St. JOHN’S, NL / ACCESSWIRE / May 11, 2022 / Sukoman Metal Corporation (TSXV: SIC) (OTCQB: SICNF) (“Sokoman” or “the Company”) is pleased to provide an outline of the planned activities on the Company’s core properties at the Moosehead and Fleur de Lys properties, and about the strategic alliance (“Alliance”) of three joint venture properties with Benton Resources Inc (“Bend on”). With $13 million in its treasury, Sukoman has sufficient funds to undertake all exploration activities planned for 2022.
At the Moosehead pilot project in central Newfoundland, targeting high-grade Fosterville gold mineralization, diamond exploration is still ongoing with three rigs, including a barge-based drilling program launched this week after an earlier-than-expected spring melt. Barge drilling will focus on the extension of the eastern direction mineralization mentioned in MH-21-345 – 4.75 m from 20.75 g/ton Au incl. 2.25 m from 39.57 g/ton Au (See press release of January 20, 2022) in the North.
There are still approximately 48,000 meters to be completed on the current 100,000m drilling program which is expected to continue until the fourth quarter of 2022. Efforts will focus on expanding the easterly direction to a depth below the currently set level of 225 metres, and in The right direction is to the north as the area remains open. It is expected that the excavation work to fill/connect the Eastern District/75 and the Southern Al-Baraka areas above the 200m level will be completed in the second quarter. Inspection results for parts, or all 50 holes drilled in these areas, are still pending.
Drilling will also continue on the southern half of the property where multi-till (golden grain) geochemistry and occasional structural targets remain untested. In late March 2022, a five-hole fence targeted a combined magnetic and geomagnetic horizon up to an anomaly (54 gold grains) 1 km southwest of the South Pond District, crisscrossing the putative Valentine Lake Cher area system. All five holes are enclosed in mafic Formation Laurenceton volcanoes, flows, and bricas with large shear, multi-phase quartz veins, and diffuse pyrite and arsenopyrite mineralization of up to 5%. The results of the examination are still pending.
Additional drilling will also test area 253 where there is a substructure bearing quartz veins and diffuse pyrite + arsenopyrite, intersecting first at MH-21-253, 7.5 m return assays of 0.31 g/t, and 1.78 g/t Au above 1.40 m in the area where In them were found a metallic buoy including visible gold. Structure 253 is interpreted as having a length of several kilometers and a minimum pit.
The Company will also continue and intensify basic environmental studies including water testing, wildlife surveys, and historical (registration-related) activities, as well as preliminary mineral testing work on gold mineralization. An initial budget of $6 million has been proposed for the remainder of the 2022 calendar period at the Moosehead Project.
Exploration at the 100% owned Fleur de Lys project, located on the Bay Vert Peninsula in north-central Newfoundland, will focus on identifying drilling targets on the 480 square kilometer property where it has identified the first phase of exploration, which was completed in late 2021, 30 km long, went on plowing, anomaly. The original grains of gold, indicating a short distance of transport from the source, were returned from multiple locations, and rock samples taken during sampling up to Au gave values as high as 4.6 g/t. Drilling targets are expected to be defined by the fourth quarter, with a pre-drill budget of $600,000. The Fleur de Lys Supergroup rocks are equivalent to the UK’s Dalradian Supergroup where several major gold deposits are found, including the six million-ounce Curraghinalt deposit.
Gray River – Sukoman / Benton Joint Alliance
In the fall of 2021, a drilling program was completed in the first phase of five holes at the Gray River Project on the southern coast of Newfoundland, to test portions of the Gray River’s “quartz zone,” a massive 14 km area. Silica which gave wide range values for gold (up to 225 g/t Au) from surface sampling in the 1980s and 1990s, none of which was tested. Holes 2021 were scattered over a 5-km portion of the silica body with all five holes returning significant gold values (>1 g/t Au) up to 1.80 m from 10.58 g/t Au, all holes cutting at least two metal regions All metals remain open throughout the stroke and at depth. Training, camp and fuel have been secured and will be moved to site by early June to begin a 20-30 hole drilling program to follow up on 2021 results. The alliance has increased its land holdings in the area with the latest bet of more than 400 claims covering structural and gold geochemical targets located east of the main property. . A co-financed budget of $2 million has been proposed for this programme.
Golden Hope – Sukoman / Benton Joint Alliance
In 2021, the consortium announced the discovery of significant lithium mineralization in a swarm of pegmatite dams located 14 kilometers west of the Burgeo Highway, in southwest Newfoundland. Subsequent excavations and sampling in the fall of 2021 identified an area of 2 km by 1.2 km hosting multiple lithium-rich (spodumene) dams, pegmatites, with over 100 floating, outcrop and composite flake samples, which returned lithium values ranging from 0.05% to 2.37 % for me2O with more than 25% yield >1% Li2Sen In early 2022, the coalition completed a 1,025-meter survey drilling program to determine the dam’s direction and depth expansion. A small area (100 m x 150 m) near the exploratory outcrops was tested with five short holes. All holes hit metal (spodumene-bearing) baffles ranging in width from less than 1.0 m to 8.4 m in the holes. Results so far from the first hole include a grade of 0.95% Li2Oh on the width of 8.4 meters. All remaining checks are pending.
The coalition secured camp, track-mounted drilling, and fuel for a summer training program to test as many known dams as possible, as many as 30-40, mainly shallow (<100m) holes. Simultaneous excavation and mapping will sample and evaluate several pegmatite dams along a 20 km stretch of appropriate corridor extending on either side of the Bay d'Est fault, where no reported pegmatite dams have been sampled for lithium. It is expected that the camp will be prepared and the pits ready in mid-June. The coalition has proposed a $3 million budget for this programme. Kepenkeck Joint Venture Alliance – Sokoman / Benton
The property is located directly in East Central Newfoundland in the direction to the northeast of Canstar Resources’ Golden Baie property with drilling results of 9.6 g/ton over 7.7 m reported (see Canstar Resources website). The early stage project, in which a limited exploration was conducted in the fall of 2021 on a 5.46 g/t Au rock sample, is targeting structurally controlled native gold mineralization. A program of 200 m to 300 m spaced soil lines was planned with samples at a distance of 25 m across potential structures selected from airborne magnetism, with simultaneous prospecting. It is expected to be operational by June, with a budget of $200,000.
Tim Freud, President and CEO of Sokoman, says:: “2022 will be a pivotal year for Sukuman with the development of our flagship Moosehead project as we expect, by the end of the year, to have completed 120,000m of diamond drilling since the project acquisition. We are confident that we will have integrated most, if not all, of them. known mineral areas in one entity and that new discoveries will come from our continued exploration elsewhere on the property.At the 100% owned Fleur de Lys project we expect to discover new gold offerings by continuing from the 2021 to 2021 program and we will move aggressively to establish drilling targets.In Gray River and Golden Hope, we will be digging with JV partner Benton Resources Inc. on two of the three projects we hold through our alliance.”
This press release has been reviewed and approved by Timothy Froude, P.Geo. , a “qualified person” under National Instrument 43-101 and the President and CEO of Sokoman Minerals Corp.
To ensure a work environment that protects the health and safety of employees and contractors, Sukoman is operating under federal and local and recommended guidelines during the current COVID-19 Alert Level.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is an discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The company’s primary focus is its portfolio of gold projects. Advanced Phase Pioneer Moosehead and Crippleback Lake (selected for Trans Canada Gold Corp.) and East Alder (selected for Canterra Minerals Corporation) along Newfoundland’s central gold belt, and the district-wide Fleur de Lys Project in north-central Newfoundland, targeting Native Dalradian gold mineralization is modeled on 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 ventures including Gray River, Golden Hope and Kepenkeck in Newfoundland. The Golden Hope project hosts a recently discovered area of lithium-bearing pegmatite dams that has returned significant degrees of Li2O from surface sampling and diamond drilling including 8.4 M with a grade of 0.95% Li2O from GH-22-01. The Gray River project was recently tested with five drill holes that all recovered gold values that were highlighted at 10.58 g/t AU above 1.80m including 50.13 g/t AU above 0.35m from GR-21-01.
Sukoman now controls, independently and through the Benton Alliance, more than 150,000 hectares (>6,000 claims – 1,500 km²), making it one of the largest landowners in Newfoundland, in Canada’s newest and fast-growing area of gold. The company also holds an interest in the Newfoundland early stage antimony/gold (Startrek) project, which has been selected for White Metal Resources Inc. and, in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project which has the potential to directly ship DSO.
Mineralization present in adjacent and/or nearby properties is not necessarily indicative of mineralization present in the Company’s property.
The Company would like to thank the Government of Newfoundland and Labrador for the financial support of the Fleur de Lys project through the Junior Exploration Assistance Program.
To find out more, please contact:
Timothy Froude, P. Geo. , President and CEO
Cathy Hume, Vice President of Corporate Development, Director
416-868-1079 × 251
Thomas Doe, Director of Investor Relations, CHF Capital Markets
416-868-1079 × 232
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Investors warn that trading in the institution’s securities should be considered highly speculative. Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may vary by substance. Sokoman Minerals Corp will not update these forward-looking statements to reflect events or circumstances after the date of this contract. More detailed information about potential factors that may affect financial results is included in documents submitted from time to time to the Canadian securities regulatory authorities by Sokoman Minerals Corp.