Sokoman Minerals Mobilizes First Drill Rig to Moosehead Project, Central Newfoundland

Rhea-AI Summary

Sokoman Minerals Corp. has awarded a contract for 10,000 m drilling at the Moosehead Project to Springdale Forest Resources. The first drill rig is mobilizing, with drilling expected to begin soon. The program will focus on the Eastern Trend and explore high-grade mineralization depths. Significant previous drill results include up to 550.30 g/t Au. The company is operating under COVID-19 guidelines to ensure safety. Sokoman is also exploring financial assistance for its ongoing projects.

Positive

• Contract awarded for a 10,000 m drilling program, indicating progress.
• Previous drill results show high-grade mineralization, with results including up to 550.30 g/t Au.
• Sufficient funding available for the drilling program.

Negative

• None.

ST. JOHN'S, NL / ACCESSWIRE / September 10, 2020 / Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) (the "Company" or "Sokoman") is pleased to announce that it has awarded the Phase 6, 10,000 m drilling contract to Springdale Forest Resources of Springdale, Newfoundland. The contractor is presently mobilizing the first drill rig to the property and field preparations have begun, with the first core expected early next week. A second rig will be moved onsite once it returns from a previous commitment, which is expected in 2-3 weeks.

Tim Froude, President and CEO of Sokoman, says: "We are pleased that Springdale Forest will be returning to the Moosehead Project. Their experience with the rocks, and overall familiarity with the property, have been critical to our success to date in sometimes challenging conditions. While we will be testing several concepts, the program will have a strong focus on the Eastern Trend, including the down-dip and along-strike extensions. Plans include testing of the 400 m vertical level along a 200 m section of the interpreted Eastern Trend structure, with holes also testing for high-grade mineralization at the 250, 300 and 350 m levels. It's time to test this system at depth, and we have sufficient funding to do that."

In addition, several holes will also be testing for the down-dip extension of the Western Trend, as well as select reconnaissance holes testing high-priority geochemical targets elsewhere on the property including the South Pond area where recent prospecting returned high-grade boulders assaying up to 157 g/t Au (July 30, 2020 Sokoman Minerals Corp. News Release) that strongly resemble the high-grade Eastern Trend mineralization located 400 m to the north.

The Company has merged the recently received C-horizon till sampling data with the winter heli-mag survey, and maps will be posted on the website in the coming days. Targets prioritized for drill testing include till samples returning up to 54 grains of gold (containing 34 delicate and slightly modified grains) situated over 1 km to the southwest (up-ice) of the Eastern Trend in an area with no previous drilling.

Moosehead Project

The 100%-owned Moosehead gold project is located along the Trans-Canada Highway in North Central Newfoundland, on the same 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. Since acquiring the project in 2018, Sokoman has consistently produced outstanding drill results including the following Eastern Trend highlights* from the 5 Phases completed to date:

Phase 1 MH-18-01 11.90 m @ 44.96 g/t Au, incl. 5.65 m @ 93.56 g/t Au
Phase 2 MH-18-39 5.10 m @ 124.20 g/t Au, incl. 1.10 m @ 550.30 g/t Au
Phase 3 MH-19-62 7.20 m @ 22.35 g/t Au, incl. 4.80 m @ 33.59 g/t Au
Phase 4 MH-19-81 6.40 m @17.34 g/t Au, incl. 1.45 m @ 75.50 g/t Au
Phase 5 MH-20-86 5.20 m @16.85 g/t Au, incl. 1.35 m @ 61.11 g/t Au

*Reported lengths are core lengths believed to be 70% - 90% of true thicknesses.

The mineralization has been defined over a 500 m strike length and a 200 m vertical height and remains open for expansion.

COVID-19 Update

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.

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) in Central Newfoundland on the structural corridor hosting *Marathon Gold's Valentine Lake project that has estimated proven mineral reserves of 1.3 million ounces (26.3 million tonnes at 1.52 grams per tonne) and probable mineral reserves of 600,000 oz (14.8 Mt at 1.23 g/t). Total measured mineral resources (inclusive of the mineral reserves) comprise 1.9 million oz (31.7 Mt at 1.86 g/t) with indicated mineral resources (inclusive of the mineral reserves) of 1.19 million oz (23.2 Mt at 1.60 g/t). Additional inferred mineral resources are 960,000 oz (16.77 Mt at 1.78 g/t Au).

*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.

Sokoman also has a 100% interest in an early-stage antimony/gold project in Newfoundland recently optioned to White Metal Resources Inc. In Labrador, the Company has a 100% interest in the Iron Horse (Fe) project.

The Company would like to thank the Government of Newfoundland and Labrador for financial support of the project through the Junior Exploration Assistance Program. Sokoman has also applied for funding for the 2020 season.

To learn more, please contact:

Timothy Froude, P. Geo., President & CEO
709-765-1726
tim@sokomanmineralscorp.com

Cathy Hume, Director, Investor Relations
416-868-1079 x231
cathy@chfir.com

Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals

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.

SOURCE: Sokoman Minerals Corp.

View source version on accesswire.com:
https://www.accesswire.com/605574/Sokoman-Minerals-Mobilizes-First-Drill-Rig-to-Moosehead-Project-Central-Newfoundland

FAQ

What is the significance of the 10,000 m drilling contract awarded by Sokoman Minerals?

The contract is crucial as it enables the exploration of high-grade mineralization in the Moosehead Project, potentially leading to valuable discoveries.

When will the drilling at the Moosehead Project start?

Drilling is expected to commence shortly, with the first core samples anticipated early next week.

What are the key findings from previous drilling phases at Moosehead?

Previous phases yielded impressive results, with notable hits including 5.10 m at 124.20 g/t Au and 1.10 m at 550.30 g/t Au.

How does Sokoman plan to ensure safety during drilling operations amid COVID-19?

Sokoman is implementing federally and provincially mandated guidelines to maintain health and safety for all staff and contractors.

What are the future plans for the Moosehead Project?

The company aims to test several concepts, focusing on the Eastern Trend and high-grade mineralization extensions.