Sokoman and Benton - More High-Grade Lithium Results Kraken Pegmatites in Newfoundland

Rhea-AI Summary

Sokoman Minerals Corp. and Benton Resources Inc. report significant findings from the Kraken pegmatite field at the Golden Hope Joint Venture Project in Newfoundland. Grab samples yield lithium values up to 1.93% Li₂O, with 11 samples above 0.5% and six exceeding 1%. The dyke swarm now extends over 2200 metres, indicating substantial mineralization potential. A recent LiDAR survey has been completed over 8.4 km² to enhance exploration efforts. The companies express optimism about transitioning to a Phase 1 drilling program to further develop this discovery.

Positive

• Grab sample results show lithium values up to 1.93% Li₂O, indicating high mineralization potential.
• Expansion of the dyke swarm to 2200 metres enhances exploration opportunities.
• Completion of a detailed LiDAR survey over a significant area supports future exploration efforts.

Negative

• None.

Further grab sampling returns values up to 1.93% Li₂O.

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 they continue to expand the extent of the recently-discovered Kraken pegmatite field at the Golden Hope Joint Venture Project located in southwestern Newfoundland. This is the first significant discovery of Lithium mineralization documented in the province of Newfoundland and Labrador, Canada.

Golden Hope Project - Kraken Sampling Update (Graphic: Business Wire)

Phase 3 sampling at the Kraken pegmatite field has given grab-sample results grading from trace up to 1.93% Li₂O with 11 samples having values >0.5% Li₂O, and six samples >1% Li₂O. The 49 grab samples were collected over a 0.5 km² area over the swarm of poorly-exposed pegmatite and aplite dykes which display characteristics of significant pegmatite fields around the world including zonation of Tantalum, Rubidium and Cesium minerals, all considered Critical Specialty elements for the Green electric future.

The Alliance has also discovered several new spodumene-bearing pegmatites to the west of the original discovery, further expanding the dyke swarm. The dyke swarm has now been sampled over a strike length of 2200 metres and an apparent width of 1200 metres. A further 50 samples were taken with results to be released in the coming weeks.

A detailed LiDAR / Photogrammetry survey covering 8.4 km² of the pegmatite field has now been completed, extending westward to cover the high-grade Beryllium showing which had two samples with >5000 ppm Be, and associated anomalous Lithium, Cesium, Rubidium and Tantalum values, and also eastward to cover the possible extension of the newly-discovered eastern pegmatite swarm.

Samples were submitted to Actlabs in Ancaster, Ontario for analysis by Sodium Peroxide Fusion ICPOES + ICPMS.

Sokoman’s President and CEO Tim Froude, adds: “The Alliance has made great strides in expanding this exciting new discovery and the mineralization is still open in all directions. It is clear we need to gather as much critical data as we can prior to proposing a Phase 1 drilling program to maximize the potential of this discovery. We are about to begin discussions with our respective Boards of Directors and advisors as to how to proceed with this exciting opportunity for the maximum benefit of our shareholders.”

Benton’s President and CEO Stephen Stares, states: “It is very evident that the Kraken pegmatite field is quickly becoming something of potential economic interest. To find something brand new and of this extent is truly exciting. With the growing demand for Lithium and other critical metals we are very happy to be entering the race with this new discovery.”

QP

This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Nathan Sims, P.Geo., Senior Exploration Manager for Benton Resources Inc., both the '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, 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. Sokoman 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.

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 in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has 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 Gold, Golden Hope and Kepenkeck in Newfoundland that are now being explored.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211109005438/en/

CHF Capital Markets

Cathy Hume, CEO

Phone: 416-868-1079 x 251

Email: cathy@chfir.com

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

Website: www.sokomanmineralscorp.com; www.bentonresources.ca

Twitter: @SokomanMinerals, @BentonResources

Facebook: @SokomanMinerals, @BentonResourcesBEX

LinkedIn: @SokomanMinerals, @BentonResources

Source: Sokoman Minerals Corp. and Benton Resources Inc.

FAQ

What are the lithium grades reported by Sokoman Minerals Corp. in their latest press release?

Sokoman reported lithium grades from grab samples up to 1.93% Li₂O, with significant numbers of samples above 0.5%.

Where is the Kraken pegmatite field located?

The Kraken pegmatite field is located at the Golden Hope Joint Venture Project in southwestern Newfoundland.

What exploration activities have Sokoman and Benton undertaken at the Kraken pegmatite field?

They have conducted Phase 3 sampling and completed a LiDAR/Photogrammetry survey covering 8.4 km².

What is the significance of the discoveries at the Kraken pegmatite field for Sokoman Minerals Corp. (SICNF)?

The discoveries indicate significant potential for lithium mineralization, which may enhance their exploration and economic viability.

When can we expect further sampling results from the Kraken pegmatite field?

An additional 50 samples have been taken, with results expected to be released in the coming weeks.