Sokoman Minerals Mobilizes Third Drill Rig at Moosehead Gold Project, Newfoundland

Rhea-AI Summary

Sokoman Minerals (TSXV: SIC, OTCQB: SICNF) announced the arrival of a third drill rig at its 100%-owned Moosehead Gold Project in Newfoundland, set to target high-priority areas like the 75 Zone and Eastern Trend. The current drilling phase still has 27,000 metres left from a 50,000-metre program, with strong intersections reported including up to 68.25 g/t Au. The company is also securing a fourth drill rig. The Moosehead Project is strategically located along the Trans-Canada Highway, showing potential for significant gold mineralization.

Positive

• Arrival of a third drill rig for Moosehead Gold Project.
• Strong drill results reported with intersections up to 68.25 g/t Au.
• Completion of nearly 23,000 m of the current drilling phase.
• Expansion plans include securing a fourth drill rig.

Negative

• None.

Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) today announced that the third drill rig has arrived at the Company’s 100%-owned flagship Moosehead Gold Project in north-central Newfoundland and will be deployed immediately to test high-priority targets in the 75 Zone and Eastern Trend areas where up to 15,000 metres of the remaining 27,000 metres remain to be drilled in the current phase. Once the Water Resources Permit has been received, the drill rig will be relocated to drill from the barge that is ready to be mobilized to the property. The barge program alone could entail as much as 5,000 to 10,000 m, depending on success and depths, to target the Footwall Splay and as much of the Eastern Trend that can be accessed. The contractor is also in the process of securing the fourth drill rig and crew for deployment as soon as practicable.

Just under 23,000 m of the proposed 50,000 m Phase 6 program has been completed to date and multiple strong intersections have been reported from this phase including the holes summarized as follows:

MH-21-115 (Footwall Splay – Eastern Trend) - 4.60 m @ 47.20 g/t Au; and 8.10 m @ 68.25 g/t Au
MH-21-163 (Footwall Splay – Eastern Trend) - 18.90 m @ 13.09 g/t Au
MH-21-141 (South Pond Zone 1) - 4.20 m @ 64.00 g/t Au
MH-21-123 (South Pond Zone 1) - 5.00 m @ 26.87 g/t Au
MH-21-203 (75 Zone) – 2.85 m @ 13.67 g/t Au
*Reported lengths are core lengths and are believed to be 70% to 85% of true thickness

About the Flagship 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. In Phases 1 to 5, the Company completed 23,378 m (106 holes). The Company has to date completed just under 23,000 m of a current 50,000 m Phase 6 drill program at Moosehead.

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.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. is a discovery-oriented company with gold projects in Newfoundland & Labrador, Canada. The Company's primary focus is its portfolio of gold projects including the 100%-owned, high-grade, Fosterville-style Moosehead Project, and the Crippleback Lake (optioned to Trans Canada Gold Corp.), and East Alder (optioned to Canterra Minerals Corporation) Projects, all of which lie along the Central Newfoundland Gold Belt, as well as the 100%-owned, district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type gold mineralization similar to 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 venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland.

Sokoman now controls independently, and through the Benton Alliance, over 150,000 hectares (>6,000 claims – 1500 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 which 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/20210810005176/en/

FAQ

What are the latest developments for Sokoman Minerals (SICNF) in 2023?

Sokoman Minerals announced the arrival of a third drill rig at its Moosehead Gold Project to target high-priority areas, with ongoing strong drill results.

What drilling achievements has Sokoman reported for the Moosehead Gold Project?

The company reported strong intersections including 4.60 m @ 47.20 g/t Au and 8.10 m @ 68.25 g/t Au in its current drill phase.

How much drilling is left in the current phase for Sokoman's Moosehead Project?

There are approximately 27,000 metres remaining to be drilled in the current phase at the Moosehead Gold Project.

What is the future plan for the drill program at Sokoman's Moosehead Project?

Sokoman plans to secure a fourth drill rig and continues with its 50,000-metre drilling program, pending a Water Resources Permit for barge drilling.