High-grade Eastern Trend-type boulders assay up to 157g/t Au and
include enriched silver values up to 36.2 g/t Ag
St. John’s, NL, July 30, 2020 – Sokoman Minerals Corp. (TSX-V: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that prospecting at South Pond, 400 metres along strike to the south west of the Eastern Trend zone, has located a cluster of angular quartz float with high-grade grab sample assay results ranging from 0.318 g/t Au to 157.04 g/t Au, as well as enriched silver values up to 36.2 g/t Ag.
Unusually low water levels allowed prospectors to locate angular quartz float (from 0.2 to 0.5 m maximum dimension) from the northern end of South Pond, near where previous operators found two clusters of mineralized float, which assayed from 0.20 to 1.03 g/t Au, and from 5.4 to 17.5 g/t Au. The newly discovered boulders were located in two clusters (East and West), on opposite sides of a bay, displaying different mineralogy and precious metal grades. The following table shows detailed Au results using a total pulp metallics process, with silver (Ag) and antimony (Sb) from the ICP analyses also shown. Antimony is a key pathfinder metal for high-grade mineralization at Moosehead and at the Fosterville deposit in Australia which is considered to be an analogue for Moosehead given its stratigraphic and structural setting.
The average grade of the East cluster samples is 36.59 g/t Au and 11.01 g/t Ag, while the West cluster samples averaged 1.91 g/t Au and 1.28 g/t Ag. Three (3) samples were noted to contain visible gold (VG) and coarse fraction analysis (+150 Mesh) of 11 of the 20 samples, produced results suggesting coarse gold may have been present based on assays ranging from 58,175 ppb Au in sample 361068, to 2,238,802 ppb Au in sample 361051 (weighted averages for all samples are shown).
The attached sample map uses a background of total field magnetics from the 2020 winter airborne survey with the samples overlain, as well as historical and Sokoman drilling shown. While some drilling has taken place in the vicinity of the new float samples, it is most likely that the float originated to the south of their present location based on perceived ice-flow movements and three anomalous (10 ppb Au), lake sediment values in South Pond. The lake sediment results in South Pond are very encouraging given that similar strength lake sediment samples were also obtained at North Pond, where the Eastern Trend gold zone is located.
The magnetics show several NE as well as north trending structures trending under South Pond that may be related to in-situ mineralization, where little to no drilling has taken place. Modeling of the magnetics will allow effective planning for diamond drilling in the area, a priority for drill testing in the upcoming Phase 6 program. In the immediate area, visible gold was reported from holes MH-01-07, MH-02-34, and MH-18-41, although Au gave only anomalous values, suggesting the high-grade mineralization exhibited by the new sampling has not been tested to date. Should future drilling prove the existence of Eastern Trend mineralization at South Pond, the overall strike length could exceed 1 kilometre.
Tim Froude, President and CEO of Sokoman, said: “We are extremely pleased with the early results from our 2020 field program. While we await final permits for our 10,000 m Phase 6 drilling program, we initiated a follow-up prospecting and till sampling program in an effort to define additional targets for drill testing this year. The results from South Pond support reports of boulders in the area that assayed to a maximum of 17.5 g/t Au and suggest that extensions to the high-grade Eastern Trend mineralization lie untested in the South Pond area. The boulders located by our crew are of higher average tenor than the historical values with several boulders of similar grade to the highest grades from the Eastern Trend.
A portion of the Phase 6 drilling program will address the potential of the South Pond area which will include merging the winter magnetic survey with the new float samples. We will continue to update shareholders on developments in the coming weeks in advance of starting the Phase 6 drilling in late August/ early September. We are looking forward to exciting Q3 and Q4 and expect to be generating very positive news.”
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman is operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
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
All rock samples were delivered by Sokoman personnel in sealed bags directly to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. Eastern Analytical is an accredited assay lab that conforms to requirements of ISO/IEC 17025. All samples were submitted for assay by total pulp metallics with gravimetric finish as well as 34 element ICP analysis. Total pulp metallic analysis includes: the whole sample is crushed to -10 mesh; then pulverized to 95% -150 mesh; the total sample is weighed and screened 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. Industry accepted blanks and standards were submitted by Eastern Analytical and results reported alongside the submitted samples as per the in-house standard and duplicate policies of Eastern Analytical.
About Sokoman Minerals Corp.
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.
*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the project through the Junior Exploration Assistance Program. Sokoman has also applied for funding for the 2020 season.
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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.