St. John's, Newfoundland and Labrador--(Newsfile Corp. - December 14, 2018) - Sokoman Iron Corp. (TSXV: SIC) ('Sokoman' or 'the Company') is pleased to announce that it has received additional assay results for diamond drill holes completed on the high-grade Moosehead Project in north-central Newfoundland. The recently received results include outstanding samples from previously announced holes, as well as results (generally rush assays) representing selected intervals from holes in the Eastern Trend (see table below). Drilling operations have been suspended for the holiday period and until all outstanding assays have been received, compiled and interpreted.
Drill hole MH-18-39 returned a 5.10 m (core thickness) intercept averaging 124.20 g/t Au, including a 1.10 m* visible gold bearing quartz vein averaging 550.30 g/t Au. This intercept lies 35 m up-dip (above) drill hole MH-18-01 that returned 11.90 m averaging 44.96 g/t Au, including a high-grade vein that averaged 385.85 g/t Au over 1.35 m (true thickness of vein is believed to be 90% of core length). The 5.10 m interval, beginning at a down-hole depth of 79.40 m (50 m vertically), includes two 1.0 m samples above the high-grade vein that averaged 2.89 g/t Au, as well as two 1.0 m samples below the vein which averaged 11.15 g/t Au. Assays are pending for 12.80 metres of core up-hole and 4.50 metres of core down-hole from the reported 5.10 m interval. The high-grade vein included a 0.60 m core length sample that assayed 199.99 g/t Au and a lower, 0.50 m core length sample that assayed 970.69 g/t Au. (*Note: vein true thickness estimated to be 95% of reported thickness)
Other Phase 2 program highlights include:
- Eastern Trend mineralization extended by 34 m up-dip and at least 45 m north and 15 m south of the discovery hole MH-18-01, and remains open;
- MH-18-34 returned 12.40 m core length grading 2.76 g/t Au including 9.84 g/t Au over a core length of 2.25 m in a 15 m step-out to the south of MH-18-01;
- Gold mineralization in the Eastern Trend has now been traced to a vertical depth of 230 m and remains open;
- MH-18-41, drilled 25 m behind historical hole MH-02-34, intersected sulphide bearing quartz vein zones with 4 specks of visible gold and assays are pending; MH-02-34 is 500 m south of Eastern Trend.
Timothy Froude, P. Geo., President and CEO, states: "Phase 2 has expanded the footprint of the Eastern Trend with step-outs to the North and South of the Discovery Hole, as well as 35 m up-dip. Assays are pending from two holes drilled up-dip from MH-18-01 and MH-18-17 and shoulder samples from the above noted 5.10 m intercept from MH-18-39. As we have reached the limit of practical drilling from the west side of North Pond, we are currently permitting a Phase of winter drilling from the ice of North Pond to more effectively test the Eastern Trend while also cutting costs."
The Phase 2 program consisted of 7,243 metres of core in 35 holes, including 11 holes in the Eastern Trend, 13 holes in the Western Trend, and 11 holes focused on targets up to 1.0 km north and 500 m south of the Eastern and Western Trend areas. A total of 2,148 core samples were cut in the current Phase - 44% of which (approximately 945 samples) remain outstanding. The Company expects to have all results in hand by early January 2019, with drilling to resume shortly thereafter pending receipt of the required permits.
The Phase 2 additional 13 holes completed on the Western Trend showed 11 of 13 with quartz veining and associated wallrock sulphide mineralization extending for two to three metres from the veins including 4 holes with visible gold in the quartz veins ranging from 0.50 to 1.5 m in core length. All assays from the Western Trend holes are pending.
Phase 2 also saw the discovery of a potentially significant new zone of gold mineralization in MH-10-103, located approximately 1 km to the north of the Eastern Trend and in the general vicinity of a cluster of historical quartz vein boulders that returned assays* ranging from less than 5 ppb Au to a maximum value of 180 g/t Au in rock float samples. The historical float samples occur over a 400 metre strike length and were drill tested by previous operators in 2002. Historical drill hole MH-02-39 reported an eight metre zone of brecciation and veining with maximum assays of 552 ppb Au over 2.3 m* in a broader zone of anomalous gold values. *Values reported are historical in nature and not verified by Sokoman Iron Corp.
MH-18-103, collared 30 metres ahead (west) of MH-02-39, intersected the historical brecciated zone, but continued beyond the termination of the 2002 drill hole and intersected a second, more strongly mineralized (3-5% pyrite/sphalerite/boulangerite) vein zone over a 2.40 m core length, similar in appearance to the Western Trend (true thickness is unknown at this time). The interval returned an average grade of 1.01 g/t Au, lower than anticipated, but given the nuggety nature of gold mineralization on the property and that gold mineralization is rarely uniform, additional drilling was completed. Two step-out holes were drilled 25 m to the north and south respectively of MH-18-103 - assays are pending. Sokoman believes that the source of the high-grade float is local.
In addition, two holes (MH-18-41 and 42) have been drilled down-dip (25 and 40 m respectively) from historical hole MH-02-34 located 500 m south of the Eastern Trend. MH-02-34 returned a 5.50 m interval (core length from 67.64 m down-hole) averaging 4.15 g/t Au, including 1.05 m averaging 18.31 g/t Au*. MH-18-41 reported 4 specks of visible gold between 91.50 and 93.90 m down-hole and all assays are pending. *Values reported are historical in nature and not verified by Sokoman Iron Corp.
Table of Results: Eastern Trend (Holes MH-18-16 to MH-18-20 previously reported)
Note: Core length intercepts reported are 50 to 95% of true thickness.
Table 1: Table of Results
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A total of 2148 samples, including duplicates, blanks and standards, have been submitted to Eastern Analytical Ltd. in Springdale, Newfoundland for gold and ICP analysis. Samples with possible 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 twenty 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.
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.
Drilling services is being provided by the Diamond Drilling Division of Springdale Forest Resources Inc., a diversified natural resources-focused company based in Springdale, NL. The Company would also like to thank the Government of Newfoundland and Labrador for approving the Moosehead Program for 2018 JEA Funding.
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.
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 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.
Map 1: Moosehead Project East Trend
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Map 2: Moosehead Project
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