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.
Trans Canada Gold Corp. has announced that they have defined and identified multiple new gold drill targets on the Crippleback Lake Gold Project. and has now received full permit approval for drilling the Crippleback Lake Gold Project in central Newfoundland.
SHA Geophysics has completed a regional helicopter-borne Heli-GT Triaxial Magnetic Gradiometer Survey on the project and provided all of the new high resolution data sets to the Company for interpretation. The geophysical survey consisted of 579-line kilometers with traverse lines to be flown at 75-meter spacings and control lines flown at 1250-meter line spacings directly over the Crippleback Lake Gold Project claim-block, which lies directly above and over the Cape Ray Fault zone. Airborne surveys are critical in the discovery of high grade-gold and important in locating hidden base metal targets hidden in the structurally advanced Newfoundland geological environment.
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.
Trans Canada Gold Corp. has announced that they have defined and identified multiple new gold drill targets on the Crippleback Lake Gold Project. and has now received full permit approval for drilling the Crippleback Lake Gold Project in central Newfoundland.
SHA Geophysics has completed a regional helicopter-borne Heli-GT Triaxial Magnetic Gradiometer Survey on the project and provided all of the new high resolution data sets to the Company for interpretation. The geophysical survey consisted of 579-line kilometers with traverse lines to be flown at 75-meter spacings and control lines flown at 1250-meter line spacings directly over the Crippleback Lake Gold Project claim-block, which lies directly above and over the Cape Ray Fault zone. Airborne surveys are critical in the discovery of high grade-gold and important in locating hidden base metal targets hidden in the structurally advanced Newfoundland geological environment.
