St. John’s, NL, August 18, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) today announced that it has received the Water Resources Permit from the Government of Newfoundland and Labrador to begin barge-based drilling at the Company’s 100%-owned Moosehead Gold Project in central Newfoundland. The recently arrived third drill rig will be moved onto the barge once the drilling of a fence of holes at the 75 Zone is finished. The barge drill program will focus on the Upper Eastern Trend and Footwall Splay targets, estimated to constitute between 5,000 m and 10,000 m of drilling, with drill hole depths expected to be 100 m or less with a few reaching 215 m. The drill program is expected to run into the fall.
About the Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, Canada, 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. At least five zones of significant gold-bearing mineralization have been identified at Moosehead with multiple high-priority targets, independent of the known zones, remaining to be tested. Drilling to date has constituted 23,378 m in 106 holes in Phases 1 to 5, and 24,500 m in 135 holes of a planned 50,000 m program in Phase 6.
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 gold projects in Newfoundland and Labrador, Canada. The Company’s primary focus is its portfolio of gold projects including the 100%-owned, high-grade, Fosterville-type Moosehead Gold, and the Crippleback Lake (optioned to Trans Canada Gold Corp.), and East Alder (optioned to Canterra Minerals Corporation) Projects, all of which lie along the Central Newfoundland Gold Belt, as well as the 100%-owned, district-scale Fleur de Lys project in north-western Newfoundland, which is targeting Dalradian-type gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. In addition, the Company recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties for gold, with potential for other minerals, in Newfoundland – Grey River, Golden Hope and Kepenkeck.
Sokoman now controls independently, and through the Benton Alliance, over 150,000 hectares (>6,000 claims – 1500 sq. km), making it one of the largest landholders in Newfoundland, Canada’s newest and rapidly emerging gold district. 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 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 Moosehead Project through the Junior Exploration Assistance Program.
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The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.