St. John’s, NL, March 31, 2020 – Sokoman Minerals Corp. (TSX-V: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to provide an update on its winter exploration program at the Moosehead Gold project.
Phase 5 Diamond Drilling
The Company has completed the minimum 3,000 m commitment for the Phase 5 drilling and has ceased field operations for the spring break-up period. The Phase 5 program consisted of 13 drill holes totaling 3,229 metres. All holes reached their target depths except one land-based hole which was abandoned at 45 metres due to excessive deviation.
Seven holes were drilled from the ice on North Pond testing the extension of the upper, high-grade, shoots of the Eastern Trend. Visible gold bearing quartz veins and mineralized host rock were intersected on all four sections over core intervals ranging from less than a metre to approximately 8.0 metres (true thickness estimated at 75-90% of core intervals). The two discrete mineralized zones that were discovered during the 2019 ice program were intersected in the current program as well. They remain shallow – generally between 30-70 m vertical with visible gold on both structures. The current program has extended the Eastern Trend an additional 100 m to the north where it remains open. Core logging is not complete and the core intervals noted are subject to revision.
Land based drilling of the Eastern Trend focused on evaluating gold mineralization in the deepest mineralized shoot identified to date, at approximately 200 m vertical. Several holes were completed on the southern down-plunging portion of the shoot to infill a 75 metre gap between historical drill hole MH-03-15 (52.54 g/t Au / 2.34 m) and previously released Phase 4 drill hole MH-19-69a (18.10 g/t Au / 1.45 m including 82.17 g/t Au / 0.30 m). A single hole targeted the up-plunge portion of the lower shoot north of MH-19-62 (22.55g/t Au /7.20 m) and MH-20-81 (28.29 g/t Au/ 3.90 m). This shoot remains open both up-plunge to the north and down-plunge to the south and will be tested further in the next phase of drilling.
Due to the ongoing COVID-19 outbreak, core logging and sampling have temporarily been suspended and all staff have returned home. The Company has been informed by Eastern Analytical, the Springdale, NL-based laboratory providing analytical results, that work at the lab is continuing with a reduced workforce. As a result, there is no set timeline for the receipt, or release, of assay results from the drilling. Updated maps and sections will be posted once all logging and data entry have been completed.
Airborne Magnetic Survey
The Company is also pleased to report that it has received the final report from Prospectair on the high-resolution magnetic survey completed in January. The data is undergoing modeling and computer enhancement. Features requiring ground follow-up, once ground conditions permit, are already obvious.
Glacial Till Sampling
The initial results from the fall till sampling program have been received and will be merged with other existing geochemical data. This will then be combined with the high-resolution magnetic data to plan a prospecting, and possible trenching, field program for Q2 / Q3 2020. While approximately 50% of the samples have yet to be processed, several samples with strong gold grain counts from 54 to 63 grains with significant pristine / locally derived gold grains, warrant follow-up. These particular samples were collected from areas of the property with no or limited drilling and no previous gold mineralization noted. The contractor, Overburden Drilling Management of Ottawa, ON has informed Sokoman that the receipt of results will be affected by work slowdowns or stoppages in an effort to deal with the COVID-19 issue in a responsible manner.
Timothy Froude, P. Geo., President and CEO, comments: “While the pace of future work is currently uncertain, we are pleased with what we have accomplished with the Phase 5 drilling and other activities at Moosehead. We achieved our goal of 3,000+ metres drilled, with more than half of the holes drilled from the surface of the pond. The first till results from the 2019 program are encouraging, and together with the new airborne magnetic data, should provide an exciting follow-up program.
Sokoman will remain active evaluating results to date and planning future exploration, both at Moosehead and on our other projects. We will continue the modeling and interpretation of the Moosehead gold zones, as our geologists and consultants can work from home. As soon as conditions return to normal, we will once again ramp up our exploration efforts.”
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.
About Sokoman Minerals
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects (Moosehead, Crippleback Lake and East Alder) in Central Newfoundland on the structural corridor hosting Marathon Gold’s Valentine Lake project (with measured resources of 1.16 Moz. of gold at 2.18 g/t, indicated resources of 1.53 Moz. of gold at 1.66 g/t and inferred resources of 1.53 Moz. of gold at 1.77 g/t (Marathon Gold Website) 150 km southwest of the Company’s high-grade Moosehead gold project*. The Company also has a 100% interest in an early-stage antimony/gold project in Newfoundland recently optioned to White Metal Resources Inc. In Labrador, the Company has a 100% interest in the Iron Horse (Fe) project.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the project through the Junior Exploration Assistance Program. The Company is applying for funding for the upcoming 2020 season as well.
*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
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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.