Sokoman Minerals Corp. [SIC-TSXV; SICNF-OTCQB] provided an update on significant gold mineralization intersected in the main Eastern trend (MH-22-505) approximately 200 metres up hole from the targeted 463 zone at the 100%-owned Moosehead project, central Newfoundland.
Hole MH-22-505 cut 21.35 metres averaging 9.75 g/t gold, including 7.75 metres averaging 21.82 g/t gold from 199.05 metres downhole. The hole deviated slightly and passed above the targeted 463 Zone. Multiple narrow quartz veins, with specks of visible gold, were intersected in the portion of MH-22-505 closest to the 463 Zone. The veins occur at high angles to core axis, are oblique to the Eastern Trend and are north-northeast trending – points which validate the current 463 Zone model.
A second hole, MH-22-512, targeting the 463 Zone, has been collared from the west side of North Pond to be used as a pilot hole to wedge additional holes. These drill holes will test for additional folded splays unrecognized to date with the heavy bias of drilling the, moderately east-dipping, Eastern Trend from west to east.
The new 511 Zone has been intersected in two holes testing an IP response under South Pond. The intersections are 250 metres south of the South Pond Zone where drilling intersected 5.00 metres of 26.87 g/t gold, including 2.15 metres of 60.59 g/t gold from 47.00 metres downhole in MH-20-123. The 511 Zone was initially intersected in MH-22-510, where a 3.55-metre wide zone of mineralization grading 0.98 g/t gold was cut at a downhole depth of 419 metres. Hole MH-22-511, 100 metres to the south, intersected a 20.97-metre wide mineralized zone (core length) averaging 1.12 g/t gold with a higher-grade section, 3.60-metre wide, averaging 2.32 g/t gold starting at 336 metres downhole. This mineralization style is found in most gold zones at Moosehead and is often associated with higher-grade, VG-bearing, quartz veins. It is still not known if the intersections in holes 510 and 511 are one continuous zone or two separate, subparallel zones. Additional holes are planned for the area.
Reconnaissance Drilling: Drill holes MH-22-491, 493, 494, 497, 499 and 506 – 509 were drilled in the extreme southern portion of the property testing historical soil and reverse circulation (RC) drilling geochemical anomalies identified by Altius Resources in the late 1990s. Weakly gold anomalous shear zones were intersected but nothing of significance was encountered. Although targets remain in the area, reconnaissance drilling planned for Q1 2023 will focus on the northern portion of the property where historical float samples, reported by Altius Resources, assaying 181 g/t gold lie in proximity to the perceived northern extension of the Eastern Trend.
Tim Froude, President and CEO, said: “We are very pleased to report the progress of drilling at both the 463 Zone and the new “511” Zone(s) in MH-22-510 and 511 at South Pond. Diamond drill hole MH-22-505 initially reported in December 2022, deviated and passed over the top of the 463 Zone. As a result, MH-22-512, the second hole directed towards the 463 Zone, was positioned to test the lower portion of the zone in the event that if the hole does stay straight, we will then be able to wedge off of it. Hole MH-22-505 was a very successful hole in that it was able to cut a good slice through the main Eastern Trend as well as providing additional information in the vicinity of the 463 Zone.
“It is now becoming apparent that there possibly are more mineralized splays developing in the footwall to the Eastern Trend based on the number of high angle veins and shear zones intersected in MH-22-505. At least six mineralized intervals were cut in the footwall below the main Eastern Trend. It will take more drilling of the footwall area to determine the significance of these zones in addition to the primary target at 463.
“We are also encouraged by the intersections in both holes in the new 511 Zone at South Pond. While grades are modest, the setting is similar to that encountered at most mineralized zones at Moosehead with higher-grade, VG-bearing veins, spatially associated with altered / mineralized mafic dykes. The 511 Zone is open to the south and to depth and lies proximal to the intersection of at least two major structures, the Eastern Trend and the Valentine Lake Shear Zone. Multiple drill holes will test this area in the coming weeks.”
The Moosehead Project has five known zones of open-ended gold mineralization focused on the Eastern Trend in the central portion of the property with mineralization defined over a 600-metre strike length and to over 370 metres down dip. The company has more than $7 million in the treasury.
Further to its December 28, 2022 news release, Sokoman received final approval from the TSX Venture Exchange and the company issued 14,795,544 Flow-Through Units for aggregate gross proceeds of $4,142,752. Cash finder’s fees totaling $192,155.61 were paid, in accordance with TSX Venture Exchange policies.
