Sokoman Receives Final Water Permit for Barge-Based Drilling at Moosehead Gold Project, Newfoundland

Rhea-AI Summary

Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) has received a Water Resources Permit from the Government of Newfoundland and Labrador to commence barge-based drilling at its 100%-owned Moosehead Gold Project. The drilling will focus on high-priority targets within the Upper Eastern Trend and Footwall Splay, estimating 5,000 m to 10,000 m of drilling. The project is strategically located near other advanced gold projects. Previously, Sokoman completed 23,378 m of drilling across multiple phases and aims for a 50,000 m program in Phase 6.

Positive

• Acquisition of Water Resources Permit allowing barge-based drilling.
• Focus on high-priority targets potentially increasing gold discovery.
• Strategic location near advanced gold projects enhancing exploration potential.
• Extensive drilling program planned with a target of 50,000 m.

Negative

• None.

Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) today announced that it has received the Water Resources Permit from the Government of Newfoundland and Labrador to begin barge-based drilling at the Company’s 100%-owned Moosehead Gold Project in central Newfoundland. The recently arrived third drill rig will be moved onto the barge once the drilling of a fence of holes at the 75 Zone is finished. The barge drill program will focus on the Upper Eastern Trend and Footwall Splay targets, estimated to constitute between 5,000 m and 10,000 m of drilling, with drill hole depths expected to be 100 m or less with a few reaching 215 m. The drill program is expected to run into the fall.

About the Moosehead Gold Project

The 100%-owned Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, Canada, 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 at Moosehead with multiple high-priority targets, independent of the known zones, remaining to be tested. Drilling to date has constituted 23,378 m in 106 holes in Phases 1 to 5, and 24,500 m in 135 holes of a planned 50,000 m program in Phase 6.

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 and Labrador, Canada. The Company’s primary focus is its portfolio of gold projects including the 100%-owned, high-grade, Fosterville-type Moosehead Gold, 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 north-western Newfoundland, which is targeting Dalradian-type gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. In addition, the Company recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties for gold, with potential for other minerals, in Newfoundland - Grey River, Golden Hope and Kepenkeck.

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 district. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210818005583/en/

FAQ

What is the latest news about Sokoman Minerals Corp. (SICNF)?

Sokoman Minerals Corp. has received a Water Resources Permit to begin barge-based drilling at the Moosehead Gold Project.

What are the drilling plans for the Moosehead Gold Project?

The drilling will target the Upper Eastern Trend and Footwall Splay, aiming for 5,000 m to 10,000 m of drilling.

How much drilling has been completed at Moosehead Gold Project?

To date, Sokoman has completed 23,378 m of drilling across multiple phases.

Where is the Moosehead Gold Project located?

The Moosehead Gold Project is located along the Trans-Canada Highway in north-central Newfoundland, Canada.

When is the drilling program at Moosehead expected to continue?

The drilling program is expected to run into the fall.