Puslinch, Ontario (FSCwire) - Sokoman Iron Corp. TSX-V SIC (the “Company”) is pleased to announce it has received gold grain counts from till samples collected from the Crippleback Lake Property on the Cape Ray/Valentine Lake/Alder Zone trend in central Newfoundland. The Crippleback Lake Property was acquired in October 2016, and lies 30 kilometers northeast of Altius Minerals’ Jigger showing (19.8 g/t Au grab sample) and 45 kilometers northeast of Altius Minerals’ Alder Zone which has returned channel sample results as high as 49.3 g/t Au over 4.6 meters from base metal bearing quartz veins (Altius Minerals news release Sept. 20, 2016). Note: Mineralization reported by Altius Minerals may not be found on the Crippleback Lake Property.
The Crippleback Lake property is nearly 100% overburden covered and as a result, glacial till sampling has been determined to be the most effective way to evaluate the gold potential of the property. A total of 28 Phase 1 till samples were collected from the Crippleback Lake property in November, 2016, and submitted to Overburden Drilling Management in Ottawa for processing, which includes detailed gold grain counts and gold grain morphology. A total of 12 samples (42% of samples collected), contained delicate to modified gold grains, including three samples with at least 20 gold grains per sample. Only eight samples of the 28 collected returned no visible gold. The highlight was sample CLT-16-1 which reported a total of 57 gold grains of which 43 grains were classified as pristine in character. Pristine grains are considered proximal to their source (50 to < 200 meters transport) suggesting a possible bedrock source(s) on the Crippleback Lake property.
A plot of the results (see attached property map) indicates three distinct gold grain rich target areas stretching from the western portion of the property through the central portion and extending into the northeastern section of the property. The plot shows sample location, with total number of grains and the number of pristine grains in brackets after the sample number (ie. CLT-16-1 (57/43)) indicates 57 grains of gold of which 43 grains were pristine. Coincidentally, these gold grain rich areas straddle the interpreted trace of the Rogerson Lake Conglomerate (RLC), which is inferred to run the length of the property. The RLC overlies the major geological structure that runs through the Island of Newfoundland and is believed to control gold mineralization at the Cape Ray (Benton Resources Inc.), and Valentine Lake deposits (Marathon Gold), and the recently discovered Alder Zone (Altius Minerals and Antler Gold) on trend to the southwest of the property.
The area has been subject to previous exploration programs for base metals dating back to the 1960’s. A total of 12 exploration drill holes, mostly from a 1967 base metal program carried out by McIntyre Porcupine Mines, currently sit in three separate Government core storage facilities in Newfoundland. The company intends to examine these drill holes, most of which remain un-sampled for gold, in the coming weeks.
Timothy Froude, P. Geo., Interim CEO states; “We acquired the Crippleback Lake claims because they were inferred to overlie the northeastern extension of the structural corridor that hosts many of Newfoundland’s most significant gold deposits, and was virtually unexplored for gold. Over the coming weeks we will be planning a follow up program to the successful Phase 1 till sampling while at the same time examining historical drill holes in storage at the government core facilities. With the recent additions of gold bearing claims less than 3 kilometers from the Altius/Antler Gold discovery, and now these exciting till results, we have built a strong portfolio in this emerging gold district. Crippleback Lake, as well as the recently acquired East Alder, Unity Resources, and Princess Lake claims, collectively comprise the “Central Newfoundland Gold Project”, and will be the company’s focus for the foreseeable future. We intend to be a significant player and newsmaker in 2017.”
Sokoman controls over 220 claims (5,550 hectares) covering over 22 kilometers of the structural zone that hosts a number of significant gold deposits and occurrences including the advanced Cape Ray (Benton Resources Inc.) and Valentine Lake (Marathon Gold) deposits, and the recently announced Alder Zone discovery by Altius Minerals and Antler Gold.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101 and Interim CEO for Sokoman Iron Corp. For further information please contact Timothy Froude at 709-765-1726, or by email at tfroude@sokomaniron.com 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. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Iron 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 Iron Corp.
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public://news_release_pdf/Sokoman01122017.pdfSource: Sokoman Iron Corp. (TSX Venture:SIC)
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