Puslinch, Ontario (FSCwire) - Sokoman Iron Corp. (‘Sokoman‘ or ’the Company‘) (TSX-V:
SIC) is pleased to announce it has received from Minorex Consulting Limited (‘Minorex’) of Aldergrove, B.C. an updated model of
the gold-bearing mineralization within the Moosehead Project All historic drilling (110 holes) has now been modelled, and
this work has identified a number of targets that the company will now test with a Phase I, 2,000-metre diamond drilling
program. A total of 20 holes have been proposed of which 11 holes (1,310 m) are considered First Priority. The
remaining 690 meters will be distributed among the Second Priority and reconnaissance targets. The drilling program will
focus on three main target areas at Moosehead, specifically the Western and Eastern Trends (see attached plan map), and the
reconnaissance targets.
The program will start with verification and expansion of the near surface (less than 50 m deep) high grade mineralization in
the Western Trend, intersected in multiple historical holes including MH-01-13, MH-01-23, etc. as tabled below*. The modeling
also took into account the results of the 2016 structural study completed at Moosehead which suggested that many of the previous
drilling programs were not oriented to optimally test the mineralization. The proposed holes in the Phase I program (except
for the deep target), will be oriented to test the findings and recommendations of the structural study. The distribution
of the First Priority holes was also designed with consideration for any future resource estimates that may be completed at
Moosehead.
The second aspect to be tested will be the depth potential of the mineralization beneath the near surface mineralization
(between 50 and 150 m depth), including the lone “deep” intercept in MH-03-15 (Eastern Trend) returning 2.35 m grading 53.36 g/t
Au including 0.45 m grading 277.96 g/t Au at a down hole depth of 255.36 m.
The company also plans to test, with two to three reconnaissance holes, areas of anomalous soil geochemistry (values ranging
from less than detection to 79 ppb Au) and unsourced float (sample 12159 that assayed 180 g/t Au) lying to the north and east of
the main zone of mineralization and believed to indicate a source(s) independent of the main zone. (Note: soil and rock
sample values stated are historical in nature and not verified by Sokoman Iron.)
Timothy Froude, P. Geo., Interim CEO states: “We are extremely pleased with the end results of the modelling completed by
Minorex. The work that Minorex has done clearly demonstrates potential for success both in the near surface and deeper
target areas. The Phase I program will be the first diamond drilling to be initiated at Moosehead since 2004. We are expecting
permits within the coming weeks with a view to commencing drilling in the latter part of May.”
The Moosehead project is host to widespread, orogenic lode gold mineralization that has been intersected over a two km long by
500 m wide zone, locally with very high gold grades as shown below.
Hole
|
From (m)
|
To (m)
|
Length (m)
|
Au ppb
|
Au g/t
|
MH-01-13
|
33.92
|
55.11
|
21.19
|
9277
|
9.28
|
incl
|
33.92
|
39.50
|
5.58
|
27345
|
27.34
|
incl
|
38.00
|
39.50
|
1.50
|
96715
|
96.71
|
MH-01-19
|
6.18
|
11.37
|
5.19
|
6474
|
6.47
|
incl
|
8.75
|
11.37
|
2.62
|
11734
|
11.73
|
MH-01-23
|
14.18
|
15.71
|
1.53
|
170310
|
170.31
|
incl
|
15.11
|
15.71
|
0.60
|
413560
|
413.56
|
MH-02-09
|
31.35
|
32.49
|
1.14
|
27664
|
27.66
|
MH-02-16
|
13.72
|
15.18
|
1.46
|
28495
|
28.49
|
incl
|
14.44
|
14.91
|
0.47
|
87235
|
87.23
|
MH-02-18
|
49.73
|
52.68
|
2.95
|
4507
|
4.50
|
incl
|
51.48
|
51.68
|
0.20
|
63515
|
63.51
|
MH-02-34
|
70.87
|
73.14
|
3.17
|
6444
|
6.44
|
incl
|
72.09
|
73.14
|
1.05
|
18314
|
18.31
|
MH-02-38
|
83.82
|
91.22
|
7.40
|
30934
|
30.93
|
incl
|
86.20
|
88.22
|
2.02
|
111964
|
111.96
|
MH-03-15
|
255.36
|
257.71
|
2.35
|
53360
|
53.36
|
incl
|
257.26
|
257.71
|
0.45
|
277960
|
277.96
|
MH-96-05
|
41.80
|
46.68
|
4.88
|
5713
|
5.71
|
incl
|
41.80
|
43.90
|
2.10
|
12498
|
12.49
|
*Note: Historical drill results reported in this release were from saw cut NQ sized drill core with analysis carried out by
either ALS Chemex in Vancouver, B.C., XRAL Laboratories in Don Mills, ON, or, Chimitec
Laboratories in Val d’Or, QC. Vein material was analyzed by a 1000 gram metallic screen preparation and fire assay analysis,
with standard fire assay for the remaining samples. A 32 element ICP scan was also completed on all samples. The work is
historical in nature and non NI 43-101 compliant and Sokoman has not yet independently verified the data. True width of
selected intercepts may vary between 30-100% of the reported interval.
The Moosehead property is strategically located in north-central Newfoundland with the TransCanada Highway crossing the
northern portion of the property, and Route 360 lying 1.2 kms northwest of most previous drilling. The town of Grand
Falls-Windsor lies 20 km west of the property, and the town of Gander is located 75 km to the east. The deep-water port of
Botwood lies 17 km north of the property. In addition, secondary roads and drill trails offer excellent access to virtually
the entire property. Moosehead lies 33 km northwest of Sokoman’s Clarks Brook Gold project where assays from the recently
completed Phase II drilling program (594 m) successfully extended the known mineralized trend and intersected a second,
subparallel zone of gold mineralization (April 4, 2018 News Release).
On November 10, 2017, Altius Resources Inc. and Sokoman Iron Corp. entered into a definitive agreement whereby Sokoman has the
exclusive right to acquire a 100% interest (subject to an existing 0.5% NSR royalty in Altius Resources Inc’s high-grade
Moosehead Gold Project in central Newfoundland (the ‘Option’). On March 23, 2018, Sokoman announced that the TSX Venture Exchange
had accepted for filing all of the documents in regard to the Moosehead property transaction as previously announced on November
9, 2017. Sokoman has also issued the share payment and related warrant certificate to Altius Minerals Inc. (‘Altius’) consisting
of 7,754,371 common shares and 1,428,571 share purchase warrants. Upon closing, Altius will hold a total of 9,182,942 common
shares of Sokoman Iron Corp. which represents 19.9% of the outstanding shares of Sokoman at the time of the closing of Sokoman’s
November 2017 financing. The issued share purchase warrants have a strike price of 5 cents good for three years after the date of
the closing.
The gold mineralization was modelled by Douglas Blanchflower, P. Geo., a consulting geologist with Minorex. Mr.
Blanchflower has forty-seven years of applied mineral exploration experience including the past thirty-six years with Minorex
specializing in the exploration and development of bulk and lode gold-silver, volcanogenic massive sulphide and porphyry-type
mineral deposits.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument
43-101 and Interim CEO for Sokoman Iron Corp.
About Sokoman Iron Corp.
Sokoman Iron Corp. (TSXV: SIC) is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s
primary focus is its portfolio of gold projects in Central Newfoundland. The Company also has interests in early-stage gold,
base-metal and antimony projects in Newfoundland, as well as a 100% interest in the Iron Horse (Fe) project in Western
Labrador.
Contact:
Timothy Froude, P. Geo., Interim CEO
Phone: 709-765-1726
Email: tfroude@sokomaniron.com
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 Iron 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 Iron Corp.
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Source: Sokoman Iron Corp. (TSX Venture:SIC)
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