Sokoman Minerals Drilling Update - Moosehead Gold Project, Central Newfoundland A New Mineralized Structure, the 552 Zone, Intersected in Four Holes; Remains Open
Sokoman Minerals Drilling Update - Moosehead Gold Project, Central Newfoundland
A New Mineralized Structure, the 552 Zone, Intersected in Four Holes; Remains Open
St. John’s, NL, November 2, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is
pleased to provide an update on the ongoing drilling program at the 100 %-owned Moosehead
project. Diamond drilling has identified a new mineralized structure 200 m to the east of the
Eastern Trend, the furthest east of any mineralization located to date. Dubbed the 552 Zone, after
the first hole that cut it, it has an apparent east-west strike, making it close to perpendicular to the
Eastern Trend, suggesting that it lies in a similar structural setting as the 463 Zone but above the
Eastern Trend, in the hanging wall, whereas the 463 Zone lies in the footwall of the Eastern Trend.
Tim Froude, President and CEO of Sokoman, says: “While not exhibiting high grade to date,
the fact that the 552 Zone structure has gold in it is good news as we know we can get variable
grades interspersed with higher grades in all zones at Moosehead. On this property, we drill first
for structure and then seek out the grade. I am extremely pleased with this development since we
see sulphide minerals, commonly associated with the higher-grade Au, including boulangerite and
sphalerite and we are looking forward to evaluating this new zone. The presence of gold -bearing
structures in MH -23-555 is also very significant as it is a wide step -out hole and confirms the
presence of mineralizing fluids in this area and extends the Eastern Trend to the east. We expect
to go over the 100,000 m mark in the ongoing Phase 6 program sometime this month and look
forward to continued drilling at Moosehead.”
The mineralized quartz 552 Zone has been intersected in all four holes (552, 553, 556, and 557)
completed, with assays received for three of the four. Boulangerite and sphalerite, minerals
associated with Au on the Moosehead property , are noted. The best grade intersected to date is
1.41 g/t Au over 2.9 m in DDH 553 with 1.15 g/t over 2.95 m in DDH 552. The 552 Zone has
been tested by two sections of two holes each drilled from the same setup giving a 10-m strike-
length, over a vertical range of approximately 25 m. The drilling tested a resistivity high noted in
the winter Alpha IP survey with several second-order targets also identified in the general area. A
Noranda float sample from the late 1980s, that assayed 10.3 g/t Au, is located close to the 552
Zone. The 552 Zone remains open with approximately 2500 m of drilling planned to test along
strike and to depth.
Results include three holes in the Eastern Trend footwall, testing for near surface mineralization
in the same orientation as the vein set in the deeper 463 Zone. The 463 Zone returned an earlier
intercept of 39.60 m grading 12.50 g/t Au , including 10.5 m @ 41.97 g/t Au (see December 15,
2022 press release). The best results, from MH-23-548, gave 4.89 g/t Au over 3.55 m from 185.75
m downhole (see Table 1 below) ~250 m NW of, and 150 m vertically above, the 463 Zone with
a second zone intersected in DDH 548, giving 0.95 g/t Au over 4.20 m. Drilling will continue to
test the footwall environment which remains very prospective for additional gold-bearing
structures.
Table 1 - Assay Results
*Core length – true widths are estimated to be approximately half the core length
Plan view of recent drilling
DDH # Length m Az. Dip Target From (m) To (m) Length m* Au (g/t) G x M
MH-23-546 328 105 -56 Eastern Trend Footwall 283.00 285.00 2.00 1.30 2.61
MH-23-547 400 292 -66 Recon NSV
MH-23-548 247 105 -50 Eastern Trend Footwall 185.75 189.30 3.55 4.89 17.36
and 238.10 242.30 4.20 0.95 4.01
MH-23-549 154 292 -60 Recon NSV
MH-23-550 277 245 -45 Recon NSV
MH-23-551 580 105 -55 Eastern Trend Footwall NSV64.15
MH-23-552 304 292 -45 552 Zone 127.85 130.80 2.95 1.15 3.42
MH-23-553 187 292 -50 552 Zone 118.25 121.15 2.90 1.41 4.08
MH-23-554 151 292 -45 Recon NSV
MH-23-555 666 275 -40 Recon NSV
MH-23-556 172 286 -41 552 Zone 41.80 44.10 2.30 0.72 1.65
Reconnaissance holes MH-23-547, 549, 550, and 554 were drilled to test IP targets. Hole MH-23-
555 was a 100 m step-out testing the down-plunge projection of the Eastern Trend to the north.
There are several zones of deformation in the hole with the strongest structure occurring from
586.4 m - 592.7 m. Here strongly deformed and broken quartz veins and vein fragments occur
within a pyritized and broken, light-grey sediment. A second zone of weak deformation occurs
from 464.4 m - 475.8 m with upwards of 20% stockwork and stylolitic textured quartz veins. This
zone contains anomalous gold with occasional traces of pyrite, sphalerite, and arsenopyrite with a
best assay of 0.93 g/t Au over 0.40 m. The presence of multiple structures with mineralogy similar
to high-grade zones elsewhere on the property is significant, additional drilling will be
recommended for this area.
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 being 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 proje ct) by funding up to $12
million in exploration expenses and issuing $10 million common shares in 3 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 ex ploration 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 Project through the Junior Exploration Assistance Program.
For more information, please contact:
Timothy Froude, P.Geo., President & CEO
T: 709-765-1726
Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
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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 do cuments filed from time to time
with the Canadian securities regulatory authorities by Sokoman Minerals Corp.