Newsroom
Sokoman And Benton Confirm High-Grade Gold And Receipt Of Drill Permits For Grey River, Southern Newfoundland
Chip sampling with visible gold returns up to 134.46 g/t Au
St. John’s, NL, September 2, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”), members of a joint exploration alliance previously announced on May 27, 2021 (together, “the Alliance”), are pleased to announce they have received high-grade gold assays up to 134.46 g/t Au (visible gold noted in sample) at the Grey River Joint Venture located on the south coast of Newfoundland. The Alliance collected a series of grab and chip samples from outcrop and local float, and assays range from less than detection to 134.46 g/t Au (sampling details provided below). The sampling focused on an area roughly 500 m by 300 m immediately west of Gulch Cove where historical gold values of 225 g/t Au were reported by previous workers (see map).
The high-grade visible gold-bearing sample (480309) is located a few metres from tidewater and consisted of a 0.50 cm chip believed to be at the same location as the 225 g/t Au historical sample reported by previous workers. The sample also contained anomalous bismuth (>1000 ppm Bi), and silver (>6 ppm Ag), for which overlimit assaying is pending. A second sample (480310), contiguous with the aforementioned sample, returned 3.09 g/t Au from a 30 cm chip. In addition, a number of anomalous grab samples ranging from less than detection to 1.22 g/t Au were returned from the sampling over a 500 m strike length of the quartz zone that has been mapped by the government over an 8 kilometre E-W strike length and up to 300 m in width. Further sampling along this trend to the west has been completed in recent days and submitted for assay.
The Alliance has also completed sampling of five archived drill holes that were drilled for silica by the Newfoundland government in 1968. The drilling took place approximately 2 kilometres east of where the high-grade results are located. Examination of the old cores revealed up to 2% disseminated pyrite locally, and for which no records of gold assaying could be found. A total of 23 samples were taken that ranged from 0.25 m to 2.80 m in length with an average length of 1.21 m. Samples were sent to Eastern Analytical Ltd. in Springdale, NL for Au and ICP analysis.
The Alliance is also very pleased to announce that drilling permits have been received, and it intends to proceed immediately with sourcing a drill and crew, as well as addressing the logistical issues that will be faced. Drilling will most likely take place in October when conditions on the South Coast are more amenable to flying as it will be a helicopter-supported program. Total metres and number of holes will be refined once the geophysics has been modelled with the assay data and geology.
A recently completed Heliborne High Resolution Magnetic and Matrix Digital VLF-EM Survey flown by Terraquest Ltd. totaling 1099-line kilometres is currently being processed and will be used to further refine drill targets on the property.
The Grey River Project is targeting high-grade vein-hosted gold mineralization similar in style to the world class Pogo Mine in Alaska with past production of more than four million ounces of gold and current reserves of 5.9 Mt @ 8.0 g/t gold (1.5 million ounces gold) and resources of 23 Mt @ 9.8 g/t gold (6.9 million ounces gold). Source: Northern Star Resources Website – August 2021.
Mineralization hosted at the Pogo Mine in Alaska is not necessarily indicative of mineralization hosted on the Grey River property.
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Nathan Sims, P.Geo., Senior Exploration Manager for Benton Resources Inc., both the ‘Qualified Person’ under National Instrument 43-101.
Sample Analysis
The samples were collected and delivered in sealed bags to Eastern Analytical Ltd. in Springdale, NL, by company personnel. Eastern Analytical Ltd. is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. All samples were submitted for 34 element ICP analysis and gold by fire assay analysis. Two samples, 480309 and 480310, were submitted for total pulp metallics and gravimetric finish, based on the presence of visible gold in sample 480309. Analysis includes: the whole sample is crushed to -10 mesh; then pulverized to 95% -150 mesh. The total sample is weighed and screened 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. 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.
COVID-19 Protocols
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton are 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 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 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 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 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. 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, 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.bentonresources.ca , www.sokomanmineralscorp.com
Twitter: @BentonResources , @SokomanMinerals
Facebook: @BentonResourcesBEX , @SokomanMinerals
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 Company’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’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 Company 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 Company’s expectations or projections.
Sokoman Receives Final Water Permit For Barge-Based Drilling At Moosehead Gold Project, Newfoundland
St. John’s, NL, August 18, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) today announced that it has received the Water Resources Permit from the Government of Newfoundland and Labrador to begin barge-based drilling at the Company’s 100%-owned Moosehead Gold Project in central Newfoundland. The recently arrived third drill rig will be moved onto the barge once the drilling of a fence of holes at the 75 Zone is finished. The barge drill program will focus on the Upper Eastern Trend and Footwall Splay targets, estimated to constitute between 5,000 m and 10,000 m of drilling, with drill hole depths expected to be 100 m or less with a few reaching 215 m. The drill program is expected to run into the fall.
About the Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, Canada, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. At least five zones of significant gold-bearing mineralization have been identified at Moosehead with multiple high-priority targets, independent of the known zones, remaining to be tested. Drilling to date has constituted 23,378 m in 106 holes in Phases 1 to 5, and 24,500 m in 135 holes of a planned 50,000 m program in Phase 6.
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 gold projects in Newfoundland and Labrador, Canada. The Company’s primary focus is its portfolio of gold projects including the 100%-owned, high-grade, Fosterville-type Moosehead Gold, and the Crippleback Lake (optioned to Trans Canada Gold Corp.), and East Alder (optioned to Canterra Minerals Corporation) Projects, all of which lie along the Central Newfoundland Gold Belt, as well as the 100%-owned, district-scale Fleur de Lys project in north-western Newfoundland, which is targeting Dalradian-type gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. In addition, the Company recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties for gold, with potential for other minerals, in Newfoundland – Grey River, Golden Hope and Kepenkeck.
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, 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 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 Moosehead Project through the Junior Exploration Assistance Program.
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
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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 Company’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’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 Company 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 Company’s expectations or projections.
Sokoman And Benton Announce Discovery Of High-Grade Lithium-Bearing Pegmatites At Golden Hope In Southwestern Newfoundland
Two samples, 110 m apart, return 1.95% and 0.49% Li2O respectively
St. John’s, NL, August 16, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”), which are 50/50 members of a joint exploration alliance previously announced on May 10, 2021 (together, “the Alliance”), are pleased to announce that they have discovered a swarm of lithium-bearing pegmatite dikes on the Golden Hope Joint Venture Project in southwestern Newfoundland, Canada. Benton’s President and CEO Stephen Stares and Director Michael Stares, along with Sokoman’s President and CEO Timothy Froude and consultant Sean O’Brien, identified the pegmatites on a recent field visit, collecting three grab samples over a 110-m-width across the dykes. Two of the samples returned 1.95% Li2O and 0.49% Li2O, believed to be the first discovery of significant lithium mineralization on the Island of Newfoundland. Lithium occurrences in the Appalachian belt are well known and include important deposits in the Carolinas in the eastern US, as well as in the geologically equivalent Caledonides of Ireland.
The lithium mineralization is situated in a so-far unknown-sized zone or swarm of pegmatite dykes with an apparent width of 110 m and as-yet unknown strike length. Random grab samples were collected near what is believed to be the northern and southern limits of the zone and submitted to Actlabs in Ancaster, Ontario for analysis by Sodium Peroxide Fusion ICPOES + ICPMS.
The focus of the Alliance remains the gold potential of the Golden Hope Project. However, the discovery of the lithium-bearing pegmatites is significant, therefore Sokoman and Benton will pursue this opportunity for the benefit of their respective shareholders. As a reference, Canaccord Genuity Group Inc., in an August 12, 2021 update report on lithium, forecasts lithium prices to continue climbing on growing demand from higher-than-expected global electric vehicle sales paired with supply shortfalls.
Sokoman’s President and CEO, Timothy Froude, P.Geo., states: “The discovery of what we believe to be the first lithium-rich pegmatites in Newfoundland could be very significant for shareholders of both Sokoman and Benton. A crew will be dispatched to the discovery site later this week for detailed sampling and documentation of the dykes. While the Alliance remains firmly committed to the evaluation of the gold potential of the property, we believe that the new discovery requires immediate follow-up sampling. This is a prime example of the enormous untapped resource potential that the Island has to offer.”
“To be part of the first ever lithium discovery in Newfoundland is simply extraordinary. Michael and I have previously been involved in several lithium discoveries in Ontario, so we understand the scale and grade of what it takes to make a deposit. These extremely early results at Golden Hope indicate that this new discovery could fit those criteria. We can hardly wait for the next sampling phase,” added Stephen Stares, President and CEO of Benton Resources.
The Alliance has completed the previously announced 5,709 line-km Heliborne High-Resolution Aeromagnetic & Matrix Digital VLF-EM Survey flown by Terraquest Ltd. with the data currently being processed. The survey will provide the structural / lithological setting and help identify gold-bearing structure extensions, as well as any unrecognized structures including those potentially related to the lithium pegmatites.
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Nathan Sims, P.Geo, Senior Exploration Manager for Benton Resources Inc., both the ‘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 are 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 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 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 the Company’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 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 (TSXV: SIC) through three large-scale joint venture properties including Grey River, 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.bentonresources.ca , www.sokomanmineralscorp.com
Twitter: @BentonResources , @SokomanMinerals
Facebook: @BentonResourcesBEX , @SokomanMinerals
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 Company’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’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 Company 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 Company’s expectations or projections.
Sokoman Minerals Mobilizes Third Drill Rig At Moosehead Gold Project, Newfoundland
St. John’s, NL, August 10, 2021 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (the “Company” or “Sokoman”) today announced that the third drill rig has arrived at the Company’s 100%-owned flagship Moosehead Gold Project in north-central Newfoundland and will be deployed immediately to test high-priority targets in the 75 Zone and Eastern Trend areas where up to 15,000 metres of the remaining 27,000 metres remain to be drilled in the current phase. Once the Water Resources Permit has been received, the drill rig will be relocated to drill from the barge that is ready to be mobilized to the property. The barge program alone could entail as much as 5,000 to 10,000 m, depending on success and depths, to target the Footwall Splay and as much of the Eastern Trend that can be accessed. The contractor is also in the process of securing the fourth drill rig and crew for deployment as soon as practicable.
Just under 23,000 m of the proposed 50,000 m Phase 6 program has been completed to date and multiple strong intersections have been reported from this phase including the holes summarized as follows:
MH-21-115 (Footwall Splay – Eastern Trend) – 4.60 m @ 47.20 g/t Au; and 8.10 m @ 68.25 g/t Au
MH-21-163 (Footwall Splay – Eastern Trend) – 18.90 m @ 13.09 g/t Au
MH-21-141 (South Pond Zone 1) – 4.20 m @ 64.00 g/t Au
MH-21-123 (South Pond Zone 1) – 5.00 m @ 26.87 g/t Au
MH-21-203 (75 Zone) – 2.85 m @ 13.67 g/t Au
*Reported lengths are core lengths and are believed to be 70% to 85% of true thickness
About the Flagship Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. At least five zones of significant gold bearing mineralization have been identified to date at Moosehead and multiple high-priority targets independent of the known zones remain to be tested. In Phases 1 to 5, the Company completed 23,378 m (106 holes). The Company has to date completed just under 23,000 m of a current 50,000 m Phase 6 drill program at Moosehead.
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 gold projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects including the 100%-owned, high-grade, Fosterville-style Moosehead Project, and the Crippleback Lake (optioned to Trans Canada Gold Corp.), and East Alder (optioned to Canterra Minerals Corporation) Projects, all of which lie along the Central Newfoundland Gold Belt, as well as the 100%-owned, district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type 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, 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 Moosehead Project through the Junior Exploration Assistance Program.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Announces High-Grade Results Demonstrating Continuity Of Eastern Trend Mineralization At The Moosehead Project, Central Newfoundland
St. John’s, NL, July 29, 2021 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (the “Company” or “Sokoman”) is pleased to announce that ongoing Phase 6 drilling at the 100% owned Moosehead Property in central Newfoundland has intersected additional high-grade gold with multiple holes reporting visible gold mineralization.
Tim Froude, President and CEO of Sokoman, says: “Drilling continues to confirm high-grade gold at Moosehead and provide insights into the complex geological controls on the high-grade mineralization. Our methodical approach is paying off as we continue to intersect and extend the interpreted high-grade shoots that lie within the larger envelope of gold mineralization. With high-grade gold existing in all known zones within an area at least 700 m in strike, up to 200 m in width, and at least 250 m vertical, the potential to link these zones as well as expand the footprint of the Moosehead system is high. Drilling will continue with two rigs and arrival of the barge rig on the property is expected to be two – three weeks. The barge is ready and will be mobilized immediately on receipt of the Water Resources permit, which is the only permit outstanding. We will be posting all Phase 6 drill hole summaries on our website as soon as compilation and updating of sections and plans are complete.”
75 Zone
While waiting on assays for South Pond the drill was relocated to the 75 Zone to assess the southern extension of the Eastern Trend. Borehole MH-19-75 was originally drilled in the fall of 2019 and returned a 5.80 m intersection (core length) grading 6.93 g/t Au starting at 87.50 m downhole, including two visible gold-bearing veins that assayed 30.42 g/t Au over 0.30 m (from 88.95 m), and 32.99 g/t Au over 0.80 m (from 92.50 m). The initial follow-up program around MH-19-75 was based on 25 m step outs which the Company has determined to be less than ideal for evaluating these complex shear systems. MH-21-203 returned 13.67 g/t Au over 2.85 m from 98.15 m downhole – a 10 m step out to the south from MH-19-75. MH-21-205 – a 15 m step out from MH-19-75 (and up-dip from MH-21-203) intersected four veins with visible gold, returning 2.88 g/t Au over 4.25 m including 7.89 g/t Au over 1.25 m. Given these results the drill will continue at the 75 Zone.
South Pond
At South Pond, ongoing drilling has defined a steeply-plunging, high-grade core within the moderately to steeply east-northeast dipping mineralized zone. Modeling of the area suggests that South Pond is possibly a splay off the Eastern Trend structure to the east, with many similar characteristics to the original Footwall Splay at North Pond. This interpretation bodes well for continued exploration between South Pond and Western Trend (approximately 250 m corridor) not only for gold mineralization on the main structures but for repeating splays as well.
Eastern Trend
Drill holes MH-21-193, 198 and 200 all focused on the Lower Eastern Trend between vertical depths of 150 to 200 m and were follow-up to previous drilled holes MH-19-62 (7.20 m @ 22.35 g/t Au and MH-19-81 (6.40 m @ 17.34 g/t Au). The results have confirmed continuity of gold mineralization in the Lower Eastern Trend and drilling will continue in this area for the foreseeable future.
Previous drilling in the Eastern Trend intersected gold mineralization on structures both above and below the main mineralized envelope. Ongoing close-spaced drilling of the Lower Eastern Trend indicates that there is more regularity and predictability to these intersections. The upcoming barge-based program will be key to assessing the up-plunge potential and whether these structures prove to be additional high-grade splays and or parallel structures.
About the Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. At least five zones of significant gold bearing mineralization have been identified to date at Moosehead and multiple high-priority targets independent of the known zones remain to be tested. In Phases 1 to 5 the Company completed 23,378 m (106 holes). In Phase 6 the Company has completed 22,326 m to-date to hole MH-21-228 (120 holes in this Phase) of the 50,000 m drill program at Moosehead.
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
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. Samples, including duplicates, blanks and standards, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. 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 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. All reported assays are uncut.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with gold projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects including the 100%-owned, high-grade, Fosterville-style Moosehead Project, and the Crippleback Lake (optioned to Trans Canada Gold Corp.), and East Alder (optioned to Canterra Minerals Corporation) Projects, all of which lie along the Central Newfoundland Gold Belt, as well as the 100%-owned, district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type 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, 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 Moosehead Project through the Junior Exploration Assistance Program.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Provides Exploration Update For Its Portfolio Of Gold Projects In Newfoundland, Canada
Ongoing drilling at Moosehead; field work at Fleur de Lys and Benton-Sokoman JV projects; visible gold found at Grey River
St. John’s, NL, July 20, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to provide the following exploration update on its 100%-owned projects as well as Joint Venture Projects with Benton Resources Inc. (TSXV: BEX) in Newfoundland.
Highlights:
Moosehead: close to 20,000 m completed with two drill rigs; third drill rig expected in 2-3 weeks for the barge-based program; testing Footwall Splay/ Eastern Trend, South Pond and the new 75 Zone.
Fleur de Lys: ongoing till sampling program; multiple samples submitted for gold grain and heavy mineral analysis with initial results expected in 2-3 weeks.
Grey River JV: sampling in the vicinity of the historical 225 g/t Au sample site resulted in the identification of visible gold in a portion of the mineralized zone; samples submitted for assays; high-resolution airborne geophysical survey to begin shortly.
Golden Hope JV: initial reconnaissance mission completed; rock samples, stream sediment and C-horizon till samples submitted for assays; in the process of completing high-resolution airborne geophysical survey.
Kepenkeck JV: completed a high-resolution airborne geophysical survey; a prospecting program has begun; a detailed soil sampling program to commence shortly; first assay results from sampling deemed very encouraging.
Moosehead Project
Phase 6 drilling program is ongoing at Moosehead with two rigs. While there has been a delay in getting a third drill rig on-site due to the current shortage of the drill crew experienced by Sokoman’s preferred drilling contractor who knows the property area well, Sokoman has recently been advised that the third rig is expected to join the program in 2-3 weeks. The third rig will now be designated for the barge-based program which is awaiting final approval from the Department of Environment. The Company is looking at adding a fourth drill rig as soon as possible and will keep investors posted on the progress made in that regard.
Once the third rig is on site, Sokoman plans to be alternating the initial two drills in order to test regional targets that could easily lead to other discoveries in addition to extending currently known zones.
Just under 20,000 m of the proposed 50,000 m Phase 6 program has been completed and multiple strong intersections have been reported from this phase including the holes summarized as follows:
MH-21-115 (Footwall Splay – Eastern Trend) – 4.60 m @ 47.20 g/t Au; and 8.10 m @ 68.25 g/t Au
MH-21-163 (Footwall Splay – Eastern Trend) – 18.90 m @ 13.09 g/t Au
MH-21-141 (South Pond Zone 1) – 4.20 m @ 64.00 g/t Au
MH-21-123 (South Pond Zone 1) – 5.00 m @ 26.87 g/t Au
*Reported lengths are core lengths and are believed to be 70% to 85% of true thickness
The barge program could entail as much as 5,000 to 10,000 m, depending on success and depths, to target the Footwall Splay and as much of the Eastern Trend that can be accessed.
Drilling will continue at the South Pond target as well as on the nearby 75 Zone, which is an open-ended mineralized block lying 100 m northeast of the South Pond target, approximately halfway to the Eastern Trend, and which delivered MH-19-75 (5.80 m of 6.93 g/t Au, including a VG bearing vein grading 32.99 g/t Au over 0.80 m) and remains open. The 75 Zone drilling will help determine whether it is linked to any known zone or is a new splay. Currently a four-to-six-hole program is focused on this area. Once completed, the drill will be assigned to test some of the high-priority geochemical and geophysical targets elsewhere on the property while awaiting assays.
Fleur de Lys Project
The property-scale till sampling program is approximately 40% complete with 357 samples submitted for gold grain and heavy mineral analysis at Overburden Drilling Management (ODM) in Ottawa. The sample collection is being supervised by ODM utilizing contract crews. Results from the early sampling are expected in the next 2-3 weeks. Prospecting has been ongoing concurrent with the till sampling, and approximately 40 rock samples have been submitted for assay, many with disseminated pyrite and chalcopyrite, minerals linked to several gold-enriched deposits in the UK, including the six-million-ounce Curraghinalt deposit in Northern Ireland, with which the Fleur de Lys project shares many characteristics.
Grey River Sokoman/ Benton JV Project
Airborne geophysical surveying totalling 1,099 line-kilometres is about to begin at the 324-claim (8,100 hectares – 81 sq km) Grey River JV in southern Newfoundland and will consist of a Heliborne High-Resolution Magnetic and Matrix Digital VLF-EM Survey flown by Terraquest Ltd. The results of the survey will help define structural targets that may be associated with the gold mineralization at Grey River. The property is targeting high-grade gold mineralization similar to that currently being mined at Pogo, Alaska with published reserves of 6.9 million ounces at 9.4 g/t Au (Northern Star Resources website March 31, 2021), as well as other styles of gold mineralization including shear zone and intrusion-related gold.
Management of Sokoman and Benton have visited the Grey River and the Golden Hope properties to establish priorities and to engage in sampling as many areas of known mineralization. The visit to Grey River was extremely successful in that sampling in the vicinity of the historical 225 g/t Au sample site resulted in the identification of visible gold in a portion of the mineralized zone. In addition, prospecting in the immediate area identified several other mineralized horizons that did not appear to be previously sampled. Assays are pending from a suite of samples collected from several locations on the property. The historical “Quartz Zone” reported by previous workers is impressive and extends for several kilometres in an east west direction (photos can be viewed on Sokoman’s website under the Grey River Project tab) and is up to 200-300 metres in width locally. Multiple gold showings are known along most of its length ranging from 100-200 ppb Au to 225 g/t Au, but no drilling has been carried out at any of the known gold occurrences. The companies have applied for drilling permits which will target these zones.
Golden Hope Sokoman/ Benton JV Project
Exploration has also commenced on the 3,176-claim (79,400 hectares – 794 sq km) Golden Hope Property in southwestern Newfoundland, including a 5,709-line-kilometre Heliborne High-Resolution Aeromagnetic & Matrix Digital VLF-EM Survey being flown by Terraquest Ltd. The survey will help provide an overall structural picture of the property and identify extensions of known gold-bearing structures as well as any previously unrecognized structures on the property. An initial reconnaissance mission at Golden Hope was completed earlier this month by management of Sokoman and Benton in order to get a firsthand look at the ground and to obtain samples in as many areas as possible (photos can be viewed on Sokoman’s website under the Golden Hope Project tab). Mineralization observed included multiple occurrences of structurally controlled quartz veins with variable amounts of pyrite, as well as a previously unknown zone of locally significant arsenopyrite and pyrite (as stringers and veinlets comprising up to 10% of rock volume), that was noted to be several dozen metres in thickness and of unknown strike length. Overall, approximately 50 rock samples as well as seven stream sediment and four C-horizon till samples were collected and submitted for assaying/processing.
Kepenkeck Sokoman/ Benton Resources JV Project
The Company has been informed by Joint Venture partner Benton that a Heliborne High-Resolution Aeromagnetic & Matrix Digital VLF-EM Survey totaling 1,984 line-kilometres has been flown by Terraquest Ltd. A prospecting program has begun, and a detailed soil sampling program will commence shortly. The Kepenkeck property lies in east-central Newfoundland, along trend from Canstar Resources’ Golden Baie project and immediately east of New Found Gold’s Queensway project. The target is high grade and quartz veining, hosted in graphitic shales similar to that of the New Found Gold property.
The companies have received the first assay results from 24 samples submitted. Gold grading from >5 ppb to 5,340 ppb have been obtained from localized float and outcrops. The companies are very encouraged by these early results, and follow-up has been planned to further these discoveries.
About the Flagship Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. At least five zones of significant gold bearing mineralization have been identified to date at Moosehead and multiple high-priority targets independent of the known zones remain to be tested. The Company has completed approximately 20,000 m of a current 50,000 m drill program at Moosehead.
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
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 Minerals personnel. Samples, including duplicates, blanks and standards, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. Eastern Analytical is an accredited assay lab that conforms to 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 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. In addition, random duplicates of selected samples are analyzed in addition to the in-house standard and duplicate policies of Eastern Analytical.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with gold projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects including the 100%-owned, high-grade, Fosterville-style Moosehead Project, and the Crippleback Lake (optioned to Trans Canada Gold Corp.), and East Alder (optioned to Canterra Minerals Corporation) Projects, all of which lie along the Central Newfoundland Gold Belt, as well as the 100%-owned, district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type 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, 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 Moosehead Project through the Junior Exploration Assistance Program.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 And Benton Resources Option Two Properties Lying Within The Grey River Gold Property, Newfoundland
St. John’s, NL, July 13, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) today announced the execution of two (2) property option agreements on behalf of the strategic alliance between the Company and Benton Resources Inc. (“Benton”) (see news release dated May 20, 2021) to add additional mineral claims to the Grey River Gold Property in the province of Newfoundland and Labrador, Canada.
Pursuant to an option agreement (the “Lewis Option Agreement”), Gary Lewis (“Lewis”) has granted Sokoman the option to acquire a 100% interest in a property license consisting of seven claims (the “Lewis Property”) subject to a 1.5% net smelter return royalty (the “Lewis NSR”) in favour of Lewis (the “Lewis Option”). One percent of the Lewis NSR may be purchased by the Company for $1 million at any time. The Lewis Option Agreement will terminate if Sokoman fails to complete any of the following terms, and each cash payment and share issuance is to be made equally among Gary Lewis, Aubrey Budgell and Paul Delaney:
the payment of $10,000 cash;
the issuance of 50,000 shares of Sokoman upon TSX Venture Exchange (the “Exchange”) approval;
the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the first anniversary of the Lewis Option Agreement;
the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the second anniversary of the Lewis Option Agreement; and
the payment of a further $10,000 and issuance of a further 50,000 shares on or before the third anniversary of the Lewis Option Agreement.
Pursuant to a second option agreement (the “G2B Gold Option Agreement”), G2B Gold Inc. (“G2B Gold”) has granted Sokoman the option to acquire a 100% interest in a property consisting of three licenses comprised of four claims (the “G2B Property”) subject to a 1.5% net smelter return royalty (the “G2B NSR”) in favour of G2B Gold (the “G2B Gold Option”). One percent of the G2B NSR may be purchased by the Company for $1 million at any time. The G2B Option Agreement will terminate if Sokoman fails to complete any of the following terms, and each cash payment and share issuance is to be made equally among G2B Gold, United Gold Inc. and Grassroots Prospecting & Prospect Generation Inc.:
the payment of 10,000 cash;
the issuance of 50,000 shares of Sokoman upon Exchange approval;
the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the first anniversary date of the G2B Gold Option Agreement;
the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the second anniversary date of the G2B Gold Option Agreement.
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 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 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 is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option which can be viewed on the Company’s website. Parties interested in seeking more information about properties available for option can contact Mr. Stares directly.
To learn more, please contact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Website: www.bentonresources.ca , www.sokomanmineralscorp.com
Twitter: @BentonResources , @SokomanMinerals
Facebook: @BentonResourcesBEX , @SokomanMinerals
LinkedIn: @BentonResources, @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 Announces Additional High-Grade Results From The Moosehead Project, Central Newfoundland
New Visible-Gold-Bearing Boulders Discovered with Values up to 14 g/t Au
St. John’s, NL, July 6, 2021 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (the “Company” or “Sokoman”) is pleased to announce that ongoing Phase 6 drilling at the 100%-owned Moosehead Property in central Newfoundland has intersected additional high-grade gold mineralization at both the Eastern Trend and South Pond Zones. In addition, prospecting in an area 300 m to the east of North Pond, an area with minimal drilling, has located visible-gold-bearing quartz float returning 9.2 and 14.3 g/t Au from total pulp metallics assays with additional assays pending.
Tim Froude, President and CEO of Sokoman, says: “We are extremely pleased with the results from the early stages of this summer exploration program at Moosehead. The discovery of a new high-grade boulder train at the limits of our drilling suggests that other mineralized zones are likely to be found at Moosehead. Our experience to-date with boulders is that they are generally close to the source, given the average thickness of overburden. Drilling will continue and we are expecting the barge to arrive on the property in four-five weeks, permits are pending. Our drill results at the Lower Eastern Trend demonstrate good continuity and grade, and our most recent success in MH-21-191 at 165 m vertical is a great beginning as we infill the down-dip portion of the Eastern Trend. At South Pond, we have extended the near-surface, high-grade mineralization and are working our way to the north towards the Western Trend where this 250 m corridor has had minimal drilling, and we look forward to connecting these zones. Field work has also begun on all three JV projects with Benton Resources, and updates on all of them will be provided in the coming weeks.”
Core lengths – believed to be 70% to 90% of reported lengths.
** Follow-up logging and sampling was completed after priority core was logged and sampled.
Italicized text and figures denote new assays, all others are previously released.
South Pond
The recent drilling has extended the mineralized zones up and down dip. DDH MH-21-190 extended the “high-grade” intersection in MH-21-123 (5 m of 26.87 g/t Au) 11 m up dip, while DDH MH-21-184 extended the new near-surface mineralized zone, discovered in MH-21-152 (3.0 m of 1.82 g/t) 15 m down dip. The style of veining and mineral assemblage (boulangerite, arsenopyrite and sphalerite) in these holes is similar to the “high-grade” zones in MH-21-190. To date, the South Pond Zone has been traced 65 m along strike and from surface to 95 m down dip, remaining open both along strike and down dip.
Footwall Splay / Eastern Trend
Drilling of the Footwall Splay and Upper Eastern Trend reflects infill and step-out results. MH-21-167 collared in a visible-gold-bearing vein returning 2.94 g/t Au over 1.2 m, extending the Footwall Splay 27 m to the south from MH-21-157, which returned 12.39 g/t Au over 3.5 m including 28.57 g/t Au over 1.50 m from 36.3 m downhole. The Footwall Splay currently has a 175 m N-S strike length over a minimum width of 25 m. MH-21-178 tested the Upper Eastern Trend returning 4.72 g/t Au over 1.10 m from 30.20 m downhole, 25 m vertically below surface. Additional drilling will be carried out using a barge-based program on North Pond with the drill contractor modifying the barge to accommodate the drill. Sokoman anticipates starting this program in 4-6 weeks.
The Lower Eastern Trend was tested by MH-21-191, which returned 21.86 g/t Au over 3.60 m including 43.47 g/t Au over 1.80 m at a downhole depth of 244 m, a 9 m step-out from MH-16-62, which returned 22.35 g/t Au over 7.20 m including 33.59 g/t Au over 4.80 m.
Holes MH-21-163 and 165 both report shoulder and infill sampling, which enhances previously released results, including additional zones of mineralization.
High-Grade Boulders
Prospecting in the fall of 2020 discovered a cluster of angular quartz boulders 300 m to the east of North Pond with trace pyrite and arsenopyrite assaying <1 g/t Au. Recent follow-up prospecting, taking advantage of low water levels, located quartz boulders 20 m ESE of the original cluster. The new boulders carry arsenopyrite and lesser boulangerite and sphalerite, with multiple sights of fine visible gold. Two samples submitted for total pulp metallics and gravimetric finish analysis gave 14.81 g/t Au and 9.36 g/t Au. Prospecting along nearby brooks has located similar mineralized boulders with visible gold 250 m to the northeast, assays are pending. The boulders occur along a prominent northeast-trending structural lineament in the east-central portion of the property coinciding with strong linear magnetic and possibly associated VLF-EM anomalies. Three widely-spaced drill holes, completed earlier this year in the general area, did not adequately test this near-surface target. Additional drilling is planned.
Footwall Splay/Eastern Trend Main Zone
About the Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold) and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. At least five zones of significant gold-bearing mineralization have been identified to-date at Moosehead and multiple high-priority targets independent of the known zones remain to be tested. The Company has completed approximately 18,000 m of a 50,000 m drill program at Moosehead.
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
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 Minerals personnel. Samples, including duplicates, blanks and standards, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland and Labrador for gold analysis. Eastern Analytical is an accredited assay lab that conforms to 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 being crushed to -10 mesh; then pulverized to 95% -150 mesh. The total sample is weighed and screened 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 Newfoundland and Labrador, Canada. The Company’s primary focus is its portfolio of gold projects: flagship 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, 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 the Company’s property.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the Moosehead Project through the Junior Exploration Assistance Program.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Option Claims Adjacent To The Joint Kepenkeck Gold Property In Newfoundland
June 29, 2021 – Sokoman Minerals Corp. (‘Sokoman’) (TSXV: SIC) (OTCQB: SICNF) and Benton Resources Inc. (‘Benton’) (TSXV: BEX) (jointly, ‘the Companies’) are pleased to announce that on behalf of their strategic alliance (see news release dated May 20, 2021) Benton has entered into an option agreement to acquire the Larry’s Pond project which lies along the western boundary of the Kepenkeck Gold JV claims (the “Option Agreement”). Larry’s Pond consists of two licenses totalling 30 claim units (the “Property”). The optionors of the Larry’s Pond project (the “Optionors”) have discovered and sampled multiple quartz veins and silicified zones containing sulfides (chalcopyrite and galena) for which results are pending. Under the Option Agreement and upon approval from the TSX Venture Exchange (the “Exchange”), Benton, on behalf of the Joint Venture, will issue 200,000 common shares and make cash payments to the Optionors of $60,000 as per below:
paying to the Optionors in the aggregate $10,000 cash on execution of the Option Agreement;
issuing to the Optionors in the aggregate 50,000 common shares of Benton upon receipt of Exchange approval for the Option Agreement;
paying to the Optionors in the aggregate a further $10,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the first anniversary of the effective date of the Option Agreement (the “Effective Date”);
paying to the Optionors in the aggregate a further $10,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the second anniversary of the Effective Date; and
paying to the Optionors in the aggregate a further $30,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the third anniversary of the Effective Date.
The Optionors will retain a 2% Net Smelter Royalty, half of which Benton, on behalf of the Joint Venture, can purchase for CAD$1M at any time. Under the terms of the Joint Venture, Sokoman will reimburse Benton for 50% of the Option payments made by Benton pursuant to the Option Agreement.
Personnel have begun prospecting and mapping on the Property, and the imminent, detailed, 100m-spaced Airborne Mag-VFL survey that will encompass approximately 1,600 line-km in the area will include the optioned Property. Benton and Sokoman anticipate that these initial activities will generate gold targets for further exploration. Results will be released as they are received and compiled.
QP
Nathan Sims, P.Geo., Senior Exploration Manager for Benton Resources Inc., and Timothy Froude, P.Geo., President & CEO of Sokoman Minerals Corp., “Qualified Persons” under National Instrument 43-101, have approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
About Benton Resources Inc.
Benton Resources is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option which can be viewed on the Company’s website. Parties interested in seeking more information about properties available for option can contact Mr. Stares directly.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects: 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 recently acquired 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, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims) of land, making the Company 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.
For further information, please contact:
Cathy Hume, CHF Capital Markets
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Website: www.bentonresources.ca , www.sokomanmineralscorp.com
Twitter: @BentonResources , @SokomanMinerals
Facebook: @BentonResourcesBEX , @SokomanMinerals
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 Company’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’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 Company 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 Company’s expectations or projections.
Sokoman Minerals Options 80 Claims Lying In The Fleur De Lys Land Package, Western Nl
St. John’s, NL, June 21, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) today announced the execution of two (2) property option agreements (the “Option Agreement(s)”) to add additional mineral claims to the Company’s Fleur de Lys Property in Newfoundland.
Alexander S. Duffitt and Margaret Duffitt (the “Duffit Optionors”) have granted Sokoman the option to acquire a 100% interest in a property of six licenses consisting of 51 claims (the “Duffit Property”) subject to a 2% net smelter return royalty (the “Duffit NSR”) in favour of the Duffit Optionors (the “Duffit Option”). One percent of the Duffit NSR may be purchased by the Company for $1M any time prior to production. The Duffit Option will terminate if Sokoman fails to complete any of the following terms, each cash payment and share issuance to be made jointly to the Duffit Optionors:
Pay a $20,000 deposit (paid);
Issue 75,000 shares of Sokoman upon TSX Venture Exchange (the “Exchange”) approval;
Pay a further $20,000 and issue 100,000 shares on or before the first anniversary of the Option Agreement;
Pay a further $25,000 and issue 100,000 shares on or before the second anniversary of the Option Agreement; and
Pay a further $35,000 and issue 175,000 shares on or before the third anniversary of the Option Agreement.
In addition to the cash and share payments mentioned above, Sokoman will issue jointly an additional 500,000 shares to the Duffit Optionors in the event an NI 43-101 compliant inferred mineral resource of a minimum of 100,000 ounces of gold or gold equivalent is established on the Duffit Property.
Stanley H. B. Squires and Robert P. McGuire (the “Squires/McGuire Optionors”) have granted Sokoman the option to acquire a 100% interest in a property with license 03128M NTS12H/16 consisting of 29 Claims (the “Squires/McGuire Property”) subject to a 2% net smelter return royalty (the “Squires/McGuire NSR”) in favour of the Squires/McGuire Optionors (the “Squires/McGuire Option”). One percent of the Squires/McGuire NSR may be purchased by the Company for $1M any time prior to production. The Squires/McGuire Option will terminate if Sokoman fails to complete any of the following terms, each cash payment and share issuance to be made jointly to the Squires/McGuire Optionors:
Pay a deposit of $5,000 (paid);
Issue 25,000 shares of Sokoman upon Exchange approval;
Pay a further $10,000 and issue a further 50,000 shares on or before the first anniversary date of this Option Agreement;
Pay a further $15,000 and issue a further 75,000 shares on or before the second anniversary date of this Option Agreement; and
Pay a further $20,000 and issue a further 100,000 shares on or before the third anniversary of this Option Agreement.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects: 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 recently acquired 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, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims) of land, making the Company 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 the Company’s property.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the Moosehead Project through the Junior Exploration Assistance Program.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Enters Into Strategic Option Agreement With Trans Canada Gold Corp. For Its Crippleback Lake Gold Project In Central Newfoundland
St. John’s, NL, June 3, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that the Company has entered into an option agreement with Trans Canada Gold Corp. (TSXV: TTG) (“Trans Canada”), whereby Trans Canada can earn a 100% interest in the 121 claim (3,025 ha or 7,475 acres) Crippleback Lake Gold property (the “Property”), subject to a 1% net smelter returns royalty (“NSR”), by issuing a total of 1,250,000 shares of the company to Sokoman as well as cash and work commitments totaling $600,000 over a 4-year period. The Property is located in proximity to the Trans-Canada Highway in north-central Newfoundland, is easily accessible by a network of secondary logging roads and is only a short drive away from assaying and diamond drilling services in Springdale.
The Crippleback Lake Gold project covers the northeastern extension of the regional-scale Valentine Lake fault zone and lies roughly midway between the Valentine Lake gold deposits (Marathon Gold) and Sokoman’s own Moosehead Gold Project in the rapidly emerging Central Newfoundland Gold Belt.
Tim Froude, President and CEO of Sokoman Minerals Corp., stated: “We are very pleased to partner with Trans Canada and their experienced gold group at Crippleback Lake, and we will assist in whatever way we can towards the advancement of the Property. Historically, the area has attracted explorers for the renowned base-metal potential of Central Newfoundland. Today, however, the focus has shifted in a monumental way to the gold potential of the region, and Crippleback is exquisitely positioned in one of Canada’s hottest exploration camps and shares many of the attributes of the advanced stage Valentine Lake Project (Marathon Gold) including the crucial structural corridor (Rogerson Lake Conglomerate), as well as the presence of the Crippleback Lake Quartz Monzonite, the on-strike equivalent of the Valentine Lake Intrusive Suite, host to Marathon’s Valentine Lake gold deposits. Sokoman shareholders receive the benefit of an experienced team advancing a project that we were not advancing as rapidly as it deserves due to our focus on Moosehead. We look forward to Trans Canada’s success on the Property.”
“By acquiring this strategically located block of gold claims in Central Newfoundland in this modern-day gold rush, our geological team of gold experts is extremely excited about optioning and forming a strategic alliance with Sokoman Minerals in this option agreement, which will be a great opportunity for both world-class gold teams of exploration geologists to perform exploration work and share drilling knowledge while drilling between Marathon Gold’s Valentine Lake gold deposit and Sokoman’s 100% owned Moosehead Gold project and discovery. We will be submitting exploration permit applications immediately with the Government of Newfoundland and Labrador. Trans Canada is excited about the new addition of this premier gold exploration asset to our growing gold asset portfolio situated in Canada,” commented Tim Coupland, President & CEO of Trans Canada.
Project Highlights:
121 mineral claims (3,025 ha or 7,475 acre), fully road accessible from the Trans-Canada Highway with numerous secondary logging roads internal to the claims.
Covers a 13-kilometre strike length of the gold-rich Valentine Lake Structural Zone midway between Marathon Gold’s Valentine Lake project and Sokoman Minerals high-grade Moosehead project.
Robust gold in lake sediment and till samples, with multiple till samples exhibiting delicate (proximal to source) gold grains as well as angular float samples assaying up to 1.7 g/t gold.
All previous exploration efforts focused on base metals.
Exploration permits pending.
Summary Terms of Agreement
Trans Canada can acquire 100% of Crippleback Lake by issuing 1,250,000 common shares of Trans Canada Gold and cash and work commitments totaling $600,000 over a 4-year period. Sokoman will retain a 1.0 % net smelter return royalty on Crippleback Lake, with Trans Canada Gold having the right to buy down 0.5% of the royalty for $1,000,000.
The Option agreement, including the issuance of Trans Canada Gold Shares, is subject to TSX Venture Exchange (the “Exchange”) approval. The Trans Canada share will be subject to a statutory hold period.
Option Payment Summary:
$10,000 cash and 250,000 common shares of the Company to Sokoman within 10 days of the effective date, subject to a six-month escrow period from the Effective Date following the Exchange approval: on the Exercise Date, granting Sokoman a net smelter royalty to the buydown of 0.5% for 1,000,000 on the terms and conditions set forth in the Option Agreement.
$15,000 cash and $50,000 in property expenditures and the issuance of 250,000 common shares to Sokoman on or before the first anniversary of the Effective Date.
$25,000 cash and $100,000 in property expenditures and the issuance of 250,000 common shares to Sokoman on or before the second anniversary of the Effective Date.
$25,000 cash and $150,000 in property expenditures and the issuance of 250,000 common shares to Sokoman on the Property on or before the third anniversary of the Effective Date.
$25,000 cash and $200,000 in property expenditures and the issuance of 250,000 common shares on the Property on or before the fourth anniversary of the Effective Date.
QP
Tim Froude, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information disclosed in the news release.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects: 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 recently acquired 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, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims) of land, making the Company 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 the Company’s property.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Jointly Acquire Grey River Gold Project In Southern Newfoundland
Property hosts multiple untested high-grade gold occurrences
St. John’s, NL, May 27, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce, together with Benton Resources Inc. (“Benton”) (TSXV: BEX), the joint acquisition of the 324 claim (8,100 hectare) Grey River Gold Project in southern Newfoundland. The Property includes 11 claim units (275 hectares) optioned from local interests under letter agreements, more details to be released in the coming weeks. The Grey River acquisition is consistent with the newly formed Sokoman/Benton Alliance, which is targeting district-scale gold opportunities in Newfoundland. Sokoman is now one of the largest land holders in Newfoundland with direct ownership or co-ownership of over 150,000 hectares (+6,000 claims) and is sufficiently funded to advance its portfolio of properties.
The Grey River Gold Project is centered on the community of Grey River, a deep-water, ice-free harbour on the south coast of the Island of Newfoundland, 32 km east of the town of Burgeo, and 38 km southeast of the recently acquired Golden Hope Joint Venture (see Press Release dated May 20, 2021). The SIC-BEX claims straddle a fundamental east-west trending ductile shear zone that separates a large enclave of Late Precambrian amphibolite, gabbro, metasediments, felsic metavolcanics and mafic orthogneisses from a batholith-scale, syn-kinematic suite of Siluro-Devonian granitoid rocks. The east-west trending amphibolite-grade metamorphic units are correlatives of the coeval basement block exposed on-strike, farther west in the Hermitage Flexure, near Burgeo and at Hope Brook. The east-west shear zone at Grey River, and parallel structures immediately offshore, are fundamental crustal breaks, along which several metal-rich mid- to late-Devonian granites were emplaced along the southern coast of the Island.
Rocks in this segment of the Hermitage Flexure are unusually enriched in gold (Au), molybdenum (Mo), copper (Cu), tungsten (W), fluorine (F) and bismuth (Bi). A 5-km-wide by 10-km-long area within and adjoining the property, between Grey River and Gulch Cove, is particularly metal-rich, hosting: i) multiple mesothermal and intrusion-related Au-rich (+/- Bi-Ag-Sb-Pb-Zn) quartz veins; ii) a porphyry Mo-Cu deposit (Moly Brook); iii) a vein-type wolframite-rich W deposit (Grey River #10); and iv) a unique, diffusely bounded, high-purity, locally auriferous silica deposit (Gulch Cove) of equivocal origin. Each appear to be associated with distinct features in the regional aero magnetics and are also reflected in regional Government lake-sediment geochemistry coverage of the area. The primary focus of upcoming SIC-BEX exploration is quartz-vein-hosted, structurally controlled and intrusion-related, high-grade Au (+/- Ag, Bi, Sb) in both the granitic and adjacent metamorphic terranes.
Previous exploration at Grey River identified gold in several settings: in base-metal-rich and sulfide-poor, quartz veins and veinlets in the gneisses and related metamorphic rocks, including regional-scale silica bodies; in quartz veins with coarse-grained sulfides in granite; in sulfide-poor, quartz stock-work in sericitized granite; and in stockwork-style quartz and quartz-sulfide veinlets with or without pervasive silica replacement in granite.
Gold grades reported from historic grab samples and channel samples from the property range from less than 1 g/t to over 225 g/t Au, locally with 200-300 g/t Ag, with or without anomalous Bi, Sb (antimony) and W. The 225 g/t Au chip sample is from a 20-30 cm wide zone of pyritic alteration immediately adjacent to an 8-km-long, diffusely bounded quartz zone. The latter coincides with the large, elongated high-purity silica body (12M tonnes >95% SiO) drilled by the Newfoundland Government in 1967 as part of an Island-wide silica assessment program. The diffusely bounded, irregularly shaped silica lies at the boundary of amphibolite gneisses and mica-schists, and within mica schists, along the flank of a prominent aeromagnetic high. Its origin is unclear and past workers have proposed differing origins (e.g., meta-quartzite; quartz vein; silica replacement zone). The style, grades, setting and Au-Ag-Bi-W-Sb geochemical signature of some of the gold mineralization led previous exploration groups to draw comparisons with the high-grade Pogo gold mine within the Tintina Gold Belt of Alaska and Yukon (gold in diffusely bounded quartz bodies within amphibolite grade gneisses). The Pogo mine, up to the end of 2019, had produced 3.9 million oz gold at 13.6 g/t gold, with reserves of over 7 million oz gold.
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 Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects Moosehead, Crippleback Lake and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired, 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. Through recent acquisitions with Benton Resources Inc. (Sokoman Benton Alliance), Sokoman controls one of the largest land holdings in Newfoundland with over 150,000 hectares (1500 km2) of highly prospective ground 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.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Announces Strategic Alliance With Benton Resources To Acquire Gold Opportunities In Newfoundland
Joint Venture Arrangement to Include Newly Acquired Golden Hope and Kepenkeck Properties
St. John’s, NL, May 20, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that it has entered into a strategic alliance with Benton Resources Inc. (“Benton”) (TSXV: BEX) to jointly acquire and explore gold opportunities in Newfoundland. The partners are also pleased to announce the acquisition, by staking, of the 3,146 claim (78,650 hectares) Golden Hope Joint Venture (“Golden Hope JV” or the “Property”) in south-central Newfoundland, one of the largest gold properties on the Island. (See map attached).
The Property covers extensions of two major structures linked to significant gold prospects and deposits in southern Newfoundland. Rock units and structures on the Property are likewise related to those associated with new orogenic gold discoveries in central Newfoundland, including Sokoman’s 100%-owned Moosehead Project and New Found Gold’s Queensway Project. The alliance will also include a 50-50 Joint Venture on Benton’s recently acquired Kepenkeck Gold Property, which, like the Golden Hope JV, lies along trend from Canstar Resources’ Golden Baie Property in the Central Newfoundland Gold Belt (see Benton Resources news release dated May 6, 2021).
The newly staked Golden Hope JV lies at the northwest edge of the Hermitage Flexure, the predominant geological feature of the south Newfoundland Appalachians. The western Hermitage Flexure is a structurally complex region with a diverse mineral endowment. The most prominent structures on the Property, and the focus of imminent exploration, are a linked system of west-verging thrust faults (Bay D’Est Fault Zone) and a transverse, wrench fault system (Gunflap Hills Fault Zone). These types of fault zones can be gold-bearing, and correlative rocks and structures elsewhere in Newfoundland are a prime focus of ongoing gold exploration and the site of major gold discoveries (e.g. Central Newfoundland Gold Belt). Historical exploration by major companies in the western Hermitage Flexure region led to the major gold discoveries at Hope Brook and Cape Ray, currently under advancement by First Mining/Big Ridge Gold and Matador Mines respectively, and spurred the first systematic gold exploration in northern and central Newfoundland. However, outside of these discoveries, the remainder of the west-central Hermitage Flexure remains underexplored, despite known occurrences of gold, the presence of unsourced till, soil and stream sediment geochemical anomalies, and the first-order commonalities and linkages between southern and central Newfoundland. The Golden Hope JV is transected by the paved Burgeo highway and a major power transmission line. Additional details will follow after the compilation of the previous work has been completed.
On the recently optioned Kepenkeck Project , consisting of 595 claim units over 15,625 hectares located near the NE extension of the Hermitage Flexure and along trend from Canstar Resources’ Golden Baie Project, Benton and Sokoman will share the cost of option payments and exploration cost (50-50) and initial exploration will commence shortly. Benton and Sokoman are excited to have acquired the project which has new road access, little historical work, and favourable geology located on a major structure. Recent prospecting completed by the vendor (the Keats) identified up to 2.45 g/t gold in grab samples, and visible gold has been panned from till in two locations on the property. The companies will apply for work permits immediately.
The new alliance with Benton provides Sokoman shareholders with an excellent opportunity to reduce exploration risk, employ the technical expertise of Benton, further strengthen Sokoman’s project portfolio while retaining a focus on Moosehead and Fleur de Lys.
WEBINAR ANNOUNCEMENT
Sokoman Minerals Corp. and Benton Resources Inc. will host a joint webinar next Thursday, May 27 at 2 pm EST to go over the details of the new strategic alliance. Investors can sign up using the following registration link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=DE93F551-FCF4-4FB3-9102-6B8791B1FBC1
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 Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects: Moosehead, Crippleback Lake and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently-acquired 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. Sokoman controls one of the largest land holdings in Newfoundland with more than 50,000 hectares (250 km2) of highly prospective ground 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 that has Direct Shipping Ore (DSO) potential.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Announces Results Of Extraordinary General Meeting Of Shareholders
St. John’s, NL, May 19, 2021 – Sokoman Minerals Corp. (TSX.V: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) today announced that at the Company’s Extraordinary General Meeting of Shareholders held on Tuesday, May 18th, the Company received shareholder approval for Mr. Eric Sprott to become a greater than 20% shareholder of Sokoman.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects Moosehead, Crippleback Lake and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired 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. Sokoman controls one of the largest land holdings in Newfoundland with over 50,000 hectares (250 km2) of highly prospective ground 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 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 financial support of the Moosehead Project through the Junior Exploration Assistance Program.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Announces Additional High-Grade Results From The Moosehead Project, Central Newfoundland
Footwall Splay Results Show Consistency; Additional Mineralized Zone Reported from MH-20-115; South Pond Zones 1 and 2 Open in All Directions; Drilling Resumes with Two Rigs
St. John’s, NL, May 18, 2021 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that ongoing Phase 6 drilling at the 100%-owned Moosehead Property has intersected additional near-surface, high-grade gold mineralization at the Footwall Splay/Eastern Trend. Initial results from South Pond confirm two discreet zones with a higher-grade shoot, and an additional zone of mineralization has been intersected in MH-20-115, drilled in the Eastern Trend Main Zone.
Footwall Splay/Eastern Trend
MH-21-165 – 4.10 m of 21.61 g/t Au, including 2.10 m of 41.39 g/t Au from 79.70 m downhole
MH-21-164 – 4.05 m of 22.62 g/t Au, including 20.95 m of 5.15 g/t Au from 79.95 m downhole
Drilling continues to demonstrate consistency in vein location and average grade at the Footwall Splay/Eastern Trend. Eight holes tested in the zones prior to the spring break-up, with multiple high-grade intersections returned as summarized in the appended Table of Results. An aggressive land-based program will commence immediately with an estimated 5,000 metres expected to be drilled to expand the zones and lay the groundwork for the barge-based program on North Pond scheduled to start later this summer.
The Footwall Splay is a north-south striking, shallow east-dipping zone, lying less than 50 m below surface that appears to be an offshoot of the Eastern Trend Main Zone. At Fosterville in Australia, offsets or splays off the main structures, such as the Swan Zone, carry high-grade gold mineralization. The Footwall Splay has been intersected in 14 holes over a strike length of 130 m, a minimum width of 25 m, and at least 2.5 m in thickness. Given the location of the zone, a barge-based program is the most effective way to test the targets and permitting is in progress to facilitate the program.
Additional sampling in MH-20-115 has resulted in a third zone of gold mineralization, approximately 50 m below the previously released results of 8.10 m of 68.25 g/t Au from 111.20 m downhole. The new intersection includes 10.40 m of 3.09 g/t Au, including 3.60 m of 5.69 g/t Au and 0.70 m of 14.09 g/t Au. While visible gold (“VG”) was not noted, the zone carries typical Moosehead sulphide mineralization of boulangerite and sphalerite, and it is believed to be the down-plunge extension of the Eastern Trend Main Zone.
South Pond
MH-21-152 – 3.00 m of 1.82 g/t Au, including 0.70 m of 3.08 g/t Au from 15.00 m downhole
MH-21-153 – 3.00 m of 1.61 g/t Au, including 1.60 m of 2.40 g/t Au from 12.00 m downhole
Drilling at South Pond has discovered a second mineralized structure (Z-2) approximately 50 m east of the initial zone (Z-1). Drill holes MH-21-152 and 153, the furthest holes south and east, both intersected shallow, near-surface shearing and veining similar in style and mineralogy (boulangerite, arsenopyrite, sphalerite) to higher-grade intersections at Moosehead. Although returning lower-grade results (no VG noted), the overall vein style and mineral assemblage are indicative of the high-grade veining intersected in previous holes at South Pond including MH-20-123 (5.00 m of 26.87 m) and MH-21-141 (4.20 m of 64.00 g/t Au). With only two closely-spaced holes cutting Zone Z-2, and an aggressive 9,000 m program proposed for the South Pond area, Sokoman believes that additional high-grade mineralization will be found in this area. Drilling will begin immediately.
Tim Froude, President and CEO of Sokoman, says: “We are extremely pleased with the results from the Footwall Splay/Eastern Trend as they demonstrate good continuity and grade, and provide a firm foundation for additional drilling in the area from our barge-based program to begin later this summer. At South Pond, a second mineralized structure intersected in the two eastern-most holes (MH-21-152 and 153) is shallow, just 5-10 m below surface and exhibits vein mineralogy consistent with high-grade zones with visible gold encountered in earlier South Pond drill holes, as well as in other zones on the property. As we have previously seen on the property, grade variability is expected when dealing with nuggety mineralization as represented by visible gold. With 38,000 m left to drill in the ongoing Phase 6 program, and four drills on the property later this summer, we are confident we will achieve our goals of enlarging the known zones along strike and to depth and also making additional discoveries at Moosehead. As of today, drilling has resumed with two rigs, one at South Pond and the other at the Footwall Splay/Eastern Trend area.”
About the Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. At least five zones of significant gold-bearing mineralization have been identified to date at Moosehead and multiple high-priority targets independent of the known zones remain to be tested. The Company is currently in the midst of a 50,000 m drill program utilizing up to four drill rigs.
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
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 Minerals’ personnel. Samples, including duplicates, blanks and standards, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. Eastern Analytical Ltd. is an accredited assay lab that conforms to 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 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. All reported assays are uncut.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects Moosehead, Crippleback Lake and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired 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. Sokoman controls one of the largest land holdings in Newfoundland with over 50,000 hectares (250 km2) of highly prospective ground 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 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 financial support of the Moosehead Project through the Junior Exploration Assistance Program.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Confirms New Discovery At South Pond And Additional High-Grade Intercepts At Footwall Splay, Moosehead Project, Central Newfoundland
MH-21-163 cuts 11.60 m of 21.07 g/t Au, including 5.1 m of 30.82 g/t Au at Footwall Splay
St. John’s, NL, April 28, 2021 – Sokoman Minerals Corp. (TSX-V: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that ongoing Phase 6 drilling at the 100%-owned Moosehead Property has intersected additional near-surface, high-grade gold mineralization at the Footwall Splay and South Pond Zones, as well as discovered a new, near-surface, mineralized structure at South Pond. Visible gold-bearing quartz veins were intersected in eight recently completed drill holes at the Footwall Splay, including the following three holes.
Footwall Splay
MH-21-157 – 3.50 m of 12.39 g/t Au, including 1.50 m of 28.57 g/t Au from 36.30 m downhole;
MH-21-163 – 11.60 m of 21.07 g/t Au, including 5.10 m of 30.82 g/t Au from 44.0 m downhole;
MH-21-166 – 5.10 m of 15.51 g/t Au, including 2.80 m of 27.68 g/t Au from 9.00 m downhole, (MH-21-166 collared in a visible gold-bearing quartz vein)
South Pond
MH-21-147 – 3.05 m of 16.54 g/t Au, including 0.85 m at 58.91 g/t Au from 72.40 m downhole
New zone has been intersected in drill holes MH-21-152 and 153 – assays are pending.
Tim Froude, President and CEO of Sokoman, says:
“Phase 6 is turning out to be one of best programs to date as we continue to make new discoveries while expanding the known zones at Moosehead with the Footwall Splay and South Pond Zones both showing high-grade, and near-surface results. MH-21-163 and 166 are 25 m and 40 m step-outs to the south of the previously reported MH-21-115 which cut both the Footwall Splay and the Main Eastern Trend, returning 4.60 m of 47.20 g/t Au and 8.10 m of 68.25 g/t Au respectively. MH-21-166, the southern-most hole in the Footwall Splay, collared in visible gold-bearing quartz veining, and the zone remains open to the south.”
Froude continues, “During the final two weeks of drilling, we focused both drills at the Footwall Splay to take advantage of the last of the “winter” ground conditions and we are very pleased with the results. It is still early days for these zones, but we see multiple mineralized structures emerging in the South Pond area. A barge-based drill program is required to test the intersection of the Footwall Splay and the Main Eastern Trend, a structural setting that could represent a scenario similar to the high-grade Eagle/Swan Zone at the Fosterville Mine in Australia. Permitting is underway for the barge-based drill program which is expected to start later this summer and where our fourth drill will focus. Drilling has been temporarily suspended and is expected to resume in mid-to-late May with two drills onsite, and a third drill expected in early June.”
Footwall Splay/Eastern Trend Main Zone
The Footwall Splay is a north-south striking, shallow east-dipping zone that lies less than 50 m vertically below surface that appears to be an offshoot of the Eastern Trend Main Zone. At Fosterville, offsets or splays off the main structures such as the Swan Zone carry high-grade gold mineralization. The Footwall Splay has been intersected in at least 14 holes over a minimum strike length of 130 m, up to 25 m in width, and at least 2.5 m in thickness, and remains open. A barge-based program will be most effective to test these targets and permitting is in progress to facilitate the program. The following table summarizes previously-released, selected intercepts from the Footwall Splay and adjacent Eastern Trend Main Zone area.
South Pond Zone
The recently completed drill program at South Pond has expanded the strike length to 125 m, the depth to 80 m (from surface), and the width to at least 3 m, with the zone remaining open along strike and to depth. Drill hole MH-21-147, reported in this release, cut 3.05 m of 16.54 g/t Au and further builds on this expanding zone. The recent drilling has also revealed a new, near-surface, mineralized structure that has been intersected in at least two holes, MH-21-152 and 153 (assays pending), the most easterly and southerly holes drilled, leaving the zone open for expansion. This structure is similar to the South Pond Zone with host units, variably deformed sediments, with locally-intense quartz veining carrying 1%-5% disseminated pyrite, arsenopyrite, sphalerite and boulangerite as accessory sulphides. Modelling is underway to determine the orientation of this new discovery that will be further tested once drilling resumes.
About the Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway Projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. At least five zones of significant gold-bearing mineralization have been identified to date at Moosehead and multiple high-priority targets independent of the known zones remain to be tested. The Company is currently in the midst of a 50,000 m drill program utilizing up to four drill rigs.
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 Canadian federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
Analytical Techniques / QA/QC
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. Samples, including duplicates, blanks and standards, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. Eastern Analytical Ltd. is an accredited assay lab that conforms to 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 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 Newfoundland & Labrador, Canada. The Company’s primary focus is on its portfolio of gold projects: Moosehead, Crippleback Lake and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently-acquired 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. Sokoman controls one of the largest land holdings in Newfoundland, Canada’s newest and rapidly-emerging gold district, with over 50,000 hectares (250 km2) of highly-prospective ground. 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 the Company’s property.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the Moosehead Project through the Junior Exploration Assistance Program.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Options The East Alder Gold Project In Central Newfoundland To Canterra Minerals Corporation
St. John’s, NL, April 19, 2021 – Sokoman Minerals Corp. (TSX.V: SIC) (OTCQB: SICNF) (“Sokoman” or “the Company”) today announced that it has entered into an option agreement (the “Option Agreement”) with Canterra Minerals Corporation (“Canterra”) whereby Canterra can acquire 100% of the East Alder Gold Project (“East Alder”) which is contiguous with, and immediately northeast of, Canterra’s Wilding Project in central Newfoundland.
East Alder Highlights:
Rock samples from float ranging from 0.1 g/t to 5.3 g/t Au and from trace to 10.8% Cu.
2-kilometre gold-in-soil trend with gold results continuous with the gold-in-soil anomaly from Canterra’s Wilding Project.
Covers an additional 30 claims or 7.5 km2 of strike extent of the Valentine Lake Shear Zone that controls gold mineralization at Wilding and Marathon Gold’s Valentine Lake project.
Permits for drilling in place.
Summary Terms of the Agreement
Canterra can acquire 100% of East Alder by issuing to Sokoman a total of 750,000 common shares of Canterra and work commitments totaling $600,000 over a 4-year period. Sokoman will retain a 1.0% net smelter return royalty on East Alder, with Canterra having the right to buy down 0.5% of the royalty for $1,000,000. The Option Agreement, including the issuance of Canterra shares, is subject to approval by the TSX Venture Exchange (“Exchange”). The Canterra shares will be subject to a statutory hold period.
Tim Froude, President and CEO of Sokoman Minerals, said: “The East Alder Gold Project covers the northeastern extension of the same geological units that host gold mineralization at Canterra’s Wilding Project, and Marathon Gold’s Valentine Lake gold deposits in the rapidly emerging Central Newfoundland Gold Belt. We believe that this strategic agreement represents a great opportunity for both Canterra and Sokoman. We are pleased that Canterra is adding East Alder to their 2021 field program as it is clear that they are committed to this region and we look forward to them generating exciting exploration results in the coming months. This transaction will allow Sokoman to place even more focus on our flagship Moosehead Gold Project which is now in its extensive Phase 6, 50,000m, drill program with two drill rigs already in place and two more rigs scheduled to follow.”
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects (Moosehead, Crippleback Lake and Fleur de Lys) in Newfoundland. The 100%-owned, flagship Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland on the same structural corridor that hosts Marathon Gold’s advanced Valentine Project, and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. The gold mineralization in the Eastern Trend at Moosehead has been defined over a 500 m strike length and a 200 m vertical height and remains open, with high-grade drill results including 5.10 m of 124.20 g/t Au (MH-18-39). The Company is currently in the midst of the Phase 6 drill program, expanding the Eastern Trend, the Western Trend, South Pond and Footwall Splay zones and high-priority exploration targets on the property.
The Company also retains an interest in an early-stage antimony/gold project in Newfoundland optioned to White Metal Resources Inc. In Labrador, the Company has a 100% interest in the Iron Horse (Fe) project which has Direct Shipping Ore (DSO) potential.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Closes Subscription Receipts Financing
St. John’s, NL, April 13, 2021 – Sokoman Minerals Corp. (‘Sokoman’ or ‘the Company’) (TSX.V: SIC) (OTCQB: SICNF) is pleased to announce that, in addition to its non-brokered private placement (the Placement”) which closed on April 5, 2021, it has received approval from the TSX Venture Exchange (the “Exchange”) to close its subscription receipts financing (the “Subscription Receipts Financing”) , each subscription receipt being issued at $0.26 and convertible into units of the Company having the same attributes as the units issued pursuant to the Placement for gross proceeds of $980,353 (the “Subscription Receipts”). The participant of the Subscription Receipts Financing is strategic investor Eric Sprott.
Mr. Sprott, the Company’s largest shareholder, recently subscribed for 15,460,177 units of the Placement investing $4,019,646 which took his holdings in the Company to 19.70%. Since his participation in the Subscription Receipts Financing would have created a potential new Control Person, as that term is defined by Exchange policies, the Company will be asking shareholders to approve the creation of a new Control Person at a Special Meeting of Shareholders set for May 18, 2021. The additional Subscription Receipts Financing of $980,353 by Mr. Sprott will be held in trust until the Special Meeting of Shareholders approve the creation of his control position of greater than 20%.
Mr. Sprott’s additional investment in the Company by way of this Subscription Receipts Financing, once approved by shareholders, brings his total investment in these two rounds of financings to $5,000,000 or 19,230,769 common shares and 9,615,385 warrants.
The Subscription Receipts Financing was effected with one (1) insider of the Company, Eric Sprott, subscribing for $980,353 for 3,770,588 Subscription Receipts, that portion of the Subscription Receipts Financing a “related party transaction” within the meaning of Policy 5.9 of the Exchange and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In connection with the participation of the insiders, the Company intends to rely upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of the participation does not exceed twenty-five percent (25%) of the market capitalization of the Company (as determined under MI 61-101).
In connection with the Subscription Receipts Financing and in accordance with Exchange policies, the Company will pay a $24,509 finder’s fee.
The proceeds of the additional Subscription Receipts Financing and the Placement announced last week allows Sokoman to increase the current Phase 6 drill program at the flagship Moosehead Gold Project from 20,000 m to 50,000 m total with four drill rigs. Recent highlights from Phase 6 include significant intercepts from MH-21-141 of 4.20 m @ 64.00 g/t Au at South Pond; and from MH-21-115 of 4.60 m @ 47.00 g/t Au (Footwall Splay), and 8.10 m @ 68.70 g/t Au in the Eastern Trend Main zone. All zones remain open.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects (Moosehead, Fleur de Lys, Crippleback Lake and East Alder) in central Newfoundland on the structural corridor hosting Marathon Gold’s advanced stage Valentine Lake gold project. The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. The gold mineralization in the Eastern Trend at Moosehead has been defined over a 500 m strike length and a 200 m vertical height and remains open, with high-grade drill results including 5.10 m of 124.20 g/t Au (MH-18-39). The Company is currently in the midst of the Phase 6 drill program.
The Company also retains an interest in an early-stage antimony/gold project in Newfoundland optioned to White Metal Resources Inc. 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.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Announces Senior Management Appointment
St. John’s, NL, April 8, 2021 – Sokoman Minerals Corp. (TSX-V: SIC) (OTCQB: SICNF) (“the Company” or “Sokoman”) is pleased to announce the appointment of Daniel Lee to the position of Vice President Exploration. His career spans over 30 years focused on base and precious metals projects in Newfoundland and Labrador beginning with Noranda in the late 1980’s, working on VMS properties in central NL, notably the delineation of the Duck Pond Deposit. After joining Archean Resources in 1996, Dan was a key member of the geological team that developed the Voisey’s Bay Project, originally as a core logging geologist, and continuing with succeeding companies to Senior Geologist working with Vale on multi-disciplinary teams providing key inputs to pre-feasibility and feasibility studies at Voisey’s Bay. He subsequently joined Coastal Gold at the former Hope Brook Gold mine in 2010 as Project Manager where efforts were directed at assessing the remaining resource for completion of a Preliminary Economic Analysis. Dan joined the Sokoman Minerals team in 2018 and has been guiding exploration at the project ever since.
Tim Froude, President & CEO of Sokoman, said: “I have known Dan since we were students at Memorial University in the 1980’s. I have admired his progress and accomplishments over the years and was fortunate enough to convince him to join our team after we acquired the Moosehead Project in 2018. There isn’t anyone that knows as much about Moosehead as he does and much of the success we have enjoyed is a direct result of his tireless efforts and passion for the project. As we ramp up activities at Moosehead, Dan’s experience with advanced stage projects will be critical in bringing the project to the next level.”
The ongoing Phase 6 program is planned to continue through the spring breakup as long as it is technically feasible, with the 2 drills, now present, testing the Footwall Splay/Eastern Trend high grade zones, with a 10-hole program designed to expand the near-surface zones. Assay results from the South Pond and Footwall Splay / Eastern Trend areas are pending and will be released within the next two to three weeks, with a full review of all results to date provided at that time.
Although drilling is slower and more complicated due to logistical concerns during the breakup period, the Footwall splay / Eastern trend zones are relatively easy to access and the decision was made to take advantage of our location and to continue to drill through this period. Plans are to increase to the four drills, and the planned 50,000 m of drilling, announced earlier, as of June 1.
About Moosehead Gold Project
The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in North Central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization.
Significant gold mineralization has been identified in at least five separate zones including the Eastern Trend where mineralization has been defined over a 500 m strike length and a 200 m vertical height and remains open, with high-grade drill results including 11.90 m of 44.96 g/t Au (MH-18-01) and 5.10 m of 124.20 g/t Au (MH-18-39).
Qualified Person
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 Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects (Moosehead, Crippleback Lake, East Alder) in Central Newfoundland, and the recently acquired, district-scale Fleur de Lys Project in Northwestern Newfoundland which is targeting high-grade Dalradian style gold mineralization similar to the Curraghinalt deposit in Northern Ireland.
The Company also has a 100% interest in an early-stage antimony/gold project in Newfoundland optioned to White Metal Resources Inc., as well as the 100% owned Iron Horse iron ore project in Labrador.
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 project through the Junior Exploration Assistance Program. Sokoman has been approved for funding for a portion of 2020 exploration activities.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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 Closes Non-Brokered Private Placement Led By Eric Sprott
St. John’s, NL, April 6, 2021 – Sokoman Minerals Corp. (‘Sokoman’ or ‘the Company’) (TSX.V: SIC) (OTCQB: SICNF) is pleased to announce that, further to its March 19, 2021 and March 30, 2021 news releases, it has received approval from the TSX Venture Exchange (the “Exchange”) to close its non-brokered $0.26 Unit private placement financing (the “Financing”) for gross proceeds of $5,519,646. The participants of the Financing are strategic, long-term investors including Eric Sprott and Robert Moriarty.
The Company will now issue 21,229,408 units (the “Units”) each Unit consisting of 1 common share of the Company and ½ of a common share purchase warrant (the “Warrants”) with each full warrant being exercisable for an additional common share of the Company at an exercise price of $0.40 for a period of 24 months. All securities issued pursuant to the Financing are subject to a 4-month hold, expiring August 6, 2021.
Eric Sprott, the Company’s largest shareholder, has subscribed for 15,460,177 Units, investing $4,019,646 in the Financing. As this investment by Mr. Sprott has the potential to create a new Control person ( as that term is defined by Exchange policies) Mr. Sprott has undertaken not to exercise any warrants that he owns or controls which after exercise would take his ownership and control level above 20% of the shares outstanding until such time as the Company’s shareholders have, pursuant to a special meeting of shareholders scheduled for May 18, 2021, passed a resolution approving Mr. Sprott of becoming a Control person (the “Special Meeting”).
As disclosed in its March 30, 2021 news release, in addition to the Financing the Company intends on completing a subscription receipts financing (the “Subscription Receipts Financing”) with Mr. Sprott to raise an additional $980,353, such funds to be held in trust pending closing of the Subscription Receipts Financing. Pursuant to the Subscription Receipts Financing, each subscription receipt will be issued at a price of $0.26 and after obtaining shareholder approval at the Special Meeting for Mr. Sprott to exceed the 20% threshold, each subscription receipt will be converted automatically into units having the same terms as the Financing with each unit consisting of one (1) common share in the capital of the Company and one half (½) of a common share purchase warrant. Each full warrant will be transferable in accordance with applicable Securities Laws and will entitle the holder to purchase one (1) additional share for $0.40 at any time prior to 4:30 p.m. (Vancouver time) twenty-four (24) months after the closing date. The completion of the Subscription Receipts Financing is subject to obtaining shareholder approval at the Special Meeting. Mr. Sprott’s participation in the Financing and the Subscription Receipts Financing would bring his total investment in the Company in this round of financings to $5,000,000 or 19,230,769 common shares and 9,615,385 Warrants.
Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired the 15,460,177 Units pursuant to the Private Placement for consideration of $4,019,646. Prior to the Private Placement, Mr. Sprott owned 17,208,696 Common Shares of the Company and 13,975,000 Warrants. As a result of the Private Placement, Mr. Sprott beneficially owns and controls 32,668,874 Common Shares of the Company and 21,705,089 Warrants representing approximately 19.7% of the issued and outstanding Common Shares of the Company on a non-diluted basis and approximately 29.1% on a fully diluted basis assuming exercise of the Warrants.
The Units were acquired by Mr. Sprott, through 2176423 Ontario Ltd. for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of 2176423 Ontario Ltd.’s early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
The Financing was effected with two (2) insiders of the Company, Eric Sprott and Cathy Hume, subscribing for $4,128,646, 15,879,408 Units, that portion of the Financing a “related party transaction” within the meaning of Policy 5.9 of the Exchange and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In connection with the participation of the insiders, the Company intends to rely upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of the participation does not exceed twenty-five percent (25%) of the market capitalization of the Company (as determined under MI 61-101).
In connection with the Financing and in accordance with Exchange policies, the Company will pay $140,986 in finders’ fees to certain finders.
The proceeds of the Private Placement will allow Sokoman to increase the current Phase 6 drill program at the flagship Moosehead Gold Project from 20,000 m to 50,000 m total with four drill rigs. Recent highlights from Phase 6 include significant intercepts from MH-21-141 of 4.20 m @ 64.00 g/t Au at South Pond; and from MH-21-115 of 4.60 m @ 47.00 g/t Au (Footwall Splay), and 8.10 m @ 68.70 g/t Au in the Eastern Trend Main zone. All zones remain open.
Tim Froude, President and CEO commented: “We are very grateful to have this level of support from Mr. Sprott. This boost to our treasury will allow us to advance the Moosehead on multiple fronts at a much faster pace than ever before. 2021 will be a pivotal year for our shareholders.”
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects (Moosehead, Fleur de Lys, Crippleback Lake and East Alder) in central Newfoundland on the structural corridor hosting Marathon Gold’s advanced stage Valentine Lake gold project. The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. The gold mineralization in the Eastern Trend at Moosehead has been defined over a 500 m strike length and a 200 m vertical height and remains open, with high-grade drill results including 5.10 m of 124.20 g/t Au (MH-18-39). The Company is currently in the midst of the Phase 6 drill program.
The Company also retains an interest in an early-stage antimony/gold project in Newfoundland optioned to White Metal Resources Inc. 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.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
709-765-1726
tim@sokomanmineralscorp.com
Cathy Hume, Director,
Investor Relations
416-868-1079 x251
cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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.
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