21:42:25 EDT Tue 14 May 2024
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or Name
USA
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Sokoman Minerals Corp
Symbol SIC
Shares Issued 229,363,436
Close 2023-10-03 C$ 0.075
Market Cap C$ 17,202,258
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Sokoman Minerals finds visible gold at Fleur de Lys

2023-10-04 14:46 ET - News Release

Mr. Timothy Froude reports

SOKOMAN MINERALS REPORTS VISIBLE GOLD AT FLEUR DE LYS GOLD PROJECT NORTH-CENTRAL NEWFOUNDLAND

Sokoman Minerals Corp.'s continuing exploration at Fleur de Lys has outlined an area of very angular, visible gold-bearing float dubbed the Golden Bull prospect, measuring 300 metres in length and as yet unknown width, with numerous pieces of banded quartz weighing up to several tonnes. The Golden Bull prospect is located in the northern portion of the property, four km to the west of the mining town of Baie Verte.

In 1988, Noranda Exploration reported gold from two bedrock occurrences (Castor Pond and Castor Pond North) with grab samples to 7.46 grams per tonne Au, and channel samples to 8.49 g/t Au over 0.40 metre, approximately 500 m to the southwest of the prospect. Noranda drilled a single hole (CP-88-01) at the Castor Pond occurrence, with only anomalous values intersected including 0.42 g/t Au over 0.20 m and 0.30 g/t Au over 0.30 m. Mineralization described in the core log for CP-88-01 (a quartz breccia) does not resemble the Golden Bull prospect mineralization. No other drilling has been carried out on the property.

Tim Froude, president and chief executive officer of Sokoman, commented: "We see increasing potential for a significant gold deposit with every round of work we do. The Golden Bull prospect is an example of gold occurrences discovered using basic prospecting methods in the follow-up of our gold-in-till anomalies. The simple mineralogy, mostly pyrite with gold, is very similar to that of the large, Curraghinalt gold deposit in Northern Ireland which lies in equivalent rocks to those at Fleur de Lys. We are carrying out a detailed B-horizon soil sampling survey in the immediate area of the Golden Bull prospect and are also considering a high-resolution magnetic survey to identify structures that could host the Golden Bull prospect veins. We are also delighted to learn that the discovery area is scheduled to be logged throughout the coming winter which will provide additional access, and possibly expose more quartz float and/or the source of the mineralized boulders, saving the company considerable exploration expense. This additional exploration is critical to help us plan an effective follow-up program including drilling."

The Golden Bull mineralization consists of strongly stylolitic (banded) quartz, with up to 2 per cent disseminated pyrite, arsenopyrite, sphalerite and minor chalcopyrite. Visible gold is noted. Assay results from metallics assays of the grab samples suggest that visible gold is common in the Golden Bull prospect veins based on the amount of gold reporting to the coarse fraction (plus 150 mesh) with seven samples giving values from 11,131 to 148,603 parts per billion Au (see attached table).

Note: All rock samples from Fleur de Lys are being assayed by the total pulp metallic analysis method at Eastern Analytical Ltd. in Springdale, Nfld.

The Fleur de Lys gold project

The 100-per-cent-owned project is located on the west side of the Baie Verte Peninsula in north-central Newfoundland, an area that has a long history of base metal and gold production dating back to the 1860s. The project area is highly prospective for Dalradian-style (for example, Curraghinalt) orogenic, vein-hosted, gold deposits and, as such, it is a readily accessible, yet underexplored, district-scale, gold target in the Newfoundland Appalachians. The Fleur de Lys Supergroup, which underlies the project, includes equivalent rocks to the Dalradian Supergroup in the United Kingdom, where three significant gold deposits, the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland, are found. The Dalradian, vein-hosted, gold deposits occur in moderate to high-grade metamorphic terranes and are typically high grade.

QP

This news release has been reviewed and approved by Timothy Froude, PGeo, a qualified person under National Instrument 43-101 and president and chief executive officer of Sokoman Minerals.

Rock sample analysis

Rock sample analysis (gold by fire assay) completed at Eastern Analytical Ltd., in Springdale, Nfld. Samples were delivered in sealed bags directly to the lab by Sokoman's personnel. Eastern Analytical Ltd. is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Eastern routinely inserts industry-accepted standards and blanks in all sample runs performed as well as completing random duplicate analysis. All core samples submitted for assay were saw cut by Sokoman's personnel with one-half submitted for assay and one-half retained for reference. Samples were delivered in sealed bags directly to the lab by Sokoman's personnel. Samples with possible visible gold were submitted for total pulp metallics and gravimetric finish. Total pulp metallic analysis includes the whole sample being crushed to negative 10 mesh and then pulverized to 95 per cent negative 150 mesh. The total sample is weighed and screened to 150 mesh; the plus 150 mesh fraction is fire assayed for Au, and a 30 g subsample of the negative 150 mesh fraction is fire assayed for Au; with a calculated weighted average of total Au in the sample reported as well. All reported assays are uncut.

About Sokoman Minerals Corp.

Sokoman Minerals is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, advanced-stage Moosehead, as well as Crippleback Lake (available for option); East Alder along the Central Newfoundland gold belt; and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The company also entered into a strategic alliance with Benton Resources 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 (greater than 6,000 claims -- 1,500 square kilometres), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly emerging gold districts. The company also retains a 1-per-cent net smelter return (NSR) interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to Thunder Gold Corp. (formerly White Metal Resources Inc.), and in Labrador, the company has a 100-per-cent interest in the Iron Horse 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.

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