Sokoman Announces Additional High-Grade Results from the Moosehead Project, Central Newfoundland

Rhea-AI Summary

Sokoman Minerals Corp. announced the latest Phase 6 drilling results at the Moosehead Property, revealing significant near-surface high-grade gold mineralization. Key intersections include MH-21-165 with 4.10 m of 21.61 g/t Au and MH-21-164 with 4.05 m of 22.62 g/t Au. The drilling confirms the continuity and quality of gold mineralization. A planned aggressive drilling campaign of 50,000 meters aims to further explore these promising zones, with two active rigs. Sokoman's Moosehead Project, located in Newfoundland, targets high-grade turbidite-hosted gold mineralization.

Positive

• Phase 6 drilling results show high-grade gold intersections, including 4.10 m of 21.61 g/t Au in MH-21-165.
• Consistency in vein location and average grade is demonstrated in the Footwall Splay/Eastern Trend.
• An aggressive 50,000 m drilling program is in place to explore and expand known mineralized zones.

Negative

• Drill holes at South Pond have returned lower-grade results compared to previous high-grade intersections.

Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that ongoing Phase 6 drilling at the 100%-owned Moosehead Property has intersected additional near-surface, high-grade gold mineralization at the Footwall Splay/Eastern Trend. Initial results from South Pond confirm two discreet zones with a higher-grade shoot, and an additional zone of mineralization has been intersected in MH-20-115, drilled in the Eastern Trend Main Zone.

Visible Gold from MH-21-165 at 80 m (Footwall Splay) – the scale shows 1 cm (from 3-4) (Photo: Business Wire)

Footwall Splay/Eastern Trend

MH-21-165 – 4.10 m of 21.61 g/t Au, including 2.10 m of 41.39 g/t Au from 79.70 m downhole
MH-21-164 – 4.05 m of 22.62 g/t Au, including 20.95 m of 5.15 g/t Au from 79.95 m downhole

Drilling continues to demonstrate consistency in vein location and average grade at the Footwall Splay/Eastern Trend. Eight holes tested in the zones prior to the spring break-up, with multiple high-grade intersections returned as summarized in the appended Table of Results. An aggressive land-based program will commence immediately with an estimated 5,000 metres expected to be drilled to expand the zones and lay the groundwork for the barge-based program on North Pond scheduled to start later this summer.

The Footwall Splay is a north-south striking, shallow east-dipping zone, lying less than 50 m below surface that appears to be an offshoot of the Eastern Trend Main Zone. At Fosterville in Australia, offsets or splays off the main structures, such as the Swan Zone, carry high-grade gold mineralization. The Footwall Splay has been intersected in 14 holes over a strike length of 130 m, a minimum width of 25 m, and at least 2.5 m in thickness. Given the location of the zone, a barge-based program is the most effective way to test the targets and permitting is in progress to facilitate the program.

Additional sampling in MH-20-115 has resulted in a third zone of gold mineralization, approximately 50 m below the previously released results of 8.10 m of 68.25 g/t Au from 111.20 m downhole. The new intersection includes 10.40 m of 3.09 g/t Au, including 3.60 m of 5.69 g/t Au and 0.70 m of 14.09 g/t Au. While visible gold (“VG”) was not noted, the zone carries typical Moosehead sulphide mineralization of boulangerite and sphalerite, and it is believed to be the down-plunge extension of the Eastern Trend Main Zone.

South Pond

MH-21-152 – 3.00 m of 1.82 g/t Au, including 0.70 m of 3.08 g/t Au from 15.00 m downhole
MH-21-153 – 3.00 m of 1.61 g/t Au, including 1.60 m of 2.40 g/t Au from 12.00 m downhole

Drilling at South Pond has discovered a second mineralized structure (Z-2) approximately 50 m east of the initial zone (Z-1). Drill holes MH-21-152 and 153, the furthest holes south and east, both intersected shallow, near-surface shearing and veining similar in style and mineralogy (boulangerite, arsenopyrite, sphalerite) to higher-grade intersections at Moosehead. Although returning lower-grade results (no VG noted), the overall vein style and mineral assemblage are indicative of the high-grade veining intersected in previous holes at South Pond including MH-20-123 (5.00 m of 26.87 m) and MH-21-141 (4.20 m of 64.00 g/t Au). With only two closely-spaced holes cutting Zone Z-2, and an aggressive 9,000 m program proposed for the South Pond area, Sokoman believes that additional high-grade mineralization will be found in this area. Drilling will begin immediately.

Tim Froude, President and CEO of Sokoman, says: “We are extremely pleased with the results from the Footwall Splay/Eastern Trend as they demonstrate good continuity and grade, and provide a firm foundation for additional drilling in the area from our barge-based program to begin later this summer. At South Pond, a second mineralized structure intersected in the two eastern-most holes (MH-21-152 and 153) is shallow, just 5-10 m below surface and exhibits vein mineralogy consistent with high-grade zones with visible gold encountered in earlier South Pond drill holes, as well as in other zones on the property. As we have previously seen on the property, grade variability is expected when dealing with nuggety mineralization as represented by visible gold. With 38,000 m left to drill in the ongoing Phase 6 program, and four drills on the property later this summer, we are confident we will achieve our goals of enlarging the known zones along strike and to depth and also making additional discoveries at Moosehead. As of today, drilling has resumed with two rigs, one at South Pond and the other at the Footwall Splay/Eastern Trend area.”

About the Moosehead Gold Project

The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north central Newfoundland, on the same structural trend as the advanced Valentine Lake Project (Marathon Gold), and adjacent to New Found Gold’s Queensway Project. Both the Moosehead and Queensway projects are targeting high-grade, turbidite-hosted, Fosterville-type gold mineralization. At least five zones of significant gold-bearing mineralization have been identified to date at Moosehead and multiple high-priority targets independent of the known zones remain to be tested. The Company is currently in the midst of a 50,000 m drill program utilizing up to four drill rigs.

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.

COVID-19 Protocols

To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman is operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.

Analytical Techniques / QA/QC

All core samples submitted for assay were saw cut by Sokoman personnel with one-half submitted for assay and one-half retained for reference. Samples were delivered in sealed bags directly to the lab by Sokoman Minerals’ personnel. Samples, including duplicates, blanks and standards, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold analysis. Eastern Analytical Ltd. is an accredited assay lab that conforms to requirements of ISO/IEC 17025. Samples with possible visible gold were submitted for total pulp metallics and gravimetric finish. All other samples were analyzed by standard fire assay methods. Total pulp metallic analysis includes: the whole sample is crushed to -10 mesh; then pulverized to 95% -150 mesh. The total sample is weighed and screened 150 mesh; the +150 mesh fraction is fire assayed for Au, and a 30 g subsample of the -150 mesh fraction is fire assayed for Au; with a calculated weighted average of total Au in the sample reported as well. One blank and one industry approved standard for every twenty samples submitted, is included in the sample stream. Random duplicates of selected samples are analyzed in addition to the in-house standard and duplicate policies of Eastern Analytical. All reported assays are uncut.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company's primary focus is its portfolio of gold projects Moosehead, Crippleback Lake and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired 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. Sokoman controls one of the largest land holdings in Newfoundland with over 50,000 hectares (250 km²) of highly prospective ground in 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.

The Company would like to thank the Government of Newfoundland and Labrador for financial support of the Moosehead Project through the Junior Exploration Assistance Program.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518005307/en/

FAQ

What are the latest drilling results from Sokoman Minerals at Moosehead Property?

Sokoman Minerals reported significant near-surface high-grade gold mineralization, including 4.10 m of 21.61 g/t Au and 4.05 m of 22.62 g/t Au.

How much drilling is planned for the Moosehead Project?

Sokoman Minerals has planned an aggressive 50,000 meters drilling program at the Moosehead Project.

What is the significance of the Footwall Splay/Eastern Trend in the latest report?

The Footwall Splay/Eastern Trend shows consistency in vein location and average grade, indicating strong continuity in high-grade gold mineralization.

When will drilling resume at the Moosehead Property?

Drilling has already resumed with two rigs operational at South Pond and the Footwall Splay/Eastern Trend areas.

What challenges does Sokoman face in the South Pond area?

Drilling at South Pond has encountered lower-grade results compared to earlier high-grade findings, which may affect overall expectations for this area.