SOKOMAN IRON MOBILIZES RIG #1 AND COMMENCES PHASE 2 DRILLING AT MOOSEHEAD, CENTRAL NEWFOUNDLAND
St. John’s, NL, October 1, 2018 – Sokoman Iron Corp. (“Sokoman” or “the Company”) (TSX-V: SIC) is pleased to announce that the first of two diamond drill rigs have been mobilized to the Moosehead Gold Project and will begin core drilling immediately.
The proposed program will consist of up to 10,000 metres of NQ-sized core utilizing two diamond drill rigs operating 24 hours a day with two shifts per rig. At least 50% of the proposed meterage will focus on the Eastern and Western Trends to follow up and expand on the very successful Phase 1 program completed last month, with the exact number of holes to be determined by results received.
Rig #1 will focus on the Eastern Trend area immediately surrounding the high-grade intercept from MH-18-01 which cut 11.90 m @ 44.96 g/t Au (core thickness) from the Eastern Trend (see NR July 24, 2018). A series of approximately 15 m to 25 m spaced bracket and undercut holes will be completed to depths of 250 to 300 metres to establish a strike, dip and/or plunge of the high-grade intercept reported from MH-18-01. These same holes will also target the historical intercept from MH-03-15 of 0.45 m of 278 g/t Au from drilling completed in 2003, which remains the deepest intercept to date (200 m vertically) on the property, and which was the original target of MH-18-01.
Rig #1 will also expand on open-ended mineralization in the Western Trend testing for extensions of near surface (less than 50 metres depth), high-grade gold bearing quartz veins similar to veins intersected by MH-18-08 which cut two vein zones assaying 1.05 m @ 207.51 g/t Au from 8.50 m downhole, and 2.28 m @ 42.36 g/t Au from 33.07 m downhole (see NR August 29, 2018).
Rig #2 will commence drilling approximately one week after Rig #1 and will be largely testing high-priority targets outlined by historical drilling elsewhere along the two-kilometre-long, roughly north south trending North Pond, South Pond and Discovery Faults. A total of 20-30 holes ranging from 100 to 300 metres in depth will test targets up to one kilometre north and south of the core area defined by the Western and Eastern Trends. The Western Trend is located between these key faults while the Eastern Trend appears to lie just east of the main structures and may be lying on a previously unrecognized structure. These targets include multiple historical drill holes that reported visible gold but had limited or no follow-up drilling. Additional details will be provided once the rig has been mobilized to the property.
The program is expected to take two months to complete, however, certain targets may be more effectively and environmentally responsibly tested when the ground is frozen. These holes will be added to a Phase 3 program which would begin in early 2019 once all results from Phase 2 have been received and compiled. The Company expects to release drilling results in batches as the program progresses.
About Sokoman Iron Corp.
Sokoman Iron Corp. (TSX-V: SIC) is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects in Central Newfoundland on the structural corridor hosting the 3.1 million ounce Valentine Lake gold project 150 km southwest of the Company’s high-grade Moosehead gold project. The Company also has a 100% interest in an early-stage antimony project in Newfoundland, as well as a 100% interest in the Iron Horse (Fe/U/REE) project in Western Labrador.
For more information, please contact:
Sokoman Iron Corp.
Timothy Froude, P. Geo., President & CEO
CHF Capital Markets
Cathy Hume, CEO
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 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.