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 0.45 m 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 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 out the Phase 6 diamond drilling program which started in September 2020, covering 100,000+ m of drilling. A total of 75,000 metres has been completed, adding four new significant mineralized zones, which bring the total of defined zones to five at the property. The Company has reported the thickest high-grade results from the lower Eastern Trend to date, MH-22-463, that cut 39.60 m of 12.50 g/t Au including 10.25 m of 41.97 g/t Au (see press release dated September 06, 2022).

Need More?

Moosehead Presentation

Download

Excerpts from the Structural Report

Download

Highlights

The Moosehead project is 100%-owned and located in north-central Newfoundland, Canada’s newest hot mining spot. The project is high-grade orogenic lode gold with high-grade boulders (>400g/t Au) discovered in the 1980s.
Excellent infrastructure includes year-round road access via the Trans-Canada Highway; a one-hour drive to assay lab and drilling companies; abundant internal logging and drill roads; and a provincial power sub-station 4 km west of the 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 100,000+ 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. There has been 75,000 m of drilling completed to date with significantly high-grade results reported. Highlights of the results include:

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

Followed-up 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, the Company 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, the Company Reported South Pond Zone 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 discovering 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

On May 18, 2021, the Company reported 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 confirmed 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

On July 6, 2021, the Company reported that ongoing Phase 6 drilling at the Moosehead Property 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.

On July 29, 2021, the Company reported that ongoing Phase 6 drilling at the 100%-owned Moosehead Property in central Newfoundland intersected additional high-grade gold with multiple holes reporting visible gold mineralization.

75 Zone

While awaiting 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 continued at the 75 Zone.

South Pond

At South Pond, ongoing drilling defined a steeply plunging, high-grade core within the moderately to steeply east-northeast dipping mineralized zone. Modelling 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.

On September 28, 2021, the Company reported that ongoing Phase 6 drilling at the Moosehead Property in central Newfoundland 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 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 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.

On November 10, 2021, the Company reported 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

The results confirm shallow, high-grade, gold-bearing quartz veins which are extensions to the Upper Eastern Trend and the Footwall Splay mineralized zones. The reported holes were drilled on a 10 m to 15 m grid spacing south of MH-20-115, which gave significant intercepts of 4.60 m of 47.20 g/t Au from the Footwall Splay, and further downhole, 8.10 m of 68.70 g/t Au from the Upper Eastern Trend (November 19, 2020 NR). The new holes are on trend towards the 75 Zone, located approximately 150 m further south, and from where recent results include MH-21-234 that returned 4.80 m of 17.56 g/t Au (September 28, 2021 NR)

On January 20, 2022, the Company reported that the barge-based drilling continued to deliver strong gold results. Assay highlights include:

MH-21-342 – 5.55 m of 56.58 g/t Au incl. 3.10 m of 100.00 g/t Au from 67.80 m
MH-21-345 – 4.75 m of 20.75 g/t Au incl. 2.25 m of 39.57 g/t Au from 117.65 m
MH-21-346 – 9.60 m of 7.33 g/t Au incl. 4.55 m of 12.98 g/t Au from 122.20 m

The drilling confirms very shallow, high-grade, gold-bearing veins lying in the Main Eastern Trend, as well as in splays or offshoots from it. Modelling confirms that Moosehead Au mineralization is focused around the Eastern Trend and that mineralized offsets such as the Footwall Splay, may include others such as the 75 and South Pond ZonOn April 13, 2022, the Company reported that the barge-based drilling added strong results, achieving a goal of expanding all mineralized zones along strike and to depth, while also connecting them. Assay highlights include:

MH-21-323 – 4.05 m of 14.55 g/t Au incl. 1.15 m of 50.42 g/t Au from 31.70 m
MH-21-335 – 3.10 m of 15.80 g/t Au incl. 1.60 m of 29.93 g/t Au from 92.90 m
MH-21-338 – 5.80 m of 7.05 g/t Au incl. 2.40 m of 15.43 g/t Au from 98.15 m

The 75 Zone and the Main Eastern Trend continued to deliver strong results and the gap between both zones has narrowed to 65 m. The modelling was clearly supporting the Company’s interpretation that the 75 Zone, or portions thereof, is a splay off the Main Eastern Trend with a similar relationship that the Footwall Splay has with the Main Eastern Trend immediately to the north.

On May 19, 2022, high-grade results were delivered on the 75 Zone, which was then essentially linked with the main Eastern Trend/Footwall Splay mineralization. Assay highlights include:

MH-22-392 – 2.35 m of 25.58 g/t Au from 72.65 m downhole (75 Zone)
MH-22-385 – 4.29 m of 14.56 g/t Au from 11.15 m downhole (Upper Eastern Trend)
MH-22-366 – 1.40 m of 133.94 g/t Au from 34.95 m downhole (75 Zone)
MH-22-359 – 1.00 m of 95.03 g/t Au from 19.44 m downhole (75 Zone)

On July 7, 2022, high-grade assay results suggested a potential new gold zone adjacent to the lower portion of the main Eastern Trend. Assay highlights include:

MH-22-422 – 7.00 m of 8.03 g/t Au from 165.00 m downhole (Eastern Trend) incl. 2.75 m of 19.47 g/t Au and 1.62 m of 31.95 g/t Au
MH-22-418 – 5.92 m of 4.14 g/t Au from 388.84 m downhole (Lower Eastern Trend) incl. 1.31 m of 15.60 g/t Au

Drill hole MH-22-418 intersected the deepest drill intersection with visible gold on the property to date, below the mineralization in the Eastern Trend. The hole gave multiple gold mineralized areas where the Eastern zone was expected, with the deeper & higher-grade zone a pleasant surprise.

On September 6, 2022, the Company announced the thickest, high-grade drill results from the Lower Eastern Trend to date. Assay highlight:

MH-22-463 – 39.60 m of 12.50 g/t Au incl. 10.25 m of 41.97 g/t Au

The mineralization in MH-22-463, located approximately 100 m below the limits of the modelled Eastern Trend, has a different vein style and geometry from other drill intersections in the vicinity. The intercept is thicker than any other intercept to date and includes the “typical” very high-grade vuggy-type veining with abundant visible gold and 5% – 7% accessory boulangerite and sphalerite, as well as a brecciated style of veining with specks of visible gold with minor boulangerite and sphalerite. This could suggest a changing structural setting within the Lower Eastern Trend where multiple gold-bearing structures are possibly converging, or there’s an existence of a new style of veining at Moosehead.