Corporate Overview
Message from our CEO
“Our exploration efforts are truly beginning to rock “the Rock”, as we go from hit, to hit, to new discovery.”
Drilling continues to confirm high-grade gold at the flagship Moosehead Gold project and provide further insights into the complex geological controls of the high-grade mineralization. A methodical approach is paying off as we continue to intersect and extend the interpreted high-grade shoots that lie within the larger envelope of gold mineralization. With high-grade gold existing in all known zones within an area at least 700 m in strike length, up to 200 m in width, and at least 250 m vertical, the potential to link these zones as well as expand the footprint of the Moosehead system is high. The current +100,000 m Phase 6 drilling program will continue into 2024. Results from the North Pond, a barge-based drilling program of 20 holes, that tested both the Upper Eastern Trend and the Footwall Splay zones have provided valuable information and raised our confidence level. Gold-mineralized veins have been encountered in the majority of the holes completed to date.
The mineralization intersected by drillhole MH-22-463, located approximately 100 m below the limits of the modeled Eastern Trend, has a different vein style and geometry from other drill intersections in the vicinity. The intercept is thicker than any other intercept to date and includes the “typical” very-high-grade, vuggy-type veining with abundant visible gold and 5% - 7% accessory boulangerite and sphalerite, as well as a brecciated style of veining with specks of visible gold with minor boulangerite and sphalerite. This could suggest a changing structural setting within the Lower Eastern Trend and/or that a different plumbing system existed in this underexplored area. Drill holes MH-22-505, 512, 517, 519 (and others), designed to test the 463 Zone, all intersected multiple, narrow, locally high-grade veins in the footwall and perpendicular to the main Eastern Trend.
In conjunction with discussions with Ireland-based structural consultant Dr. David Coller, who was instrumental in defining the structural concepts used to guide the initial drilling at Moosehead, it now appears clear that the 463 Zone is part of a system of less-deformed veins at right angles to the main Eastern Trend and consequently, parallel to most of the drilling completed over the previous two years. This also strongly suggests that the Eastern Trend may not be the feature controlling gold mineralization, but rather it has crosscut and incorporated a pre-existing vein system as we now see similar-looking gold-bearing veins in deformed, as well as largely pristine, rocks. It also opens up the entire footwall environment as a host to high-grade veins.
The new 511 Zone has been intersected in two holes testing an Induced Polarization (IP) response under South Pond. The intersections are 250 m south of the South Pond Zone. The mineralization style found is similar to that seen at most gold zones at Moosehead and is often associated with higher-grade, VG-bearing, quartz veins. It is still not known if the intersections in holes 510 and 511 are one continuous zone or two separate, subparallel zones. While the multiple gold-bearing zones may not merge into a single unit, they do appear to form a cluster with the potential to be mineable together.
At Fleur de Lys progress focus on defining drill targets on the 480 sq. km property where Phase 1 exploration, completed in late 2021, identified a 30 km long, gold in till anomaly. Pristine gold grains, suggesting a short distance of transport from source, have been returned from multiple sites, and grab samples of rocks taken during the till sampling, have given Au values up to 4.6 g/t. Drill targets are expected to be defined. The rocks of the Fleur de Lys Supergroup are equivalent to the Dalradian Supergroup in the United Kingdom where several major gold deposits, including the six-million-ounce Curraghinalt deposit, are located.
Of the 1,260 samples taken, 328, or just over 25%, have at least 20 gold grains (to a maximum of 230 grains) and are considered anomalous. Fifty-five (55) samples contain at least 60 grains (six times background) and a number with more than 50% pristine gold grains. Gold grains described as pristine are considered to be from a local bedrock source (less than 200 m transport). While on a two-day scouting trip in July, 2023 five rock samples were collected at random intervals along a 15 m - 20 m section along an old logging road. Four samples of mineralized shear gave 13.96, 5.89, 2.55, and 1.46 g/t Au using metallic sieve gold analysis. A fifth sample of unmineralized wall-rock, gave 20 ppb Au. Of significance is that almost all of the gold was from the -150 mesh size fraction, suggesting very fine-grained gold similar to that at the Curraghinalt deposit.
Ongoing exploration at Fleur de Lys has outlined an area of very angular, visible gold-bearing float dubbed the Golden Bull Prospect, measuring 300 m in length and yet unknown width, with numerous pieces of banded quartz weighing up to several tonnes. The Golden Bull discovery is located in the northern portion of the property, four km to the west of the historic mining town of Baie Verte. Mineralization consists of strongly banded quartz, with up to 2% disseminated pyrite, arsenopyrite, sphalerite, and minor chalcopyrite, and visible gold is noted. Assay results from recent metallics assays of the grab samples ranged from 0.37 g/t to 9.03 g/t.
Timothy Froude, P.Geo.
President and CEO, Director
On the Sokoman/Benton JV Alliance (the “Alliance”) properties, the potential seems unlimited with new discoveries, as we continue testing the known gold-bearing structures and growing the opportunity in the Lithium-Cesium-Tantalum (LCT) pegmatite field.
The mineralization on the Grey River property is associated with large zones of silica associated with disseminated and stringer pyrite (from 2% - 20% pyrite) within the >10 km long quartz/silica body. The large silica system is currently being tested by drilling. This current campaign is a 20-hole program intended to follow up on the successful five-hole 2021 program that saw significant gold mineralization intersected in all holes spread over a five km strike length The size of the system is impressive, and we hope to determine regional controls on the gold mineralization as we move forward with the program.
Sokoman and Benton Resources Inc. announced the entering into of the Definitive Agreement with Piedmont Lithium Inc. (NASDAQ: PLL) (ASX: PLL) (“Piedmont”), enabling Piedmont to earn up to a 70% direct and indirect ownership interest in the area and lands comprising the Golden Hope Project (the “Golden Hope Project“) to be renamed the Killick Lithium Project.
Piedmont is one of North America's leading lithium companies
Piedmont has vast technical and geological knowledge in similar geology to that of Killick pegmatites
Benton and Sokoman incorporated Vinland Lithium Inc. ("Vinland") and its wholly-owned subsidiary Killick Lithium Inc. ("Killick"), into which they transferred the Golden Hope Project
Piedmont financed Vinland CAD$2.0M @ CAD$1.00 per share to hold 19.9%
Piedmont will have the option to earn up to a 62.5% direct interest in Killick by spending an aggregate CAD$12.0M in exploration and development during the option period. During the earn-in period Sokoman and Benton will be the operators of all exploration.
Upon Piedmont completing all earn-in options, Piedmont will have paid Sokoman and Benton up to a total of CAD$10.0M in Piedmont shares
Sokoman and Benton to retain a 2% royalty on the net returns of precious metals and the value of lithium received provided, however, that Killick, Piedmont or any of their successors shall have the right to repurchase 50% of such royalty (1%) in consideration for an aggregate cash payment of CAD$2.0M to Sokoman and Benton (CAD$1.0M to each).
Killick and Piedmont entered into an agreement for exclusive marketing rights for the promotion and sale of any lithium products produced from the Project on a life of mine basis, and Piedmont shall have the right of first refusal on 100% offtake rights to the lithium concentrates produced from the Project, on a life of mine basis, at competitive commercial rates.
The results from our first drilling program at the Kraken Pegmatite Field confirmed our objectives, with lithium grades reported comparing favourably to many global lithium projects currently known. Drilling at Kraken’s East Dyke Swarm has delivered multiple significant intersections of spodumene-rich pegmatite with multiple targets remaining to be tested.
Soil sampling along trend and to the north of the known zones has identified multiple, strong “lithium in soil” anomalies now prioritized for prospecting, including a new discovery of a Lepidolite dyke, 12 km NE of Kraken, with tremendous potential between and along the granite-sediment contact. Given the effectiveness of geochemistry, the Alliance has launched an extensive and systematic lithium soil survey over the 60 km long favourable structural trend.
The recent discovery is a cesium-rich dyke, located approximately 12 km northeast of the Kraken lithium discovery, with surface grab samples assaying up to 1.56% Cs2O (cesium oxide), 0.4% Li2O (lithium oxide), 0.022% Ta2O5 (tantalum oxide), and 0.30% Rb2O (rubidium oxide). This is the first cesium mineralization discovery recorded in Newfoundland. The new dyke is 5 m - 6 m wide and has so far been traced for approximately 100 m along strike.
The work to date of Sokoman and Benton includes 61 exploratory drill holes, 50 of which intersected spodumene-bearing pegmatites. Mineralization in surface trenching and drilling has now been identified over a strike length of 2.5 kilometres. These early drilling results include multiple intercepts over 1.0% Li2O and demonstrate the potential for additional discoveries within the property. Their exploration work in 2023 has identified numerous soil and geophysical anomalies, highlighting high-priority drill targets. The property features excellent infrastructure with proximity to paved roadways, an electrical substation, and an ice-free, deepwater port. Drilling has recently focused on the Killick Dyke zone. Drilling continues to intersect spodumene-bearing dykes ranging from less than a metre to >20 m thick, with results up to 1.22% Li2O over 13.37 m in GH-23-45 and separate intervals of 0.81% Li2O over 21.00 m and 0.99% Li2O over 10.16 m in GH-23-46. Holes 45 and 46 were drilled 30 m south along strike of holes 25 and 26 where multiple spodumene-bearing dykes were intersected. A second diamond drill is now on site to test the Hydra Dyke (cesium/lithium/tantalum) target 10 km northeast of the Killick Dyke. Trenching is ongoing here to expose the dyke and help plan for the drilling.
The Kepenkeck Gold property is in east-central Newfoundland directly on-trend to the northeast of Canstar Resources’ Golden Baie property where drill results of 9.6 g/t Au over 7.7 m have been reported.
At present, it remains an early-stage project, where limited prospecting in the fall of 2021 located a 5.46 g/t Au rock grab sample, while targeting structurally controlled, orogenic gold mineralization. A program of 200 m to 300 m spaced soil lines with samples at 25 m spacing across prospective structures identified from airborne magnetics, with concurrent prospecting, is planned.
We expect that moving forward through to the end of 2023 will be extremely exciting for Sokoman, with drilling ongoing at Moosehead and further exploration planned for multiple gold projects.
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