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SOKOMAN MINERALS CORP. (:SIC) Sokoman Minerals Updates Moosehead Gold Project, Central Newfoundland

Transparency directive : regulatory news

11/07/2024 13:00

Novamera Completes Second Round of Footwall Splay Modeling

ST. JOHN'S, NL / ACCESSWIRE / July 11, 2024 / Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman" or the "Company") is pleased to report that the second round of surveying using Novamera Inc's calibration tool has been completed at the Footwall Splay. In May 2024, Novamera surveyed three drill holes (MH-21-160, 163, 164) to expand the 3D modeling of the Footwall Splay 20 m to the north of the previous survey and confirm the location of the high-grade gold veins over a ~25 m strike length to 100 m depth. The data will be merged with data from the previous survey (News Release May 23, 2024.) The next steps will be: 1) to identify an area for a 1000 cubic metre bulk sample and 2) to conduct a preliminary economic assessment of the planned work with more drilling possibly required to verify the model. The Novamera program is focused on modeling the near-surface portion of the Footwall Splay Zone for a bulk sample using their proprietary drilling and bulk sampling technology. Once all data has been compiled the permitting will begin with the timing of a bulk sample dependent upon rig availability.

The Company is also looking at the Western Trend as a site for a bulk sample, to be acquired by conventional methods (drill and blast), focusing on the two areas proximal to MH-18-08 that gave two near-surface intersections, including 1.05 m of 207.51 g/t Au from 8.50 m downhole, and 2.28 m of 42.36 g/t Au from 33.07 m downhole and historical hole (Altius Minerals) MH-02-16 which returned 1.47 m of 28.50 g/t Au including 0.47 m of 87.23 g/t Au from 13.72 m downhole. Drilling to extend these intersections up-dip to the surface and along the strike will take place immediately. Permits for trenching to expose the gold mineralization, planned for August, have been submitted.

Moosehead Summer Drill Program

Drilling is ongoing, focusing on the Eastern Trend and the 552 Zone. Five holes (740 m) have been completed in the northern extension of the Eastern Trend (see plan map below), where historical drilling intersected quartz veining similar in style to gold-bearing veins at the main Eastern Trend, with low-grade gold values. This area is considered prospective for Eastern Trend (higher grade) gold mineralization. All results are pending. Three holes (664 m)have tested the 552 Zone, with the second hole, MH-24-601, the deepest hole on the zone, cutting the structure from 238.55 - 249.70 m (11.5 m), including a 2.1 m quartz breccia vein with 2 to 5% disseminated / stringer pyrite and arsenopyrite. Assays are pending. The 552 Zone has been drilled over a 150 m strike length and to a downhole depth of 250 m. It remains open.

Timothy Froude, P. Geo., President and CEO of Sokoman Minerals, states, "We are extremely pleased with Novamera's progress to date at the Footwall Splay. Modeling of the survey is underway, and once complete, Novamera will do a cost analysis to determine if the bulk sample can be collected cost-effectively. We are also undertaking a trenching/drilling program at the adjacent Western Trend, where near-surface / high-grade gold mineralization occurs. The Western Trend targets are amenable to conventional drill and blast, bulk sampling providing an excellent cost comparison model. The drilling will enhance our understanding of gold mineralization at Moosehead by targeting new mineralized zones and addressing gaps in the current model."

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., based in Newfoundland and Labrador, Canada, focuses primarily on its gold projects, including the wholly-owned Moosehead, Crippleback Lake, and the extensive Fleur de Lys project near Baie Verte. This latter project aims to discover Dalradian-type orogenic gold mineralization like the Curraghinalt and Cavanacaw deposits in Northern Ireland. The company has also partnered with Benton Resources Inc. on three large-scale joint ventures: Grey River, Killick Lithium formerly Golden Hope, and Kepenkeck, positioning Sokoman as one of the largest landholders in Canada's emerging gold districts.

In October 2023, Sokoman and Benton entered into an agreement with Piedmont Lithium Inc. to advance the Killick Lithium Project. Under this deal, Piedmont can acquire up to 62.5% of the project by investing up to $12 million in exploration and issuing $10 million in shares over three phases. The project, previously known as Golden Hope, is now part of Killick Lithium Inc., a subsidiary of Vinland Lithium Inc., in which Piedmont has acquired a 19.9% stake for $2 million. Sokoman and Benton maintain operational control during the earn-in phases and retain a 2% NSR royalty on future production. Additionally, Piedmont holds exclusive marketing and first-refusal rights on the lithium concentrates for the life of the mine.

Projects optioned with optionee fully vested:

  • East Alder Project optioned to Canterra Minerals Inc (SIC retains 850,000 shares of CTM plus 1% NSR)

  • Startrek Project optioned to Thunder Gold (SIC retains 1,750,000 shares of TGOL plus 1% NSR)

The Company would like to thank the Government of Newfoundland and Labrador for the financial support of the Moosehead and Fleur de Lys Projects through the Junior Exploration Assistance Program during the past few years.

For more information, please contact:

Timothy Froude, P.Geo., President & CEO
T: 709-765-1726
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.

SOURCE: Sokoman Minerals Corp.



View the original press release on accesswire.com



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