Program expanded to a minimum 20,000 m with two drills
ST. JOHN'S, NL / ACCESSWIRE / January 11, 2021 / Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("the Company" or "Sokoman") is pleased to provide an update on its ongoing Phase 6 drill program at Moosehead Gold Project ("the Project"), in Central Newfoundland. Phase 6, which started in September 2020 and was paused for a Christmas break, will re-start with one drill rig on or around January 15, 2021, adding the second drill rig in the first week of February.
Highlights of the revised program include:
- A second drill to be added
- Doubling the minimum commitment to 20,000 m from the original 10,000 m
- Moving to a new, larger, core logging facility
- Increasing staff to meet the increased drilling requirements
Tim Froude, President & CEO of Sokoman, said: "We are very pleased to announce the expanded program and the additional diamond drill at Moosehead. The last round of financing allows us to increase the initial commitment to at least 20,000 m, and as a result, we have moved to a larger core logging facility and are hiring additional staff to take on the added work. We expect the new core building to be fully functional by January 15, with first core to follow immediately. The extra meterage will be distributed as needed to expand on the currently defined zones to depth and on strike, as well as targets not yet tested, many of which required winter conditions to access, including multiple glacial till samples with high gold grain counts (>50 grains), the majority of which are pristine in morphology. Assays for some holes remain outstanding and we expect to be able to release new results by the end of January."
To date in the Phase 6 drill program, Sokoman has logged and sampled 22 holes totaling 6,650 m. Phase 6 has delivered excellent results including MH-20-115 that returned two discreet, high-grade zones including the newly recognized Footwall Splay, that gave 4.60 m @ 47.20 g/t Au, as well as a slightly deeper intersection in the Main Eastern Trend that returned 8.10 m @ 68.25 g/t Au (November 19, 2020 NR). Drilling at South Pond, 240 m south of the Western Trend, returned high-grade results (December 17, 2020 NR) of 5.0 m @ 26.88 g/t Au including 2.15 m @ 60.59 g/t Au. The intersection in MH-20-123 represents the in-situ source of the high-grade boulder cluster reported in July 2020, that averaged 36 g/t Au indicating that the system comes to surface. These intersections, and many other previously reported, are similar in style and grade to the world-class Fosterville Mine in Victoria, Australia, and establish Moosehead as a Fosterville lookalike, also fully supported by geological and structural criteria. Pending assay results, as well as ongoing 3D modelling, will shape the program more precisely, including the locations, number and depth of holes.
Sokoman is also pleased to report that a total of 5,656,904 warrants were exercised between July 2020 and January 2021 for gross proceeds of $459,440. The Company has $4.6M in its treasury and is fully funded for the increased Phase 6 drill program.
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.
The gold mineralization 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) and 4.8 m of 33.59 g/t A, including 0.90 m of 124.15 g/t Au (MH-19-62).
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.
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) in Central Newfoundland on the structural corridor hosting Marathon Gold's Valentine Lake project. Valentine Lake is reported to host estimated Proven and Probable Mineral Reserves of 1.87 Moz (41.05 Mt at 1.41 g/t Au), and Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.09 Moz (54.9 Mt at 1.75 g/t Au). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Reserves and resource totals for the Valentine Lake Project are taken from "N.I. 43-101 TECHNICAL REPORT & PRE-FEASIBILITY STUDY ON THE VALENTINE GOLD PROJECT" prepared by Ausenco Engineering Canada on April 21, 2020.
The Company also has a 100% 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.
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
Cathy Hume, Director, Investor Relations
416-868-1079 x 251
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.
SOURCE: Sokoman Minerals Corp.