Sokoman Iron Corp. Provides Exploration Outlook
Sokoman Iron Corp. Provides Exploration Outlook
January 18, 2018 – Sokoman Iron Corp., TSX-V SIC (the “Company”) is pleased to provide shareholders with an exploration outlook for the first half of 2018 on its portfolio of gold projects in Central Newfoundland.
Clarks Brook Project
The Clarks Brook Project will be the subject of a Phase 2 reconnaissance diamond drilling program, expected to start in 2 to 3 weeks. The program will focus on the coincidental magnetic and IP targets that host the known mineralization on the property, and where Phase 1 drilling in October 2017, confirmed the presence of locally robust gold mineralization in the first ever holes drilled on the property (SIC NR – December 22, 2017). Selected assays from hole CB-17-2 are as follows; 3.37 g/t Au/3.00 m (127.75m – 130.75m), including 4.63 g/t Au/1.65 m (127.75m – 129.40m), and 26.9 g/t Au/0.25 m (127.75m – 128.00m). The Phase 2 program will consist of approximately 500 meters of drilling in three or four holes and will test the strike extent of the zone, as well as possible parallel structures hosting mineralization. Additional holes and meterage will be added if results warrant.
Moosehead Project
The Company is currently in the process of generating a NI 43-101 Technical Report on the Moosehead property as a condition for approval of the proposed option agreement between Sokoman Iron Corp. and Altius Resources Inc., whereby Sokoman intends to earn a 100% interest, (subject to underlying royalty agreements) in the Moosehead property (SIC NR – November 9, 2017). The report was requested by the TSX Venture Exchange, and should be complete within 30 days. After approval has been granted, Sokoman intends to have all data compiled and modeled by the end of Q1 2018 to aid in drill planning. Pending receipt of all work and related permits, which the company will apply for once approval has been granted, the company expects Phase 1 drilling to commence in late spring 2018. The 2018 program will test a new (2016) structural interpretation of the mineralization which concluded that a most previous drilling may not have been oriented to optimally test the mineralization. In addition, the company plans to investigate recently defined soil anomalies outlined by Altius Resources in 2015 and which lie north and east of the known extent of mineralization.
The Moosehead project, is host to locally significant gold mineralization including diamond drill intercepts* highlighted by; MH-01-13 which returned 11.05 g/t gold over 17.11m from 38.00m downhole, and MH-02-38 which returned 14.07 g/t gold over 16.84m from 74.38m downhole (Altius Minerals Corp. website 2018). The mineralization at Moosehead is believed to be open in all directions and to depth, with average hole length of about 100 meters. *Note: Historical drill results reported in this release from Moosehead were from saw cut NQ sized drill core with analysis carried out by either ALS Chemex in Vancouver, B.C.; XRAL Laboratories in Don Mills, ON; or, Chimitec Laboratories in Val d’Or, QC. Vein material was analyzed by a 1000 gram metallic screen preparation and fire assay analysis, with standard fire assay for the remaining samples. A 32 element ICP scan was also completed on all samples. The work is historical in nature and non NI 43-101 compliant and SIC have not yet independently verified the data.
Central Newfoundland Gold Project (CNGP)
The CNGP is located in central Newfoundland and consists of three separate projects; East Alder, Crippleback Lake and Princess Lake, all of which straddle the regional structure that hosts many of the most important gold deposits and prospects on the Island of Newfoundland. Projects including the Valentine Lake property (Marathon Gold) which has NI 43-101 mineral resources of 1,846,500 ounces gold Measured and Indicated at 1.88 g/t gold, and 1,011,700 ounces gold Inferred at 1.66 g/t gold (November 30, 2017 Marathon Gold Inc. NR); and the recently discovered Wilding Lake Project, which has reported channel sample assays of 49.6 g/t Au over 4.6 meters and diamond drill intercepts of 10.01 g/t Au over 5.35 metres (December 13, 2017 Antler Gold NR) are believed to be localized on the same regional structure. The Antler discoveries are as close as 1200 meters from our boundary and on trend. We have defined at least 14 high priority soil/till and rock geochemical targets at East Alder, and another six on Crippleback Lake, all of which will be investigated this year. The author cautions that the style of mineralization, and gold values reported from the Valentine Lake or the Wilding Lake projects, are not necessarily indicative of the mineralization on Sokoman Iron’s properties.
Timothy Froude, P. Geo., Interim CEO states, “We are very anxious to get our 2018 programs underway, beginning with Clarks Brook, where the amount of float and the geophysics suggests we may not yet know the full extent of the gold zone at Clarks. The Moosehead project will gather momentum once we obtain TSX Venture Exchange approval, at which time we will move forward with one of the highest potential properties in central Newfoundland. At the CNGP, we have 20 high priority trenching targets defined and we are optimistic some will graduate to the drilling stage. In short, 2018 is shaping up to be an exciting year for Sokoman shareholders as we move forward our portfolio of high quality projects. We are also grateful for the financial assistance we will receive from the Province of Newfoundland on our 2017 JEA qualifying projects, the CNGP, and Clarks Brook. (Clarks Brook was pre-approved for JEA by Metals Creek in 2017 prior to acquisition by Sokoman).”
Sokoman Iron Corp. is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus are its’ portfolio of gold projects in Central Newfoundland. The company also has interests in early stage gold, base metal and antimony projects in Newfoundland as well as a 100% interest in the Iron Horse (Fe) project in western Labrador. The company will seek new opportunities that may arise. This news release has been reviewed and approved by Timothy Froude, P. Geo., a “Qualified Person” under National Instrument 43-101 and Interim CEO for Sokoman Iron Corp. For further information please contact Timothy Froude at 709-765-1726, or by email at tfroude@sokomaniron.com
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. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Iron 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 Iron Corp.
