Newsroom
Sokoman Closes Non-Brokered Flow-Through Private Placement
ST. JOHN’S, NL / ACCESSWIRE / December 28, 2022 / Sokoman Minerals Corp. (“Sokoman” or the “Company”) (TSXV:SIC)(OTCQB:SICNF) today announces that it has closed its previously announced (December 8, 2022 and December 22, 2022) flow-through private placement (the “Private Placement”) for aggregate gross proceeds of $4,142,752.
On receipt of TSX Venture Exchange (the “Exchange”) approval, the Company will issue 14,795,544 flow-through shares units (“FT Units”) at a price of $0.28 for gross proceeds of $4,142,752. Each FT Unit consists of one (1) common share of the Company and one half (1/2) of one common share purchase warrant (the “FT Warrant”), with each full FT Warrant entitling the holder to purchase one non-flow-through common share of the Company at a price of $0.36 for a period of 18 months after the closing of the Private Placement. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
All securities issued pursuant to this financing will be subject to a four-month plus one-day hold, expiring April 24, 2023.
In connection with the Private Placement, the Company is paying finders’ fees as permitted by the policies of the TSX Venture Exchange.
The net proceeds of the flow-through will be used for project exploration work on the Company’s properties that it controls that will qualify for Canadian Exploration Expenses under the Income Tax Act (Canada). The Company intends to spend approximately 25% of the gross proceeds on the Golden Hope (Kraken Lithium Pegmatite Field) joint venture project, and the remaining balance on its flagship Moosehead Gold project.
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; the 100%-owned flagship, advanced-stage Moosehead, as well as Crippleback Lake; and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte 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 Gold project through the Junior Exploration Assistance Program.
For further information, please contact:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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.
Sokoman Announces Over-Subscription Of Non-Brokered Flow-Through Private Placement
ST. JOHN’S, NL / ACCESSWIRE / December 22, 2022 / Sokoman Minerals Corp. (“Sokoman” or the “Company”) (TSXV:SIC)(OTCQB:SICNF) today announces that, due to high demand, the Company is increasing the maximum amount for the flow-through private placement announced on December 8, 2022 (the “Private Placement”) from $3,000,000 to $4,142,752
On receipt of TSX Venture Exchange (the “Exchange”) approval, the Company will issue 14,795,544 flow-through shares units (“FT Units”) at a price of $0.28 for gross proceeds of $4,142,752. Each FT Unit consists of one (1) common share of the Company and one half (1/2) of one common share purchase warrant (the “FT Warrant”), with each full FT Warrant entitling the holder to purchase one non-flow-through common share of the Company at a price of $0.36 for a period of 18 months after the closing of the Private Placement. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
All securities issued pursuant to this financing will be subject to a four-month plus one-day hold.
In connection with the Private Placement, the Company is paying finders’ fees as permitted by the policies of the TSX Venture Exchange.
The net proceeds of the flow-through will be used for project exploration work on the Company’s properties that it controls that will qualify for Canadian Exploration Expenses under the Income Tax Act (Canada). The Company intends to spend approximately 25% of the gross proceeds on the Golden Hope (Kraken Lithium Pegmatite Field) joint venture project, and the remaining balance on its flagship Moosehead Gold project.
Tim Froude, Sokoman’s President & CEO, commented: “We are very pleased to have received the overwhelming support and participation from new and existing shareholders alike.”
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; the 100%-owned flagship, advanced-stage Moosehead, as well as Crippleback Lake; and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte 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 Gold project through the Junior Exploration Assistance Program.
For further information, please contact:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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.
Sokoman Minerals Reports Final Till Sampling Results Fleur De Lys Project, North-Central Newfoundland
ST. JOHN’S, NL / ACCESSWIRE / December 21, 2022 / Sokoman MineralsCorp. (TSXV:SIC)(OTCQB:SICNF) (the “Company” or “Sokoman”) is pleased to provide the final results for all 1,260 C-Horizon tills taken on the Fleur de Lys project on the Baie Verte Peninsula, in north-central Newfoundland. The results confirm the potential of the Fleur de Lys Supergroup to host significant gold mineralization similar to deposits at advanced stages of development in both Northern Ireland and Scotland in the Dalradian Supergroup. The Fleur de Lys and the Dalradian Supergroups are believed to be equivalent sequences of metamorphic rocks spatially associated with major structural breaks.
The background level of gold grains in tills for the Fleur de Lys Project (the “Project”) has been determined to be 10 grains in a 10- to 12-kilogram sample of screened till. Ottawa-based Overburden Drilling Management (ODM), who is overseeing the Project, considers a sample to be anomalous if it contains two-times background or 20 gold grains. Results indicate that of the 1,260 samples, 328, or just over 25%, have at least 20 gold grains (to a maximum of 230 grains) and are considered anomalous. Fifty-five (55) samples contain at least 60 grains (six-times background) and a number with more than 50% pristine gold grains. Gold grains described as pristine are considered to be from a local bedrock source (less than 200 m transport).
In addition to the anomalous gold grains in tills, prospecting has also located anomalous gold in bedrock and float with 34 samples giving gold values >100 ppb Au (0.1 g/t Au), including 18 >500 ppb Au (0.5 g/t Au), and 10 >1000 ppb Au (>1.0 g/t Au) with a maximum of 4.6 g/t Au. The highest gold value was in outcrop in an area of strong gold-grain counts.
Tim Froude, President and CEO of Sokoman, commented: “We are extremely pleased with the success of the till program in outlining strongly-anomalous gold in tills overlying favourable rocks and structures that have given significant gold values in both float and bedrock. The property is ideally suited to cost-effective exploration with a supportive local population, operating mines, and support businesses. We are prioritizing the anomalies for continued follow-up prospecting, trenching, and or fast-tracking to the diamond drill stage. Planning will include a review of data by ODM with input from our field crews. A preliminary interpretation of the till results by ODM defines a target area of 30-km strike-length, within which better-defined anomalies are found.”
The Fleur de Lys Supergroup, which underlies the Project, are equivalent rocks to the Dalradian Supergroup in the UK, where three significant gold deposits, including the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland are found. Dalradian-type gold deposits occur in moderate- to high-grade metamorphic terranes and are typically high grade (the Curraghinalt deposit has >6 million ounces of NI 43-101 compliant gold resources including 6.3 million tonnes at 14.95 grams per tonne (Measured and Indicated) for 3.06 million ounces; and 7.72 million tonnes at 12.24 grams per tonne gold (Inferred) for 3.03 million ounces {2018 Mineral Resource Statement, Curraghinalt Gold Project, Northern Ireland, SRK Consulting (Canada)}.
About the Fleur de Lys Gold Project
The 100%-owned Fleur de Lys Gold Project is located on the west side of the Baie Verte Peninsula in north-central Newfoundland. The Project is highly prospective for Dalradian-style (e.g., Curraghinalt) orogenic vein-hosted gold deposits and as such, represents a readily accessible yet underexplored, district-scale, gold target in the Newfoundland Appalachians. The property has seen little modern exploration, with some areas remaining completely unexplored although historical grab sample values of 3.3 g/t Au to 25.5 g/t Au are reported from several locations (note: historical assays have not been verified by the Company and should not be relied upon).
QP
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.
Till Sampling QA/QC
The till samples were collected by Sokoman personnel using field collection techniques provided by ODM. All samples were hand dug to the desired depth (C-Horizon Till) with a 10- to 12-kg sieved sample (8 mesh) placed in a clear plastic sample bag and sealed. Samples were shipped in plastic pails by bonded courier to the ODM lab in Ottawa, Ontario. The till samples are processed using procedures designed to progressively concentrate the heavy minerals, expose the gold grains and prepare a split of the heavy mineral concentrate (“HMC”) suitable for geochemical analysis if requested. The sample is wet screened at 2 mm with a preliminary concentrate extracted from the -2 mm fraction by tabling. Geological observations on the character of the sample are made during both the screening and tabling operations. The table concentrate is purposely large (typically 300-400 g) and of low grade (10%-25% heavy minerals) in order to achieve a high, 80% to 90% recovery rate for all desired heavy minerals irrespective of their grain size or relative specific gravity. The gold grains, more than 95% of which are normally silt-sized (Averill 2001), are observed at this stage with the aid of micro-panning and are counted, measured and classified as to degree of wear (ie distance of glacial transport), then returned to the table concentrate. The pyrite content of the pan concentrate is estimated and the number of grains of heavier, visually distinctive indicator minerals such as arsenopyrite, galena, scheelite, cinnabar, etc. is recorded.
Quality Control and Quality Assurance Measures
In addition to using field duplicates to monitor the quality of the indicator mineral data obtained from specific projects, ODM performs blind tests to ensure that the recovery rates for all targeted minerals are consistently in the 80% to 90% range. Furthermore, both the quality of the mineral separation and the overall mineralogy of the concentrate are visible at every stage of the concentration process, minimizing the potential for sample mix-ups, indicator mineral carryover between samples, and other potential contamination issues. For example, gold grains, which are the most important indicator mineral on many surveys, are more susceptible to inter-sample carryover than any other indicator mineral due to their very small size, but these grains are physically observed during the first stage of mineral concentration, tabling, and, if anomalous concentrations are present, blank samples are tabled and carefully inspected for gold grains before the next project sample is processed.
Rock Sample Analysis
Rock sample analysis (gold by fire assay) completed at Eastern Analytical Ltd., in Springdale NL. Samples were delivered in sealed bags directly to the lab by Sokoman Minerals personnel. Eastern Analytical is an accredited assay lab that conforms to requirements of ISO/IEC 17025. Eastern routinely inserts industry accepted standards and blanks in all sample runs performed as well as completing random duplicate analysis.
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; the 100% flagship, advanced-stage Moosehead, as well as Crippleback Lake; and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte in north-central Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also 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 and/or referenced 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 Fleur de Lys Project through the Junior Exploration Assistance Program.
For further information, please contact:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
Sokoman Provides Drilling Update – Moosehead Gold Project, Central Newfoundland
MH-22-505 Completed to 559 m Depth; Top of 463 Zone Intersected; Assays Pending
St. John’s, NL, December 15, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman” or the “Company”) is pleased to provide an update on the structural analysis of hole MH-22-463 as well as an update on diamond drilling in the immediate area. MH-22-463 (see press release September 6, 2022) intersected a 39.60 m intercept (core length) of 12.50 g/t Au (from 295.30 m downhole) including a higher-grade interval of 10.25 m grading 41.97 g/t Au (from 312.35 m downhole) from what is now termed the “463 Zone”.
MH-22-505 was collared on the western shore of North Pond to provide the proper angle to test the geometry of the 463 Zone as it was designed to intersect the mid-point of the 463 Zone at depths from 390 m to 410 m. The hole flattened slightly and cut through the top portion of the inferred location of the 463 Zone and intersected three (< 1 m-wide) visible gold (VG) bearing veins, with characteristics similar to veins intersected in MH-22-463, at depths between 393 m and 414 m downhole. The upper part of the hole was projected to cut through a portion of the main Eastern Trend Fault system and significant quartz veining was intersected from 189 m to 194 m and 199 m to 210 m with VG specks noted in both intervals. Other veining with one (1) speck of VG was intersected in a breccia zone from 275 m to 277 m. The mineralized breccia occurs in a similar orientation to the breccia in the 463 Zone and is interpreted to represent another splay or offset in the footwall of the Eastern Trend.
The deepest mineralized zone with 1%-5% stringer/disseminated pyrite +/- arsenopyrite associated with massive (1 m) quartz veins and irregular narrow veins and stringers was intersected from 480 m to 520 m. Significant quartz veining (10%-30%) noted in other parts of the hole will also be assayed. Final assay results are not expected before the end of the year.
463 Zone
The 463 Zone is a significant departure in vein style/geometry from one suggested by earlier drill intersections in the vicinity. The “463” intercept is thicker than any other to date and includes the “typical” high-grade vuggy-type veins with abundant VG with 5%-7% accessory boulangerite and sphalerite, as well as brecciated veining with occasional specks of VG with minor boulangerite and sphalerite. The Company re-engaged Ireland-based structural geology consultant, Dr. David Coller, to review/update existing structural models for the Moosehead mineralization. Dr. Coller’s preliminary conclusions are that the 463 Zone is the hinge zone of a folded footwall splay vein off the lower Eastern Trend with the geometry inferred to be a flat structure with a north-south trend.
Tim Froude, President, and CEO of Sokoman says: “Drill hole MH-22-505 is the first of a series of holes planned to test the 463 Zone. The hole flattened a few degrees more than expected and cut through the upper portion of the 463 Zone with the units and veining intersected, comparing well with hole 463. The next hole will be drilled at a steeper angle to target the middle of the 463 Zone approximately 15 m – 20 m deeper than hole 505.
It is encouraging to see the gold mineralization continuing to depths beyond our previous drilling and confirms the Eastern Trend area is a good hunting ground for additional high-grade mineralization. Drilling will pause for the holiday break with a planned startup in mid – January 2023. Approximately 20,000 m remain in Phase 6 but the program will continue beyond that figure and for the foreseeable future.”
The Moosehead Project has five open-ended zones of gold mineralization focused around the Eastern Trend in the central portion of the property with mineralization defined over a 600-m strike length and over 370 m down dip. The Company is well funded with more than $7 million in the treasury.
QP
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.
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 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; the 100% flagship, advanced-stage Moosehead, as well as the Crippleback Lake; and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project Near Baie Verte 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 a 1% Net Smelter Return (NSR) interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to Thunder Gold Corp (formerly 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:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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.
Sokoman Announces Non-Brokered Flow-Through Private Placement For Gross Proceeds Of Up To $3m
ST. JOHN’S, NL / ACCESSWIRE / December 8, 2022 / Sokoman Minerals Corp.(TSXV:SIC)(OTCQB:SICNF) (“Sokoman” or the “Company”) today announced the non-brokered private placement of flow-through (“FT”) units (the “Private Placement”) for gross proceeds of up to $3,000,000. The Private Placement is expected to close on or before December 28, 2022.
The Private Placement is priced at $0.28 per FT Unit. Each FT Unit consists of one common share of the Company and one-half of one common share purchase warrant (a “Warrant”), each full Warrant being exercisable for one additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise price of $0.36 for 18 months from the date of issue. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
All securities issued pursuant to the Private Placement will be subject to a four-month and one-day hold period.
In connection with the Private Placement, the Company may pay finders’ fees in cash as permitted by the policies of the TSX Venture Exchange. The Private Placement is subject to approval by the TSX Venture Exchange.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2023, and to renounce all of the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2022.
The Company intends to spend approximately 25% of the gross proceeds on the Golden Hope (Kraken Lithium Pegmatite Field) joint venture project, and the remaining balance on its flagship Moosehead Gold project.
The Company is well-funded to cover corporate and working capital needs for 2023 with $4.7M in the treasury.
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 and Crippleback Lake Projects, 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, and Cononish in Scotland. The Company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck on the Island of Newfoundland. Sokoman now controls independently and through the 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 district. Sokoman also retains a 1% Net Smelter Return (NSR) royalty in an early-stage antimony/gold project (Startrek) in Newfoundland, 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.
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:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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.
Sokoman And Benton Channel Samples Up To 13.57% Cs2o And Confirm High-Grade Cesium Discovery At The Golden Hope Joint Venture, Southwestern Newfoundland
Channel sampling at the Hydra Zone returns up to 13.57% Cs2O
St. John’s, NL – December 1, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”) together, (the “Alliance”) are pleased to announce that recent channel sampling at the cesium dyke prospect has confirmed a potentially significant high-grade cesium discovery dubbed the Hydra Zone, on the Golden Hope Project in southwestern Newfoundland.
Results (rush service) from saw-cut channel samples ranging from 0.4 m to 0.7 m long, and two bulk grab samples, confirm that the outcropping pegmatite dyke is strongly enriched in several critical minerals. Samples 758224, 758225, and 758226 (see table below) are consecutive 0.4 m-long channel cuts that averaged 8.75% Cs2O, 0.41% Li2O (lithium oxide), 0.025% Ta2O5 (tantalum oxide), and 0.33% Rb2O (rubidium oxide) over a combined total of 1.2 m. An additional 17 saw-cut samples are still pending which were sent to SGS laboratories in Grand Falls-Windsor, Newfoundland. The sampling reported today was completed over a 20 m-long section of the pegmatite dyke in the same area as the previously reported (November 17, 2022 news release) grab sampling that returned up to 1.56% Cs2O. This is the first high-grade cesium mineralization recorded on the Island of Newfoundland.
The cesium-rich dyke is approximately 5 m – 6 m wide and has been traced for approximately 100 m along strike to where it disappears under overburden in both directions. The dyke is located approximately 12 km east northeast of the initial Kraken Pegmatite discovery. It is distinctly different from the main Kraken Pegmatite dykes as it contains very coarse, as well as fine-grained phases. A suite of samples is currently being worked on at Vancouver Petrographics to identify the full suite of minerals in the dyke with a report due in 4-6 weeks.
The onset of winter has hampered the Alliance’s efforts to follow up on these results and it hopes to get a weather window in the coming weeks to complete mapping, detailed sampling, and regional soil sampling.
About Cesium
Cesium is rare globally. The United States and Canada have included cesium, lithium, and tantalum (among others) in their lists of Critical Minerals / Elements since each of them has been identified as being essential to the economy and national security.
Here are some facts and figures about cesium:
Currently only produced at one locality, the Tanco Mine in Manitoba (Sinomine Resources Group)
Very dense metal and its primary use is in deep drilling applications in the oil and gas sector
Many industrial as well as medical uses including:
Cesium hydroxide/carbonate is used in petrochemical catalysts; cesium iodide is used in fluoroscopy equipment; as the input phosphor of x-ray imaging equipment; cesium bromide is used in infrared detectors, optics, photoelectric cells, scintillation counters, and spectrophotometers
Important component of atomic clocks which are the most accurate time and frequency monitors which play a vital role in aircraft guidance systems, global positioning satellites and internet and cellular telephone transmissions
Global market for cesium forecast to double in the next five years
Global leader in terms of production, market share, revenue, etc. is China’s Sinomine Resource Group; Albermarle Corp of the USA is second
Forecast prices (2023) for cesium salt (the most common product produced from cesium ore) is USD$188/kg and USD$291/kg for pure cesium metal
The Alliance also announced yesterday that Phase 3 drilling has started at the Kraken Lithium Prospect, 12 km to the southwest and that the initial three drill holes have made a new discovery of spodumene-rich dykes. (November 30, 2022 news release). Approximately 20 holes are planned.
The Alliance is extremely pleased with the continued success on the Golden Hope Project and the new discovery of cesium along with lithium, tantalum, and rubidium 12 km from the original Kraken Pegmatite discovery. Given the results to date, the Alliance is confident that ongoing prospecting and soil geochemistry surveys will make more discoveries along the 100% owned, 60 km-long, structural trend hosting the Kraken and cesium-rich dykes.
Timothy Froude, P.Geo., President and CEO of Sokoman stated: “The cesium results reported today are quite impressive and once again demonstrate the potential of the Golden Hope JV to host potentially significant deposits of several critical metals (Lithium-Cesium-Tantalum). Grades of this magnitude are rare. The results include a 1.2 m channel located near the southern margin of the exposed dyke dominated by a coarser-grained phase and where overburden prevented further sampling at the time. The lowest values reported today are from a finer-grained section of the dyke so we have already learned quite a bit about the nature of the mineralization in the dyke. Once able, we intend to clean off as much of the dyke as we can, and the terrain should allow for sufficient stripping to occur. The samples still pending include a mixture of coarse-grained, and fine-grained phases and those results will further our understanding of the zone. Winter has arrived, so we have to wait for a weather window to get back onsite. We are learning as much as possible as quickly as possible about the critical metals markets and we recently received a paid-for, in-depth report on the cesium market and have incorporated some of those details into today’s news. We are also now applying for drilling permits for this area and those should be in hand by Q1, 2023.”
“We are also pleased to resume drilling in the main Kraken Pegmatite field, in particular to the west of the discovery area where no drilling has taken place to date and where strong soil geochemistry, as well as multiple >1% Li2O samples, were collected. In the meantime, soil sampling along the 60 km trend controlled by the Alliance will continue until the closure of the camp for the holiday break.”
Stephen Stares, President and CEO of Benton stated: “This new high-grade cesium zone compliments the Kraken Lithium zone very well and the results compare to most deposits known worldwide. Although it’s very early days for this exciting new discovery, it’s a continued testament to the promising strategic metal endowment within the large project. I’m confident we will make more discoveries as we continue with our aggressive exploration plans in this new LCT-type pegmatite belt.”
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration of Benton Resources Inc., both a “Qualified Person” under National Instrument 43-101.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Golden Hope property. Samples were submitted to SGS Canada Inc. in Grand Falls-Windsor, Newfoundland for prep and then sent to SGS Canada Inc. analytical laboratory in Burnaby, British Colombia. All samples submitted for assay were taken or saw-cut by Benton personnel and submitted for assay. Samples were delivered in sealed bags directly to the Grand Falls-Windsor prep lab by Benton personnel or contractor. SGS Canada Inc. (SGS) is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using SGS’s GS_IMS91A50 method that delivers a 56-element package utilizing sodium peroxide fusion, ICP-AES, and ICP-MS analytical techniques. All reported assays are uncut.
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, 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 is also a 50/50 partner in 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.
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 of Gold, Silver, Nickel, Copper, Platinum Group Elements and most-recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties with potential long-term cash flow.
Benton also is a 50/50 partner in a strategic alliance with Sokoman Minerals Corp. (TSXV:SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
For further information, please contact:
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliances’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 Alliance 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 Alliance’s expectations or projections.
Sokoman Minerals And Benton Resources Report Kraken Lithium Prospect Phase 3 Drilling Program Underway; First Three Holes Cut Spodumene-Rich Dykes Up To 14 M Thick
St. John’s, NL, November 30, 2022 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV:BEX) (“Benton”), together (the “Alliance”) are happy to report the commencement of the third phase of drilling at the Kraken Lithium Prospect. The Alliance is also extremely pleased to announce a new discovery, the Killick Zone, where surface grab samples graded up to 1.12% Li2O, located 200 m south of the East Dyke Zone (see press release October 18, 2022).
Currently, the Alliance has completed three holes GH-22-25, GH-22-26, and GH-22-27 on the new discovery, intersecting multiple, near-surface, spodumene-bearing dykes. Hole GH-22-25 cut eight pegmatite dykes ranging from 0.8 m to 11.2 m thick (drilled thickness, true thickness uncertain at this time), including an 8.8 m interval with visible spodumene in the 11.2 m dyke. Hole GH-22-26, drilled 35 m behind GH-22-25, also cut multiple spodumene-bearing dykes with drilled thicknesses ranging from 0.8 m to 10.5 m. The 10.5 m-thick dyke carried visible spodumene over its entire width. Hole GH-22-27 was drilled 30 m north of holes 25 and 26 along strike and cut two pegmatite dyke zones of 14.2 m and 2.95 m thick. Visual spodumene is present over 12.83 m of the 14.2 m interval and the entire length of the 2.95 m interval.
The planned drill program will consist of a minimum of 2,000 m targeting the new Killick Zone, and well as the main Kraken Discovery Dyke area located 0.6 km to 1.2 km to the west of the Killick and East Dyke area. The current drill program is expected to continue until the start of the holiday break in mid-December. The core has been logged and is currently being prioritized to facilitate faster sampling of the mineralized sections. The Alliance continues to be impressed with the rate of discovery in this new lithium district and looks forward to the future exploration success of this exciting lithium project located in the mining-friendly province of Newfoundland and Labrador.
Kraken Project Highlights:
First significant lithium discovery on the Island of Newfoundland in July 2021; select grab samples returned values from trace up to 2.37% Li2O over a 2.2 km strike length, the discovery remains open with the Alliance controlling an additional 60 km of potential strike extensions. A reconnaissance drill campaign in early 2022 intersected 0.94% Li2O over 8.40 m on the Kraken Discovery Dyke.
Second drill campaign in summer 2022 (3,073 m / 18 holes) focused on the East Dyke area 600 m to the east of the Kraken Discovery Dyke, intercepted multiple stacked dykes including 0.60% Li2O over 20.82 m (46.00 m to 66.82 m), including 1.16% Li2O over 5.50 m, including 1.43% Li2O over 2.68 m.
Discovery of the new high-grade Cesium Zone 12 km to the east northeast of Kraken with grab samples assaying up to 1.56% Cs2O (cesium oxide), 0.4% Li2O (lithium oxide), 0.022% Ta2O5 (tantalum oxide), and 0.30% Rb2O (rubidium oxide), released November 17, 2022.
Third phase drill program currently underway with the first three holes intersecting visual spodumene over significant thicknesses up to 11.2 m in the new Killick Zone 200 m south of East Dyke.
The third phase drilling will also target a 600 m to 700 m strike extension immediately west of the Kraken Discovery Dyke which has multiple untested surface samples and dyke occurrences grading in excess of 1% Li2O, as well as strong soil geochemistry.
Lithium soil geochemistry over areas of spodumene-bearing dykes outlines the mineralization. Subsequent soil sampling along trend and to the north of the known zones has identified multiple strong lithium-in-soil anomalies, now prioritized for prospecting. Given its effectiveness, the Alliance has launched an extensive and systematic lithium soil survey at Golden Hope.
The Alliance believes the extensive (~800 sq km) Golden Hope project has excellent potential for additional discoveries. Exploration is still in its infancy and the Alliance has control over a district-scale lithium play similar in scale to the large systems in the Appalachians, including the important deposits held by Piedmont Lithium Inc. in the Carolinas, USA, as well as the Avalonia Project of International Lithium in a joint venture with GFL International Co. Ltd., a subsidiary of Ganfeng Lithium Co. Ltd. in the Caledonides of Ireland. Golden Hope lies along the prolific Appalachian-Caledonian Lithium Belt extending from the UK to the Eastern US.
Sokoman’s President and CEO Tim Froude, comments: “We have stated in the past that the true size of the lithium-rich system on the Golden Hope Property is still unknown, today’s announcement further emphasizes that fact. The Killick Zone discovery is yet another example of just how well mineralized this corridor is, and with several rock and soil anomalies as yet untested, we feel numerous more discoveries are yet to be made. At this time, it is not possible to determine if the dykes at the Killick Zone are the western extension of the East Dyke, or if they represent a new, subparallel trend. Drilling to test the western extension of the Kraken Discovery Dyke will focus on the 2 km long lithium-in-soil anomaly, as well as numerous outcrops and float of spodumene mineralization that are known.”
Benton’s President and CEO Stephen Stares, states: “This project continues to surprise us with more lithium-rich pegmatites, and I have no doubt we are onto a very important discovery of much-needed strategic metals on the Island of Newfoundland. We continue to show the robust extent of these highly-evolved pegmatite fields from multiple zones of high-grade Lithium at the Kraken, to the discovery of high-grade Cesium 12 km to the East. We are very pleased with our continued success and look forward to receiving assay results from our ongoing exploration efforts.”
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and a Director of Benton Resources Inc. Mr. Froude is a ‘Qualified Person’ under National Instrument 43-101.
Analytical Techniques / QA/QC
Samples, including duplicates, blanks, and standards, were submitted to SGS Canada Inc. in Grand Falls-Windsor, Newfoundland for prep and then sent to SGS Canada Inc. analytical laboratory in Burnaby, British Colombia. All core samples submitted for assay were saw cut by Benton personnel with one-half submitted for assay and one-half retained for reference. Samples were delivered in sealed bags directly to the Grand Falls-Windsor prep lab by Benton personnel or contractor. SGS Canada Inc. (“SGS”) is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using SGS’s GS_IMS91A50 method that delivers a 56-element package utilizing sodium peroxide fusion, ICP-AES, and ICP-MS analytical techniques. 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 SGS Canada Inc. All reported assays are uncut.
All soil samples were analyzed for lithium at Eastern Analytical in Springdale, NL. Lithium package includes Lithium, Lithium Oxide, Tantalum, Niobium, and Tin. One (1) gram of sample is digested to dryness in three acids (Nitric, Perchloric, and Hydrofluoric). After which HCl is added and brought to a boil on a hotplate. It is then topped to volume (200 ml) with distilled water and read on the ICP-OES.
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 and Crippleback Lake Projects, 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, and Cononish in Scotland. The company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck on the Island of Newfoundland. Sokoman now controls independently and through the 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 district. Sokoman 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.
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 of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most-recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties with potential long-term cash flow.
Benton also is a 50/50 partner in a strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
For further information, please contact:
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’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 Alliance 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 Alliance’s expectations or projections.
Sokoman Reports Additional Eastern Trend Mineralization And Provides Update On Mh-22-463; Moosehead Gold Project, Central Newfoundland
Structural update suggests MH-22-463 is opening up a new structural orientation at the lower levels of the currently defined Moosehead gold system
St. John’s, NL, November 24, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is pleased to report the following assay results from the ongoing 100,000 m Phase 6 program at Moosehead, as well as update on exploration in the vicinity of MH-22-463 which returned a 39.6 m intercept (core length) grading 12.50 g/t Au, including a higher-grade interval of 10.25 m grading 41.97 g/t Au from the Lower Eastern Trend. The mineralized zone in MH-22-463 is located approximately 100 m below the currently modeled mineralized shell for the Eastern Trend. Also released are 14 holes drilled along the northern perimeter of the Western Trend where geophysics (magnetics and historical IP) indicated the potential to expand the zone in that direction.
Drilling highlights from the Eastern Trend include:
MH-22-489: three zones of mineralization were intersected; from 106.35 m to 108.10 m (1.75 m @ 2.69 g/t Au); and, from 210.40 m to 212.22 m (1.82 m @ 3.78 g/t Au); and, from 244.19 m to 245.20 m (1.01 m @ 56.67 g/t Au)
MH-22-485: two zones of mineralization were intersected; from 203.00 m to 209.45 m (6.45 m @ 4.01 g/t Au); and, from 227.45 m to 232.95 m (5.50 m @ 1.27 g/t Au)
Other holes reported today (full assay summary appended) confirm the continuation of the Eastern Trend to the north and down dip and drilling will continue in those directions. The drilling includes holes designed to extend the Eastern Trend to depth, as well as testing areas inferred to be within the Eastern Trend but where previously drilled holes are too widely spaced to confirm. The onset of freezing temperatures has forced an end to the barge-based program for 2022 but will resume in 2023. While the main focus of the barge program was the Eastern Trend and splays linked to it, it now appears that the recent intersection in MH-22-463 may be partially tested by holes drilled from the barge. Meanwhile, drilling to test the MH-22-463 area will commence next week with holes being collared from the western side of North Pond. Drilling at Moosehead will continue with two drills until the holiday break period which starts December 15, 2022.
MH-22-463
Drill hole MH-22-463 reported (see September 6, 2022 news release) one of the best intersections on the Moosehead Property to date, returning 39.60 m of 12.50 g/t Au including a 10.25 m section averaging 41.97 g/t Au. This represents the deepest, high-grade intersection to date at approximately 370 m down dip (300 m vertically). The Company has been reviewing all available information from the immediate area including televiewer data from the hole, combined with a visit from structural consultant, Dr. David Coller, who spent five days at Moosehead reviewing the core. Following his rigorous assessment of core and 3D modeling, Dr. Coller corroborates that the intersection in MH-22-463 represents a new and previously unrecognized gold occurrence in the footwall to the Eastern Trend. The intersection in MH-22-463 is complex with the borehole intersecting at an oblique angle and crossing several gold-bearing intact veins and extensive mineralized vein breccia intervals. The interpreted westerly dip of this deeper level zone is new and opposite to the gold structures established at higher level and is interpreted as either a high-grade linking structure or fold core-controlled breccia-vein zone.
Borehole MH-22-418, located 80 m to the northwest and also in the footwall of the Eastern Trend, intersected similar intact veins and vein breccia as MH-22-463, grading 4.14 g/t Au over 5.92 m from 388.84 m downhole including 1.31 m of 15.60 g/t Au. One scenario links these intersections with a shallow rake within a northwest-dipping plane that is best tested by drilling towards it from the west shore of North Pond. A second possible scenario (based on the current televiewer data) is for these similar high-grade intersections to be two of a series of new NE trending NW dipping zones link zones. New televiewer data being acquired is aimed at improving the estimation of the strike trend to plan and optimize the drill test of the extent and continuity of this high-grade occurrence. True thickness and extent of the mineralization in MH-22-463 will require multiple drill holes from potentially different orientations. Up to this point, the Company has been targeting east-dipping structures like the Eastern Trend. This opens up a new structural orientation at the lower levels of the gold system that have not been targeted except for the early drilling in 2018/2019. These holes will also be completed using HQ-size core to provide a larger diameter hole for better televiewer accessibility and maximize sample size should visible gold be intersected.
Western Trend
A total of 14 holes were drilled around the northern limits of currently defined Western Trend. While intersecting favourable structures, most holes returned low values (see table), however, the structures remain open to the north where till and soil Geochem anomalies remain unexplained. The Western Trend is also open along strike to the south and down dip. The area will be reassessed over the holiday break for additional testing in 2023. The Western Trend, like all of the mineralized zones at Moosehead, hosts near-surface, high-grade gold such as previously reported in hole MH-18-08 that cut two zones, including; 1.05 m @ 207.5 g/t Au from 8.5 m downhole, and 2.28 m @ 42.36 g/t Au from 33.07 m downhole.
Tim Froude, President and CEO of Sokoman, says: “We will soon be testing the area surrounding the intersection reported in hole MH-22-463. Dr. Coller’s visit was timely and critical, and we now have the start of a new model that we feel strongly will deliver additional intersections. Drilling will commence next week once drill crews return from break and we hope to have news before the holiday break in mid-December. The number of holes to be placed into the 463 area will be determined by the results we get as we drill them.
The barge-based program was not finished before year-end due to an earlier-than-expected freeze-up, therefore the program will be continued as early as possible in 2023. We have also just received a new magnetic interpretation for the project and combined with the deep seeking Alpha IP survey which will also commence next week, will ensure we have the best, and most up-to-date package of data to work with moving forward. To date, we have completed 77,500 m in Phase 6 with approximately 1,050 samples outstanding at the lab representing all or parts of about 15 holes.”
Drilling on the Moosehead Project to date has discovered five zones of gold mineralization, most containing visible gold, focused mainly on the Eastern Trend in the central portion of the property. Gold mineralization has been defined over a 600-m strike length and to 370-m down dip. The Company is well funded with more than $4.5 million in the treasury.
QP
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.
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 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:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
Sokoman And Benton Discover High-Grade Cesium Mineralization In Outcrop 12 Km Ne Of The Kraken Lithium Pegmatite Swarm In Southwestern Newfoundland
Drilling to Re-start at Kraken Immediately
St. John’s, NL – November 17, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”) together, (the “Alliance”) are pleased to announce the discovery of a high-grade cesium-rich dyke with grab samples assaying up to 1.56% Cs2O (cesium oxide), 0.4% Li2O (lithium oxide), 0.022% Ta2O5 (tantalum oxide), and 0.30% Rb2O (rubidium oxide). This is the first high-grade cesium mineralization recorded on the Island of Newfoundland.
The cesium-rich dyke is approximately 5 m – 6 m wide and has been traced for approximately 100 m along strike to where it disappears under overburden in both directions. The dyke is located approximately 12 km northeast of the Kraken lithium discovery. The Alliance has completed first-pass channel sampling across the dyke with results pending.
The cesium-rich dyke is distinctly different from the main Kraken field containing very coarse, as well as fine-grained phases, with the coarse phase a dark grey quartz (+/- pollucite*), coarse green mica, and large (20 cm – 30 cm) grey/white blocky plagioclase crystals. Minor black to green tourmaline or tantalite as well as fine-grained pinkish garnet and other minerals, including lepidolite, a lithium-rich mica, may be present, but until petrographic work is completed, the full suite of minerals in the dyke is uncertain. Samples have been shipped to Vancouver Petrographics for thin sectioning and mineral identification.
Detailed mapping, as well as additional sampling, will be conducted once the channel results are received. The results below are values for random grab samples taken along a 15 m portion of the cesium-rich dyke, the only results to date. Results of the petrographic examination and the channel sample values will be released as they are received.
* pollucite – believed to be the mineral containing the cesium mineralization reported above.
Cesium is rare globally. The United States and Canada have included cesium, lithium, and tantalum (among others) in their lists of Critical Minerals / Elements since each of them has been identified as being essential to the economy and national security. At this point in time there are only two pegmatite mines globally that produce cesium:
Bitika, Zimbawe (currently not producing)
Sinclair, Australia
The Alliance also announces that Phase 3 drilling will start in the next few days on the Kraken main dyke and the western extension areas where prospecting samples have given values >1% Li2O. Approximately 20 holes are planned.
The Alliance is extremely pleased with the continued success on the Golden Hope Project and the new discovery of cesium along with lithium, tantalum, and rubidium in an area far removed from the original Kraken discovery. Given the results to date, the Alliance is confident that ongoing prospecting and soil geochemistry surveys will make more discoveries along the 100% owned, 60 km long, structural trend hosting the Kraken and cesium-rich dykes.
The Kraken Pegmatites are highly evolved pegmatite swarms, similar to the geological environment and setting of other large systems in the Appalachian belt, including the important deposits held by Piedmont Lithium Inc. in the Carolinas, eastern US, as well as in the geologically equivalent Avalonia Project of International Lithium in a joint venture with GFL International Co. Ltd., a subsidiary of Ganfeng Lithium Co. Ltd. in the Caledonides of Ireland. All samples were submitted to Actlabs in Ancaster, Ontario for analysis by Sodium Peroxide Fusion ICPOES + ICPMS.
Timothy Froude, P. Geo., President and CEO of Sokoman stated: “The LCT (Lithium-Cesium-Tantalum) potential of the Golden Hope Project continues to prove itself. With this news of the discovery of significant cesium as well as anomalous values of other critical metals, Golden Hope has evolved into a potentially significant host to many metals in high demand to power and build the new economy. We are also pleased to resume drilling in the main Kraken field, in particular to the west of the discovery area where no drilling has taken place to date and where strong soil geochemistry as well as multiple >1% Li2O samples were collected. In the meantime, soil sampling along the 60 km trend controlled by the Alliance will continue until the closure of the camp for the holiday break.”
Stephen Stares, President and CEO of Benton stated: “The Golden Hope Project continues to deliver exceptional new discoveries and results. I’m extremely excited and encouraged that we have located further new high-grade LCT-type pegmatites and I’m confident we will make more new discoveries as we continue with our aggressive exploration plans.”
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration of Benton Resources Inc., both the “Qualified Person” under National Instrument 43-101.
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, 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 is also a 50/50 partner in 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 Sokoman’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 of Gold, Silver, Nickel, Copper, Platinum Group Elements and most-recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties with potential long-term cash flow.
Benton also is a 50/50 partner in a strategic alliance with Sokoman Minerals Corp. (TSXV:SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
For further information, please contact:
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliances’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 Alliance 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 Alliance’s expectations or projections.
Sokoman And Benton – Kraken Lithium Prospect Phase 2 Drill Results Exploration Update
St. John’s, NL, October 18, 2022 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV:BEX) (“Benton”), together (the “Alliance”) are pleased to announce the latest encouraging drill results and a 2022 exploration update from the Kraken Lithium Prospect on its Golden Hope Joint Venture located in southwest Newfoundland.
The Alliance is pleased to report the following from the 2022 exploration program to date:
Intersection of several new spodumene-rich pegmatite dykes during the 3,073 m, 18-hole, Phase 2 Drill Program, including the East Dyke with intersections, including a 25 m-thick, spodumene-rich dyke, that carry significant grades (5.50 m at 1.16% Li2O) within a wider intersection of 20.82 m averaging 0.60% Li2O from 46.00 m downhole in drill hole GH-22-15.
Multiple spodumene-bearing dykes trenched in bedrock in the follow-up of prospecting discoveries showing lithium mineralization over a strike extent of over 2.00 km.
A newly discovered cluster of spodumene-rich dykes trenched 200 m south of the East Dyke, with samples assaying up to 1.12% Li2O. This area is untested by drilling.
Across the property, field prospecting data include over 30 float and bedrock sample occurrences with >1.00% Li2O over a minimum 2.20 km strike-length, many of which require follow-up evaluation. Most have not been drill tested to date.
Soil geochemistry over spodumene-bearing dykes outlines mineralization and has generated multiple targets for follow-up work. Given its effectiveness, the Alliance has launched an extensive systematic soil survey for lithium at Golden Hope.
Phase 2 Drilling
Results reported are for 13 holes (GH-22-7 through 19) testing the East Dyke area. The remaining five holes tested float and sub crop, 500 m – 1,000 m NE of the East Dyke area. These results are pending.
The East Dyke is a spodumene-rich dyke exposed for >10 m (still open) with grab sample grades of 1.93% Li2O. Drilling has confirmed the East Dyke to be part of a swarm of shallow-dipping dykes, including a 25 m-thick spodumene-rich dyke, that carries significant grades (5.50 m at 1.16% Li2O) in a much wider intersection of strong lithium grades including 20.82 m at 0.60% Li2O from 46.00 m downhole in drill hole GH-22-15. Hole GH-22-15 cut three significant spodumene-rich dykes that remain open to depth and along strike. Recent prospecting results include a 1.29% Li2O grab sample from what is believed to be the westward extension of the East Dyke 100 m west of current drilling.
Selected Drill Highlights for the East Dyke (full results at end of news release)
GH-22-8: 0.92% Li2O over 8.37 m (3.25 m – 11.62 m), incl. 1.00% Li2O over 5.75 m
GH-22-14: 0.63% Li2O over 4.35 m (11.00 m – 15.35 m), incl. 1.02% Li2O over 2 m
and 0.56% Li2O over 10.73 m (77.00 m – 87.73 m), incl. 1.01% Li2O over 2 m
GH-22-15: 0.60% Li2O over 20.82 m (46.00 m – 66.82 m), incl. 1.16% Li2O over 5.50 m,
and 0.28% Li2O over 24.73 m (102.27 m – 127.00 m), incl. 0.88% Li2O over 2.18 m,
and 0.64% Li2O over 2.65 m, incl. 1.11% Li2O over 0.88 m
(True thicknesses believed to be 90% of reported intervals)
East Dyke South Area
A newly discovered cluster of spodumene-rich dykes has been outlined by prospecting and trenching 200 m to the south of the East Dyke, with prospecting samples assaying 1.12% Li2O and additional sample results pending. This newly discovered zone is now a high-priority drill target.
Central Dyke Area
Holes 20, 21, and 22 were drilled approximately 650 m to the northeast of the East Dyke area targeting angular floats of spodumene-bearing pegmatite with values up to 2.15% Li2O. Holes 20, 21, and 22 intersected pegmatite dykes with core lengths of 12.65, 7.26, and 7.16 m respectively, of what is now known as the Central Dyke. The Alliance is encouraged by this new dyke discovery, which is open in all directions and has the potential to host high-grade Li2O as evidenced by the float samples. This area is also considered a high-priority target for further drilling.
Northeast Dyke Area
Holes 23 and 24 were drilled approximately 1,000 m to the northeast of the East Dyke area. The holes were targeting multiple angular floats of spodumene-bearing pegmatite assaying up to 1.30% Li2O. Trenching resulted in the discovery of pegmatite dykes in bedrock, with spodumene in grab samples at what is now referred to as the Northeast Dyke. Holes 23 and 24 intersected pegmatite dykes under the trenches with core lengths of 1.89 m and 1.72 m respectively. As above the Alliance is encouraged by this dyke discovery, again open in all directions, with the potential to host high-grade Li2O. Further drilling is planned for this area.
Kraken Project Highlights:
First significant lithium discovery on the Island of Newfoundland in July 2021; select grab samples returned values from trace up to 2.37% Li2O over a 2.2 km strike-length the discovery remains open with the Alliance controlling an additional 60 km of potential strike extensions. A reconnaissance drill campaign in early 2022 intersected 0.94% Li2O over 8.40 m on the Kraken Discovery Dyke.
Second drill campaign in summer 2022 (3,073 m / 18 holes) focused on the East Dyke area 600 m to the east of Kraken Discovery Dyke, intercepted multiple stacked dykes including 0.60% Li2O over 20.82 m (46.00 m – 66.82 m), incl. 1.16% Li2O over 5.50 m, incl. 1.43% Li2O over 2.68 m.
The Kraken Discovery Dyke and the East Dyke are approximately 600 m apart and are wide open for expansion with multiple untested surface dyke occurrences between them, as well as to the east, west, and north of the drill-tested showings.
Lithium soil geochemistry over areas of spodumene-bearing dykes outlines the mineralization. Subsequent soil sampling along trend and to the north of the known zones has identified multiple strong lithium in soil anomalies now prioritized for prospecting. Given its effectiveness, the Alliance has launched an extensive and systematic lithium soil survey at Golden Hope.
The Alliance believes the extensive (~800 sq km) Golden Hope Project has excellent potential for additional discoveries. Exploration is still in its infancy and the Alliance has control over a district-scale lithium play similar in scale to the large systems in the Appalachians, including the important deposits held by Piedmont Lithium Inc. in the Carolinas, USA, as well as the Avalonia Project of International Lithium in a joint venture with GFL International Co. Ltd., a subsidiary of Ganfeng Lithium Co. Ltd. in the Caledonides of Ireland. Golden Hope lies along the prolific Appalachian-Caledonian Lithium Belt extending from the UK to the Eastern US.
Sokoman’s President and CEO Tim Froude, comments: “The excellent results to date continue to confirm the existence of a potentially large lithium district at Golden Hope. The recently completed 3,200 m drill program returned multiple holes cutting numerous dykes with multiple sections grading in excess of 1.00% Li2O. Today’s results compare well with projects at advanced stages of development including Sayona Mining Limited (North American Lithium Project, Quebec), and Rock Tech Lithium (Georgia Lake Project, Ontario) that use 0.60% and 0.70% Li2O as cutoff grades for open-pit constrained mineral resources in their PEA and PFS reports. We also have recently located significantly larger dykes (>20 m in width), we continue to locate more spodumene-bearing dykes and our lithium soil geochemical survey has already identified multiple targets for follow-up. This is still early days at Kraken – what the project needs is a significant diamond-drill program to assess the distribution of the lithium-bearing dykes as well as to test new targets. The true potential of this project lies in front of us.”
Benton’s President and CEO Stephen Stares, states: “We are very pleased with our continued success at the Kraken Lithium Prospect. This is truly a rare opportunity to hold such a large land position with the potential to discover multiple new lithium zones. We’re looking forward to releasing further news as our collective exploration teams continue to advance and continue to be very excited about the potential for outlining a significant lithium deposit in Newfoundland.”
Full results of the drill program:
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp. and a Director of Benton Resources Inc. Mr. Froude is a ‘Qualified Person’ under National Instrument 43-101.
Analytical Techniques / QA/QC
Samples, including duplicates, blanks, and standards, were submitted to SGS Canada Inc. in Grand Falls-Windsor, Newfoundland for prep and then sent to SGS Canada Inc. analytical laboratory in Burnaby, British Colombia. All core samples submitted for assay were saw cut by Benton personnel with one-half submitted for assay and one-half retained for reference. Samples were delivered in sealed bags directly to the Grand Falls-Windsor prep lab by Benton personnel or contractor. SGS Canada Inc. is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using SGS’s GS_IMS91A50 method that delivers a 56-element package utilizing sodium peroxide fusion, ICP-AES and ICP-MS analytical techniques. 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 SGS Canada Inc. All reported assays are uncut.
All soil samples were analyzed for lithium at Eastern Analytical in Springdale, NL. Lithium package includes Lithium, Lithium Oxide, Tantalum, Niobium, and Tin. One gram of sample is digested to dryness in three acids (Nitric, Perchloric, and Hydrofluoric). After which HCl is added and brought to a boil on a hotplate. It is then topped to volume (200 ml) with distilled water and read on the ICP-OES.
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 and Crippleback Lake Projects, 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, and Cononish in Scotland. The company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck on the island of Newfoundland. Sokoman now controls independently and through the 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 district. Sokoman 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.
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. In mid-2021 Benton entered into the 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’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 Alliance 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 Alliance’s expectations or projections.
Sokoman Reports The Thickest High-Grade Drill Results From The Lower Eastern Trend To Date: Moosehead Gold Project, Central Newfoundland
MH-22-463 cuts 39.60 m of 12.50 g/t Au including 10.25 m of 41.97 g/t Au
St. John’s, NL, Sept 6, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is pleased to report the following assay results from the ongoing 100,000 m Phase 6 program at Moosehead, including a 39.6 m intercept (core length) grading 12.50 g/t Au and a higher-grade interval of 10.25 m grading 41.97 g/t Au from the Lower Eastern Trend.
The mineralization in MH-22-463, located approximately 100 m below the limits of the modeled Eastern Trend, has a different vein style and geometry from other drill intersections in the vicinity. The intercept is thicker than any other intercept to date and includes the “typical” very high-grade vuggy-type veining with abundant visible gold and 5% – 7% accessory boulangerite and sphalerite, as well as a brecciated style of veining with specks of visible gold with minor boulangerite and sphalerite. This could suggest a changing structural setting within the Lower Eastern Trend.
The Company has re-engaged Ireland-based structural consultant, Dr. David Coller, to review and update existing structural models for the Moosehead mineralization to guide future drilling. Dr. Coller was instrumental in defining the structural concepts used to guide the initial drilling at Moosehead although his involvement has been limited due to Covid restrictions since 2020. Follow-up drilling will start once the structural review is completed.
The remaining holes reported today are largely within the main Eastern Trend, where we are expanding the mineralized shell. Limited drilling on the Western Trend was also carried out with the majority of assays pending.
Tim Froude, President and CEO of Sokoman, says: “The intersections reported today in hole MH-22-463 are significant in many respects and not just in average grade. We appear to be in an area where multiple gold-bearing structures are possibly converging, or we are looking at a new style of veining at Moosehead. We intend to step back and take a detailed look at the environment around hole MH-22-463 to better plan drilling moving forward while we still have significant meterage (~ 27,000 m) remaining. Compilation of the southern property area is going well, and we expect to have a series of holes planned to test our findings within three to four weeks. Drilling will continue at Moosehead with three drills including the barge-based rig. Less than 1,000 assays remain outstanding at the lab and represent parts or all of approximately 15 holes.”
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 $7 million in the treasury.
QP
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.
COVID-19 Protocols
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:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
Sokoman And Benton Provide An Update On Drilling At The Kraken Lithium And Grey River Gold Projects, Southwest Newfoundland
East dyke swarm has multiple Li-bearing (spodumene) dykes up to 27 m wide,
located 600 m to the east of the Kraken discovery dyke
St. John’s, NL –Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”) together, (the “Alliance”) are pleased to update shareholders on the drilling progress at both the Kraken Lithium and Grey River Gold projects in southwest Newfoundland.
Early in 2022, the Alliance completed the first-ever drill campaign for lithium on the Island of Newfoundland at the Kraken Lithium discovery on the Golden Hope JV Project. Six diamond drill holes tested the original Kraken discovery-dyke area where selective surface grab samples returned values from trace up to 2.37% Li2O. The winter drilling program verified the existence of significant lithium-rich dykes flanking the regional Bay d’Est Fault where hole GH-22-01 intersected 0.94% Li2O over 8.4 m. Important structural information was obtained from the drilling including the presence of relatively flat-lying dykes, as well as folding in the system. The flat-lying dykes are significant, in that the bulk of the lithium mineralization at Piedmont Lithium’s Piedmont project in North Carolina lies in flat-lying dykes linking subvertical dipping dykes.
In May and June, 2022, the Alliance constructed a ten-man exploration camp and mobilized an excavator and diamond drill rig to the project site. To date in this exploration phase, the Alliance has completed further mapping, prospecting, trenching, and an additional 2392 m of drilling in 13 drill holes. The new drilling has targeted the East Dyke swarm, which is 600 m to 650 m to the east of the Kraken discovery dyke, intersecting multiple spodumene-bearing pegmatite dykes, over core lengths of up to 27 m while also gaining a better understanding of the geological setting of the dykes for future targeting.
The drill program is shut down for a scheduled crew break with drilling to recommence in two weeks. The Alliance will continue with regional exploration in the area including mapping, prospecting and soil geochemical sampling over this large and prospective area.
Sokoman’s President and CEO Tim Froude, comments: “Drilling at Kraken’s East Dyke Swarm has delivered multiple significant intersections of spodumene-rich pegmatite with multiple targets remaining to be tested. We will be completing a multidisciplinary program to further define drill targets at this rapidly-emerging lithium prospect. At Grey River, the large silica system is being tested by drilling that will continue for at least another month. The size of the system is impressive, and we hope to determine regional controls on the gold mineralization as we move forward with the program. We are proving again through this exploration that much of Newfoundland has been underexplored, and what is required is an aggressive approach to drilling, something that has been lacking in the past.”
Benton’s President and CEO Stephen Stares, states: “We are very pleased with our success rate thus far on both the Kraken and Grey River projects. While it is easier to assess success through the visual identification of spodumene in the Kraken drill core, we are also looking forward to receiving and analyzing the gold assays from the Grey River project. Our collective exploration teams are hoping that we are in the early days of Newfoundland’s next wave of big mineral discoveries.”
More than 700 core samples have been cut and submitted to the SGS Prep Lab in Grand Falls-Windsor and then shipped to SGS Lab in Burnaby, BC for Lithium and multi-element analysis.
At the Grey River Gold Project, the Alliance is currently drilling hole GR-22-14, the ninth drill hole of a planned 15-20-hole, 2,000 m program designed to test the geometry at depth of units associated with anomalous gold on surface, as well as mineralized intercepts from the Phase 1 program. DDH GR-21-01 intersected three parallel gold zones including 1.80 m of 10.58 g/t Au (see November 25, 2021 press release). The gold mineralization is associated with zones of silica associated with disseminated and stringer pyrite (from 2% – 20% pyrite) in the >10-km-long quartz/silica body.
To date the Alliance has cut and submitted 400 core samples for analysis* at Eastern Analytical in Springdale, NL. Prospecting and mapping will be continued throughout the summer to assist with drill targeting.
*All samples are shipped to Eastern Analytical Ltd., in Springdale, NL for Au (by fire assay) and 34 element ICP analysis. Any assay returning greater than 1 g/t Au (1 gram per tonne gold or 1000 ppb gold) will be re-assayed using metallics pulp methods. Blanks and standards are regularly inserted as part of the Alliances’ joint sampling protocols, in addition to standards and duplicates inserted by Eastern Analytical Ltd. Eastern Analytical Ltd. is an ISO accredited lab.
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration of Benton Resources Inc. Both are ‘Qualified Persons’ under National Instrument 43-101.
COVID-19 Protocols
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton will continue to use best practices in the course of performing all work programs and will follow any future federally or provincially mandated or recommended COVID-19 guidelines.
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, 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, and Cononish in Scotland. The company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck on the island of Newfoundland. Sokoman now controls independently and through the 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 district. Sokoman 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.
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 most-recently Lithium assets, 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 Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’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 Alliance 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 Alliance’s expectations or projections.
Sokoman Reports Strong Drill Results From The Eastern Trend; Moosehead Gold Project, Central Newfoundland
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 AuMH-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.
QP
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.
COVID-19 Protocols
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:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
Sokoman & Benton Report Final Results From Recon Drilling At The Kraken Pegmatite Field – Golden Hope Project, Sw Newfoundland
Li mineralization (spodumene) drilled to a vertical depth of 70 m at the Discovery Dyke; spodumene-bearing dykes, up to 22-m wide, located 600 m to the East of the Discovery Dyke
St. John’s, NL, June 30, 2022 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV:BEX) (“Benton”) and, together (the “Alliance”) are pleased to report the final assay results from the 1,025-m reconnaissance drilling program carried out this past winter and report on recent trenching from the Kraken Pegmatite Field on the Golden Hope Joint Venture Property in southwest Newfoundland.
Sokoman’s President and CEO Tim Froude, comments: “We have learned a great deal from the recon drill program about the Discovery Dyke area and we will use that information, coupled with ongoing trenching data, to plan the Phase 2 program which will start imminently. We have already exposed a significant spodumene-bearing dyke in the eastern portion of the Kraken swarm that last year’s sampling returned an assay of 1.93% Li2O and this is where Phase 2 drilling will begin. We wish to emphasize that we have just scratched the surface with the exploration to date and that we have extensive work ahead of us to establish the limits of the dyke swarm.”
Benton’s President and CEO Stephen Stares, states: “We are pleased to now have our camp, drill, and equipment on-site and operational. The stripping on the East dyke has shown excellent spodumene mineralization and has exposed geological contacts to help understand the orientation and behavior of the dykes in this area. With several prospective targets to test, we are excited to get our Phase 2 program underway on the East dyke in the coming days.”
The winter drilling program and current trenching program have located a significant swarm of lithium-rich pegmatite dykes flanking the regional Bay d’Est Fault. Important structural information was obtained in the drilling showing the dykes, at least in the Discovery Dyke area, are relatively flat-lying, as opposed to vertical to subvertical, the original concept for the reconnaissance drill program. As a result, three of five holes (GH-22-02, -03, -04) did not intersect the target Discovery Dyke. Flat-lying dykes are potentially important as significant lithium (spodumene) mineralization at Piedmont Lithium’s Piedmont project in North Carolina is found in flat-lying dykes, which link subvertical dipping dykes.
Given the results of the recon drill program, the Alliance has mobilized an excavator to expose the dykes to ensure that all drill holes are oriented optimally to test the in situ spodumene-bearing dykes in the upcoming program. Recent trenching on a surface exposure that gave a grab sample assay of 1.93% Li2O (November 9, 2021 news release), which is located approximately 600 m to the east of the Discovery Dyke, has exposed the thickest dykes encountered at Kraken (up to 22 m in apparent thickness). In addition, spodumene crystals up to 15-cm long (see photos) are noted in this outcrop, substantially larger than the few centimetre lengths at the Discovery Dyke. These dykes show dips, mainly subvertical to steeply to the south, as well as possibly flat-lying. Folding is also noted.
The Kraken Pegmatite Field has been sampled over a strike length of 2,200 m and has an apparent width of 1,200 m, with historical assessment reports indicating pegmatite dykes up to 6 km along trend.
Gold analyses from the host sericite schist units, which carry variable pyrite gave only weakly anomalous values, however, the drilling has tested only 100 m of the 60-km-long structure and the drilling targeted the pegmatite dykes, not gold prospective zones, defined by geochemistry or prospecting, along the Bay d’Est Fault.
All samples are shipped to Activation Laboratories in Ancaster, Ontario for multi-element analysis including lithium, tantalum, cesium and other rare/critical metals by Sodium Peroxide Fusion ICPOES + ICPMS. Gold is analyzed by the fire assay method. A total of 1,165 drill core samples were cut and delivered for analysis.
The property lies along the Baie d’Est fault system, a gold prospective fault structure in southern Newfoundland, that extends through the Sokoman / Benton licences. The Alliance continues to evaluate historical data for significant gold and lithium mineralization and will restart ground prospecting and follow-up exploration in the near future.
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., a Director of Benton Resources Inc. and President and CEO of Sokoman Minerals Corp. Mr. Froude is a ‘Qualified Person’ under National Instrument 43-101.
COVID-19 Protocols
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton will continue to use best practices in the course of performing our work programs and will follow any future federal or provincially mandated or recommended COVID-19 guidelines.
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, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck on the island of Newfoundland. Sokoman now controls independently and through the 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 district. Sokoman 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 Sokoman’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 most-recently Lithium assets, 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 Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’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 Alliance 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 Alliance’s expectations or projections.
Sokoman & Benton Commence Drilling At Grey River
St. John’s, NL, June 22, 2022 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV:BEX) (“Benton”) and, together (the “Alliance”) today announced that the Alliance has initiated drilling on the Grey River Gold Project, located in southern Newfoundland. In addition, the Alliance has nearly completed the camp construction at the Kraken Lithium discovery, located in southwest Newfoundland near the village of Burgeo, and the drill rig is on-site ready to start drilling.
At the Grey River Gold Project, the first two holes have been completed and are being logged, cut and sampled for gold analysis. This current campaign will include a planned 20-hole program to follow up on the successful five-hole 2021 program that saw significant gold mineralization intersected in all holes spread over a five km strike length (See March 16, 2022 press release). The first three holes will be 25 m to 50 m step-out holes centered around GR-21-01, the furthest hole to the east which intersected three parallel zones of gold mineralization including 1.80 m of 10.58 g/t Au.) The fourth hole will be drilled one km east of GR-21-01 to test a new 1.0 g/t Au surface sample collected in the early summer of this year. The mineralization on the Grey River property is associated with large zones of silica associated with disseminated and stringer pyrite (from 2% – 20% pyrite) within the >10 km-long quartz/silica body. In addition, the Alliance is also looking at various technologies for more precise targeting of high-grade mineralization along the large structural zone which will be ongoing as drilling is complete. Further prospecting and mapping will be conducted to assist with drill targeting.
At the Kepenkeck Gold-Uranium Project, the Alliance has recently made the annual option payments to the vendors of the property and is planning further prospecting, mapping, and soil sampling to begin shortly. The 2021 summer exploration season returned results from trace elements up to 5.46 g/t Au in selective sampling along with several areas grading > 1.0 g/t that will be subject to follow-up.
Tim Froude, President and CEO of Sokoman comments; “In addition to our aggressive drill campaign on our 100%-owned Moosehead Gold Property, we are very excited to have a drill turning at Grey River and drilling to commence shortly at the Kraken Lithium prospect at the Golden Hope property. The Grey River program will represent the most significant gold exploration program undertaken on the extensive quartz +/- sulphide system that we now know to host significant gold mineralization from our 2021 drilling. We expect to be completing up to 20 holes across the length of the silica zone which should take us into early Fall.”
Stephen Stares, President and CEO of Benton states; “We’re confident that this year will be very productive for our shareholders as our plans represent the most aggressive, multi-project exploration program we have ever undertaken. The quality of these projects is second to none and I’m very optimistic that our upcoming work will return favourable results. We look forward to providing updates as the summer season progresses.”
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration for Benton Resources Inc., both of whom are ‘Qualified Persons’ under National Instrument 43-101.
COVID-19 Protocols
To ensure a working environment that protects the health and safety of the staff and contractors, Benton and Sokoman are operating under federally and provincially mandated and recommended COVID-19 guidelines.
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 more than 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 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 that has Direct Shipping Ore (DSO) potential.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Sokoman’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 of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most-recently Lithium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties with potential long-term cash flow value.
Benton also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV:SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland and Labrador that are now being explored.
For further information, please contact:
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’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 Alliance 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 Alliance’s expectations or projections.
Sokoman Reports Additional Strong Results From The 75 Zone; Moosehead Project, Central Newfoundland
75 Zone Extended to North and South: Deepest Intersection of Visible Gold to Date at Eastern Trend
St. John’s, NL, May 19, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is pleased to report additional high-grade assays from the Moosehead Project including multiple holes from the expanding 75 Zone (Figure 1) which has now been essentially linked with the main Eastern Trend/Footwall Splay mineralization. In addition, MH-22-418, completed this week (assays pending) has intersected the deepest occurrence of visible gold to date on the property at a downhole depth of 352 m in a step-out below the current limit of mineralization in the Eastern Trend.
Assay highlights include:
MH-22-392 – 2.35 m of 25.58 g/t Au from 72.65 m downhole (75 Zone)
MH-22-385 – 4.29 m of 14.56 g/t Au from 11.15 m downhole (Upper Eastern Trend)
MH-22-366 – 1.40 m of 133.94 g/t Au from 34.95 m downhole (75 Zone)
MH-22-359 – 1.00 m of 95.03 g/t Au from 19.44 m downhole (75 Zone)
Tim Froude, President, and CEO of Sokoman says: “We are pleased to be reporting results from some of the first holes from the 2022 program and to announce that the barge drill rig is back in the water and ready for an extensive 2022 campaign. We are also pleased to report that the first reconnaissance drilling in the southern half of the property, 2 km southwest of the main mineralized trends at Moosehead, and designed to test the Valentine Lake structural corridor, has returned significant gold values. Holes MH-22-379, 383, 386, 389 and 395, a five-hole fence centered roughly on the inferred location of the Valentine Lake corridor, all intersected mineralization with the best results from hole MH-22-379, that was drilled in the center of the five-hole fence. More drilling is planned for this area over the course of the summer.
Most gratifyingly we note that drilling in the 75 Zone area, including assays reported today from holes MH-359, 366, and 392, has closed the gap between the 75 Zone and the Eastern Trend/Footwall Splay mineralization to approximately 50 m. Holes MH-22-359, 366, and 392 all returned excellent grades in the upper portions of the 75 Zone consistent with earlier results from the Footwall Splay, and we now believe the 75 Zone and the Footwall Splay are connected and splay off of the main Eastern Trend.”
The two land-based drills that are testing the northern and depth extensions of the Eastern Trend have intersected strong mineralized zones including significant quartz +/- sulphide (boulangerite, sphalerite, pyrite) veining with the deepest cut yet containing visible gold (9 specks of visible gold) within a 5 m – 10 m section of MH-22-418 at 352 m down hole (302 m downdip from surface), which is 50 m deeper than any previous high-grade intersection (Figure 2).
In addition, results have been received for a fence of five holes (Figure 3) which tested the Valentine Lake Shear Zone 1.5 km southwest of any previous drilling near a 54 grain, gold-in-till anomaly, returning multiple zones of low-grade mineralization, similar to mineralization recently reported close to the southern claim boundary by K9 Gold. The K9 Gold drilling is focused about 2 km southwest of, and directly on trend with our five-hole fence which highlights the prospectivity of the Valentine Lake Shear system on the Moosehead property. Diamond drill hole MH-22-379, the middle hole of the five-hole fence, cut a 5.0 m section assaying 0.73 g/t Au including 2.70 m of 1.10 g/t Au in veined / sulphide-rich mafic volcanic rocks similar to the geological setting at the K9 property. Recently reported gold mineralization in MH-21-344 (2.27 g/t Au over 4.0 m including 9.70 g/t Au over 0.50 m), located 1.5 km northeast of hole MH-22-379 clearly demonstrates the potential for locally higher grades along this largely untested section of the property. MH-22-362 and 367, immediately east of MH-21-344, further support the presence of a possibly significant mineralized system independent of the currently known zones. Additional drilling will be carried out in the area as part of the summer program.
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 over a 300 m downdip. The Company is well funded with more than $12 million in the treasury, with $6 Million earmarked to complete the ongoing 100,000 m drilling program at Moosehead where 48,000 m remains to be drilled. The 2022 drill program will focus on extending the zones of high-grade gold along strike and to depth and will also test the emerging potential of the rest of the property.
QP
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.
COVID-19 Protocols
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:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
Sokoman Minerals Outlines Proposed 2nd And 3rd Quarter 2022 Exploration On Newfoundland Projects
Drilling expected to be ongoing on three projects by end of Q2, 2022
St. John’s, NL – May 11, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman” or the “Company”) is pleased to provide an outline of planned activities on the Company’s core holdings at the Moosehead and Fleur de Lys properties, and on the strategic alliance (“Alliance”) of three Joint Venture properties with Benton Resources Inc. (“Benton”). With $13M in its treasury, Sokoman has sufficient funds to undertake all the exploration activities planned for 2022.
Moosehead Project
At the flagship Moosehead project in Central Newfoundland, which is targeting high-grade, Fosterville-type, epizonal gold mineralization, diamond drilling is ongoing with three rigs, including a barge-based drill program launched this week after an earlier than expected spring melt. The barge drilling will focus on extending the Eastern Trend mineralization reported in MH-21-345 – 4.75 m of 20.75 g/t Au incl. 2.25 m of 39.57 g/t Au (see the January 20, 2022 press release), to the north.
Approximately 48,000 metres remain to be completed in the current 100,000 m drill program that is expected to continue into the fourth quarter of 2022. Efforts will be focused on expanding the Eastern Trend to depth below the currently defined 225 m level, and on-trend to the north where the zone remains open. Drilling to infill/connect the Eastern Trend/75 Zone and the South Pond areas above the 200 m level is expected to be completed in the second quarter. Assay results for portions, or all of 50 drill holes in these areas, remain pending.
Drilling will also continue in the southern half of the property where multiple till (gold grain) geochemistry and coincidental structural targets remain untested. In late March 2022, a five-hole fence targeted a combined magnetic and C horizon till anomaly (54 gold grains) 1.0 km southwest of the South Pond Zone, intersecting the assumed main Valentine Lake Shear Zone system. All five holes collared in Laurenceton Formation mafic volcanics, flows, and breccias with significant shearing, multi-stage quartz veining, and up to 5% disseminated pyrite and arsenopyrite mineralization. Assay results remain pending.
Additional drilling will also test the 253 Zone where a subparallel structure carrying quartz veining and disseminated pyrite + arsenopyrite, first intersected in MH-21-253, returned assays of 7.5 m of 0.31 g/t, and 1.78 g/t Au over 1.40 m in the area where mineralized float including visible gold has been found. The 253 Structure is interpreted to be several km in length and has had minimal drilling.
The Company will also be continuing, and ramping up, baseline environmental studies including water testing, wildlife surveys, and historical activities (logging related), as well as preliminary metallurgical test work on the gold mineralization. A preliminary budget of $6 million is proposed for the remainder of calendar 2022 on the Moosehead project.
Fleur de Lys
Exploration at the 100%-owned Fleur de Lys project, located on the Baie Verte Peninsula in north-central Newfoundland, will focus on defining drill targets on the 480 sq. km property where Phase 1 exploration, completed in late 2021, identified a 30 km long, gold in till, anomaly. Pristine gold grains, suggesting a short distance of transport from source, have been returned from multiple sites, and grab samples of rocks taken during the till sampling, have given Au values up to 4.6 g/t. Drill targets are expected to be defined by the fourth quarter with a pre-drilling budget of $600,000. The rocks of the Fleur de Lys Supergroup are equivalent to the Dalradian Supergroup in the United Kingdom where several major gold deposits, including the six-million-ounce Curraghinalt deposit, are located.
Grey River – Sokoman / Benton Joint Venture Alliance
In the fall of 2021, a five-hole, first-phase, drilling program was completed at the Grey River project on the south coast of Newfoundland, testing portions of the Grey River “quartz zone”, a 14 km-long zone of massive silica that has given widespread gold values (up to 225 g/t Au) from surface sampling in the 1980s and 1990s, none of which had been drill tested. The 2021 holes were scattered over a 5 km-long portion of the silica body with all five holes returning significant gold values (> 1 g/t Au) up to 1.80 m of 10.58 g/t Au, all holes cutting at least two mineralized zones and all mineralization remaining open along strike and to depth. A drill, a camp, and fuel has been secured and will be mobilizing to site by early June to commence a 20-to-30-hole drill hole program following up on the 2021 results. The Alliance has increased its landholdings in the area with the recent staking of more than 400 claims covering structural and gold geochemical targets located to the east of the main property. A jointly funded budget of $2 million has been proposed for this program.
Golden Hope – Sokoman / Benton Joint Venture Alliance
In 2021, the Alliance announced the discovery of significant lithium mineralization in a swarm of pegmatite dykes located 14 km to the west of the Burgeo Highway, in southwestern Newfoundland. Subsequent prospecting and sampling in the fall of 2021 defined a 2 km by 1.2 km area hosting multiple, lithium-rich (spodumene), pegmatite dykes, with more than 100 float and outcrop grab samples and composite chip samples, that returned lithium values ranging from 0.05% to 2.37% Li2O with more than 25% returning > 1% Li2O. In early 2022, the Alliance completed a 1,025 m reconnaissance drilling program to establish the dike orientation and depth extension. A small area (100 m x 150 m) near the discovery outcrops was tested with five short holes. All holes hit mineralized (spodumene-bearing) dykes ranging from less than 1.0 m to 8.4 m in drilled width. Results to date from hole one include a grade of 0.95% Li2O over the 8.4 m width. All remaining assays are pending.
The Alliance has secured a camp, a track-mounted drill, and fuel for a summer drill program testing as many of the known dykes as possible, with up to 30-40, mainly shallow holes (<100 m). Concurrent prospecting and mapping will sample and evaluate numerous pegmatite dikes along a 20 km stretch of the favourable corridor straddling the Bay d’Est Fault, where none of the reported pegmatite dykes were sampled for lithium. Camp setup and drill mobilization are expected in mid-June. The Alliance has proposed a $3 million budget for this program.
Kepenkeck – Sokoman / Benton Joint Venture Alliance
The property is located in east-central Newfoundland directly on-trend to the northeast of Canstar Resources’ Golden Baie property where drill results of 9.6 g/t Au over 7.7 m have been reported (see Canstar Resources’ website). The early-stage project, where limited prospecting in the fall of 2021 located a 5.46 g/t Au rock grab sample, is targeting structurally-controlled, orogenic gold mineralization. A program of 200 m to 300 m spaced soil lines with samples at 25 m spacing across prospective structures identified from airborne magnetics, with concurrent prospecting, is planned. Work is expected to commence by June with a budget of $200,000.
Tim Froude, President, and CEO of Sokoman, says: “2022 will be a pivotal year for Sokoman through the advancement of our flagship Moosehead project where, by year-end, we expect to have completed 120,000 metres of diamond drilling since acquiring the project. We are confident that we will have merged most, if not all, of the known mineralized zones into a single entity and that new discoveries will come from our continued exploration elsewhere on the property. At the 100%-owned Fleur de Lys project, we expect to discover new gold showings through follow-up of the 2021 till program and we will be aggressively moving to establish drill targets. At Grey River and Golden Hope, we will be drilling with JV partner Benton Resources Inc. on two of the three projects we hold through our Alliance.”
QP
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.
COVID-19 Protocols
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 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 north-central 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. The Golden Hope project hosts a recently discovered zone of lithium-bearing pegmatite dikes that has returned significant grades of Li2O from surface sampling and diamond drilling including 8.4 m grading 0.95% Li2O from GH-22-01. The Grey River project was recently tested with five recon drill holes all of which returned gold values highlighted by 10.58 g/t Au over 1.80 m including 50.13 g/t Au over 0.35 m from GR-21-01.
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 financial support of the Fleur de Lys project through the Junior Exploration Assistance Program.
For further information, please contact:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
Sokoman Reports Additional Strong Results From The Barge Drill Program Moosehead Project, Central Newfoundland
Drilling ongoing with three rigs focused on expansion of the Eastern Trend to depth
St. John’s, NL, April 13, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is pleased to report that the Moosehead Project continues to deliver high-grade assay results, achieving a goal of expanding all mineralized zones along strike and to depth, while also connecting them.
Assay highlights include:
MH-21-323 – 4.05 m of 14.55 g/t Au incl. 1.15 m of 50.42 g/t Au from 31.70 m
MH-21-335 – 3.10 m of 15.80 g/t Au incl. 1.60 m of 29.93 g/t Au from 92.90 m
MH-21-338 – 5.80 m of 7.05 g/t Au incl. 2.40 m of 15.43 g/t Au from 98.15 m
MH-21-335 and 338 are barge holes completed in the Main Eastern Trend. They increase confidence in the interpreted plunge of the high-grade gold shoots as we move north in the current drill program. MH-22-323 was completed in the 75 Zone that continues to demonstrate high-grade near-surface gold potential. The Phase 6 program is ongoing with 298 holes completed for a total of 51,000 m. The remaining holes in the expanded table below include holes completed last fall from numerous locations within the overall mineralized footprint (see table for target definition).
Tim Froude, President and CEO of Sokoman, says: “The 75 Zone and the Main Eastern Trend continue to deliver strong results and the gap between both zones has narrowed to 65 m. The modelling is clearly supporting our interpretation that the 75 Zone, or portions thereof, is a splay off the Main Eastern Trend with a similar relationship that the Footwall Splay has with the Main Eastern Trend immediately to the north. Recent drill holes MH-21-346 returned 9.60 m of 7.33 g/t Au, and MH-21-345 returned 4.75 m of 20.75 g/t Au were completed where the Footwall Splay and Main Eastern Trend merge (January 20, 2022 news release). Drilling until spring break-up will focus on the following areas: a section or fan of six to eight holes testing a deeper portion of the Main Eastern Trend approximately 125 m north of and approximately 150 m down the interpreted plunge of holes MH-21-345 and 346. There are only two widely-spaced holes in this area representing the northernmost holes at this elevation (250 m vertically) in the Eastern Trend. A second drill will test below the current known extent of the Main Eastern Trend approximately 125 m downdip of holes MH-21-345 and 346 at a vertical depth of approximately 250 m where the Eastern Trend is completely open for expansion.”
The third drill has recently completed a fence of five holes targeting a combined magnetic and C horizon till anomaly (54 gold grains) 1 km southwest of the South Pond Zone. The area is inferred to sit along the main Valentine Lake shear zone which hosts Marathon Gold’s Valentine Lake gold project, that is about to commence mine construction. All five drillholes, awaiting assays, collared in Laurenceton Formation mafic volcanics consisting of flows and related breccias. The easternmost hole, MH-22-395, intersected strongly-sheared flows at 262.3 m. This fault can be projected to the northeast to the 253 Zone and provides a regional framework for the property. MH-22-379 intersected a fine-grained mafic flow or mafic dyke with 1%-2% locally up to 5% combined pyrite and arsenopyrite from 232.0 m – 235.0 m. At Moosehead, similar occurrences of pyrite and arsenopyrite at mafic dyke margins carry gold. Also occurring within the interval is a black chlorite zone with abundant buckshot pyrite. This association is frequently observed proximal to the auriferous veins at Moosehead.
Additional drilling will take place in the 253 Zone area where a subparallel structure carrying quartz veining and disseminated pyrite + arsenopyrite, first intersected in MH-21-253, returned assays of 7.5 m of 0.31 g/t, 32 m downhole, and 1.78 g/t Au over 1.40 m, 54.8 m downhole. The rig will be flown to the east side of the structure to better facilitate targeting. The 253 Structure is interpreted to be several kilometres in length and has had minimal drilling.
Expanded Table of Results – April 2022
QP
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.
COVID-19 Protocols
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 north-central 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. The Golden Hope project hosts a recently discovered zone of lithium-bearing pegmatite dikes that have returned significant grades of Li2O from surface sampling and diamond drilling including 8.4 m grading 0.95% Li2O from GH-22-01. The Grey River project was recently tested with five recon drill holes all of which returned gold values highlighted by 10.58 g/t Au over 1.80 m including 50.13 g/t Au over 0.35 m from GR-21-01.
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 financial support of the Fleur de Lys project through the Junior Exploration Assistance Program.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the Fleur de Lys project through the Junior Exploration Assistance Program.
For further information, please contact:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, Director, Investor Relations
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
Sokoman Minerals Reports Highest Gold Grain Counts To Date In Till Fleur De Lys Project, North-Central Newfoundland
St. John’s, NL, April 8, 2022 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to provide an updated summary of the results from Phase 1, C Horizon Till survey at the Fleur de Lys Gold Project. This update also summarizes pertinent assay data from 167 rocks (grab samples from float and outcrop), out of a total of 330 samples collected during prospecting prior to and during the till sampling.
A total of 968 till samples were collected in 2021, mainly on lines spaced 1.5 km to 2 km apart, with sample spacing along the lines of 250 m. Approximately 100 till samples of that total were collected as infill samples, in areas of anomalous gold grain counts. To date, 880 till samples have been processed by Ottawa-based Overburden Drilling Management (ODM), that is overseeing the project. Sokoman has previously provided a summary of results for the first 400 of these samples (October 6, 2021, news release). Today’s release summarizes results for 480 additional samples.
The following table summarizes the results for all 880 samples processed by ODM to date.
Based on discussions with ODM, background gold grain counts are herein determined to be 10 grains per sample, whereas an anomalous sample contains at least two times background or 20 gold grains. Of the 880 results, 190 samples have at least 20 gold grains and are considered anomalous. The till data have outlined a district-scale, prospective corridor of approximately 30 km strike length. The two highest values were total gold grain counts of 200 and 230, with 94 and 41 pristine grains respectively, suggesting a local source (less than 200 metres) for some of the anomaly clusters within the prospective corridor.
A total of 282 rock samples have been acquired, prior to and during the till survey, with results received for 167 samples to date. Thirty-four (34) samples returned values >100 ppb Au (0.1 g/t Au); 18 returned values >500 ppb Au (0.5 g/t Au); and ten (10) returned values >1000 ppb Au (>1.0 g/t Au), with a maximum value of 4.60 g/t Au. Follow-up prospecting and continued infill till sampling will commence as soon as possible, upon suitable snowmelt.
Tim Froude, President, and CEO of Sokoman, says: “We are impressed with the number and quality of anomalous till values on the property. Our geochemical exploration is defining a potentially significant bedrock source for the gold in tills in areas with little or no previous exploration. We are also finding significant gold values in both float and bedrock confirming that in situ gold mineralization exists in Dalradian-equivalent rocks in Newfoundland, with several of the strongly anomalous till areas unrelated to any known mineralization. Interpretation of the till results by Overburden Drilling Management estimates the gross target area to be a 30 km strike length, within which a number of better-defined anomalies are found, a priority for detailed follow up.”
The Fleur de Lys Supergroup, which underlies the project, are equivalent rocks to the Dalradian Supergroup in the Appalachian-Caledonian belt in the United Kingdom. In the latter area, three significant gold deposits are known: the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. Dalradian-type gold deposits occur in moderate- to high-grade metamorphic terranes and are typically high grade (the Curraghinalt deposit has in excess of 6 million ounces of NI 43-101 compliant gold resources including 6.3 million tonnes at 14.95 grams per tonne (Measured and Indicated) for 3.06 million ounces; and 7.72 million tonnes at 12.24 grams per tonne gold (Inferred) for 3.03 million ounces (2018 Mineral Resource Statement, Curraghinalt Gold Project, Northern Ireland, SRK Consulting (Canada)).
About the Fleur de Lys Gold Project
The 100%-owned Fleur de Lys Gold Project is located on the Baie Verte Peninsula in north-central Newfoundland. The project is highly prospective for Dalradian-style (e.g., Curraghinalt) orogenic vein-hosted gold deposits and as such, represents a readily accessible yet underexplored, district-scale, gold target in the Newfoundland Appalachians. The property has seen little modern exploration, with some areas remaining completely unexplored although historical grab sample values of 3.3 g/t Au to 25.5 g/t Au are reported from several locations (note: historical assays have not been verified by the Company and should not be relied upon).
QP
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.
COVID-19 Protocols
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.
Till Sampling QA/QC
The till samples were collected by Sokoman personnel using field collection techniques provided by ODM. All samples were hand dug to the desired depth (C Horizon Till) with a 10 kg – 12 kg sieved sample (8 mesh) placed in a clear plastic sample bag and sealed. Samples were shipped in plastic pails by bonded courier to the ODM lab in Ottawa, Ontario. The till samples are processed using procedures designed to progressively concentrate the heavy minerals, expose the gold grains and prepare a split of the heavy mineral concentrate (“HMC”) suitable for geochemical analysis if requested. The sample is wet screened at 2 mm with a preliminary concentrate extracted from the -2 mm fraction by tabling. Geological observations on the character of the sample are made during both the screening and tabling operations. The table concentrate is purposely large (typically 300 g-400 g) and of low grade (10%-25% heavy minerals) in order to achieve a high, 80% to 90% recovery rate for all desired heavy minerals, irrespective of their grain size or relative specific gravity. The gold grains, more than 95% of which are normally silt-sized (Averill 2001), are observed at this stage with the aid of micro-panning and are counted, measured, and classified as to the degree of wear (ie distance of glacial transport), then returned to the table concentrate. The pyrite content of the pan concentrate is estimated and the number of grains of heavier, visually distinctive indicator minerals such as arsenopyrite, galena, scheelite, cinnabar, etc. is recorded.
Quality Control and Quality Assurance Measures
In addition to using field duplicates to monitor the quality of the indicator mineral data obtained from specific projects, ODM performs blind tests to ensure that the recovery rates for all targeted minerals are consistently in the 80% to 90% range. Furthermore, both the quality of the mineral separation and the overall mineralogy of the concentrate are visible at every stage of the concentration process, minimizing the potential for sample mix-ups, indicator mineral carryover between samples, and other potential contamination issues. For example, gold grains, which are the most important indicator mineral on many surveys, are more susceptible to inter-sample carryover than any other indicator mineral due to their very small size, but these grains are physically observed during the first stage of mineral concentration, tabling, and, if anomalous concentrations are present, blank samples are tabled and carefully inspected for gold grains before the next project sample is processed.
Rock Sample Analysis
Rock sample analysis (gold by fire assay) was completed at Eastern Analytical Ltd. (Eastern), in Springdale NL. Samples were delivered in sealed bags directly to the lab by Sokoman personnel. Eastern is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Eastern routinely inserts industry-accepted standards and blanks in all sample runs performed as well as completing random duplicate analyses.
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 north-central 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 and/or referenced properties is not necessarily indicative of the mineralization hosted on the Company’s property.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the Fleur de Lys Gold Project through the Junior Exploration Assistance Program.
For further information, please contact:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, Director, Investor Relations
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
Sokoman And Benton Report First Drill Assay Results From The Kraken Pegmatite Field – Golden Hope Project, Sw Newfoundland
The 8.4 metre pegmatite dike averaged 0.95% Li2O
with grades hitting a high of 1.76% Li2O
St. John’s, NL, March 24, 2022 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV:BEX) (“Benton”) together, (the “Alliance”) are pleased to report the first assay results from the 1,025 m reconnaissance drilling program, that tested the recently discovered Kraken pegmatite field on the Golden Hope Joint Venture Property in southwestern Newfoundland. The samples were cut from an 8.40 m wide (drilled thickness), spodumene-bearing, pegmatite dike that returned the following assays:
Assay values ranged from 0.08% to 1.76% Li2O reflecting variations of spodumene content, and the presence of occasional barren wall rock or quartz vein inclusions, averaging 0.95% Li2O over 8.40 m from 47.8 to 56.2 m. Other pegmatite dikes ranging from 0.40 m to 2.30 m with variable spodumene content were also intersected in hole GH-22-01 with assays pending. Gold analysis results from the host sericite schist units carrying variable pyrite are also pending. All samples submitted, 1,165 including blanks and standards, for the remainder of GH-22-01 as well as for holes GH-22-02 to 06 are pending.
The 1,025 m program focused on a 100 m by 150 m area in the vicinity of the initial discovery (see map), which included more than 100 float and outcrop grab samples and composite chip samples, that returned lithium values ranging from 0.05% to 2.37% Li2O. Multiple mineralized, spodumene-bearing dikes were intersected in all drill holes ranging from less than 1.0 m to 8.40 m in drilled thickness (true thicknesses believed to be 90% of drilled thickness), from surface to approximately 50 m vertically below surface. The Kraken pegmatite field has been sampled over a strike length of 2,200 metres and an apparent width of 1,200 metres, and historical assessment work reports pegmatite dikes exposed up to 6 kilometres along trend.
All samples have been shipped to Activation Laboratories in Ancaster, Ontario for multi-element analysis including lithium, tantalum, cesium and other rare/critical metals by Sodium Peroxide Fusion ICPOES + ICPMS. Gold will be analyzed by fire assay.
The property lies along the Bay d’Est fault system, a gold prospective fault structure in southern Newfoundland that extends through the Sokoman/Benton licences. The Alliance continues to evaluate historical data for significant gold and lithium mineralization and will restart ground prospecting and follow-up exploration once weather conditions permit.
Sokoman’s President and CEO Tim Froude, comments: “The Alliance is pleased with the first assays from our recon drilling program at the Kraken pegmatite field. Our objectives for the program were to establish significant lithium values to depth and to better understand the distribution and orientation of the dikes – the results have confirmed our objectives, with grades reported comparing favourably to many global lithium projects currently known. We wish to emphasize that we have just scratched the surface with the exploration to date, and that we have extensive work ahead of us to establish the limits of the dike swarm given that previous workers have reported pegmatites at least six kilometres on trend from the area just drilled. The Alliance is purchasing a camp to facilitate a larger drill program that will be put in place once we receive all required permits. In the meantime, as soon as conditions allow, we will be prospecting and sampling the many reported dike occurrences beyond the area already sampled to establish the true extent of the lithium-enriched dike swarm.”
Benton’s President and CEO Stephen Stares, states: “The first drill hole drilled for lithium on the Island of Newfoundland has confirmed good grades of lithium comparable to other lithium pegmatite systems worldwide. We’ve barely scratched the surface of this extensive system and we’re anxious to get back on the ground, prosecting, sampling, mapping and drilling and completing more regional exploration in general. Both companies are very well financed to execute our upcoming field season plans. I’m confident that this summer will unveil excellent value for our shareholders.”
The Alliance has created a short video for this announcement. Investors can watch it HERE.
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This news release has been reviewed and approved by Timothy Froude, P. Geo., President and CEO of Sokoman Minerals Corp. a ‘Qualified Person’ under National Instrument 43-101.
COVID-19 Protocols
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton will continue to use best practices in the course of performing our work programs and will follow any future federal or provincially mandated or recommended COVID-19 guidelines.
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, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck on the island of Newfoundland. Sokoman now controls independently and through the 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 district. Sokoman 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.
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, Lithium, 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. In 2021, Benton entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, 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
Email: cathy@chfir.com
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’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 Alliance 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 Alliance’s expectations or projections.
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