Joint Venture Arrangement to Include Newly Acquired Golden Hope and Kepenkeck Properties
ST. JOHN’S, Newfoundland and Labrador–(BUSINESS WIRE)–$SIC #Newfoundland–Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (the “Company” or “Sokoman”) is pleased to announce that it has entered into a strategic alliance with Benton Resources Inc. (“Benton”) (TSXV: BEX) to jointly acquire and explore gold opportunities in Newfoundland. The partners are also pleased to announce the acquisition, by staking, of the 3,146 claim (78,650 hectares) Golden Hope Joint Venture (“Golden Hope JV” or the “Property”) in south-central Newfoundland, one of the largest gold properties on the Island. (See map attached).
The Property covers extensions of two major structures linked to significant gold prospects and deposits in southern Newfoundland. Rock units and structures on the Property are likewise related to those associated with new orogenic gold discoveries in central Newfoundland, including Sokoman’s 100%-owned Moosehead Project and New Found Gold’s Queensway Project. The alliance will also include a 50-50 Joint Venture on Benton’s recently acquired Kepenkeck Gold Property, which, like the Golden Hope JV, lies along trend from Canstar Resources’ Golden Baie Property in the Central Newfoundland Gold Belt (see Benton Resources news release dated May 6, 2021).
The newly staked Golden Hope JV lies at the northwest edge of the Hermitage Flexure, the predominant geological feature of the south Newfoundland Appalachians. The western Hermitage Flexure is a structurally complex region with a diverse mineral endowment. The most prominent structures on the Property, and the focus of imminent exploration, are a linked system of west-verging thrust faults (Bay D’Est Fault Zone) and a transverse, wrench fault system (Gunflap Hills Fault Zone). These types of fault zones can be gold-bearing, and correlative rocks and structures elsewhere in Newfoundland are a prime focus of ongoing gold exploration and the site of major gold discoveries (e.g. Central Newfoundland Gold Belt). Historical exploration by major companies in the western Hermitage Flexure region led to the major gold discoveries at Hope Brook and Cape Ray, currently under advancement by First Mining/Big Ridge Gold and Matador Mines respectively, and spurred the first systematic gold exploration in northern and central Newfoundland. However, outside of these discoveries, the remainder of the west-central Hermitage Flexure remains underexplored, despite known occurrences of gold, the presence of unsourced till, soil and stream sediment geochemical anomalies, and the first-order commonalities and linkages between southern and central Newfoundland. The Golden Hope JV is transected by the paved Burgeo highway and a major power transmission line. Additional details will follow after the compilation of the previous work has been completed.
On the recently optioned Kepenkeck Project, consisting of 595 claim units over 15,625 hectares located near the NE extension of the Hermitage Flexure and along trend from Canstar Resources’ Golden Baie Project, Benton and Sokoman will share the cost of option payments and exploration cost (50-50) and initial exploration will commence shortly. Benton and Sokoman are excited to have acquired the project which has new road access, little historical work, and favourable geology located on a major structure. Recent prospecting completed by the vendor (the Keats) identified up to 2.45 g/t gold in grab samples, and visible gold has been panned from till in two locations on the property. The companies will apply for work permits immediately.
The new alliance with Benton provides Sokoman shareholders with an excellent opportunity to reduce exploration risk, employ the technical expertise of Benton, further strengthen Sokoman’s project portfolio while retaining a focus on Moosehead and Fleur de Lys.
Sokoman Minerals Corp. and Benton Resources Inc. will host a joint webinar next Thursday, May 27 at 2 pm EST to go over the details of the new strategic alliance. Investors can sign up using the following registration link: https://onlinexperiences.com/Launch/QReg/ShowUUID=DE93F551-FCF4-4FB3-9102-6B8791B1FBC1
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.
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman is operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects: Moosehead, Crippleback Lake and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently-acquired district-scale Fleur de Lys project in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. Sokoman controls one of the largest land holdings in Newfoundland with more than 50,000 hectares (250 km2) of highly prospective ground in Canada’s newest and rapidly emerging gold districts. The Company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
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.
Timothy Froude, P.Geo., President & CEO
Cathy Hume, Director, Investor Relations