Sokoman Minerals Updates Moosehead Gold Project, Central Newfoundland Metallic pulp assays from winter 2024 drilling program, MOU with Novamera Inc.
Sokoman Minerals Updates Moosehead Gold Project, Central Newfoundland
Metallic pulp assays from winter 2024 drilling program, MOU with Novamera Inc.
St. John’s, NL, May 23, 2024 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF)
(“Sokoman” or the “Company”) is pleased to report metallic pulp gold assay results from winter
drilling at the 552 Zone, as well as assays from a section of the Footwall Splay. These drill holes
were targeted as a possible bulk sample location, linked to the recently signed Memorandum of
Understanding (MOU) with Novamera Inc. (“Novamera”). The MOU is focused on modeling the
near-surface portion of the Footwall Splay Zone for a possible bulk sample using Novamera’s
proprietary drilling and bulk sampling technology.
Footwall Splay
Drilling confirmed strong, near-surface gold values, including 10.25 m at 84.69 g/t Au from 53.90
m downhole in MH-23-166A, in the down-plunge portion of the Zone.
Highlight Drill Results – Moosehead Project – Footwall Splay / 552 Zone
*Core length - true widths are estimated to be approximately 90% of the core length
552 Zone
Ten drill holes gave mixed results although most intersected the 552 structure. The highest grades
were in quartz veining - MH-24-588 – 2.20 m / 6.07 g/t Au at 57.75 m downhole and 2.75 m at
5.94 g/t Au at 100.85 m downhole, with the second intersection the first visible gold (VG) found
in deformed mafic volcanics on the property (see the section for the location of the new vein in
proximity to the previous ly modeled 552 vein ). The intersection in the volcanics highlights
additional prospective areas in the easternmost, underexplored, portion of the Moosehead
property. The 552 zone carries VG-bearing quartz veins on both the east and west margins. Drilling
will continue after the spring break up in approximately three to four weeks.
DDH # Length m Az. Dip Target From (m) To (m) Length m* Au (g/t) G x M Visible Gold
MH-23-166A 75 104 41.5 Footwall Splay 19.75 25.00 5.25 16.34 85.76 y
and 53.90 64.15 10.25 84.69 868.05 y
MH-23-166B 96 104 40 Footwall Splay 26.85 33.50 6.65 7.30 48.59 y
and 48.60 62.00 12.40 44.15 547.46 y
MH-24-581 127 220 40 552 Zone NSV N
MH-24-582 208 215 50 552 Zone NSV N
MH-24-583 157 225 40 552 Zone 127.35 129.00 1.65 4.83 7.97 Y
MH-24-584 205 225 50 552 Zone NSV N
MH-24-585 187 237 40 552 Zone 99.90 102.70 2.80 4.96 13.90 Y
MH-24-586 154 215 45 552 Zone 105.40 108.10 2.70 0.68 1.45 N
MH-24-587 166 215 55 552 Zone 127.40 129.00 1.60 0.57 0.92 N
MH-24-588 145 215 40 552 Zone 57.75 59.95 2.20 6.07 13.36 Y
and 100.85 103.60 2.75 5.94 16.34 Y
MH-24-589 202 215 60 552 Zone 122.65 123.35 0.70 0.82 0.57 N
MH-24-590 184 215 40 552 Zone NSV N
MH-24-591 38 N/A 90 Footwall Splay 25.40 27.40 2.00 1.87 3.74 N
MH-24-592 50 N/A 90 Footwall Splay 34.05 35.05 1.00 0.41 0.41 N
MH-24-593 44 N/A 90 Footwall Splay 19.75 20.20 0.45 1.53 0.69 N
Novamera Inc.
Novamera’s guidance tool provides a high-resolution 3-D model of the quartz veins by detecting
veins up to 4 m off hole in all directions. As part of the initial setup process, Novamera requested
the drilling of two holes (MH-23-166A and B) from an area of the Footwall Splay, which was
surveyed by Novamera to calibrate their guidance tool . The holes were drilled proximal to MH-
23-166, selected as the test area based on a high -grade intersection at the bedrock surface - 5.10
m of 15.51 g/t Au at 9 m downhole). Novamera used the two new holes and the original hole for
calibration. A mineralization model, being developed, will include surveying of additional holes
later this spring.
The bulk sample method being considered is a “surgical” mining method in which a large (1-2 m)
diameter drill bit is used to recover the high-grade, VG-bearing quartz veins, greatly reducing the
environmental impact and decreasing the time required for permitting.
The permitting process will begin when the 3D modeling and extraction plan is completed in the
coming months. The holes were assayed for grade control at Eastern Analytical in Springdale,
Newfoundland and Labrador.
Timothy Froude, P. Geo., President and CEO of Sokoman Minerals, states, “We are pleased
to announce the MOU with Novamera as part of our efforts to advance the Moosehead gold
project. The results of the initial work have confirmed the area for a bulk sample by demonstrating
strong gold grades in the Footwall Splay. The MOU is not a commitment for a bulk sample; rather,
it is a process to determine if a bulk sample can be taken efficiently and cost-effectively. There is
no obligation on Sokoman’s part to complete all the stages as defined in its MOU with Novamera.”
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.
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% -owned flagship, advanced -stage Moosehead, Crippleback Lake, 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 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 is 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.
Projects optioned with optionee fully vested:
• East Alder Project optioned to Canterra Minerals Inc (SIC retains 850,000 shares of CTM
plus 1% NSR)
• Startrek Project optioned to Thunder Gold (SIC retains 1,750,000 shares of TGOL plus 1%
NSR)
The Company would like to thank the Government of Newfoundland and Labrador for the
financial support of the Moosehead and Fleur de Lys Projects through the Junior Exploration
Assistance Program during the past few years.
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 informati on 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.