Sokoman Provides Project Update, Moosehead Gold Project, Central Newfoundland
13 of 19 holes at the Western Trend intersect gold-bearing quartz veins
St. John’s, NL, December 12, 2024 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman” or the “Company”) is pleased to provide an update on the Moosehead Project. The previously announced (see press release dated November 27, 2024) Western Trend diamond-drill program is progressing well, with 1,325 m in 19 holes completed. The drilling is testing the area of the recently completed Western Trend Trench (Figure 1) which is the future site of the planned conventional (drill and blast) bulk sample. Thirteen (13) of the holes intersected visible gold-bearing quartz veins and vein swarms (Photos 1 and 2), similar to the exposures in the trench. All assays are pending and expected early in Q1 2025. Drilling will continue until the Christmas break (December 19, 2024, to mid-January 2025).
The drilling program is testing the strike/dip extents of the newly discovered, east-west trending, gold-bearing vein network, which is a splay off the main north-trending vein system in the trench. Drilling to date has tested 100 m of the strike to 80 m down dip with the zone remaining open. The deeper holes target the potential high-grade plunge of the intersection point between the east-west trending splay and the main north-trending vein system. The new vein system setting is similar to the high-grade Footwall Splay trending off the main Eastern Trend approximately 200 m to the east. The trenching was initiated for a conventional (drill and blast) bulk sample from the Western Trend, with final permits expected soon, and bulk-sample collection is planned for Q2 2025.
The Company is also pleased to report additional Phase 1 metallurgical results from Base Met Labs in Kamloops, B.C., for scoping-level, metallurgical tests of the Western Trend gold mineralization. Gold recoveries from the bulk gravity testing of the quartz vein sample returned 82.0% to 83.0% of the gold, with leaching of the gravity tailings giving a 95.0% to 96.6% gold recovery. Additional testing is ongoing, and the final results are expected in Q1 2025.
Timothy Froude, P.Geo., President and CEO, states, "With the drilling program largely complete at the Western Trend, we expect to have a sample plan in hand early in Q1 2025 with collection of the bulk sample following once all permits have been received. We are evaluating several options for the sample processing, with the aim of deciding by mid-to-late Q1 2025. We also look forward to continued good gold intersections in the Western Trend drilling program, where we have had excellent success. The metallurgical work on the quartz vein portion of the planned bulk sample has yielded excellent recoveries. We are expecting a formal proposal from Novamera on the planned Footwall Splay Zone bulk sample to be taken later in 2025 using its proprietary technology. It looks like 2025 will be a great year for the Moosehead Project and indeed for Sokoman as a whole."
Photo 1: Visible gold in quartz - DDH MH-24-649 Western Trend Trench area
Photo 2: Mineralized vein swarm in MH-24-655 - Western Trend Trench area
Figure 1: Drill Hole Location Map
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, are submitted to Eastern Analytical Ltd. in Springdale, Newfoundland, for gold analysis. All core samples submitted for assay are saw cut by Sokoman personnel, with one-half submitted for assay and one-half retained for reference. Samples are 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 are submitted for total pulp metallics with a gravimetric finish. All other samples are analyzed by standard fire assay methods. Total pulp metallic analysis includes the entire sample being crushed to -10 mesh and 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%-owned flagship, advanced-stage Moosehead, Crippleback Lake, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company 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 is one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.
In October 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a major developer of lithium projects and processing plants in the USA, and exactly the right partner to have to advance the lithium project. The agreement provides for Piedmont to earn up to 62.5% of the Killick Lithium Project (formerly Golden Hope project) by funding up to $12 million in exploration expenses and issuing $10 million common shares in three stages. The Killick Lithium Project has been transferred to Killick Lithium Inc. (Killick), a 100%-owned subsidiary of Vinland Lithium Inc. (Vinland). Newly created Vinland has received $2 million in financing from Piedmont for a 19.9% interest, with the balance of ownership between Sokoman and Benton. Sokoman and Benton will continue to operate the exploration efforts at Killick through the earn-in stages. Sokoman and Benton will retain a royalty of 2% NSR on future production. Piedmont will have exclusive marketing rights for the promotion and sale of any lithium products produced from the project on a life-of-mine basis, and the right of first refusal on 100% offtake rights to the lithium concentrates.
Projects optioned with optionee fully vested are:
East Alder Project optioned to Canterra Minerals Inc. (SIC retains shares of CTM plus 1% NSR)
Startrek Project optioned to Thunder Gold (SIC retains shares of TGOL plus 1% NSR)
The Company would like to thank the Government of Newfoundland and Labrador for the financial support of the Moosehead and Fleur de Lys Projects through the Junior Exploration Assistance Program during the past few years.
For more information, please contact:
Timothy Froude, P.Geo., President & CEO
T: 709-765-1726
E: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
E: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
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.
