St. John’s, NL, January 19, 2021 – Sokoman Minerals Corp. (TSX-V: SIC) (OTCQB: SICNF) (“the Company” or “Sokoman”) is pleased to announce that drilling operations have re-started with the first of two rigs at the high-grade Moosehead Gold Project in central Newfoundland. Initially the focus will be on further defining and expanding on areas of high-grade gold mineralization in the northern portion of the Eastern Trend, proximal to historical hole MH-02-38 that intersected a broad zone of gold mineralization from 76.38 m to 88.22 m, highlighted by a 2.02 m intercept grading 111.96 g/t Au from 83.82 m downhole. MH-02-38 lies approximately 300 m north of MH-20-115 that returned two zones of high-grade gold including 4.60 m @ 47.20 g/t Au, now known as the Footwall Splay, as well as a slightly deeper intersection from the Main Eastern Trend that returned 8.10 m @ 68.25 g/t Au (November 19, 2020 NR). Modelling suggests that the intersection in MH-02-38 could represent a splay off the main Eastern Trend similar to the upper intersection in MH-20-115. The rig will be coring HQ size core (63.5 mm diameter core versus 47.6 mm for NQ core) to maximize capture of free gold in the high-grade vein zones.
Rig 2 is expected to be mobilized in the first week of February and will focus on exploration targets generated by till and magnetic surveys completed in 2020.
Tim Froude, President & CEO, commented: “Our goal for the first half of 2021 includes the completion of at least 20,000 m of drilling, of which at least 15,000 m will test the core areas of the Eastern and Western Trends and 3,000 to 5,000 m will be directed towards testing the multitude of targets defined outside of the known zones. Key amongst these is the gold in till anomalies to the east of North and South Ponds, Anomalies B and D respectively, in areas with no previous drilling where the glacial history indicates the gold in the tills is derived from undiscovered bedrock mineralization. Many assays from holes drilled prior to Christmas are expected in the coming days and will be reported once all have been received. Portions of three holes remain to be logged in detail with sampling of mineralized sections expected to be completed in the next few weeks. We have received permits for drilling on the ice of North Pond, to begin once ice conditions allow.”
To date in the Phase 6 drill program, Sokoman has logged and sampled 22 holes totaling 6,650 m. The Phase 6 drilling has given excellent results including MH-20-115 that returned two discreet, high-grade zones including the newly recognized Footwall Splay of 4.60 m @ 47.20 g/t Au, as well as a slightly deeper intersection in the Main Eastern Trend that returned 8.10 m @ 68.25 g/t Au (November 19, 2020 NR).
Drilling at South Pond, 240 m south of the Western Trend, returned high-grade results (December 17, 2020 NR) of 5.0 m @ 26.88 g/t Au, including 2.15 m @ 60.59 g/t Au. The intersection in MH-20-123 is the in-situ source of the high-grade boulder cluster reported in July 2020 that averaged 36 g/t Au, indicating that the system comes to surface. These intersections, and many other previously reported, are similar in style and grade to the world-class Fosterville Mine in Victoria, Australia, and establish Moosehead as a Fosterville lookalike, fully supported by geological and structural criteria.
About the Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in North Central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. The gold mineralization at Moosehead has been defined over a 500 m strike length and a 200 m vertical height and remains open, with high-grade drill results including 5.10 m of 124.20 g/t Au (MH-18-39) and 4.8 m of 33.59 g/t A, including 0.90 m of 124.15 g/t Au (MH-19-62).
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.
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. Valentine Lake is reported to host estimated Proven and Probable Mineral Reserves of 1.87 Moz (41.05 Mt at 1.41 g/t Au), and Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.09 Moz (54.9 Mt at 1.75 g/t Au). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Reserves and resource totals for the Valentine Lake Project are taken from “N.I. 43-101 TECHNICAL REPORT & PRE-FEASIBILITY STUDY ON THE VALENTINE GOLD PROJECT” prepared by Ausenco Engineering Canada on April 21, 2020.
The Company also retains an interest in an early-stage antimony/gold project in Newfoundland optioned to White Metal Resources Inc. In Labrador, the Company has a 100% interest in the Iron Horse (Fe) project which has Direct Shipping Ore (DSO) potential.
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 been approved for funding for a portion of 2020 exploration activities.
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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.