Crippleback Lake Project (Optioned to Trans Canada Gold Corp.)

Project Summary

Sokoman 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 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. 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.

In 2016 and early 2017, the Company acquired through a combination of staking and option, the Central Newfoundland Gold Project (CNGP) which consists of two separate properties in Central Newfoundland: the Crippleback Lake and East Alder properties. Consideration includes total cash of $35,450 and share payments totaling 600,000 over a three-year option agreement. The vendors will retain a 2% NSR with a buyback of 1% for $1 million as well as a 1% NSR on Sokoman’s contiguous claims with a $500,000 cash buyback of 0.5%.

The properties lie 65 and 25 kms respectively, northeast of Marathon Gold’s 4.2 million ounce Valentine Lake gold project and lie on the same structural trend. Both properties have no previous exploration history for gold. Phase 1 and 2 soil and till sampling as well as prospecting surveys have been completed over both properties that are underlain by sedimentary and intrusive rocks traceable throughout central Newfoundland. Anomalous values in soils as well as strong gold grain counts were received from work on Crippleback and East Alder with locally moderately anomalous gold values from grab sampling, of which at least 20 targets have been identified for possible trenching. For more details: June 3 2021 press release

Highlights

  • 160 claims – 4,000 hectares.
  • 9 km long gold-in-till trend; multiple samples with > 20 gold grains to a high of 60 gold grains.
  • Highest rock sample assay of 1.7 g/t gold (float).
  • 4 discreet gold-in-soil anomalous trends with results to 73 ppb Au.
  • Trenching proposed for 2019.

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