Deepest Intersection of Visible Gold to date suggests a New High-Grade Zone in the Lower Eastern Trend
St. John’s, NL, July 7, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is pleased to report additional high-grade assays from the Moosehead Gold Project and the recognition of a potential new gold zone adjacent to the lower portion of the main Eastern Trend. Drill hole MH-22-418 has intersected the deepest drill intersection with visible gold on the property to date, below the mineralization in the Eastern Trend. In addition, hole MH-22-422, drilled from the barge as an undercut of the northernmost hole drilled, either from the ice or barge on North Pond, intersected high-grade gold values.
Assay highlights include:
- MH-22-422 – 7.00 m of 8.03 g/t Au from 165.00 m downhole (Eastern Trend)
incl. 2.75 m of 19.47 g/t Au and 1.62 m of 31.95 g/t Au
- MH-22-418 – 5.92 m of 4.14 Au from 388.84 m downhole (Lower Eastern Trend)
incl. 1.31 m of 15.60 g/t Au
(Drill intersections are thought to represent 90% of true widths)
Tim Froude, President and CEO of Sokoman, says: “The intersections reported today in hole MH-22-418 are not only the deepest with visible gold, but include mineralization with visible gold located 36 m deeper than the lower Eastern Trend. This suggests a new zone, possibly similar to the Footwall Splay, is developed in the footwall to the main Eastern Trend (see attached section). The hole gave multiple gold mineralized areas where the Eastern zone was expected, with the deeper / higher-grade zone a pleasant surprise. Additional drilling is required to determine the orientation of the new zone and we continue to drill the remaining approximately 40,000 metres in expanding the mineralized envelope at Moosehead. We also plan drilling later this summer in the Western Trend where we have modelled areas with potential to host near-surface, high-grade mineralization that could expand the Western Trend and a series of drill holes in the southern portion of the property testing the Valentine Lake structure along strike from our known zones. Drilling continues with two land-based and one barge-based rig.”
The Moosehead Project has five zones of open-ended gold mineralization focused around the Eastern Trend in the central portion of the property with mineralization defined over a 600-m strike length and to over 300 m down dip. The Company is well funded with more than $8 million in the treasury.
Table 1: Summary of New Drill Results – Moosehead Project
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.
Analytical Techniques / QA/QC
Samples, including duplicates, blanks, and standards, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. 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 personnel. Eastern Analytical Ltd. is an accredited assay lab that conforms to the 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 to 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 Ltd. All reported assays are uncut.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The Company’s primary focus is its portfolio of gold projects; flagship, advanced-stage 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, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also recently entered into a strategic alliance with Benton Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland.
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, in 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 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 past financial support of the Moosehead Project through the Junior Exploration Assistance Program.
For further information, please contact:
Timothy Froude, P.Geo., President & CEO
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
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.