Flagship Moosehead Gold Project

Project Summary

The property consists of 98 claims totaling 2,450 hectares adjacent to the Trans-Canada-Highway. The property is subject to a 2.0% NSR Royalty including 1.5% to the vendor and a 0.5% NSR royalty to an arms-length third party.

Moosehead is a very accessible orogenic lode gold project in a jurisdiction open to exploration and development. Historic sampling has returned values of up to 442 g/t Au from boulders and up to 170 g/t Au over 1.53 metres from drill core samples. The mineralized system remains virtually untested below a vertical depth of 100 metres (the only “deep hole” intersected 278 g/t Au over 0.45m at a hole depth of 257 metres) and remains open along strike. Mapping of the recently exposed bedrock and mineralized veins indicated that the controlling Au-bearing structures are orientated E-W and WNW, whereas the majority of historic drill holes targeted N-S structures.

In March 2018, the Company initiated its 2018 program with Phase 1 diamond drilling commencing in June. Phase 1 consisted of a 1,970.5 m in 15 holes, which in late July resulted in a high-grade discovery in the Eastern Trend, an area with little previous drilling. Phase 1 Discovery Hole MH-18-01 returned 11.90 m @ 44.96 g/t Au from 109 m down-hole. Since then, Sokoman has completed five successful phases of diamond drilling, consistently returning high-grade results.

The Company is currently carrying Phase 6 diamond drilling program which started in September 2020, covering 10,000 m of drilling. A total of 4,009 metres in 15 holes has been completed to date testing target areas including three holes in the Western Trend (MH-20-111, 113 and 114) and 12 holes in the Eastern Trend. Drilling in the Western Trend focused on testing deeper portions of the zone and all three holes intersected structures with variable quartz veining with disseminated pyrite and arsenopyrite.

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Moosehead Presentation

Excerpts from the Structural Report

Highlights

  • The Moosehead project is 100%-owned and located in north-central Newfoundland, Canada’s newest hot mining spot. The project is a high-grade orogenic lode gold with high-grade boulders (>400g/t Au) discovered in 1980’s
  • Excellent infrastructure includes year-round road access via Trans-Canada Highway; one-hour drive to assay lab and drilling companies; abundant internal logging and drill roads; and provincial power sub-station 4 km west of property.
  • In 2018, Sokoman discovered a new high-grade zone open in all directions (Eastern Trend) 200 m east of Western Trend. Phase 1 Discovery Hole MH-18-01 (Eastern Trend) returned 11.90 m @ 44.96 g/t Au.

Subsequent to the first successful drilling program, Sokoman has completed another 4 phases of drilling with outstanding results highlighted below:
  • Phase 2: MH-18-39 returned 5.10 m @ 124.20 g/t Au, including 1.10 m @ 550.30 g/t Au
  • Phase 3: MH-19-62 cut 4.8 m of 33.59 g/t Au, including 0.90 m of 124.15 g/t Au
  • Phase 4: MH-19-81 cut 6.4 m of 17.34 g/t Au, including 1.45 m of 75.50 g/t Au
  • Phase 5: MH-20-86 cut 4.70 m of 18.60 g/t Au, including 1.85 m of 46.99 g/t Au (from 271.80 m downhole)
  • Phase 5: MH-20-82 cut 9.50 m of 5.70 g/t Au, including 1.70 m @ 29.19 g/t Au (from 206.50 m downhole) 

The ongoing Phase 6 drilling program commenced in Q3 2020 and was originally planned at 10,000 m but, with sufficient financial resources now in place, has been increased to 50,000 m. A portion of Phase 6 will address the potential of the South Pond area which will include merging the winter magnetic survey with the new float samples.

The program has reported great results from several initial holes: In November 2020
  • MH-20-115 upper interval cut 4.60 m of 47.20 g/t Au (from 64.00 m downhole)
  • MH-20-115 lower interval cut 8.10 m of 68.70 g/t Au (from 111.20 m downhole)
  • MH-20-116 upper interval cut 1.80 m of 11.85 g/t Au (from 54.50 m downhole)
  • MH-20-116 lower interval cut 4.30 m of 2.94 g/t Au including 7.57 g/t Au over 1.25 m (from 183.80 m downhole)

Recent prospecting at South Pond
  • 400 m along strike to the SW of Eastern Trend, has located a cluster of angular quartz float with high-grade grab sample assay results ranging from 0.318 g/t Au to 157.04 g/t Au, as well as enriched silver values up to 36.2 g/t Ag.
  • DDH MH-20-123 returned 5.0 m averaging 26.88 g/t Au, including 2.15 m at 60.59 g/t Au from 47.0 m downhole*.

On January 29, 2021 Reported Results at Eastern Trend/Footwall Splay
  • MH-20-132 – 4.0 m at 24.92 g/t Au, incl. 1.60 m at 61.68 g/t Au from 70.50 m downhole
  • MH-20-127 – 1.30 m at 9.23 g/t Au, incl. 0.50 m @ 22.72 g/t Au from 48.90 m downhole

On February 23, 2021 Reported South Pond Zone hole assay results:
  • MH-21-141 – 4.20 m of 64 g/t Au, including 1.20 m at 223.63 g/t Au from 47.90 m downhole.

Further drilling 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 and South Pond Results reported April 28, 2021
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

Footwall Splay/Eastern Trend, and South Pond Results May 18, 2021
Footwall Splay
  • 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
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  

Reported on May 18, 2021 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
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

Reported on July 6, that ongoing Phase 6 drilling at the Moosehead Property 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.
Reported on July 29, 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.

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.
Reported on September 28, that ongoing Phase 6 drilling at the Moosehead Property in central Newfoundland has intersected additional high-grade gold mineralization at both the Lower Eastern Trend and in the 75 Zone, located approximately 100 m along strike south of the main Eastern Trend.

Highlights of the recently received rush assays (including total pulp metallics) include:
  • MH-21-234: 30.59 g/t Au over 2.75 m (within 4.80 m of 17.56 g/t Au) from the 75 Zone
  • MH-21-243: 32.72 g/t Au over 1.70 m (within 9.20 m of 6.70 g/t Au) from the 75 Zone
  • MH-21-215: 36.15 g/t Au over 0.35 m (within 2.35 m of 20.39 g/t Au) from the Eastern Trend
  • MH-21-229: 18.41 g/t Au over 2.10 m (within 5.10 m of 7.64 g/t Au) from the Eastern Trend

The Company is also announced that reconnaissance drilling testing for the source of gold-bearing boulders, discovered earlier this year 300 m to the east of North Pond (see July 6, 2021 news release), has intersected a significant structure (named the 253 Zone), featuring strong quartz veining and variable sulphide mineralization, mainly pyrite and arsenopyrite.

Reported on November 10, the first results from the barge-based drilling on North Pond on the Moosehead Project.
  • MH-21-291: 4.95 m of 27.70 g/t Au from 41.55 m downhole
  • MH-21-283: 4.20 m of 14.72 g/t Au within 9.80 m of 6.65 g/t Au from 53.00 m downhole
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