ST. JOHN'S, NL / ACCESSWIRE / January 23, 2024 /Sokoman MineralsCorp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman" or the "Company") is pleased to provide an update on the ongoing exploration at its flagship Moosehead Gold Project. The highlight is the drilling results at the recently discovered 552 Zone, located 400 m to the east of the Eastern Trend, in the central portion of the property. Since receiving the stream crossing permit on November 28, an additional six holes (890 m) have been completed with five intersecting the zone and the sixth collaring in an extensive fault zone (believed to be the Cape Ray - Valentine Lake shear zone), which was terminated after cutting 75 m of intensely deformed volcanic and intrusive units.
The 552 drilling has defined a continuous, two- to five-metre-wide zone of quartz veining/quartz breccia, in variably deformed sedimentary units. Three holes intersected white quartz veins with specks of visible gold (MH-23-572, 574, and 575). The quartz veining is locally vuggy (epizonal type), located in a west-northwest trending, 50- to 70-degree northeast dipping structure. The veins carry trace to 5% sulphide minerals including boulangerite, sphalerite, chalcopyrite, pyrite, and arsenopyrite, the mineral assemblage common to most gold zones on the property. Drill hole MH-23-557, the fourth hole of the initial four holes on the 552 Zone (MH-23-552, 553, 556, 557 - see news release dated November 2, 2023), intersected the zone giving 1.04 g/t Au over 3.65 m (see table below). Assays remain pending for holes MH-23-568 to 577 (ten holes), which includes all the recent holes at the 552 Zone (MH-23-572 to 577).
Other completed holes on the property include:
Three reconnaissance holes (MH-23-564, 566, 567) were drilled in the southern portion of the property, testing magnetic features believed to represent favourable structures. None of the holes intersected significant mineralization.
Three reconnaissance holes (MH-23-558, 559, 563) were drilled testing Alpha IP targets located to the east of North Pond. All holes intersected unmineralized structures.
Three holes (MH-23-565, 568, 569) were drilled adjacent to hole MH-96-05, drilled by Royal Oak Mines in 1996, which returned 259 g/t Au from a 10 cm quartz vein. MH-23-565 and 569 did not intersect significant mineralization, while MH-23-568 intersected a shear structure with pyritic quartz. Results are pending for MH-23-568 and 569.
Two holes (MH-23-570, 571) were drilled to test quartz veining in drill hole MH-19-103, where two specks of visible gold were reported in 2019. Weakly mineralized quartz veining with trace to 2% disseminated pyrite, sphalerite, and arsenopyrite was intersected.
Two holes drilled to the northeast of North Pond testing a possible East-West structure defined by magnetics did not intersect significant mineralization.
Table 1 - Assay Results
*Core length - true widths are estimated to be approximately half the core length
MH-23-574 featuring 552 Zone veining - 5.00 g/t Au over 2.10 m (64.55-66.65 m)
Timothy Froude, P. Geo., President, and CEO states; "The 552 Zone is extremely significant as it represents an entirely new gold-bearing structure on the Moosehead property. We are already seeing signs of potentially high-grade mineralization with three of the five most recent holes carrying visible gold all within 50 m of surface. Of significance, is the presence of mineralized float located near the 552 Zone that returned 10.3 g/t Au and is believed to be derived from the 552 Zone. The 552 Zone is 400 m to the east of the main Eastern Trend, and it remains open. The closest mineralization is at the 253 Zone located 150 m north of 552, which is poorly understood and requires additional drilling, and which may represent a parallel zone. Drilling planned to test the down-plunge extent of the 552 Zone in 2024 should also intersect any parallel structures, including extensions to the 253 Zone where previous drilling returned 1.56 g/t Au over 1.60 m. We look forward to testing the 552 Zone in Q1 2024 as any structure with gold has the potential for high-grade gold values as we have seen in every zone on the property. Phase 6 drilling completed now sits at 101,519 m including 20,519 m in 70 holes in 2023. A proposed 2,500 m winter program will commence in about two to three weeks and will focus on the 552 Zone where we are starting to see improved grades and some visible gold."
QP 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.
Analytical Techniques / QA/QC Samples, including duplicates, blanks, and standards, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. All core samples submitted for assay were saw cut by Sokoman personnel with one-half submitted for assay and one-half retained for reference. Samples were delivered in sealed bags directly to the lab by Sokoman personnel. Eastern Analytical Ltd. is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples with visible gold were submitted for total pulp metallics and gravimetric finish. All other samples were analyzed by standard fire assay methods. Total pulp metallic analysis includes: the whole sample is crushed to -10 mesh; and then pulverized to 95% -150 mesh. The total sample is weighed and screened to 150 mesh; the +150-mesh fraction is fire-assayed for Au, and a 30 g subsample of the -150-mesh fraction is fire-assayed for Au; with a calculated weighted average of total Au in the sample reported as well. One blank and one industry-approved standard for every twenty samples submitted is included in the sample stream. Random duplicates of selected samples are analyzed in addition to the in-house standard and duplicate policies of Eastern Analytical Ltd. All reported assays are uncut.
About Sokoman Minerals Corp. Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The Company's primary focus is its portfolio of gold projects; the 100% flagship, advanced-stage Moosehead, as well as the Crippleback Lake; and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also recently entered into a strategic alliance with Benton Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls, independently and through the Benton alliance, over 150,000 hectares (>6,000 claims - 1500 sq. km), making it one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.
In October 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a major developer of lithium projects and processing plants in the USA, and exactly the right partner to have to advance the lithium project. The agreement provides for Piedmont to earn up to 62.5% of the Killick Lithium Project (formerly Golden Hope project) by funding up to $12 million in exploration expenses and issuing $10 million common shares in three stages. The Killick Lithium Project has been transferred to Killick Lithium Inc. (Killick), a 100%-owned subsidiary of Vinland Lithium Inc. (Vinland). Newly created Vinland has received $2 million in financing from Piedmont for a 19.9% interest, with the balance of ownership between Sokoman and Benton. Sokoman and Benton will continue to operate the exploration efforts at Killick through the earn-in stages. Sokoman and Benton will retain a royalty of 2% NSR on future production. Piedmont will have exclusive marketing rights for the promotion and sale of any lithium products produced from the Project on a life-of-mine basis, and the right of first refusal on 100% offtake rights to the lithium concentrates.
The Company also retains a 1% NSR interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to Thunder Gold Corp (formerly White Metal Resources Inc.), and 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 past financial support of the Moosehead and Fleur de Lys gold projects through the Junior Exploration Assistance Program.
For more information, please contact: Timothy Froude, P.Geo., President & CEO T: 709-765-1726 E:[email protected]
Cathy Hume, VP Corporate Development, Director T: 416-868-1079 x 251 E:[email protected]
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.
