St. John’s, NL, August 24, 2020 – Sokoman Minerals Corp. (TSX-V: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that it has received the necessary permits to start Phase 6 diamond drilling at the Moosehead Gold Project in Central Newfoundland and is expecting the first drill on site shortly after the Labour Day weekend.
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in North Central Newfoundland, on the same trend as the advanced Valentine Lake Project (Marathon Gold), and proximal to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite hosted, Fosterville-type gold mineralization.
Since acquiring the project in 2018 and discovering the Eastern Trend mineralization in the first hole, the Company has intersected outstanding drill results in the Eastern Trend in all 5 drill phases completed. Highlights* from each of the 5 phases include:
Phase 1 MH-18-01 11.90 m @ 44.96 g/t Au, incl. 5.65 m @ 93.56 g/t Au
Phase 2 MH-18-39 5.10 m @ 124.20 g/t Au, incl. 1.10 m @ 550.30 g/t Au
Phase 3 MH-19-62 7.20 m @ 22.35 g/t Au, incl. 4.80 m @ 33.59 g/t Au
Phase 4 MH-19-81 6.40 m @ 17.34 g/t Au, incl. 1.45 m @ 75.50 g/t Au
Phase 5 MH-20-86 5.20 m @ 16.85 g/t Au, incl. 1.35 m @ 61.11 g/t Au
*Reported lengths are core lengths believed to be 70% – 90% of true thicknesses.
The mineralization has been defined over a 500 m strike length and to 200 m vertical depth and remains open for expansion along strike and to depth.
Tim Froude, President and CEO of Sokoman, states: “Now that all of the permits have been received, we can mobilize our crew and start site preparations for the largest drill program to date at Moosehead. The 10,000 m program will start with one drill targeting the strike extent of the lower main zone, where our previous drill programs have returned some of the highest-grade intersections in the district, including 4.80 m @ 33.59 g/t Au (MH-19-62) and 6.40 m @ 17.34 g/t Au (MH-19-81) at depths less than 200 m vertically. The zone is open to depth and along strike. A second drill will focus on extending the gold mineralization to depth with a series of holes testing to at least the 400 m vertical level. In addition, we will be testing newly defined targets such as the South Pond area where recent prospecting located high-grade quartz boulders with values up to 157 g/t Au (July 30, 2020 Sokoman Minerals Corp. News Release) that closely resemble the high-grade Eastern Trend mineralization located 400 m to the north.”
The Company has merged C-horizon till sampling data with the winter heli-mag survey to define targets for drill testing, including tills with up to 54 gold grains with 34 delicate / modified grains, indicating proximity to the source, 1 km to the southwest, up-ice of the Eastern Trend in an area with no previous drilling.
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.
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 that has estimated proven mineral reserves of 1.3 million ounces (26.3 million tonnes at 1.52 grams per tonne) and probable mineral reserves of 600,000 oz (14.8 million t at 1.23 g/t). Total measured plus indicated resources (inclusive of the mineral reserves) comprise 3.06 million ounces (54.9 million t @ 1.75 g/t). Additional inferred mineral resources are 960,000 oz (16.77 million t at 1.78 g/t Au).
Sokoman 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.