Two samples, 110 m apart, return 1.95% and 0.49% Li2O respectively
St. John’s, NL, August 16, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”), which are 50/50 members of a joint exploration alliance previously announced on May 10, 2021 (together, “the Alliance”), are pleased to announce that they have discovered a swarm of lithium-bearing pegmatite dikes on the Golden Hope Joint Venture Project in southwestern Newfoundland, Canada. Benton’s President and CEO Stephen Stares and Director Michael Stares, along with Sokoman’s President and CEO Timothy Froude and consultant Sean O’Brien, identified the pegmatites on a recent field visit, collecting three grab samples over a 110-m-width across the dykes. Two of the samples returned 1.95% Li2O and 0.49% Li2O, believed to be the first discovery of significant lithium mineralization on the Island of Newfoundland. Lithium occurrences in the Appalachian belt are well known and include important deposits in the Carolinas in the eastern US, as well as in the geologically equivalent Caledonides of Ireland.
The lithium mineralization is situated in a so-far unknown-sized zone or swarm of pegmatite dykes with an apparent width of 110 m and as-yet unknown strike length. Random grab samples were collected near what is believed to be the northern and southern limits of the zone and submitted to Actlabs in Ancaster, Ontario for analysis by Sodium Peroxide Fusion ICPOES + ICPMS.
The focus of the Alliance remains the gold potential of the Golden Hope Project. However, the discovery of the lithium-bearing pegmatites is significant, therefore Sokoman and Benton will pursue this opportunity for the benefit of their respective shareholders. As a reference, Canaccord Genuity Group Inc., in an August 12, 2021 update report on lithium, forecasts lithium prices to continue climbing on growing demand from higher-than-expected global electric vehicle sales paired with supply shortfalls.
Sokoman’s President and CEO, Timothy Froude, P.Geo., states: “The discovery of what we believe to be the first lithium-rich pegmatites in Newfoundland could be very significant for shareholders of both Sokoman and Benton. A crew will be dispatched to the discovery site later this week for detailed sampling and documentation of the dykes. While the Alliance remains firmly committed to the evaluation of the gold potential of the property, we believe that the new discovery requires immediate follow-up sampling. This is a prime example of the enormous untapped resource potential that the Island has to offer.”
“To be part of the first ever lithium discovery in Newfoundland is simply extraordinary. Michael and I have previously been involved in several lithium discoveries in Ontario, so we understand the scale and grade of what it takes to make a deposit. These extremely early results at Golden Hope indicate that this new discovery could fit those criteria. We can hardly wait for the next sampling phase,” added Stephen Stares, President and CEO of Benton Resources.
The Alliance has completed the previously announced 5,709 line-km Heliborne High-Resolution Aeromagnetic & Matrix Digital VLF-EM Survey flown by Terraquest Ltd. with the data currently being processed. The survey will provide the structural / lithological setting and help identify gold-bearing structure extensions, as well as any unrecognized structures including those potentially related to the lithium pegmatites.
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Nathan Sims, P.Geo, Senior Exploration Manager for Benton Resources Inc., both the ‘Qualified Person’ under National Instrument 43-101.
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton are 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 and Labrador, Canada. The Company’s primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The Company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims – 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada’s newest and rapidly-emerging gold districts. The Company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that 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.
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals (TSXV: SIC) through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Timothy Froude, P.Geo., President & CEO
Stephen Stares, President & CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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