Resources for Moosehead. The acquisition clearly defines Sokoman as a significant player in the active central Newfoundland Gold district. The Moosehead property is strategically located in north central Newfoundland with the TransCanada Highway crossing the northern portion of the property, and Route 360 lying 1.2 kms northwest of the bulk of the previous drilling. The town of Grand Falls-Windsor lies 20 kms west of the property, and the town of Gander is located 75 kms to the east. The deep water port of Botwood lies 17 kms north of the property and secondary roads and drill trails offer excellent access to virtually the entire property. Moosehead lies 33 kms northwest of Sokoman’s Clarks Brook Gold project where assays from the recently completed Phase II drilling program (594 m) are expected shortly.
*At the time of the announcing of the agreement, Altius Minerals Corporation held 1,428,571 common shares of Sokoman Iron Corp.
**Altius Resources Inc. is a 100% owned subsidiary of Altius Minerals Corporation.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a “Qualified Person” under National Instrument 43-101 and Interim CEO for Sokoman Iron Corp. For further information please contact Timothy Froude at 709-765-1726, or by email at firstname.lastname@example.org 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. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Iron 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 Iron Corp.