Sokoman Iron Provides Moosehead Gold Project Update
SOKOMAN IRON PROVIDES MOOSEHEAD GOLD PROJECT UPDATE:
REVISED 3-D MODELLING UNDERWAY
Puslinch, ON, April 25, 2018 – Sokoman Iron Corp. (“Sokoman” or “the Company”) (TSX-V: SIC) today announced that the modelling of historical diamond drilling carried out at Moosehead from 1996 to 2004 is underway and when complete, will help the Company prioritize and plan for a Phase I drilling program which is expected to begin in mid-May. The revised 3-D model will incorporate three phases of drilling completed between 2002 – 2004 after the original modelling was done in early 2002.
Timothy Froude, P. Geo., Interim CEO states: “We are anxious to get the drill turning at Moosehead. The Phase I program will be the first diamond drilling to be initiated at Moosehead since 2004 and will test several targets including the high grade shallow zone; the deeper high-grade zone in MH-03-15; and new targets defined by Altius Resources from their 2015-2016 exploration program.”
The Moosehead project is host to widespread, orogenic lode gold mineralization, that has been intersected over a two km long by 500 m wide zone, locally with very high grades as shown below.
*Note: Historical drill results reported in this release 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. True width of selected intercepts may vary between 30-100% of the reported interval.
The Company has also submitted permit applications for the forthcoming diamond drilling program and permits are expected to be in hand in 4-6 weeks. The Phase I program will consist of up to 2000 metres of drilling and will have three objectives; to expand on the near surface high grade mineralization previously identified, to test the deeper high grade which has been tested by only a single hole (MH-03-15), and to test high priority coincidental soil and mineralized float identified along trend of the main zones of mineralization. Structural analysis including information from the 2016 trenching and downhole televiewer analysis by Altius has provided a new interpretation of the structures controlling mineralization and concluded that most historic drilling on the property did not adequately test the mineralization.
The Moosehead property is strategically located in north central Newfoundland with the TransCanada Highway crossing the northern portion of the property, and Route 360 lying 1.2 kms northwest of the bulk of the previous drilling. The town of Grand Falls-Windsor lies 20 kms west of the property, and the town of Gander is located 75 kms to the east. The deep water port of Botwood lies 17 kms north of the property and secondary roads and drill trails offer excellent access to virtually the entire property. Moosehead lies 33 kms northwest of Sokoman’s Clarks Brook Gold project where assays from the recently completed Phase II drilling program (594 m) successfully extended the known mineralized trend and intersected a second, subparallel zone of gold mineralization (April 4, 2018 News Release).
On November 10, 2017, Altius Resources Inc. and Sokoman Iron Corp. entered into a definitive agreement whereby Sokoman has the exclusive right to acquire a 100% interest (subject to an existing 0.5% NSR royalty) in Altius Resources Inc’s high-grade Moosehead Gold Project in central Newfoundland (the Option). On March 23, 2018, Sokoman announced that the TSX Venture Exchange had accepted for filing all of the documents in regard to the Moosehead property transaction as previously announced on November 9, 2017. Sokoman has also issued the share payment and related warrant certificate to Altius Minerals Inc. (Altius) consisting of 7,754,371 common shares and 1,428,571 share purchase warrants. Upon closing, Altius will hold a total of 9,182,942 common shares of Sokoman Iron Corp. which represents 19.9% of the outstanding shares of Sokoman at the time of the closing of Sokoman’s November 2017 financing. The issued share purchase warrants have a strike price of 5 cents good for three years after the date of the closing.
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.
About Sokoman Iron Corp.
Sokoman Iron Corp. (TSXV: SIC) is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is 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.
Contact:
Timothy Froude, P. Geo., Interim CEO
Phone: 709-765-1726
Email: 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. 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.
