4.2 m of 64 g/t Au, including 1.2 m of 223.63 g/t Au at South Pond
St. John’s, NL, February 23, 2021 – Sokoman Minerals Corp. (TSX-V: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that ongoing Phase 6 drilling program at the 100%-owned Moosehead Property has intersected near-surface (30 metres vertically), high-grade gold mineralization in step-out drilling at South Pond, where recent high-grade intersections including 5.0 m of 26.87 g/t Au from MH-20-123 were reported (see NR dated December 17, 2020). Diamond drill hole MH-21-141, drilled as a step-out 15 m to the north of MH-20-123, returned the following priority rush, total pulp, metallics assay results:
MH-21-141 – 4.20 m of 64 g/t Au, including 1.20 m at 223.63 g/t Au from 47.90 m downhole*
*reported lengths are core lengths and are believed to be 90% of true thickness
Tim Froude, President and CEO of Sokoman, says: “We are extremely pleased with the drill results from the South Pond target as it continues to develop into yet another potentially significant story at Moosehead. We are currently cutting additional pads to facilitate detailed drilling of this zone where Rig 1 will be focused for the next few weeks. We know that mineralization elsewhere on the property, and in particular our higher-grade zones, can have variable orientations within and adjacent to our main structural corridors, requiring detailed drilling to establish direction and maximize success. In the meantime, newly arrived Rig 2 will focus on high-priority targets outside of the known mineralized trends, and we consider the chances of additional discoveries to be quite high. Drilling operations will continue until the spring break-up. We have now drilled 37 holes for a total of 6,872 m in Phase 6 of the total planned 20,000 m.”
Assays were also received for drill hole MH-21-140, collared approximately 15 m to the south of MH-20-123, which returned a 6.70 m interval averaging 3.24 g/t Au, including 1.20 m at 16.96 g/t Au from 42 m downhole. A drill plan and an updated table of results from the Phase 6 drilling at South Pond are appended to this release.
South Pond Zone
Gold mineralization was discovered in quartz float along the northern shoreline of South Pond by earlier workers and was further evaluated by Sokoman last summer. This evaluation resulted in the discovery of two types of mineralization, a high-grade cluster that averaged 36.59 g/t Au, and a previously known lower-grade cluster that averaged 1.91 g/t Au (see NR dated July 30, 2020). In 2020, drilling beneath the high-grade boulders returned a quartz vein zone at 47 m that averaged 26.87 g/t Au over 5 m, including 60.59 g/t Au over 2.15 m, the likely in-situ source of the high-grade boulders.
Based on the drilling to date, the mineralization occurs in a 3-7m wide zone of shearing and quartz veining, with 2-5% disseminated sulphides (pyrite+/-sphalerite+/-boulangerite). The high-grade sections are typically banded and/or stylolitic, locally vuggy, quartz veins, up to one metre thick, with multiple 1 to 5 mm blebs of visible gold in a zone of moderately sheared siltstones. Modeling suggests that the South Pond zone is the southern extension of the Western Trend, located 240 m to the north.
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 in the Eastern Trend 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.
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 Level 5 (full lockdown) COVID-19 alert level.
Analytical Techniques / QA/QC
All core samples submitted for assay were saw cut by Sokoman personnel with one half submitted for assay and one half retained for reference. Samples were delivered in sealed bags directly to the lab by Sokoman Minerals personnel. Samples, including duplicates, blanks and standards, were submitted 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. Samples with possible visible gold were submitted for total pulp metallics and gravimetric finish. All other samples were analyzed by standard fire assay methods. 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. One blank and one industry approved standard for every twenty samples submitted, is included in the sample stream. Random duplicates of selected samples are analyzed in addition to 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. 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 were 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.