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Sokoman and Benton Continue to Expand the Kraken Lithium Pegmatite Swarm in Newfoundland and Initiate Drill Mobilization
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Sokoman Minerals Corp. (OTCQB:SICNF) and Benton Resources Inc. announced the discovery of new lithium-bearing dykes near the Kraken Pegmatite in Newfoundland. Out of 50 grab samples, 17 showed significant spodumene values ranging from 0.23% to over 2.15% Li2O. The companies plan a diamond drilling program and a regional till survey to target further exploration. This revelation follows geological parallels to major lithium deposits like those of Piedmont Lithium Inc.
Positive
Discovery of new parallel lithium-bearing dykes near Kraken Pegmatite.
17 out of 50 grab samples show significant spodumene grades from 0.23% to >2.15% Li2O.
Planned inaugural diamond drilling program to enhance project value.
Negative
None.
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--
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 additional assays confirming the discovery of several new parallel lithium-bearing dykes located 200 m - 300 m to the West-Northwest and to the East and Northeast of the main Kraken Pegmatite discovery. The Alliance collected 50 grab samples of which 17 contained significant spodumene grading from 0.23% Li2O to >2.15% Li2O (over limit assaying pending). These samples were collected from various large sub-crop boulders and poorly-exposed dykes ranging from one metre - three metres in width. The Alliance is extremely pleased with the new results and has planned an inaugural diamond drilling program to commence in the coming weeks. In addition, the Alliance will also initiate a large regional till survey along the favourable 60 km-long structural trend which the Alliance controls. The till survey results will assist with targeting and prospecting in early-spring work programs. The Kraken Pegmatites are highly-evolved pegmatite swarms in a geological environment similar to that of other large systems in the Appalachian belt, including the important deposits held by Piedmont Lithium Inc. in the Carolinas, eastern US, as well as in the geologically equivalent Avalonia Project being advanced by Ganfeng Lithium in the Caledonides of Ireland. All samples were submitted to Actlabs in Ancaster, Ontario for analysis by Sodium Peroxide Fusion ICPOES + ICPMS.
Timothy Froude, P.Geo., President and CEO of Sokoman stated: “We are thrilled with the latest assay results which further expand the Kraken field of lithium-bearing pegmatites. The upcoming drill program will be instrumental in properly valuing the project with a view to potentially spinning out the asset if results are favourable.”
Stephen Stares, President and CEO of Benton stated: “With continued discoveries of additional lithium-bearing dykes, we are very confident that our Alliance has discovered something very special in Newfoundland. We are also very excited to initiate our upcoming maiden drill program, that will assist us in furthering our understanding of the dimensions, size and grade of the main discovery area around the Kraken dyke swarm.”
QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., a 'Qualified Person' under National Instrument 43-101.
COVID-19 Protocols
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton are operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. Sokoman’s primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, which 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 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.
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 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 recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV:SIC) through three large-scale, joint-venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored or will be later in 2022.
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.
What recent discovery has Sokoman Minerals Corp. made regarding lithium in Newfoundland?
Sokoman Minerals Corp. announced the discovery of new lithium-bearing dykes near the Kraken Pegmatite, with significant assay results coming from 17 of 50 grab samples.
What are the spodumene grades found in the recent assays from Sokoman?
The recent assays revealed spodumene grades ranging from 0.23% Li2O to over 2.15% Li2O.
What exploration plans does Sokoman Minerals Corp. have following the discovery?
Sokoman plans to initiate a diamond drilling program and a regional till survey to further explore the lithium assets.
How does the Kraken Pegmatite discovery compare to known lithium deposits?
The Kraken Pegmatites show geological similarities to significant lithium deposits held by Piedmont Lithium Inc. in the Carolinas.
