<

SOKOMAN MINERALS CORP. (NYSE:SIC) Sokoman Minerals Commences 2024 Exploration Program at the Fleur de Lys Gold Project, Northwestern Newfoundland

Transparency directive : regulatory news

16/05/2024 21:30

ST. JOHN'S, NL / ACCESSWIRE / May 16, 2024 / Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman" or the "Company") is pleased to report that the 2024 exploration program at the 100%-owned Fleur de Lys gold project has commenced. An earlier-than-normal snow melt over the northern and central Baie Verte Peninsula has allowed prospecting to begin a full month earlier than usual. The program will begin on areas of active logging around the Golden Bull Prospect, discovered in 2023, and as the weather improves extend to other target areas.

The Golden Bull Prospect consists of 35 rock grab samples of variably banded, stylolitic, quartz blocks, some weighing several tonnes (Photo 1) (see news release dated October 4, 2023). Seventeen samples with moderate to strong stylolitic banding (Photo 2), gave Au values >500 ppb (0.50 g/t Au) to a high of 9,020 ppb (9.02 g/t Au). The Prospect lies in a larger area (Map 1) of anomalous till and soil geochemistry defined by Sokoman in 2023, where geochemical and geophysical (VLF-EM) anomalies are shown in historical work by Noranda Inc. in the late 1980s.

A crew has been mobilized to prospect the newly logged areas to define drill targets planned for the third quarter of 2024. The initial drilling will be a 2,000 m program of holes from 50 m to 150 m testing surface geochemical and geophysical anomalies mainly in the Golden Bull area.

Timothy Froude, P.Geo., President, and CEO of Sokoman states; "We are pleased to announce the start of the 2024 field program at the Fleur de Lys gold project, on the Baie Verte Peninsula of Newfoundland. The early start will help us get the data we need to focus as quickly as we can on the Phase 1 drill targets at Golden Bull. Most of the initial drilling will be in a 2 km by 1.5 km area defined as the Golden Bull Prospect. In the meantime, we still have many unexplained till geochemical anomalies elsewhere on the property that we will be working on as part of the 2024 program to define Phase 2 drill targets for later this year or early 2025."

Photo 1: One of many large stylolitic quartz boulders at Golden Bull (9.02 g/t Au)
Photo 2: Typical stylolitic banded quartz at Golden Bull - Fleur de Lys Project

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.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. 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; the 100%-owned flagship, advanced-stage Moosehead, Crippleback Lake, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company entered into a strategic alliance with Benton Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland. Sokoman is one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.

In October 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a major developer of lithium projects and processing plants in the USA, and exactly the right partner to have to advance the lithium project. The agreement provides for Piedmont to earn up to 62.5% of the Killick Lithium Project (formerly Golden Hope project) by funding up to $12 million in exploration expenses and issuing $10 million common shares in three stages. The Killick Lithium Project has been transferred to Killick Lithium Inc. (Killick), a 100%-owned subsidiary of Vinland Lithium Inc. (Vinland). Newly created Vinland has received $2 million in financing from Piedmont for a 19.9% interest, with the balance of ownership between Sokoman and Benton. Sokoman and Benton will continue to operate the exploration efforts at Killick through the earn-in stages. Sokoman and Benton will retain a royalty of 2% NSR on future production. Piedmont will have exclusive marketing rights for the promotion and sale of any lithium products produced from the project on a life-of-mine basis, and the right of first refusal on 100% offtake rights to the lithium concentrates.

Projects optioned with optionee fully vested:

  • East Alder Project optioned to Canterra Minerals Inc (SIC retains 850,000 shares of CTM plus 1% NSR)
  • Startrek Project optioned to Thunder Gold (SIC retains 1,750,000 shares of TGOL plus 1% NSR)

The Company would like to thank the Government of Newfoundland and Labrador for the financial support of the Moosehead and Fleur de Lys Projects through the Junior Exploration Assistance Program during the past few years.

For more information, please contact:

Timothy Froude, P.Geo., President & CEO
T: 709-765-1726
E: tim@sokomanmineralscorp.com

Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
E: cathy@chfir.com

Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp

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. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Minerals 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 Minerals Corp.

SOURCE: Sokoman Minerals Corp.



View the original press release on accesswire.com



Other stories

19/05/2024 23:53
20/05/2024 00:33
19/05/2024 23:08
19/05/2024 23:46
19/05/2024 21:21
19/05/2024 16:08
20/05/2024 02:26
19/05/2024 18:33
19/05/2024 22:30
19/05/2024 22:12
19/05/2024 16:54
19/05/2024 22:18
19/05/2024 10:40
19/05/2024 13:09
19/05/2024 20:46
19/05/2024 20:02
19/05/2024 16:14
19/05/2024 16:50
19/05/2024 19:43
19/05/2024 14:00
19/05/2024 00:30
19/05/2024 13:21
19/05/2024 22:54
19/05/2024 19:47
19/05/2024 17:33
19/05/2024 22:08
19/05/2024 21:13
20/05/2024 01:35
19/05/2024 17:00
19/05/2024 20:58
19/05/2024 17:43
19/05/2024 16:57
19/05/2024 18:00
18/05/2024 19:33
19/05/2024 22:10
20/05/2024 01:01
19/05/2024 18:40
18/05/2024 22:00