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Sokoman Minerals Corp. Closes Financing
St. John’s, NL, December 19, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman” or the “Company”) today announces that, further to its November 29, 2023 and December 6, 2023 news releases, it has filed documents with the TSX Venture Exchange seeking final approval to close their private placement financing (the “Financing”). The Financing consists of 53,892,847 $0.065 flow-through units (the “FT Units”) and 3,200,000 $0.065 non flow-through units (the “NFT Units”) for aggregate gross proceeds of $3,711,035.
Each FT Unit consists of one flow-through common share of the Company entitling the holder to receive the tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada), and one-half of a common share purchase warrant (a “Warrant”), each full Warrant being exercisable for one additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise price of $0.13 for 12 months from the date of issue. Each NFT Unit consists of 1 common share of the Company and 1 common share purchase warrant (the “NFT Warrants”), each NFT Warrant being exercisable for an additional common share of the Company at an exercise price of $0.13 for 24 months from the date of issuance.
Three (3) insiders have subscribed for $29,500 or 453,846 FT Units, that portion of the Private Placement a “related party transaction” as such term is defined under MI-61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI-61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company’s market capitalization.
All securities issued pursuant to the FT Financing and the NFT Financing (together the “Financings”) will be subject to a four-month and one-day hold period.
In connection with the Financings, the Company is paying finders’ fees in cash and broker warrants as permitted by the policies of the TSX Venture Exchange (the “Exchange”) as follows:
GloRes Securities Inc.: $54,795.30 and 841,620 broker warrants, exercisable at $0.10 for 12 months
Marquest Asset Management Inc.: $12,675 and 195,000 broker warrants, exercisable at $0.10 for 12 months
Castlewood Capital Corporation: $24,000.60 and 369,240 broker warrants, exercisable at $0.10 for 12 months
Stonegate Securities Ltd.: $24,000.60 and 369,240 broker warrants, exercisable at $0.10 for 12 months
Haywood Securities Inc.: $780 and 12,000 broker warrants, exercisable at $0.10 for 12 months
CIBC Private Wealth Management: $1,170 and 18,000 broker warrants, exercisable at $0.10 for 12 months
KJ Harrison Partners Inc.: $1,560 and 24,000 broker warrants, exercisable at $0.10 for 12 months
Accilent Capital Management: $4,500.60 and 69,240 broker warrants, exercisable at $0.10 for 12 months
RedPlug Inc.: $49,920 and 768,000 broker warrants, exercisable at $0.10 for 12 months
BMO Nesbitt Burns: $5,850
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2024, and to renounce all of the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.
The Company intends to spend approximately 25% of the gross proceeds on the Fleur de Lys Gold project, and the remaining balance on its flagship Moosehead Gold project.
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 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.
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 and Fleur de Lys gold projects through the Junior Exploration Assistance Program.
For more information, please contact:
Timothy Froude, P.Geo., President & CEO
T: 709-765-1726
E: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
E: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
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.
Sokoman Minerals Corp. Increases Flow-through Private Placement, Announces Hard-Dollar Financing
St. John’s, NL, December 6, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman” or the “Company”) today announces that further to its November 29, 2023, news release, due to overwhelming demand the Company is increasing its flow-through private placement financing by CAD$483,525 to total aggregate gross proceeds of CAD$3,483,525 (the "FT Financing"). The FT Financing consists of CAD$0.065 units (the "FT Units"), each FT Unit consisting of one flow-through common share of the Company entitling the holder to receive the tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada), and one-half of a common share purchase warrant (a "Warrant"), each full Warrant being exercisable for one additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise price of CAD$0.13 for 12 months from the date of issue.
The Company is also pleased to announce a non-flow-through CAD$0.065 unit financing (the "NFT Financing") for aggregate gross proceeds of CAD$208,000. The NFT Financing consists of CAD$0.065 units (the NFT Units"), each NFT Unit consisting of one common share of the Company and one common share purchase warrant (the "NFT Warrants"), each NFT Warrant being exercisable for an additional common share of the Company at an exercise price of CAD$0.13 for 24 months from the date of issuance.
All securities issued pursuant to the FT Financing and the NFT Financing (together the "Financings") will be subject to a four-month and one-day hold period.
In connection with the Financings, the Company may pay finders' fees in cash and broker warrants as permitted by the policies of the TSX Venture Exchange (the "Exchange"). The Financings are subject to Exchange approval.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") on or before December 31, 2024, and to renounce all of the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.
The Company intends to spend approximately 25% of the gross proceeds on the Fleur de Lys gold project, and the remaining balance on its flagship Moosehead gold project.
Tim Froude, CEO of Sokoman commented: "We are grateful that our exploration plans for 2024, which entails diamond drilling on both the Moosehead and Fleur de Lys gold projects will be fully funded. A warm thank you to all our shareholders and investors for their unwavering support."
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 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.
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
E: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
E: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
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.
Sokoman Minerals Corp. Closes First Tranche of Non-Broker Flow-through Private Placement
St. John’s, NL, November 29, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") today announces that, further to its November 21, 2023 news release, it has received conditional approval from the TSX Venture Exchange (the “Exchange”) for its flow-through private placement (the “Private Placement”), for aggregate gross proceeds of up to CAD$3 million.
The Company has now closed the first tranche of the Private Placement and will issue 37,885,000 flow-through share units (“FT Units”) at a price of CAD$0.065 for aggregate gross proceeds of CAD$2,462,525. Each FT Unit consists of one (1) common share of the Company and one half (1/2) of one common share purchase warrant (the “FT Warrant”), with each full FT Warrant entitling the holder to purchase one non-flow-through common share of the Company at a price of CAD$0.13 for a period of 12 months from the date of issuance. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
All securities issued pursuant to this financing will be subject to a four-month plus one-day hold, expiring March 30, 2024.
The first tranche of the Private Placement includes one (1) insider, subscribing for CAD$6,500 or 100,000 FT Units, that portion of the Private Placement a “related party transaction” as such term is defined under MI 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company’s market capitalization.
In connection with the Private Placement, the Company is paying finders’ fees as permitted by the policies of the TSX Venture Exchange.
The net proceeds of the flow-through will be used for project exploration work on the Company’s properties that it controls that will qualify for Canadian Exploration Expenses under the Income Tax Act (Canada). The Company intends to spend approximately 25% of the gross proceeds on the Fleur de Lys Project, and the remaining balance on its flagship Moosehead Project.
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 the 100% owned, advanced-stage Moosehead Project and the district-scale Fleur de Lys Project near Baie Verte in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization. The Company also has a strategic alliance with Benton Resources Inc. (“Benton”) on three, large-scale, joint-venture gold properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland. Sokoman is one of the largest landholders in Newfoundland.
In October 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc. (“Piedmont”) allowing Piedmont to earn up to 62.5% of the Killick Lithium Project (formerly the Golden Hope project) 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 newly created Vinland Lithium Inc. that 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 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 and the right of first refusal on 100% offtake rights to the lithium concentrates.
The Company also retains interests in the Crippleback Lake and East Alder projects along the Central Newfoundland Gold Belt, a 1% NSR interest in an early-stage antimony/gold project (Startrek) in Newfoundland, and the Company has a 100% interest in the Iron Horse (Fe) project in Labrador.
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
E: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
E: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
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.
Piedmont Lithium Exercises Initial Earn-In Right For Interest in Killick Lithium; Issues $1 Million in Shares Each to Sokoman and Benton
St. Johns, NL, November 23, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and, Benton Resources Inc. (TSXV: BEX) (“Benton”), together (the "Alliance") are pleased to announce that further to their respective press releases issued on October 11, 2023, Piedmont Lithium Inc. (NASDAQ: PLL) (ASX: PLL) ("Piedmont") provided formal notice to exercise its Initial Earn-In Right to acquire a 16.35% voting and participating interest in Killick Lithium Inc. ("Killick") (the "Initial Interest"). Pursuant to this exercise notice, Piedmont issued to each of Benton and Sokoman, shares of its common stock having an aggregate subscription price of CAD$2.0M based on Piedmont's ten-day volume weighted average price ("VWAP") up to the date of the Initial Interest exercise notice, amounting to 26,099 Piedmont shares issued to each company. In addition, as part of its Initial Earn-In Right, Piedmont will fund work expenditures in the aggregate amount of at least CAD$6.0M (the "Initial Earn-In Amount") within the 30-month period following the Initial Earn-In Right exercise notice. Upon exercise of the Initial Earn-In Right by Piedmont, Piedmont's combined direct and indirect (through Vinland Lithium Inc.) ownership interest in Killick will be equal to approximately 33%.
Piedmont transaction highlights:
Piedmont is one of North America's leading lithium companies
Newfoundland is ranked in the top jurisdictions to explore and develop mineral potential
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 has vast technical and geological knowledge in similar geology to that of Killick pegmatites
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
Upon Piedmont completing all earn-in options, Piedmont will have paid Benton and Sokoman up to a total of CAD$10.0M in Piedmont shares
Benton and Sokoman to retain a 2% royalty on the net returns of precious metals and the value of lithium received from Killick
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 project) 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 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.
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.
About Benton Resources Inc.
Benton Resources Inc. (TSXV: BEX) is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow. Benton entered into a 50/50 strategic alliance with Sokoman Minerals Inc. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
For further information, please contact:
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 ext 251
Email: cathy@chfir.com
Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-474-9020
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com, www.bentonresources.ca
Twitter: @SokomanMinerals, @BentonResources
Facebook: @SokomanMinerals, @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation including statements regarding exploration and development activities; plans for mineral projects; strategy; and expectations regarding future expenditures. Such forward-looking statements involve substantial and known and unknown risks, uncertainties and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance or achievements expressed or implied by the forward-looking statements. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; the potential for delays in exploration or development activities or the completion of feasibility studies; risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions the uncertainty of profitability); risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays; uncertainties inherent in the estimation of lithium resources; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies; changes in the market prices of lithium and lithium products; and other risks and uncertainties related to Benton's and Sokoman's respective prospects, properties and businesses detailed elsewhere in each of their respective disclosure records. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and Benton and Sokoman do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Benton's and Sokoman's respective expectations or projections.
Sokoman Announces Non-Brokered Flow-Through Private Placement For Gross Proceeds of Up To CAD$3M
St. John’s, NL, November 21, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") announces a non-brokered private placement of flow-through (“FT”) units (the “Private Placement”) for gross proceeds of up to CAD$3,000,000. The Private Placement is expected to close on or before November 30, 2023.
The Private Placement is priced at $0.065 per FT Unit, each FT Unit consisting of one flow-through common share of the Company entitling the holder to receive the tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada), and one-half of one common share purchase warrant (a “Warrant”), each full Warrant being exercisable for one additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise price of $0.13 for 12 months from the date of issue.
All securities issued pursuant to the Private Placement will be subject to a four-month and one-day hold period.
In connection with the Private Placement, the Company may pay finders’ fees in cash as permitted by the policies of the TSX Venture Exchange. The Private Placement is subject to approval by the TSX Venture Exchange.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2024, and to renounce all of the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.
The Company intends to spend approximately 25% of the gross proceeds on the Fleur de Lys Gold project, and the remaining balance on its flagship Moosehead Gold project.
The Company is well-funded to cover corporate and working capital needs for 2024 with ~$2M in cash and securities in the treasury.
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 project) 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 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.
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
E: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
E: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
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.
Sokoman and Benton Receive Explorer of the Year Award for the Killick Kraken Lithium Project from the Canadian Institute of Mining, Metallurgy and Petroleum Newfoundland and Labrador Branch
St. John’s, NL, November 2, 2023 – Sokoman Minerals Corp. TSXV:SIC)(OTCQB:SICNF) ("Sokoman") and Benton Resources Inc. (TSXV:BEX) ("Benton") together, (the "Alliance") are pleased to announce that the Alliance has received the "Explorer of the Year" award at the annual CIM Mineral Resources Review in Newfoundland. The award was presented by the Newfoundland and Labrador branch of the Canadian Institute of Mining, Metallurgy and Petroleum. The award is presented to a prospector, exploration team, or company that has made a recent and significant mineral discovery; or significantly enhanced a prospect or deposit; or identified a previously unrecognized prospective geological environment in Newfoundland and Labrador. The Alliance has received the award due to the ongoing success at its Killick and Kraken Lithium discovery (formerly the Golden Hope Property) which has produced significant surface sampling and drill results up to 1.04% Li2O over 15.23 m in GH-22-27, 1.08% Li2O over 9.50 m in GH-22-26, 1.22% Li2O over 13.37 m in GH-23-45, 0.81% Li2O over 21.00 m, and 0.99% Li2O over 10.16 m in GH-23-46. In addition, the Alliance recently executed a CAD$24 million option agreement with Piedmont Lithium Inc. further endorsing the potential of this prospective lithium project. (see news release dated October 11, 2023).
After the presentation of the award, Tim Froude President and CEO of Sokoman stated: "We are deeply honoured to have been chosen to receive this prestigious award for a second time. We truly thank the CIM in Newfoundland and Labrador who have chosen to recognize us for doing the work we love to do! We are extremely excited about the potential of the amazing Killick Lithium Project as we assist Vinland Lithium Inc. in taking it to the next level."
Piedmont transaction highlights:
Piedmont is one of North America's leading lithium companies
Newfoundland is ranked in the top jurisdictions to explore and develop mineral potential
Sokoman and Benton incorporated Vinland Lithium Inc. ("Vinland") and its wholly-owned subsidiary Killick Lithium Inc. ("Killick"), into which they transferred the Golden Hope Project
Piedmont has vast technical and geological knowledge in similar geology to that of the Killick pegmatites
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
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 from Killick
QP
Timothy Froude (P.Geo.), President and CEO of Sokoman Resources Corp., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
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, as well as Crippleback Lake (available for option); 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 north-central Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also 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 the 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 CAD$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.
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.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
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) ("Sokoman" or the "Company") 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
Plan view of recent drilling
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 project) 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 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.
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 further information, please contact:
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
Piedmont Lithium Inc. Enters into Definitive Agreements with Sokoman and Benton to Acquire an Interest in the Killick Lithium Project
St. John’s, NL, October 11, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”) are pleased to announce the entering into of the Definitive Agreements (as defined below) with Piedmont Lithium Inc. (NASDAQ: PLL) (ASX: PLL) and its subsidiaries ("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, located in southwestern Newfoundland (the "Transaction").
Piedmont transaction highlights:
Piedmont is one of North America's leading lithium companies
Newfoundland is ranked in the top jurisdictions to explore and develop mineral potential
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 has vast technical and geological knowledge in similar geology to that of Killick pegmatites
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
Upon Piedmont completing all earn-in options, Piedmont will have paid Benton and Sokoman up to a total of CAD$10.0M in Piedmont shares
Benton and Sokoman to retain a 2% royalty on the net returns of precious metals and the value of lithium received from Killick
Pursuant to the terms of the Transaction, (i) each of Benton and Sokoman assigned all of its rights and interests to the Golden Hope Project (the "Golden Hope Project Rights") to Vinland, a newly incorporated British Columbia corporation, in exchange for all of the issued and outstanding shares in the capital of Vinland, held by each in equal proportions, and, in turn, Vinland assigned the Golden Hope Project Rights to its newly incorporated, wholly-owned subsidiary, Killick (the "Reorganization"). Upon the completion of the Reorganization, Vinland and Piedmont, entered into (i) a subscription agreement (the "Subscription Agreement") pursuant to which Piedmont subscribed for a 19.9% ownership interest in Vinland for an aggregate subscription amount of CAD$2.0M (the "Subscription"); and (ii) a shareholders' agreement (the "Vinland SHA") with Benton and Sokoman setting forth the framework for the governance of Vinland and for the holding, disposal and subsequent issuances of interests in Vinland.
Upon the completion of the Subscription, Killick and Piedmont entered into (i) an earn-in agreement, pursuant to which Piedmont was granted the option to acquire up to a direct 62.5% ownership interest in the Golden Hope Project (the "Earn-In Agreement"), (ii) a royalty agreement pursuant to which Benton and Sokoman were granted an aggregate 2% royalty on the net returns of precious metals and the value of lithium received from the Golden Hope Project (the "Royalty Agreement"), and (iii) a marketing agreement pursuant to which Piedmont was granted the exclusive marketing rights for the promotion and sale of lithium products produced from the Golden Hope Project, including the right to purchase any uncommitted project production on commercially reasonable arm's length terms, the whole as further set forth below (collectively with the Subscription Agreement, the Vinland SHA, the Earn-In Agreement and the Royalty Agreement, the "Definitive Agreements"). Upon the acquisition of the Initial Interest (as defined below), Vinland, Killick, and Piedmont shall enter into a shareholders' agreement (the "Killick SHA") pursuant to which the parties thereto set forth the framework for the governance of Killick and for the holding, disposal, and subsequent issuances of interests in Killick.
Transaction Details
Pursuant to the Earn-In Agreement, Piedmont was granted the option (the "Initial Earn-In Right"), exercisable by notice, to acquire a 16.35% voting and participating interest in Killick (the "Initial Interest") in consideration of (i) the issuance by Piedmont to each of Benton and Sokoman of shares of its common stock having an aggregate subscription price of CAD$2.0M based on Piedmont's ten-day volume weighted average price ("VWAP") up to the date of the Initial Interest exercise notice, and (ii) payment of work expenditures in the aggregate amount of at least CAD$6.0M (the "Initial Earn-In Amount") within the 30-month period following the Initial Earn-In Right exercise notice.Upon exercise of the Initial Earn-In Right by Piedmont, Piedmont's combined direct and indirect (through Vinland) ownership interest in Killick will be equal to approximately 33%.
Within 60 days following the funding of the Initial Earn-In Amount, Piedmont shall have the option (the "First Additional Earn-In Right"), exercisable by notice, to acquire an additional 21.65% (totaling 38%) voting and participating interest in Killick (the "First Additional Interest") in consideration of (i) the issuance by Piedmont to each of Sokoman and Benton of shares of its common stock having an aggregate subscription price of CAD$2.0M based on Piedmont's ten-day VWAP up to the date of the First Additional Earn-In Right exercise notice, and (ii) payment of work expenditures in the aggregate amount of at least CAD$3.0M (the "First Additional Earn-In Amount") within the 12-month period following the First Additional Earn-In Right exercise notice. Upon exercise of the First Additional Earn-In Right by Piedmont, Piedmont's combined direct and indirect (through Vinland) ownership interest in Killick will be equal to approximately 50%.
Within 60 days following the funding of the First Additional Earn-In Amount, Piedmont shall have the option (the "Second Additional Earn-In Right"), exercisable by notice, to acquire an additional 24.5% (totaling 62.5%) voting and participating interest in Killick (the "Second Additional Interest") in consideration of (i) the issuance by Piedmont to each of Benton and Sokoman of shares of its common stock having an aggregate subscription price of CAD$6.0M based on Piedmont's ten-day VWAP up to the date of the Second Additional Earn-In Right exercise notice, and (ii) payment of work expenditures in the aggregate amount of at least CAD$3.0M (the "Second Additional Earn-In Amount") within the 12-month period following the Second Additional Earn-In Right exercise notice. Upon exercise of the Second Additional Earn-In Right by Piedmont, Piedmont's combined direct and indirect (through Vinland) ownership interest in Killick will be equal to approximately 70%.
Royalty Agreement
Concurrently with the entering into the Earn-In Agreement, Killick shall grant an aggregate 2% royalty on the net returns of precious metals and the value of lithium received from the Golden Hope Project to Benton and Sokoman; 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 Benton and Sokoman (CAD$1.0M to each).
Marketing and Purchase Rights
As part of the Transaction, Killick and Piedmont entered into a marketing rights agreement granting Piedmont 100% marketing rights and the right to purchase, under a right of first offer, any uncommitted lithium concentrate produced by the Golden Hope Project on commercially reasonable arm's length terms.
Timothy Froude, P.Geo., President and CEO of Sokoman Minerals states: "This agreement solidifies many positives for the project, and for the Sokoman-Benton alliance, as it delivers credibility to Golden Hope as a potentially significant Critical Minerals exploration play, and it lends strong support to our exploration efforts at Golden Hope to date. The markets are challenging at this time and to be able to partner with a company the calibre of Piedmont Lithium Inc., with the financial and technical strengths it carries, is very significant."
President and CEO Stephen Stares of Benton comments: "We are extremely pleased to be partnering with such a high-profile and professional team as Piedmont. Through our due diligence period, we've learned that the Golden Hope Project will benefit tremendously from the combined knowledge of both teams. We believe this new alliance will be beneficial for all involved, as we continue to unlock Newfoundland's lithium potential."
About Sokoman Minerals Corp.
Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (available for option) 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, and Cononish in Scotland. The company also entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, 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 Thunder Gold Corp (formerly White Metal Resources Inc.), and in Labrador, Sokoman has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
About Benton Resources Inc.
Benton Resources Inc. (TSXV: BEX) is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow. Benton entered into a 50/50 strategic alliance with Sokoman Minerals Inc. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
For further information, please contact:
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 ext 251
Email: cathy@chfir.com
Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
Sokoman Minerals Reports Visible Gold at Fleur de Lys Gold Project North-Central Newfoundland
Newly Discovered Golden Bull Prospect Reports 9.02 g/t Au
St. John’s, NL, October 4, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") is pleased to announce that 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 as yet unknown width, with numerous pieces of banded quartz weighing up to several tonnes (see Photo 1). The Golden Bull Prospect is located in the northern portion of the property, four km to the west of the mining town of Baie Verte.
In 1988, Noranda Exploration reported gold from two bedrock occurrences (Castor Pond and Castor Pond North) with grab samples to 7.46 g/t Au, and channel samples to 8.49 g/t Au over 0.40 m, approximately 500 m to the southwest of the Prospect. Noranda drilled a single hole (CP-88-01) at the Castor Pond occurrence, with only anomalous values intersected including 0.42 g/t Au over 0.20 m and 0.30 g/t Au over 0.30 m. Mineralization described in the core log for CP-88-01 (a quartz breccia) does not resemble the Golden Bull Prospect mineralization. No other drilling has been carried out on the property.
Tim Froude, President and CEO of Sokoman, commented: "We see increasing potential for a significant gold deposit with every round of work we do. The Golden Bull Prospect is an example of gold occurrences discovered using basic prospecting methods in the follow-up of our gold in till anomalies. The simple mineralogy, mostly pyrite with gold, is very similar to that of the large, Curraghinalt gold deposit in Northern Ireland which lies in equivalent rocks to those at Fleur de Lys. We are carrying out a detailed B-horizon soil sampling survey in the immediate area of the Golden Bull Prospect and are also considering a high-resolution magnetic survey to identify structures that could host the Golden Bull Prospect veins. We are also delighted to learn that the discovery area is scheduled to be logged throughout the coming winter which will provide additional access, and possibly expose more quartz float and/or the source of the mineralized boulders, saving the Company considerable exploration expense. This additional exploration is critical to help us plan an effective follow-up program including drilling.
The Golden Bull mineralization consists of strongly stylolitic (banded) quartz, with up to 2% disseminated pyrite, arsenopyrite, sphalerite, and minor chalcopyrite. Visible gold is noted (see sample 717819 in Photo 2). Assay results from metallics assays of the grab samples suggest that visible gold is common in the Golden Bull Prospect veins based on the amount of gold reporting to the coarse fraction (+ 150 mesh) with seven samples giving values from 11,131 to 148,603 ppb Au (see table following).
The Fleur de Lys Gold Project
The 100%-owned project is located on the west side of the Baie Verte Peninsula in north-central Newfoundland, an area that has a long history of base metal and gold production dating back to the 1860s. The project area is highly prospective for Dalradian-style (e.g., Curraghinalt*) orogenic, vein-hosted, gold deposits and as such, it is a readily accessible, yet underexplored, district-scale, gold target in the Newfoundland Appalachians. The Fleur de Lys Supergroup, which underlies the project, includes equivalent rocks to the Dalradian Supergroup in the UK, where three significant gold deposits, the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland, are found. The Dalradian, vein-hosted, gold deposits occur in moderate to high-grade metamorphic terranes and are typically high grade.
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.
Rock Sample Analysis
Rock sample analysis (gold by fire assay) completed at Eastern Analytical Ltd., in Springdale NL. Samples were delivered in sealed bags directly to the lab by Sokoman's personnel. Eastern Analytical Ltd. ("Eastern") is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Eastern routinely inserts industry-accepted standards and blanks in all sample runs performed as well as completing random duplicate analysis. All core samples submitted for assay were saw cut by Sokoman's 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's personnel. Samples with possible visible gold were submitted for total pulp metallics and gravimetric finish. 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. 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%-owned flagship, advanced-stage, Moosehead, as well as Crippleback Lake (available for option); 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 north-central Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also 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. The Company also retains an 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 and/or referenced properties is not necessarily indicative of mineralization hosted on the Company's property.
*The Curraghinalt deposit has >6 million ounces of NI 43-101 compliant gold resources including 6.34 million tonnes at 15.01 grams per tonne (Measured and Indicated) for 3.06 million ounces; and 7.72 million tonnes at 12.24 grams per tonne gold (Inferred) for 3.03 million ounces {2018 Mineral Resource Statement, Curraghinalt Gold Project, Northern Ireland, SRK Consulting (Canada)}.
The Company would like to thank the Government of Newfoundland and Labrador for past financial support of the Fleur de Lys project through the Junior Exploration Assistance Program.
For further information, please contact:
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
Sokoman Provides Drilling Update - Moosehead Gold Project, Central Newfoundland
St. John’s, NL, September 14, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") is pleased to provide the following update on the ongoing drilling program at the 100%-owned Moosehead gold project. Diamond drilling in the 463 Zone and adjoining footwall environment has intersected gold mineralization which helps to determine the plunge of the favourable structure hosting the 463 Zone and other proximal parallel mineralized zones in the footwall under the main Eastern Trend. The best intersections from the drill holes reported today are MH-23-536 and 542, which targeted the down-plunge extension of the 463 Zone which has an earlier intercept of 39.60 m grading 12.50 g/t Au including 10.5 m @ 41.97 g/t Au (see the December 15, 2022 news release).
Tim Froude, President and CEO of Sokoman, says: "Drilling will continue at Moosehead with two rigs, focused mainly on testing the Alpha IP targets outlined last winter. We have also begun trenching near-surface IP anomalies and soil geochemical anomalies. We are also defining a deeper target, below 500 metres, using our understanding of the structural geology of the main Eastern Trend from consultant, Dr. David Coller. We expect to be drilling until the Christmas break."
The table below gives the drill results for the 463, South Pond, and 75 Zones and also several reconnaissance holes.
Drill Plan Map
Drill holes MH-23-536 and 542 were drilled to follow up a 1.4 m intersection of visible gold-bearing quartz veins that gave 12.41 g/t Au from 409.75 m downhole (see the April 13, 2023 news release) an 80 m step-out, 56 m down plunge, from MH-22-463 in the 463 Zone. Results indicate that the zone remains open down-plunge. Other holes testing the 463 Zone area returned only anomalous results.
The South Pond drilling focused on the down-plunge extension of drill holes MH-20-123 - 5.00 m @ 26.87 g/t Au and MH-20-141 - 4.20 m @ 64.00 g/t Au (see the July 20, 2021 news release). Multiple zones of lower-grade gold mineralization were intersected suggesting the zone remains open to depth.
The 75 Zone was tested with three holes with only one hole (MH-23-529) giving significant mineralization. Additional drilling is planned to try to extend the high-grade mineralization intersected in MH-21-263 that gave 4.80 m @ 12.86 g/t Au.
Reconnaissance holes include MH-23-538, 539, 541, 543, and 544 drilled near the Bowtie area to the north of North Pond, with MH-23-545 drilled near the northeastern property boundary testing a mag high. Only one hole, MH-23-539, returned anomalous gold values.
The Company has started testing IP targets defined by the winter Alpha IP survey that defined several first- and second-priority targets below and to the west of the Western Trend as well as targets in the 253 Zone, 200 m to the east of the main Eastern Trend. Results of the first two holes MH-23-547 and 549, testing the Western Trend area, are pending.
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 is crushed to -10 mesh; 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%-owned flagship, advanced-stage Moosehead, as well as Crippleback Lake (available for option); 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 north-central Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also 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. The Company also retains an 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 further information, please contact:
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
Sokoman and Benton Report Latest Results at Golden Hope JV - Southwestern Newfoundland
St. John’s, NL, September 6, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”) together, (the “Alliance”) is pleased to announce that it has received further results from the Phase 4 diamond drilling program completed at the Kraken Lithium swarm. To date, a total of 10,095 m of drilling has been completed in four phases at the main discovery areas, as well as an additional 522 m in six holes at the Hydra Dyke, 10 km to the northeast. Most of the Phase 4 drilling was completed in the East Dyke and Killick Dyke areas where the Alliance previously announced 2022 and 2023 drilling returned up to 1.04% Li2O over 15.23 m in GH-22-27, 1.08% Li2O over 9.50 m in GH-22-26, 1.22% Li2O over 13.37 m in GH-23-45, 0.81% Li2O over 21.00 m, and 0.99% Li2O over 10.16 m in GH-23-46. The latest drill program has expanded the dyke system to the south and has intersected a new dyke to the east of Killick, which requires further testing. Referred to as Killick East, this new dyke was intersected in drill holes GH-23-47, GH-23-56, and GH-23-59 over a 100 m strike length and returned values up to 1.54 m @ 0.68% Li2O in hole GH-23-56. The Killick Dyke system remains open to the north and at depth. The Alliance is currently planning a Phase 5 program to begin in late September or early fall, 2023. The Phase 5 program will test numerous new targets generated from current mapping and channel sampling as well as the main Kraken Dyke swarm area (including Kraken West and Kraken North) and drilling to expand the East Dyke and Killick Dyke areas.
Steve Stares, President and CEO of Benton Resources Inc. said: “Lithium-rich pegmatite dykes are highly variable and complex, but our approach of using multiple exploration techniques continues to expand the target zone of this massive, still early-stage pegmatite field. Prospecting, soil sampling, trenching, channel sampling, and diamond drilling all continue to provide essential data and encourage us to continue to the next phase of the work, including some excellent drill targets for the Phase 5 program.”
Table 1 – Phase 4 Diamond Drill Results
Hydra Prospect Drilling
The Alliance is also pleased to announce that it has received significant results from the six-hole (522 m) reconnaissance diamond drilling program recently completed on the Hydra (cesium/lithium/tantalum) target 10 km northeast of the Killick Dyke.
Initial drilling on the Hydra Dyke was successful in intersecting cesium-lithium-rubidium-tantalum mineralization in four of the six holes completed. The drilling has confirmed the continuation of mineralization at depth and along strike to the north for approximately 100 m. Highlights of the Phase 1 drilling include:
13.55 m grading 0.14% Cs2O from 4.85-18.4 m including 1.22 m grading 0.51% Cs2O from 13.45 m - 14.17 m (Hole HY-23-01)
Additional work completed on the Hydra Dyke includes detailed channel sampling at the discovery outcrop (44 samples) and geological mapping. The sections sampled are mineralogically similar to the previous surface sampling and in recent drilling. The best results from channel sampling in 2022 at Hydra averaged 8.76% Cs2O, 0.41% Li2O, 0.025% Ta2O5, and 0.33% Rb2O over a 1.2 m channel cut (see news release December 1, 2022). Additional results will be reported as received and after compilation in the coming weeks. The Alliance is planning further follow-up work including deeper drilling and testing the dyke along strike to the south. To date, the Hydra Dyke has only been tested to the north of the discovery outcrop.
Table 2 - Phase 1 Diamond Drill Results - Hydra Prospect
Kraken Area Channel Sampling
The Alliance has completed a series of channel cut samples across numerous newly discovered, as well as known, dykes exposed during previous and ongoing prospecting and trenching activities at Golden Hope. The most significant are newly exposed dykes to the west and north of the Kraken Discovery area. A number of these exposures have yet to be drill tested and will be tested as part of the upcoming Phase 5 diamond drilling program later this fall. In addition, channel sampling was carried out over known dykes trenched earlier this year or late 2022. All channel results are pending.
A total of 186 channel samples have been collected and most are currently being analyzed as sampling continues. Most samples were channeled across well-mineralized spodumene-bearing pegmatite dykes and sample lengths range from 0.35 m to 1.0 m, with an average of approximately 0.8 m. Channel samples were collected (from west to east) from the following areas:
1% Trench - 10 channel samples ranging from 0.6 m to 1.0 m in length were collected where 2022 prospecting sampling returned a grab sample assaying 1.11% Li2O to the west of the Kraken Discovery area. All pegmatite dyke channel samples contained significant spodumene and the dyke will be drill tested in the Phase 5 program.
Colin's Turn Trench - 13 channel samples ranging from 0.5 m to 1.0 m in length were collected on the west end of the Kraken North Dyke as currently exposed. Two continuous channel cuts sampled spodumene mineralization over 2.0 m in width and are similar to that in the dyke further east. Drilling is planned for this location in the Phase 5 program.
Kraken North - 58 channel samples ranging from 0.35 m to 1.0 m in length were collected in four separate trenched exposures of the Kraken North Dyke over a strike length of 150 m. All areas contain spodumene-bearing pegmatite dykes that assayed up to 2.17% Li2O in earlier grab sampling. Only one drill hole has tested one part of this dyke system with assays of 16.2 m @ 0.43% Li2O including 1.8 m @ 1.10% Li2O in hole GH-22-05. Several drill holes are planned for this target in the Phase 5 program.
·Kraken Northeast - 38 channel samples ranging from 0.6 m to 1.0 m in length were collected from a new trench excavated near the site of drillhole GH-22-06 where assays demonstrated 1.5 m @ 0.32% Li2O from 3.5 to 5.0 m down the hole before it was lost at 38 m. Recent mapping and channel sampling indicate spodumene mineralization present in multiple exposures at the new trench. Additional drilling is warranted and is planned for the Phase 5 program.
East Dyke - 13 channel samples ranging from 0.45 m to 1.0 m in length were collected at the East Dyke surface exposure. Pegmatite samples contained significant medium- to coarse-grained spodumene similar to that encountered in drilling (e.g., 1.00% Li2O over 5.5 m in hole GH-22-08). This channel sampling will assist in the 3D interpretation of the East Dyke and Killick Dyke zones.
Hockey Stick Trench - 19 channel samples ranging from 0.70 m to 1.0 m in length were collected at the Hockey Stick Trench. The pegmatite dyke exposed in the trench is mineralogically similar to other lithium-bearing dykes nearby and along strike. Sample analysis will assist staff in vectoring toward lithium-rich parts of the dyke system.
·Northeast Dyke - 48 channel samples ranging from 0.55 m to 1.0 m in length were collected in two separate trenches in this area. Pegmatite dykes sampled contained spodumene in several sections of the exposures. Two drill holes GH-22-23 and GH-22-24 were completed here in 2022 and yielded anomalous Li2O. Further evaluation of the dykes is warranted.
Soil Sampling
The Alliance is continuing to outline significant lithium in soil targets as part of its property-scale program covering the greater than 20 km corridor of prospective geology to the NE and SW. Line spacing ranges from 200 m to 500 m in recon areas to 100 m in detailed areas adjacent to known prospective dykes (see Map 3 below). Results continue to match those received from the initial discovery area where lithium values ranged from 75 to 200 ppm (Li) and are considered significant. These targets will be subject to field follow-up work including prospecting and till sampling, and where warranted, diamond drilling this fall. To date in 2023, a total of 2856, B-Horizon soil samples have been collected and processed at Eastern Analytical Ltd. in Springdale NL for lithium, tantalum, rubidium, and tin analysis. The results for approximately 900 soils remain pending and include lines completed to the west of all known lithium occurrences to date, lines to the northeast of the main dyke swarm, and lines completed at the Hydra Dyke area (detailed below):
Kraken West - Data from 15 lines at 100 m spacing have been compiled at Kraken West extending soil coverage 1.6 km west of previously known spodumene pegmatite dykes. Several anomaly clusters are evident in the new soil data, which will be subject to immediate follow-up evaluation.
Kraken Northeast - Data from eight, 100 m - 200 m spaced lines have been received from the Killick East Dyke to the Northeast Dyke areas. These lines provided infill sampling with positive results near known spodumene dykes, confirming the effectiveness of the soil sampling, in addition to extending anomalous Li in soils 450 m to the northeast of known spodumene dykes.
Triangle Pond - 13 soil lines spaced 200 m - 500 m apart have now been received from the Triangle Pond to Grandy's Brook area that outline at least two significant parallel NE-SW trending Li-Ta anomalies over 4.5 km in length. Initial observations confirm the presence of multiple pegmatite dykes in the areas of the soil anomalies with work ongoing to help vector within the system toward lithium-bearing phases. Top Pond Ridge - eight soil lines spaced 500 m apart have been completed with data received for the Top Pond Ridge area. Lithium in soil anomalies is evident on six of these lines and exhibits broad multi-station responses continuous over a 2.5 km strike length. Initial observations confirm the presence of multiple pegmatite dyke occurrences, and some sampling has been completed.
Hydra - A new soil grid with 500 m spaced soil sampling lines was recently initiated at the Hydra Dyke area. A small, detailed orientation soil grid was completed near the known cesium-lithium-rubidium-tantalum dyke occurrence in the spring of 2023 with positive results (soils to 996 ppm Li, 105 ppm Nb and 141 ppm Ta near the Hydra Dyke). Initial samples collected from the new larger grid are pending analysis and sampling is ongoing.
Prospecting
Partial results have been received from the ongoing prospecting program underway at Golden Hope. Much of the prospecting activity has focused on the follow-up of soil geochemistry results, which have identified pegmatite dykes in each new anomaly area, as described above. The most significant result to date is from the west Kraken area where spodumene-bearing float and outcrop, as yet untested by diamond drilling, have been uncovered and where preliminary assays from grab samples have returned up to 0.64% Li2O within open-ended soil geochemical anomalies. Large blocks of spodumene bearing float uncovered between the Killick and West Kraken zones, which appear to represent a new dyke(s), have returned values up to 0.58% Li2O and are untested by diamond drilling. This area will be further evaluated in preparation for Phase 5 drilling targeting.
Prospecting results from selected soil geochemical anomalies have returned strongly elevated beryllium (Be to 1,476 ppm) and tantalum (Ta to 507 ppm) enriched dykes which are part of the larger family of Lithium/Cesium/Tantalum (LCT Type) dykes. Vectoring within the LCT dyke systems will assist in the discovery of lithium-bearing pegmatites. Numerous soil geochemical anomalies remain to be investigated and soil sampling activities are continuing.
QA/QC Protocols
Rock and core samples are submitted to SGS Canada Inc. in Grand Falls-Windsor, Newfoundland for preparation and then sent to the SGS Canada Inc. analytical laboratory in Burnaby, British Colombia for analysis. All samples were acquired by hand (rocks) or saw-cut (channels/drill core) and delivered, by Benton/Sokoman personnel, in sealed bags, to the Grand Falls-Windsor prep lab of SGS, which is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using SGS's GS_IMS91A50 method that delivers a 56-element package utilizing sodium peroxide fusion, ICP-AES, and ICP-MS analytical techniques. All reported assays are uncut. Soil samples were collected by Sokoman/Benton personnel utilizing a standard Dutch-auger, collecting B Horizon soil, where possible. Where B was not present, the soil horizon or type was noted. Soil samples were sent to Eastern Analytical Ltd., in Springdale, NL, for Li, Ta, Sn, and Nb analyses by four-acid digestion, analyzed by ICP-OES. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014 (for more details on the scope of accreditation visit the CALA website).
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration for Benton Resources Inc., both 'Qualified Persons' under National Instrument 43-101.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, 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, and Cononish in Scotland. The company also entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, 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 Thunder Gold Corp (formerly White Metal Resources Inc.), and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mineral exploration companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton also entered into a 50/50 strategic alliance with Sokoman Minerals Inc. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
For further information, please contact:
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Alliance does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Alliance’s expectations or projections.
Sokoman Minerals Reports High-Grade Gold Assays Fleur de Lys Gold Project - North-Central Newfoundland
Prospecting grab samples give values up to 13.96 g/t Au
St. John’s, NL, August 2, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") is pleased to announce that a two-day scouting trip to Fleur de Lys has located the highest-grade rock sample values since staking the property in 2020. Grab sampling in an area that gave values up to 3.2 g/t Au in 1987 has not only verified the original showing but returned substantially higher grades, including the highest-grade value located by Sokoman - 13.96 g/t Au, from a 1- to 2-metre-wide shear zone with stringer quartz veining and 20-30% pyrite with minor arsenopyrite. Five rock samples were collected at random intervals along a 15-20 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 in Northern Ireland.
The closest till sample line is located 2 km down-ice and along the structural trend, and has three consecutive samples with 51, 23, and 8 gold grains respectively. This mineralized zone is a prime exploration target for prospecting follow-up this month. Exploration will consist of detailed prospecting with some soil geochemistry in areas with the highest gold-grain counts. The exploration is expected to take three to four weeks to complete.
Tim Froude, President and CEO of Sokoman, commented: “We see strong similarities to Curraghinalt in Northern Ireland, where the gold occurs as fine inclusions in pyrite and in quartz veins hosted in shear zones without much alteration or gold in the wall-rock. These new results give us an additional target for follow up although the main focus will be on a cluster of gold-in-till anomalies in the northeastern part of the property, 20 to 30 km to the northeast of the recently discovered gold values, highlighting the broad, widespread gold potential at Fleur de Lys.”
Company geologists and prospectors recently toured gold systems in Dalradian / Caledonian rocks in Northern Ireland, which are equivalent to the Appalachian, Fleur de Lys Supergroup rocks, including mineralization in and around the world-class Curraghinalt gold deposit. Curraghinalt is host to >6 million ounces of NI 43-101 compliant* gold resources in 20+, discrete quartz veins ranging from tens of centimeters to more than 1.5 m in thickness. The veins have strike lengths in excess of 1.8 km and have been intersected in drill holes to 1,000 m vertically with the resources calculated by SRK Consulting (Canada) in 2018 to a 400 m depth. Curraghinalt, which remains open at depth, is the largest gold deposit in the Appalachian-Caledonian Orogen.
Mineralized Shear – Fleur de Lys Group (grab sample of rusty zone - 13.96 g/t Au)
Close-up of high-grade zone - Fleur de Lys Group (13.96 g/t Au grab sample)
The Fleur de Lys Gold Project
The 100%-owned project is located on the west side of the Baie Verte Peninsula in north-central Newfoundland, an area that has a long history of base metal and gold production dating back to the 1860s. The project is highly prospective for Dalradian-style (e.g., Curraghinalt) orogenic, vein-hosted, gold deposits and as such, represents a readily accessible, yet underexplored, district-scale, gold target in the Newfoundland Appalachians. The Fleur de Lys Supergroup, which underlies the project, includes equivalent rocks to the Dalradian Supergroup in the UK, where three significant gold deposits, including the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland are found. The Dalradian, vein-hosted, gold deposits occur in moderate to high-grade metamorphic terranes and are typically high grade.
Before Sokoman’s exploration, the Fleur de Lys belt had seen little modern exploration with some areas completely unexplored, even though historical grab sample values of 3.3 g/t Au to 25.5 g/t Au were reported from several locations (note: most historical assays have not been verified by the Company and should not be relied upon). Sokoman’s Fleur de Lys property is ideally suited to cost-effective exploration with excellent access and infrastructure, a supportive local population, a long history of mining, and support businesses.
The Company has completed a property scale C-Horizon Till sampling program (1,260 samples) implemented and overseen by Overburden Drilling Management (ODM), which has outlined strongly anomalous gold in tills overlying favourable rocks and structures with significant gold values in both float and bedrock. The background level of gold grains in tills for the project has been determined to be 10 grains in a 10- to 12-kilogram sample of screened till. ODM considers a Fleur de Lys sample to be anomalous if it contains two-times background or 20 gold grains. Results indicate that of the 1,260 samples collected, 328 samples, 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) with multiple samples containing more than 50% pristine gold grains. Gold grains described as pristine are considered to be from a local bedrock source. Of note - most gold grains at Fleur de Lys are small (<1 mm) as is most of the gold at Curraghinalt, where gold is intimately associated with pyrite mineralization in quartz veins.
In addition, limited prospecting has located anomalous gold in bedrock and float with 34 samples giving gold values >100 ppb Au (0.1 g/t Au), including 18 samples >500 ppb Au (0.5 g/t Au), and 10 samples >1000 ppb Au (>1.0 g/t Au) with a maximum of 6.2 g/t Au. The highest gold value was in an outcrop (a grab sample) in an area of strong gold-grain counts. A regional airborne magnetic survey (Geological Survey of Canada (GSC) - 2015) over the Baie Verte Peninsula suggests that multiple crosscutting structures occur in the vicinity of several strong gold in till anomalies and in multiple rock (grab and float) gold-bearing samples, all within a 5-8 km corridor adjacent to the Baie Verte Line. Interpretation of the till results by ODM defines a target area of 30 km strike length, with better-defined anomalies located within this 30 km long 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.
Till Sampling QA/QC
The till samples were collected by Sokoman personnel using field collection techniques provided by ODM. All samples were hand dug to the desired depth (C-Horizon Till) with a 10- to 12-kg sieved sample (8 mesh) placed in a clear plastic sample bag and sealed. Samples were shipped in plastic pails by bonded courier to the ODM lab in Ottawa, Ontario. The till samples are processed using procedures designed to progressively concentrate the heavy minerals, expose the gold grains and prepare a split of the heavy mineral concentrate (“HMC”) suitable for geochemical analysis if requested. The gold grains, more than 95% of which are normally silt-sized (Averill 2001), are observed at this stage with the aid of micro-panning and are counted, measured, and classified as to degree of wear (ie distance of glacial transport), then returned to the table concentrate. The pyrite content of the pan concentrate is estimated and the number of grains of heavier, visually distinctive indicator minerals such as arsenopyrite, galena, scheelite, cinnabar, etc. is recorded.
Quality Control and Quality Assurance Measures
In addition to using field duplicates to monitor the quality of the indicator mineral data obtained from specific projects, ODM performs blind tests to ensure that the recovery rates for all targeted minerals are consistently in the 80% to 90% range. Furthermore, both the quality of the mineral separation and the overall mineralogy of the concentrate are visible at every stage of the concentration process, minimizing the potential for sample mix-ups, indicator mineral carryover between samples, and other potential contamination issues. For example, gold grains, which are the most important indicator mineral on many surveys, are more susceptible to inter-sample carryover than any other indicator mineral due to their very small size, but these grains are physically observed during the first stage of mineral concentration, tabling, and if anomalous concentrations are present, blank samples are tabled and carefully inspected for gold grains before the next project sample is processed.
Rock Sample Analysis
Rock sample analysis (gold by fire assay) was completed at Eastern Analytical Ltd. (Eastern), in Springdale NL. Samples were delivered in sealed bags directly to the lab by Sokoman Minerals’ personnel. Eastern is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Eastern routinely inserts industry-accepted standards and blanks in all sample runs performed as well as completing random duplicate 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. Samples with possible visible gold were submitted for total pulp metallics and gravimetric finish. Total pulp metallic analysis includes: the whole sample is crushed to -10 mesh; 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. 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%-owned flagship, advanced-stage Moosehead, as well as Crippleback Lake (available for option); 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 north-central Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also 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. The Company also retains an 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 and/or referenced properties is not necessarily indicative of mineralization hosted on the Company's property.
*The Curraghinalt deposit has >6 million ounces of NI 43-101 compliant gold resources including 6.34 million tonnes at 15.01 grams per tonne (Measured and Indicated) for 3.06 million ounces; and 7.72 million tonnes at 12.24 grams per tonne gold (Inferred) for 3.03 million ounces {2018 Mineral Resource Statement, Curraghinalt Gold Project, Northern Ireland, SRK Consulting (Canada)}.
The Company would like to thank the Government of Newfoundland and Labrador for past financial support of the Fleur de Lys project through the Junior Exploration Assistance Program.
For further information, please contact:
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
Sokoman Provides Update - Moosehead Gold Project, Central Newfoundland
Alpha IP Survey Identifies Multiple Anomalies
St. John’s, NL, July 26, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") is pleased to provide an update on the Alpha IP Resistivity / Chargeability Survey completed at Moosehead earlier this year which has outlined first, second and third-priority anomalies to both the west and east of the main mineralized trends drilled in the central portion of the property. The anomalies will be evaluated with the data merged with earlier geophysical surveys and diamond drill holes to further refine drill targets. The Alpha IP Survey consisted of six Induced Polarization (IP) profiles on the grid laid out based on exploration objectives, geological target size, and terrain conditions with line lengths from 1450 m to 1525 m at 100 m intervals.
The Alpha IP has the potential to see deeper than older IP systems with the results pointing to high-priority targets to the west of, and below, the Western Trend, and a series of second and third-priority targets to the east of the Eastern Trend which may be linked to the 253 Zone initially drilled in 2022. Three figures included in this update show the location of the anomalies in a) a plan view; b) a plan view with mineralized zones; and c) a longitudinal sectional view.
The highest-priority anomalies (green dots) in the center of the surveyed area (Figures 1 and 2), correlate well with the location of the Eastern Trend, 75 Zone, and South Pond Zone mineralization. Figure 3 shows the anomalies on a long section view of the mineralized trends indicating that most of the anomalies on the western and eastern portions have not been tested by drilling. Calculated anomaly depths range from less than 100 m vertical to about 400 m depth.
Tim Froude, President, and CEO of Sokoman, says: “We are quite excited by the potential we see in the anomalies generated by the Alpha IP Survey. The similar character of the cluster of high-priority anomalies in the western part of the survey to those in the centre of the survey is quite intriguing and will obviously be addressed in the next round of drilling or trenching.
In addition to the contractor’s recommendations, we have just completed our own internal interpretation of the data and have come up with several targets independent of those outlined by Simcoe Geoscience. In total, we have 19 drill and or trenching targets (depending on depth) to investigate with a recommendation for approximately 3,800 metres of diamond drilling. We intend to begin testing these anomalies in about two weeks once drillers have returned from their regular scheduled break.”
Figure 1 – Plan view - Image showing location of Alpha IP Survey with targets shown
Figure 2 – Plan view - Alpha IP targets / mineralized zones at Moosehead
Figure 3 – Longitudinal section showing Alpha IP targets
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, as well as 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 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. 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 further information, please contact:
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
Sokoman Provides Exploration Update at Moosehead Gold Project, Central Newfoundland
Drilling resumes with rigs at the South Pond and 463 Zone target areas
St. John’s, NL, July 10, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") today provides the following update on the Moosehead project, including the re-commencement of the 100,000 m+ Phase 6 diamond drilling program, proposed summer work plans, and an update on the structural model.
Tim Froude, President and CEO of Sokoman says: “Several programs were active during a recent pause in drilling including re-examining a large number of earlier holes to garner more structural and mineralization details; re-visiting the structural model with Dr. Coller (ongoing); and reconnaissance-level soil sampling over relatively unexplored areas of the property. We have also commenced a review of historical geophysical surveys to pull additional targeting information from, as well as consideration of possibly completing additional geophysics at Moosehead. We are truly excited by the ongoing work of Dr. Coller who has defined the footwall environment as a prime target area for high-grade vein zones similar to MH-22-463. This also explains several other historical “isolated” hits in the footwall that could never really be properly explained or fit in with the model at the time.”
The summer diamond drilling program started on June 12 with two drill rigs.
Targets for the first drill include testing a potential extension of a high-grade shoot that plunges north from the 75 Zone to where hole MH-21-263 intersected 4.80 m @12.86 g/t Au from 184.10 m. Three holes are planned for this section and then the rig will move to South Pond, following up on previously reported drilling including intersections in MH-20-123 (5.00 m @ 26.87 g/t Au) and MH-20-141 (4.20 m @ 64.00 g/t Au). The South Pond Zone remains open to depth. Recent re-modeling of mineralized zones at Moosehead suggests that the intersection in MH-21-344 (previously reported 2.27 g/t Au over 4.0 m including 9.70 g/t Au over 0.50 m), may be linked to the South Pond Zone at depth. The intersection in MH-21-344 is 200 m down plunge from the current modeled South Pond Zone. At least six holes totaling 1500 m -1800 m are proposed for the South Pond drilling.
Targets for the second drill rig include testing the down plunge and northern extensions of mineralization in the 463 Zone area. This is where MH-22-463 returned 39.60 m @ 12.50 g/t Au including 10.5 m @ 41.97 g/t Au (see December 15, 2022 press release), and where MH-23-519 intersected a 1.4-metre wide zone of visible gold-bearing quartz veining that returned 12.41 g/t Au (from 409.75 m downhole) 56 m down plunge from hole MH-22-463 and which remains open to the south and to depth (see April 13, 2023 press release). The initial drilling will test 20 m - 50 m below MH-23-519 with four to five holes totaling 2,000 m proposed for the 463 Zone target area. Additional drilling in the general footwall environment will be proposed to the current 463 Zone depth of 450 m pending the results of the initial drilling.
Drill Plan Map
Diamond drilling and/or trenching (depending on overburden depth) will investigate other areas on the property testing soil geochemical anomalies in the southwestern and northern portions of the property, generated from winter sampling in proximity to the Valentine Lake Shear Zone which cuts through the entire property. Gold in soil values ranging from less than detection (<5 ppb) up to 912 ppb Au were returned three km southwest of the Eastern Trend where only sparse recon drilling has been completed, and from less than detection (<5 ppb) to 279 ppb Au 1.7 km northeast of the Eastern Trend where no previous drilling has taken place. For reference, the highest historical soil sample value found on the property was 425 ppb Au.
A revised structural interpretation has just been received from Dr. Coller who states, “The splitting out of the veins and shears/faults makes the primary and deformed vein pattern visually much clearer and there is an emerging significance of the vein trends in the footwall to the Eastern trend, which are highly oblique to main shears. These are the 463-type veins and a similar trending vein nearer surface. It was suggested that these veins may be linkages between two shear structures which may be duplicated. Several large areas with no drill testing relatively at shallow depths were identified.”
“On a larger scale, the gold mineralization at Moosehead appears to be associated with a NE-trending, regional tectonic contact that lays to the south of the currently outlined vein system. The geological interpretation of this contact is the Valentine Lake structure, a SE-dipping thrust/reverse fault (which could be the structural hanging wall to the south), and a SE-dipping gold vein system. This tectonic structure is somewhat obscure in the magnetics, is not well defined on surface, and the limit of mineralization and actual structural corridor requires further work to be defined.”
“It is believed that this type of structure, present at Moosehead, is similar to that seen at Newfound Gold’s Queensway property where the veins dip opposite to the main fault. The Newfound Gold model could be a useful structural template for the regional Moosehead system and a guide to regional drill spacing.”
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% flagship, advanced-stage Moosehead, as well as Crippleback Lake (available for option); and East Alder 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 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. 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 further information, please contact:
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
Sokoman Minerals Provides Update on Fleur de Lys Gold Project North-Central Newfoundland
Detailed prospecting to begin in August ahead of trenching/drilling
St. John’s, NL, July 7, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") is pleased to provide an update on the planned exploration of the Fleur de Lys gold project on the Baie Verte Peninsula, in north-central Newfoundland. Company geologists and prospectors recently toured gold systems in Dalradian / Caledonian rocks in Northern Ireland which are equivalent to the Appalachian, Fleur de Lys Supergroup rocks, including mineralization in and around the world-class Curraghinalt gold deposit. Curraghinalt is host to >6 million ounces of NI 43-101 compliant* gold resources in 20+, discrete quartz veins ranging from tens of centimeters to more than 1.5 m in thickness. The veins have strike lengths in excess of 1.8 km and have been intersected in drill holes to 1,000 m vertically with the resources calculated by SRK Consulting (Canada) in 2018 to a 400 m depth. Curraghinalt, which remains open at depth, is the largest gold deposit in the Appalachian-Caledonian Orogen.
Tim Froude, President and CEO of Sokoman, commented: "We are extremely thankful for the opportunity to visit Northern Ireland and examine the geological setting of gold in Dalradian rocks of the Sperrin Mountains and adjacent terranes to aid in our broader assessment of Sokoman's Fleur de Lys gold project. A week in the field and underground, viewing core from the deposits, and meetings with the British Geological Survey (BGS), industry geologists, and local prospectors, has been invaluable in helping our team understand i) the controls on gold deposition in the very familiar-looking Dalradian rocks, and ii) gold exploration strategies that have proven successful in this segment of Irish/UK Caledonides. Several crucial elements pertaining to the distribution of gold in Dalradian rocks are directly applicable to evaluating Sokoman's gold in till anomalies at Fleur de Lys including 1) the regional structural setting; 2) the absolute ages and relative timing of gold mineralizing events and poly-phase tectonism; 3) vein styles, and proximity to the Clew-Bay/Omagh crustal-scale terrane boundary - the Baie Verte Line equivalent; 4) local, specific, lithological controls; 5) the proximity to gold-rich VMS in adjacent terranes; and 6) the physical nature and distribution of the gold at Curraghinalt.
This data highlighted the critical commonalities, vis-à-vis gold, between the Sperrin Mountains (e.g., Curraghinalt) and the Fleur de Lys belt at regional, property, and outcrop scales. Our mission in Northern Ireland was to learn about gold in this part of the world and apply it to exploration plans in the Fleur de Lys belt in Newfoundland. Given what we learned, we left even more confident about the potential of our Fleur de Lys gold project. The Company, with input from Overburden Drilling Management, is prioritizing the anomalies for a detailed follow-up prospecting program beginning in August, with significant results to be further explored by trenching or diamond drilling."
Gold-bearing quartz float; Curraghinalt gold deposit underlies the field in the foreground
Exposure of gold-bearing quartz vein in graphitic schist and psammite near Curraghinalt
Narrow high-grade quartz-pyrite (gold bearing) vein near Curraghinalt
About the Fleur de Lys Gold Project
The 100%-owned project is located on the west side of the Baie Verte Peninsula in north-central Newfoundland. The area has a long history of base metal and gold production dating back to the 1860s. The project is highly prospective for Dalradian-style (e.g., Curraghinalt) orogenic, vein-hosted, gold deposits and as such, represents a readily accessible, yet underexplored, district-scale, gold target in the Newfoundland Appalachians. The Fleur de Lys Supergroup, which underlies the project, includes equivalent rocks to the Dalradian Supergroup in the UK, where three significant gold deposits, including the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland are found. The Dalradian, vein-hosted, gold deposits occur in moderate to high-grade metamorphic terranes and are typically high grade.
Prior to Sokoman’s exploration, the Fleur de Lys belt had seen little modern exploration with some areas completely unexplored, even though historical grab sample values of 3.3 g/t Au to 25.5 g/t Au were reported from several locations (note: historical assays have not been verified by the Company and should not be relied upon). Sokoman’s Fleur de Lys property is ideally suited to cost-effective exploration with excellent access and infrastructure, a supportive local population, a long history of mining, and support businesses.
To date, the Company has completed a property scale C-horizon till sampling program (1,260 samples) implemented and overseen by Overburden Drilling Management (ODM), which has outlined strongly anomalous gold in tills overlying favourable rocks and structures with significant gold values in both float and bedrock. The background level of gold grains in tills for the project has been determined to be 10 grains in a 10- to 12-kilogram sample of screened till. ODM considers a Fleur de Lys sample to be anomalous if it contains two-times background or 20 gold grains. Results indicate that of the 1,260 samples collected, 328 samples, 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) with multiple samples containing more than 50% pristine gold grains. Gold grains described as pristine are considered to be from a local bedrock source. Of note - most gold grains at Fleur de Lys are small (<1 mm) as is most of the gold at Curraghinalt, where gold is intimately associated with pyrite mineralization in quartz veins.
In addition, limited prospecting has located anomalous gold in bedrock and float with 34 samples giving gold values >100 ppb Au (0.1 g/t Au), including 18 samples >500 ppb Au (0.5 g/t Au), and 10 samples >1000 ppb Au (>1.0 g/t Au) with a maximum of 6.2 g/t Au. The highest gold value was in an outcrop (a grab sample) in an area of strong gold-grain counts. A regional airborne magnetic survey (Geological Survey of Canada (GSC) - 2015) over the Baie Verte Peninsula suggests that multiple crosscutting structures occur in the vicinity of several strong gold in till anomalies and in multiple rock (grab and float) gold-bearing samples, all within a 5-8 km corridor adjacent to the Baie Verte Line. Interpretation of the till results by ODM defines a target area of 30 km strike-length, with better-defined anomalies located within this 30 km long area.
Panned, fine gold grains from surface vein exposure at Curraghinalt
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.
Till Sampling QA/QC
The till samples were collected by Sokoman personnel using field collection techniques provided by ODM. All samples were hand dug to the desired depth (C-Horizon Till) with a 10- to 12-kg sieved sample (8 mesh) placed in a clear plastic sample bag and sealed. Samples were shipped in plastic pails by bonded courier to the ODM lab in Ottawa, Ontario. The till samples are processed using procedures designed to progressively concentrate the heavy minerals, expose the gold grains and prepare a split of the heavy mineral concentrate (“HMC”) suitable for geochemical analysis if requested. The sample is wet screened at 2 mm with a preliminary concentrate extracted from the -2 mm fraction by tabling. Geological observations on the character of the sample are made during both the screening and tabling operations. The table concentrate is purposely large (typically 300-400 g) and of low grade (10%-25% heavy minerals) in order to achieve a high, 80% to 90% recovery rate for all desired heavy minerals irrespective of their grain size or relative specific gravity. The gold grains, more than 95% of which are normally silt-sized (Averill 2001), are observed at this stage with the aid of micro-panning and are counted, measured, and classified as to degree of wear (ie distance of glacial transport), then returned to the table concentrate. The pyrite content of the pan concentrate is estimated and the number of grains of heavier, visually distinctive indicator minerals such as arsenopyrite, galena, scheelite, cinnabar, etc. is recorded.
Quality Control and Quality Assurance Measures
In addition to using field duplicates to monitor the quality of the indicator mineral data obtained from specific projects, ODM performs blind tests to ensure that the recovery rates for all targeted minerals are consistently in the 80% to 90% range. Furthermore, both the quality of the mineral separation and the overall mineralogy of the concentrate are visible at every stage of the concentration process, minimizing the potential for sample mix-ups, indicator mineral carryover between samples, and other potential contamination issues. For example, gold grains, which are the most important indicator mineral on many surveys, are more susceptible to inter-sample carryover than any other indicator mineral due to their very small size, but these grains are physically observed during the first stage of mineral concentration, tabling, and if anomalous concentrations are present, blank samples are tabled and carefully inspected for gold grains before the next project sample is processed.
Rock Sample Analysis
Rock sample analysis (gold by fire assay) completed at Eastern Analytical Ltd., in Springdale NL. Samples were delivered in sealed bags directly to the lab by Sokoman Minerals’ personnel. Eastern Analytical is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Eastern routinely inserts industry-accepted standards and blanks in all sample runs performed as well as completing random duplicate analysis.
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, as well as Crippleback Lake (available for option); and East Alder along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte in north-central Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also 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. The Company also retains an 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 and/or referenced properties is not necessarily indicative of mineralization hosted on the Company's property.
*The Curraghinalt deposit has >6 million ounces of NI 43-101 compliant gold resources including 6.34 million tonnes at 15.01 grams per tonne (Measured and Indicated) for 3.06 million ounces; and 7.72 million tonnes at 12.24 grams per tonne gold (Inferred) for 3.03 million ounces {2018 Mineral Resource Statement, Curraghinalt Gold Project, Northern Ireland, SRK Consulting (Canada)}.
The Company would like to thank the Government of Newfoundland and Labrador for past financial support of the Fleur de Lys project through the Junior Exploration Assistance Program.
For further information, please contact:
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
Sokoman Provides Recent Drilling Results at Moosehead Gold Project
St. John’s, NL, June 30, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") today provides an update on drill results at the Moosehead Gold Project completed prior to spring break-up. The delay in commencing the current diamond drilling program was to facilitate a review of the structural and vein models at Moosehead and to include input from Dr. David Coller, Ph.D., who has been assisting with the structural interpretation at Moosehead since 2019.
Tim Froude, President and CEO of Sokoman, says: "It has been an extremely busy spring at Moosehead. The summer diamond drilling program recommenced on June 12 with two rigs that are active at present. A total of 87,280 m of drilling has now been completed in the Phase 6 program and we plan to continue drilling beyond the originally scheduled 100,000 m. Diamond drilling and/or trenching (depending on overburden depth) will test other areas on the property with a view to discovering high grades in extensions of known zones and new drill targets."
Results from eight exploration drill holes completed prior to the spring break-up have been received and are reported in the following table. Six of the holes (MH-23-521 to 526) were in fences of reconnaissance holes (grassroots exploration) aimed at testing geophysical and/or soil/till geochemical anomalies to the north of North Pond along the interpreted trend of the main Eastern Trend and Upper North Pond shears. Most holes intersected weakly mineralized structures with minor quartz-carbonate veining and variable amounts of disseminated sulphides. The strongest results were from the western-most hole drilled (MH-23-525 (2.02 m @3.96 g/t Au), suggesting additional drilling is required west and down plunge of this hole.
Identifying structure and alteration was the primary purpose of drilling these holes. Given the narrow and nuggety high-grade style and nature of the Moosehead veins it is not unreasonable to encounter poorly mineralized intervals when stepping farther out from the bulk of the identified mineralized zone. Further work in these areas could be conducted in the future once the stratigraphic, survey, and analytic information has been incorporated into the property database and geology model, and fully interpreted.
Table of Results
Holes MH-23-517A and 520, while intersecting veining, did not intersect visible gold-bearing veining, suggesting the holes veered off of the 463 Zone trend. The zone is still open and additional holes are planned for this area. The 463 Zone is a prime target to intersect additional high-grade vein zones similar to MH-22-463.
A comprehensive exploration program at Moosehead is being finalized and will be provided in due course.
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 is crushed to -10 mesh; 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 Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (available for option) and East Alder 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, and Cononish in Scotland. The company also entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, 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 Thunder Gold Corp (formerly White Metal Resources Inc.), and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that 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 further information, please contact:
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.
Sokoman and Benton Intersect 1.22% Li2O over 13.37 m at the Killick Zone and Mobilize Second Drill to Golden Hope JV - Southwest Newfoundland
19 holes completed at Killick Zone – Rig 2 testing the Hydra Cesium Dyke
St. John’s, NL, June 20, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”) together, (the “Alliance”) are pleased to announce that approximately 3,500 m in 19 holes have been completed on the 50-50 Golden Hope Joint Venture (GHJV) targeting lithium and other associated critical metals. Drilling has focused on the Killick zone, where 2022 drilling returned up to 1.04% Li2O over 15.23 m, including 4.18 m of 1.48% Li2O, and 2.98 m of 1.23% Li2O in GH-22-27 and, 9.50 m of 1.08% Li2O in GH-22-26. Drilling continues to intersect spodumene-bearing dykes ranging from less than a metre to >20m thick.
The Alliance is pleased to report that assays have been received for 11 of the 19 drill holes completed at the Killick Zone 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 (see February 16, 2023 news release). The Killick Zone remains open along strike in both directions and to depth. A summary of results received to date is presented below:
Table 1 – Summary of Drill Results – Phase 4 Drilling
Drilling will continue to test the Killick dyke area plus any new dykes discovered in the ongoing soil geochemical/trenching program 4 km along strike to the east of the Kraken Pegmatite Field, where lithium-in-soil geochemical anomalies of similar strength to the Kraken Discovery Dyke area are located.
The Alliance is also pleased to announce that it has mobilized a second diamond drill to test the Hydra (cesium/lithium/tantalum) target 10 km northeast of the Killick zone. Trenching is ongoing to expose the dyke and help plan the drilling. The Hydra dyke is host to high-grade cesium mineralization in pollucite, as well as significant lithium, tantalum, and rubidium values with a 1.2 m channel sample from 2022 grading 8.76% Cs2O, 0.41% Li2O, 0.025% Ta2O5, and 0.33% Rb2O (see news release December 1, 2022).
Sokoman And Benton Provide Exploration Update On Li / Cs Exploration Golden Hope JV – Southwestern Newfoundland
Ten holes completed at Killick target – second drill to begin testing the Hydra Dyke
St. John’s, NL, MAY 18, 2023 – Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV: BEX) (“Benton”) together, (the “Alliance”) are pleased to announce that 1,400 m in ten holes have been completed on the 50/50 Golden Hope Joint Venture (GHJV) targeting lithium and other critical metals. Drilling has focused on the Killick Dyke zone, where 2022 drilling returned up to 1.04% Li2O over 15.23 m, including 4.18 m of 1.48% Li2O, and 2.98 m of 1.23% Li2O in GH-22-27 and 9.50 m of 1.08% Li2O in GH-22-26. All ten holes have intersected spodumene-bearing dykes ranging from less than a metre to over 20 m thick.
Drilling will continue to test the Killick Dyke area plus any new dyke discovered in the ongoing soil geochemical and trenching program along strike to the east of the Kraken Pegmatite Field, where lithium-in-soil geochemical anomalies of similar strength to the Kraken Discovery Dyke area were found, 4 km along strike to the east of any known dykes.
The Alliance is also pleased to announce that it plans to mobilize a second diamond drill to test the Hydra (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 Hydra Dyke is host to high-grade cesium mineralization as pollucite, as well as significant lithium, tantalum, and rubidium values with a 1.2 m channel sample from 2022 grading 8.76% Cs2O, 0.41% Li2O, 0.025% Ta2O5, and 0.33% Rb2O (news release December 1, 2022).
The Alliance has received the first batch of soil sampling results from the Hydra area which shows a significant lithium/tantalum anomaly (5 to 996 ppm Li; 5 to 141 ppm Ta) in the vicinity of the Hydra Dyke. The soil survey is continuing, using 500 m spaced lines to cover the 10 km gap between the Killick and Hydra fields crossing the favourable dyke-bearing corridor.
Tim Froude, President and CEO of Sokoman, says: “We are off to a great start at Golden Hope, and we expect the 5,000 m drill program to be completed before the end of summer giving us plenty of time to build on significant results and plan for additional drilling. Coupled with the ongoing soil sampling and prospecting programs, this will be a defining year for the project.”
Stephen Stares, President and CEO of Benton, says: “We continue to be excited about the potential of the Kraken Dyke system and the new Killick Dyke zone. The rate of success in expanding the lithium zones in drilling continues to show that we are truly in a new lithium-cesium-tantalum (LCT) belt. We look forward to our continued success as we move the project along.”
QA/QC Protocols
Rock and core samples are submitted to SGS Canada Inc. in Grand Falls-Windsor, Newfoundland for preparation and then sent to the SGS Canada Inc. analytical laboratory in Burnaby, British Colombia for analysis. All samples were acquired by hand (rocks) or saw-cut (channels/drill core) and delivered, by Sokoman/Benton personnel, in sealed bags, to the Grand Falls-Windsor prep lab of SGS, which is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using SGS’s GS_IMS91A50 method that delivers a 56-element package utilizing sodium peroxide fusion, ICP-AES, and ICP-MS analytical techniques. All reported assays are uncut. Soil samples were collected by Sokoman/Benton personnel utilizing a standard Dutch-auger, collecting B Horizon soil, where possible. Where B was not present, the soil horizon or type was noted. Soil samples were sent to Eastern Analytical Ltd., in Springdale, NL, for Li, Ta, Sn, and Nb analyses by four-acid digestion, analyzed by ICP-OES. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014 (for more details on the scope of accreditation visit the CALA website).
QP
This news release has been reviewed and approved by Timothy Froude, P. Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P. Geo., VP Exploration for Benton Resources Inc., both ‘Qualified Persons’ under National Instrument 43-101.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company’s primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (available for option) 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, and Cononish in Scotland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims – 1,500 sq. km), making it one of the largest landholders in Newfoundland, 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 Thunder Gold Corp (formerly White Metal Resources Inc.), and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton also entered into a 50/50 strategic alliance with Sokoman Minerals Inc. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are being explored.
For further information, please contact:
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Alliance does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Alliance’s expectations or projections.
Sokoman And Benton Announce Start Of 2023 Drilling Program At The Kraken Lithium And Hydra Cesium Discoveries In Southwestern Newfoundland
ST. JOHN’S, NL / ACCESSWIRE / May 2, 2023 / Sokoman Minerals Corp. (TSXV: SIC)(OTCQB:SICNF) (“Sokoman”) and Benton Resources Inc. (TSXV:BEX) (“Benton”) together, (the “Alliance“) are pleased to announce the start of the 2023 drilling program which will see a minimum of 5,000 meters drilled on the 50-50 Golden Hope Joint Venture (“GHJV“). The GHJV was formed by the Alliance in 2021 to explore the mineral potential of an underexplored structural belt of rocks in southwestern Newfoundland hosting past-producing gold operations. Within the first week of exploration, the Alliance had discovered the very first hard rock lithium dyke on the Island, and in the fall of 2022, the Alliance discovered the very first cesium-rich dyke. These two areas of mineralization are now known as the Kraken Lithium Pegmatite Field and the Hydra Dyke. Drilling will commence at the Killick Zone, part of the Kraken Lithium Pegmatite Field, where holes completed in late 2022 all returned significant lithium mineralization highlighted by the following.
Killick Dyke Drilling
1.04% Li2O over 15.23 m, including 4.18 m of 1.48% Li2O, and 2.98 m of 1.23% Li2O in GH-22-27 and, 9.50 m of 1.08% Li2O from GH-22-26
Other dykes tested include:
0.95% Li2O over 8.40 m, including 1.76% Li2O over 0.80 m in GH-22-01 on the Kraken Main Dyke
5.50 m at 1.16% Li2O within a wider intersection of 20.82 m averaging 0.60% Li2O in drill hole GH-22-15 on the East Dyke
Drilling will also test any new dykes uncovered during the ongoing soil geochemical and trenching program along strike to the east of the Kraken Lithium Pegmatite Field where in 2022, lithium-in-soil geochemical anomalies of similar strength to the discovery-dyke area lie four km along strike to the east of known dykes. A select number of holes will also be completed at the high-grade Hydra Dyke 12 km northeast of the Kraken Lithium Pegmatite Field once trenching and sampling have been completed. A 1.2 m-long channel sample collected at Hydra in late 2022 returned 8.76% Cs2O, 0.41% Li2O, 0.025% Ta2O5, and 0.33% Rb2O (see news release dated December 1, 2022). The dyke is only partially exposed (5 – 6 meters wide) and additional sampling is required to determine width of mineralization. All proposed work is fully permitted and funded with a $3 to $4 million budget for the entire lithium and cesium programs.
Tim Froude, President and CEO of Sokoman, says: “We are very pleased to be starting the 2023 drilling program and along with our JV partner Benton Resources, anticipate a successful program. The initial holes will target extending the Killick Dyke mineralization which has returned our best drill results to date, and once trenching has been completed at Hydra, testing the high-grade cesium mineralization defined in late 2022.”
Stephen Stares, President and CEO of Benton says: “We are extremely excited to kick off the field season at the GHJV and I’m confident that we’ll have another successful year on this newly discovered Lithium-Cesium belt. With our large land position, high demand for these much-needed critical metals and rapidly growing concerns to cut harmful emissions, Benton and Sokoman are truly in a rare position to unlock Newfoundland’s potential for LTC-type pegmatite discoveries while increasing shareholder value.”
QA/QC Protocols
Rock and core samples were submitted to SGS Canada Inc. in Grand Falls-Windsor, Newfoundland for preparation and then sent to the SGS Canada Inc. analytical laboratory in Burnaby, British Colombia. All samples submitted were taken or saw-cut by Sokoman/Benton personnel and delivered in sealed bags directly to the Grand Falls-Windsor prep lab by Sokoman/Benton personnel. SGS Canada Inc. (SGS) is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using SGS’s GS_IMS91A50 method that delivers a 56-element package utilizing sodium peroxide fusion, ICP-AES, and ICP-MS analytical techniques. All reported assays are uncut. Soil samples were collected by Sokoman/Benton personnel utilizing a standard Dutch-auger collecting B Horizon soil where possible. Where B was not present, the material collected was noted. The soil samples were sent to Eastern Analytical Ltd., in Springdale, NL, for Li, Ta, Sn, and Nb assaying by four-acid digestion and analyzed by ICP-OES. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014 (for more details on the scope of accreditation visit the CALA website).
QP
This news release has been reviewed and approved by Timothy Froude, P. Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P. Geo., VP Exploration for Benton Resources Inc., both the ‘Qualified Person’ under National Instrument 43-101.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company’s primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (available for option) 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, and Cononish in Scotland. The company entered a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance more than 150,000 hectares (>6,000 claims – 1,500 sq. km), making it one of the largest landholders in Newfoundland, 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 Thunder Gold Corp (formerly White Metal Resources Inc.), and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton entered a 50/50 strategic alliance with Sokoman Minerals Inc. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
Benton Resources
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com , www.bentonresources.ca
Twitter: @SokomanMinerals , @BentonResources
Facebook: @SokomanMinerals , @BentonResourcesBEX
LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
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Sokoman Reports Additional Assay Results From Moosehead Gold Project, Central Newfoundland
Drilling at 463 Zone expands footprint; MH-23-519 extends 463 Zone 68 m down-plunge
St. John’s, NL, April 13, 2023 – Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) (the “Company” or “Sokoman”) is pleased to report that diamond drilling at the new 463 Zone has expanded the footprint of the zone and indicates a different plumbing system may be responsible for emplacing gold mineralization in some or perhaps most of the mineralized zones known on the property. Results are highlighted by MH-23-519, which intersected a 1.4 metre-wide zone of visible gold-bearing quartz veining that returned 12.41 g/t Au (from 409.75 m downhole) 68 m down-plunge from hole 463 and remains open to the south and to depth. The company has made a video giving a visual explanation of the results. Investors are encouraged to watch the video HERE.
Tim Froude, President and CEO of Sokoman, says: “We are very pleased with the results from the 463 Zone drilling as it has not only opened up a large new target area, but the possibility that the vein system at Moosehead may predate the Eastern Trend shear zone is a significant development. In the past year or so we have had many intersections that looked “out of place”, that we couldn’t seem to fit anywhere, now it makes sense that they occur in a perpendicular structure in the footwall below the main Eastern Trend and that the Eastern Trend while remaining a significant trap for gold, it may not be the primary target for additional gold mineralization. We are also optimistic that eventually we will encounter high-grade gold in the vicinity or associated with the 511 Zone; there is still only limited drilling in that area. We anticipate the annual spring breakup to coincide with the crew rotation in about two weeks with drilling recommencing in late May or earlier, if possible, and we are well funded, with over $6 million in the treasury.”
In late 2022, drill hole MH-22-463 cut a significant thickness of gold mineralization (39.60 m @12.50 g/t Au including 10.5 m @41.97 g/t Au (see press release December 15, 2022) that appeared unique in several aspects to many previous intersections reported on the property. Located in the footwall to the main Eastern Trend, the intersection suggested a different structure and/or 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 structural consultant Dr. David Coller, 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.
At the 511 Zone, located under South Pond, drilling continued to intersect gold mineralization (MH-23-514 to 516) and the zone remains open and will be further tested in 2023. The recent drilling also confirms that the 511 Zone consists of multiple subparallel structures.
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 is crushed to -10 mesh; 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 are 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 Crippleback Lake (available for option); 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 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. 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 further information, please contact:
Sokoman Minerals
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, VP Corporate Development, Director
Phone: 416-868-1079 x251
Email: cathy@chfir.com
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals
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.
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