Sokoman Iron Corp. Provides Exploration Update Preliminary Results Outline Geochem and Magnetic Anomalies at East Alder; sampling of Iron Horse Drill Core Confirms in situ Uranium, Vanadium and REE mineralization
NEWS RELEASE
Sokoman Iron Corp. Provides Exploration Update
Preliminary Results Outline Geochem and Magnetic Anomalies at East Alder; sampling of
Iron Horse Drill Core Confirms in situ Uranium, Vanadium and REE mineralization
May 26, 2017 – Sokoman Iron Corp., TSX-V SIC (the “Company”) is pleased to provide the
following update on exploration activities on the company’s 100% owned Central Newfoundland Gold
Project, as well as recent developments at the Iron Horse Project in Labrador.
Central Newfoundland Gold Project (CNGP)
The Company is pleased to announce that preliminary results from a portion of the winter geochemical
program on the CNGP has returned anomalous gold values in soil, as well as anomalous gold grain
counts from till sampling. The unusually heavy snowpack over the past winter has hindered progress
and delayed program start-up due to the late spring breakup, however, the company was able to focus
efforts on the East Alder property and results have begun to be received by the Company. In addition,
the Company has received a report on the airborne magnetic survey flown over a portion of the East
Alder property and results show several strong features suggesting structural breaks which could
represent corridors within which gold bearing vein systems could occur. This data will be incorporated
into a forthcoming compilation map. Additional soil sample results are expected in the coming weeks.
To date, approximately 200 soil sample results have been received, representing about 20% of
estimated samples to be collected, and results show a cluster of anomalous results (up to 39 ppb Au) in
the extreme northeast corner of the block, strongly correlated with an airborne linear outlined on the
recent airborne mag results. This area is a high priority target for prospecting in the coming weeks.
Limited reconnaissance till sampling results show all samples returning at least 1 gold grain (four of
seven samples reported 5 or more gold grains) to a maximum of 13 gold grains with over 50% of the
gold grains described either as pristine or modified suggesting minimal to limited transport. Sample
EA-T-6 returned a total of 13 gold grains of which 8 were noted as being pristine or modified,
suggesting a proximal source. A summary of results to date is currently being compiled and maps will
be posted on the website once a more representative number of results have been received and
interpreted. Additional sample results are expected in the coming weeks and will be added to the
interpretive maps.
A prospecting crew has been dispatched to the property to investigate results received to date as well
as to conduct general prospecting efforts and to continue with reconnaissance soil sampling. It is worth
noting that a large portion of the East Alder claims have been subject to recent (one to two years old)
logging activities which has seen no focused prospecting efforts to date. It is worth noting that Antler
Gold’s (TSX-V ANTL) discoveries at Wilding Lake were made as a direct result of prospecting recent
logging roads and cutovers of the same age less than three kilometers to the southwest.
2
Sokoman’s East Alder property is contiguous with the Wilding Lake Project being explored by Antler
Gold and where several significant high grade gold discoveries have been recently announced (Antler
Gold Website, 2017). Wilding Lake highlights include multiple high grade showings over a 1 km
strike length including channel assays of 49.3 g/t Au /4.6 meters (Alder Zone); and 93.1 g/t Au over
1.3 meters (Elm Zone). All of the occurrences announced by Antler Gold are located between 3
kilometers to 1.5 kilometers from Sokoman’s property boundary. (Note: Mineralization or grades as
reported by Antler Gold and Marathon Gold may not occur on the East Alder property or any other
Sokoman Iron property in the area.)
Iron Horse Project – Labrador
The company is pleased to announce that recent sampling of the company’s 2012 drill holes at
Anomaly D has returned strongly anomalous uranium, vanadium and potentially significant rare earth
element (REE) mineralization. Historically, the Anomaly D area has been the focus of intermittent
uranium (U) exploration based on the discovery of radioactive boulders in the late 1950’s. Boulders of
graphitic argillite assaying up to 2000 ppm U were reported but the boulders were never sourced.
In 2011, prospectors working on behalf of Sokoman’s joint venture partner Metals Creek Resources
(Sokoman purchased Metals Creek remaining interest in the property subject to a 1.9% NSR in late
2012), sampled several radioactive boulders that returned from 248 ppm U to 1780 ppm U along with
> 5000 ppm V (vanadium), as well as elevated values in a number of REE’s including (maximum
values); 861 ppm Nd (neodymium), 185 ppm Dy (dysprosium), 186 ppm Pr (praseodymium), as well
as elevated values for most heavy and light Rare Earth’s (using Fusion MS analysis at Activation
Laboratories Ltd).
Sokoman is certain that it has discovered a potential source of the historical boulders. A 3.90 meter
core interval in hole GL12-02, beginning at 29 meters downhole, showed moderate to strong
radioactivity in argillaceous sediments. Preliminary results from ICP* analysis report from 99 to
>1000 ppm U, and from 264 to >1000 ppm V. Also noteworthy are high P (phosphorus) from 0.54 to
9.00% P, and Ca (calcium) from 11.0 to >20% Ca. (Note: The Anomaly D uranium/vanadium/REE
bearing strata lie approximately 4 kilometers southeast of the Anomaly A iron ore prospect that
returned 345 meters of 28% Fe.) Sokoman has requested additional REE, over limit assays for U and
V, precious metal assays, and whole rock analysis on the entire suite of samples.
Drill Hole GL12-02 sits adjacent to a significant coincidental magnetic and gravity anomaly that could
be significant in the genesis of the mineralization. There is also potential for Athabaska Type uranium
mineralization given that Helikian basin fill sequences (Sims Formation) are known to exist
immediately north of the property. The Sims Formation has been compared favourably to sedimentary
rocks of the Athabaska Basin.
Timothy Froude, P. Geo., Interim CEO states; “We are pleased with the results to date at East Alder in
spite of the slow start to the season. We expect to add additional field personnel in the coming days
and ramp up the shipment of samples to the lab. This season will be our first opportunity to see East
Alder, and indeed most of our Central Newfoundland Gold Project claims, for the first time and we are
anxious to get going. The excellent work our neighbours Antler Gold (ANTL-V) and Marathon Gold
(MOZ-T) have been reporting is certainly great news for this exciting new district. The results from
Iron Horse are certainly interesting and potentially point to renewed interest in the project. Labrador
has historically been a place where new discoveries are possible at any moment.”
3
Sokoman Iron Corp. is a discovery focused company with projects in Newfoundland & Labrador,
Canada. The company’s primary focus is the Central Newfoundland Gold Project (CNGP) which
comprises three properties (Crippleback Lake, Princess Lake and East Alder) straddling the emerging
Cape Ray/Valentine Lake/Alder structural zone which hosts the 2.1 M oz Valentine Lake project
(Marathon Gold MOZ-T); and the recently announced high grade Wilding Lake Project (Antler Gold
ANTL-V). The company also has a 100% interest in the Iron Horse Project in the eastern Labrador
Trough.
*The company cautions that these results are from ICP analysis, and that the company has ordered
more qualitative and quantitative analyses for U, V, and light and heavy REE’s on this suite of samples
well as whole rock analysis.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person"
under National Instrument 43-101 and Interim CEO for Sokoman Iron Corp. For further information
please contact Timothy Froude at 709-765-1726, or by email at [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. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of
this press release. Except for historical information contained herein, this news release contains
forward-looking statements that involve risks and uncertainties. Actual results may differ
materially. Sokoman Iron 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 Iron Corp.