Tim Froude, President and CEO, commented following the release of Sokoman’s remaining drill holes at Moosehead:
“Overall results from Phase 1 at our Moosehead property exceeded our expectations! The drilling in the Western Trend area revealed most holes with visible gold and high grades. While we have stated that during Phase 2 we will be drilling within the Eastern Trend, near MH 18-01, Phase 1 provided excellent data that supports a large drill program to follow and the expectation of continued high-grade gold core in both Trends.”
Historical High-grade Results Confirmed And Expanded, Two New Near-surface Vein Zones Discovered
Sokoman Iron Corp. [TSX-V: SIC] is pleased to announce that it has received assay results from the remaining 12 holes completed at the Moosehead Project in Central Newfoundland, with holes MH-18-07 and MH-18-08 intersecting near surface, high-grade visible gold veins highlighted by MH-18-08 intersecting two vein zones assaying 1.05 m @ 207.51 g/t Au from 8.50 m downhole, and 2.28 m @ 42.36 g/t Au from 33.07 m downhole.
Diamond drill holes MH-18-04 to MH-18-13 focused on the Western Trend (see attached drill plan) approximately 250 m west of the Eastern Trend. Eight of the 15 holes completed in Phase 1 reported visible gold-bearing quartz vein zones. Highlights of the remaining holes are shown in the following table, and a more detailed set of results can be found at the end of this news release including additional intercepts in MH-18-01.
Timothy Froude, P. Geo., President and CEO, states: “Results from Phase 1 have surpassed our expectations and have given us great cause to be optimistic about the future. The recent financing has provided us with the opportunity to thoroughly evaluate the Moosehead property and to unlock its full potential. Like many structurally controlled gold deposits, this will entail a lot of drilling – likely, closely spaced. Phase 2 will focus on the Eastern Trend’s high-grade mineralization intersected in MH-18-01, and continue to build on open-ended zones of mineralization in the Western Trend as well as other areas of the property.
The results confirm and expand on historical results from the Western Trend area and are highlighted by holes MH-18-07 and MH-18-08 (collared 40 metres apart) which intersected high-grade (visible gold bearing) veins at or less than 1 metre vertically from the bedrock contact immediately below the overburden. MH-18-07 intersected mineralized quartz 1.00 metres down hole and MH-18-08 cut a mineralized quartz vein zone at a downhole depth of 1.05 metres. Both near surface veins are believed to be new veins, and both holes also intersected additional mineralized veins at shallow depths (15 to 25 metres vertically) that extend mineralization intersected in previously released holes MH-18-02 and MH-18-03 by 50 metres to the west and the mineralization remains open. MH-18-13, drilled 50 metres on section northeast of (beneath) MH-18-08, successfully extended the high-grade structure by 50 metres to the north, down dip of the high-grade intercept (2.28m @ 42.36 g/t Au core length) in MH-18-08. The current program did not test the zone any further to the west.
Drill hole MH-18-14 was collared to test for a possible southwest trend to historical hole MH-02-38 which reported 2.02 m @ 111 g/t Au (not verified by Sokoman), the hole did intersect a weakly mineralized structure not believed to be the same structure intersected by the historical hole. The Company is planning additional drilling in the vicinity of MH-02-38 based on knowledge gained from MH-18-14. MH-18-15 was a reconnaissance hole drilled to test a historical soil geochemical anomaly approximately 450 metres north of the Eastern Trend. The hole did intersect a weakly mineralized fault zone, but no significant results were obtained.
The Company has also received the results of the televiewer survey completed on selected holes from the Phase 1 Program, specifically MH-18-01, 02, 04 and 08. The results are being compiled and matched with the drill logs and will help formulate the next Phase of drilling expected to commence on or about October 1, 2018, pending receipt of all necessary permits. Sokoman will be seeking quotes for up to 10,000 metres of drilling in the coming days and expect site preparations to begin sometime after mid-September. The Company will provide a further update at that time.
A total of 495 samples, including duplicates, blanks and standards, have been submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold and ICP analysis. Samples suspected of carrying visible gold were submitted for total pulp metallics and gravimetric finish. All other samples were analyzed by standard fire assay methods. Eastern Analytical is an accredited assay lab that conforms to requirements of ISO/IEC 17025. Total pulp metallic analysis is a result of a whole sample being crushed to -10 mesh and pulverized to 95% -150 mesh. The total sample is then 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. A calculated weighted average of total Au in the sample is reported as well. The Company included in the sample stream one blank and one industry approved standard for every ten samples submitted, as well as random duplicates of selected samples. This is in addition to the in-house standard and duplicate policy of Eastern Analytical.
Diamond drilling was carried out by Springdale Forest Resources, who provided superior drilling services while maintaining a stringent environmental policy. The Company would also like to thank the Government of Newfoundland and Labrador for approving the Moosehead Program for 2018 JEA Funding.
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 for Sokoman Iron Corp.
About Sokoman Iron Corp.
Sokoman Iron Corp. (TSX-V: SIC) is a discovery-focused company with projects in Newfoundland & Labrador, Canada. Sokoman’s primary focus is its portfolio of gold projects in Central Newfoundland. The Company also has interests in early-stage gold, base-metal and antimony projects in Newfoundland, as well as a 100% interest in the Iron Horse (Fe/V/REE) project in Western Labrador.
Timothy Froude, P. Geo., President & CEO
Cathy Hume, Director
Phase 1. Expanded Summary Table of Results – Moosehead Project, NL