St. John’s, NL, February 12, 2021 – Sokoman Minerals Corp. (TSX-V: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that a second diamond drill rig is mobilizing to the Moosehead Gold Project and will immediately begin testing high-priority targets that lie outside the known mineralized zones. Drill pads are currently being prepared to facilitate these holes.
The first area to be tested is located approximately 200 m east of the main Eastern Trend and is situated within Till Anomaly B (see map). The target is highlighted by a coincident magnetic and soil/till anomaly with historical soil values ranging from less than 5 ppb Au to a maximum of 325 ppb Au, and the highest gold grain count of 139 grains, including 123 pristine grains. Pristine grains are considered to be less than 200 m from the source area. A total of five holes has been proposed for this area, of which three are first-priority and two are conditional on results. Other targets are being prioritized and will be discussed in detail in future news releases.
Tim Froude, President and CEO of Sokoman, says: “We are very pleased to welcome Rig 2 to the Moosehead property. Sokoman’s team can now stretch our legs and start testing some of those high-priority targets we have outlined. Our goal now at Moosehead is to achieve two very important things: extend the known zones, and potentially make a new discovery on this highly prospective property. We expect to drill up to 5,000 m with Rig 2, testing upwards of 10 or more discreet targets across the property.”
About 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 mineralization 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). The Company is currently in the midst of a 20,000m drill program utilizing two rigs. Approximately 8,500 metres have been drilled in 35 holes in the current phase which is expected to extend into the summer months after the spring breakup period.
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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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 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.