Sokoman and Benton Jointly Acquire Grey River Gold Project in Southern Newfoundland Property hosts multiple untested high-grade gold occurrences
Sokoman and Benton Jointly Acquire Grey River Gold Project in Southern
Newfoundland
Property hosts multiple untested high-grade gold occurrences
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--May 27, 2021--Sokoman
Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to
announce, together with Benton Resources Inc. (“Benton”) (TSXV: BEX), the joint acquisition
of the 324 claim (8,100 hectare) Grey River Gold Project in southern Newfoundland. The
Property includes 11 claim units (275 hectares) optioned from local interests under letter
agreements, more details to be released in the coming weeks. The Grey River acquisition is
consistent with the newly formed Sokoman/Benton Alliance, which is targeting district-scale
gold opportunities in Newfoundland. Sokoman is now one of the largest land holders in
Newfoundland with direct ownership or co-ownership of over 150,000 hectares (+6,000 claims)
and is sufficiently funded to advance its portfolio of properties.
The Grey River Gold Project is centered on the community of Grey River, a deep-water, ice-free
harbour on the south coast of the Island of Newfoundland, 32 km east of the town of Burgeo, and
38 km southeast of the recently acquired Golden Hope Joint Venture (see Press Release dated
May 20, 2021). The SIC-BEX claims straddle a fundamental east-west trending ductile shear
zone that separates a large enclave of Late Precambrian amphibolite, gabbro, metasediments,
felsic metavolcanics and mafic orthogneisses from a batholith-scale, syn-kinematic suite of
Siluro-Devonian granitoid rocks. The east-west trending amphibolite-grade metamorphic units
are correlatives of the coeval basement block exposed on-strike, farther west in the Hermitage
Flexure, near Burgeo and at Hope Brook. The east-west shear zone at Grey River, and parallel
structures immediately offshore, are fundamental crustal breaks, along which several metal-rich
mid- to late-Devonian granites were emplaced along the southern coast of the Island.
Rocks in this segment of the Hermitage Flexure are unusually enriched in gold (Au),
molybdenum (Mo), copper (Cu), tungsten (W), fluorine (F) and bismuth (Bi). A 5-km-wide by
10-km-long area within and adjoining the property, between Grey River and Gulch Cove, is
particularly metal-rich, hosting: i) multiple mesothermal and intrusion-related Au-rich (+/- Bi-
Ag-Sb-Pb-Zn) quartz veins; ii) a porphyry Mo-Cu deposit (Moly Brook); iii) a vein-type
wolframite-rich W deposit (Grey River #10); and iv) a unique, diffusely bounded, high-purity,
locally auriferous silica deposit (Gulch Cove) of equivocal origin. Each appear to be associated
with distinct features in the regional aero magnetics and are also reflected in regional
Government lake-sediment geochemistry coverage of the area. The primary focus of upcoming
SIC-BEX exploration is quartz-vein-hosted, structurally controlled and intrusion-related,
high-grade Au (+/- Ag, Bi, Sb) in both the granitic and adjacent metamorphic terranes.
Previous exploration at Grey River identified gold in several settings: in base-metal-rich and
sulfide-poor, quartz veins and veinlets in the gneisses and related metamorphic rocks, including
regional-scale silica bodies; in quartz veins with coarse-grained sulfides in granite; in sulfide-
poor, quartz stock-work in sericitized granite; and in stockwork-style quartz and quartz-sulfide
veinlets with or without pervasive silica replacement in granite.
Gold grades reported from historic grab samples and channel samples from the property
range from less than 1 g/t to over 225 g/t Au, locally with 200-300 g/t Ag, with or without
anomalous Bi, Sb (antimony) and W. The 225 g/t Au chip sample is from a 20-30 cm wide
zone of pyritic alteration immediately adjacent to an 8-km-long, diffusely bounded quartz zone.
The latter coincides with the large, elongated high-purity silica body (12M tonnes >95% SiO)
drilled by the Newfoundland Government in 1967 as part of an Island-wide silica assessment
program. The diffusely bounded, irregularly shaped silica lies at the boundary of amphibolite
gneisses and mica-schists, and within mica schists, along the flank of a prominent aeromagnetic
high. Its origin is unclear and past workers have proposed differing origins (e.g., meta-quartzite;
quartz vein; silica replacement zone). The style, grades, setting and Au-Ag-Bi-W-Sb
geochemical signature of some of the gold mineralization led previous exploration groups
to draw comparisons with the high-grade Pogo gold mine within the Tintina Gold Belt of
Alaska and Yukon (gold in diffusely bounded quartz bodies within amphibolite grade gneisses).
The Pogo mine, up to the end of 2019, had produced 3.9 million oz gold at 13.6 g/t gold, with
reserves of over 7 million oz 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.
COVID-19 Protocols
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 (optioned to Canterra Minerals Corporation) along the Central
Newfoundland Gold Belt, and the recently acquired, district scale Fleur de Lys project in
northwestern Newfoundland, which is targeting Dalradian type orogenic gold mineralization
similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. Through recent
acquisitions with Benton Resources Inc. (Sokoman Benton Alliance), Sokoman controls one of
the largest land holdings in Newfoundland with over 150,000 hectares (1500 km2) of highly
prospective ground in Canada’s newest and rapidly emerging gold districts. The Company also
retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned
to 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.
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.
Contacts
Timothy Froude, P. Geo., President & CEO
709-765-1726
Cathy Hume, Director, Investor Relations
416-868-1079 x251
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals