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Sokoman Iron Corp. & Altius Resources Inc. Option Agreement
SOKOMAN IRON CORP. and ALTIUS RESOURCES INC. COMPLETE MOOSEHEAD OPTION AGREEMENT
March 23, 2018, Puslinch, ON. – Sokoman Iron Corp (Sokoman) (TSX-V: SIC) is pleased to announce that the TSX Venture Exchange has accepted for filing all of the documents in regard to the Moosehead property transaction as previously announced on November 9, 2017. Sokoman has also issued the share payment and related warrant certificate to Altius Minerals Inc. (Altius) consisting of 7,754,371 common shares* and 1,428,571 share purchase warrants. Upon closing, Altius will hold a total of 9,182,942 common shares of Sokoman Iron Corp. which represents 19.9% of the outstanding shares of Sokoman at the time of the closing of Sokoman’s November 2017 financing. The issued share purchase warrants have a strike price of 5 cents good for three years after the date of the closing.
On November 10, 2017, both parties entered into a definitive agreement whereby Sokoman has the exclusive right to acquire a 100% interest (subject to an existing 0.5% NSR royalty) in Altius Resources Inc’s** high grade Moosehead Gold Project in central Newfoundland (the Option). The 98 claim (2450 ha) property has returned numerous significant drill intercepts, with highlights as follows;
DDH MH-01-13 returned 11.05 g/t gold over 17.11 m from 38.00 m downhole;
DDH MH-02-38 returned 14.07 g/t gold over 16.84 m from 74.38 m downhole;
True width of selected intercepts may vary between 30-100% of the reported interval.
The mineralization remains open along strike and to depth with the deepest intercept (MH-03-15) returning 277.96 g/t gold over 0.44 m starting at 257.26 m downhole. A total of 111 drill holes have been completed at the Moosehead property over a 2 km strike length of the 8.5 km long property with an average depth of only 108 m. Structural analysis including information from the 2016 trenching and downhole televiewer analysis by Altius has provided a new interpretation of the structures controlling mineralization and concluded that most historic drilling on the property did not adequately test the mineralization. In addition, the source of mineralized float found during Altius’ 2016 trenching program on the property, along with panned gold grains, remains unresolved.
Sokoman intends to provide updated maps and related reports on the Moosehead Property as soon as possible and, will immediately file for the required exploration permits to begin Phase 1 drilling (1500 meters) which is expected to begin in late May or early June, 2018.
Timothy Froude, P. Geo., Interim CEO states; “We are extremely pleased to finalize the deal with Altius Resources for Moosehead. The acquisition clearly defines Sokoman as a significant player in the active central Newfoundland Gold district. The Moosehead property is strategically located in north central Newfoundland with the TransCanada Highway crossing the northern portion of the property, and Route 360 lying 1.2 kms northwest of the bulk of the previous drilling. The town of Grand Falls-Windsor lies 20 kms west of the property, and the town of Gander is located 75 kms to the east. The deep water port of Botwood lies 17 kms north of the property and secondary roads and drill trails offer excellent access to virtually the entire property. Moosehead lies 33 kms northwest of Sokoman’s Clarks Brook Gold project where assays from the recently completed Phase II drilling program (594 m) are expected shortly.
*At the time of the announcing of the agreement, Altius Minerals Corporation held 1,428,571 common shares of Sokoman Iron Corp.
**Altius Resources Inc. is a 100% owned subsidiary of Altius Minerals Corporation.
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.
Sokoman Iron Completes Ph.Ii Drilling Clarks Brook Gold Property
SOKOMAN IRON COMPLETES PHASE II DRILLING ON CLARKS BROOK GOLD PROPERTY, CENTRAL NEWFOUNDLAND
Puslinch, Ontario – (February 19, 2018) – Sokoman Iron Corp (Sokoman) (TSX-V: SIC) is pleased to announce that the Phase II drilling program at Clarks Brook has been completed and that core logging and sampling has commenced. The three hole, 594 meter program, was designed to test for additional zones of mineralization along strike and parallel to the mineralization intersected in the first program (completed in October 2017), and to determine whether additional funds should be directed towards this project.
The attached plan highlights the two areas tested with the Phase II drilling. Of particular interest is the magnetic target outlined to the northeast of the Phase I drilling. Phase I drilling suggests that the best mineralization, intersected in holes CB-17-1 and 2, is associated with a strong magnetic low signature (blue colour on the attached plan). This magnetic signature trends northeast of the known mineralization and appears to trend off of the surveyed area, suggesting a minimum distance of 400 meters. The northern property boundary is over 1 kilometer to the northeast, however, no detailed magnetics have been completed over most of this distance and the company is considering, pending results of the Phase II drilling, extending the detailed grid to cover this area with magnetics and possibly Induced Polarization (IP) surveys.
At this point core logging and sampling of the new holes has just commenced, however, a preliminary review of the three holes indicates that silicified and quartz veined intervals with disseminated sulphides has been intersected in all holes, but lengths and significance of these intervals won’t be known until all logging and sampling has been completed. This work is expected to take two weeks and an additional 6 to 8 weeks before assays are received.
In the meantime, the company has been informed that the NI 43-101Form F1 technical report on the Moosehead property has been submitted to the TSX Venture Exchange by the Independent QP and that the Exchange has begun its review of the document and initial comments are expected at any time.
The Clarks Brook prospect consists of a number of large (up to 1-2 m square) angular boulders from which previous operators had returned grab sample gold values ranging from 2.98 to 24.5 g/t gold (Altius Minerals Corp. (ALS) in 2004), and from the property vendor Metals Creek Resources (MEK) in 2016, where thirteen (13) of the large angular blocks were grab sampled and yielded assays ranging from 0.24 g/t to 10.4 g/t gold. In addition, a single outcrop of bedrock mineralization of similar style to that of the boulders, returned a grab sample assay of 19.24 g/t gold. Phase I drilling completed in October 2017 returned assays of 3.37 g/t Au over 3.00 m (from 127.75 – 130.75 m) including 26.9 g/t Au over 0.25 m (from 127.75 – 128.00 m). Note: The historical assay results mentioned in this news release were grab samples which are selective by nature and are unlikely to represent average grades of the property. Drill core intervals from the 2017 program are believed to be
Timothy Froude, P. Geo., Interim CEO states; “The recently completed Phase II program is critical to the future of our involvement with this project. Although only a limited program, the holes are all strategic, and will be instrumental in helping shape our plans moving forward. The preliminary review of the core suggests that all holes encountered variably altered and mineralized sediments, however, we must wait until final results have been received before making a decision on further work at Clarks Brook”.
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.
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.
Sokoman Iron Commences Ph.Ii Drilling Clarks Brook Gold Property
SOKOMAN IRON COMMENCES PHASE II DRILLING ON CLARKS BROOK GOLD PROPERTY, CENTRAL NEWFOUNDLAND
Puslinch, Ontario – (FSCwire – February 7, 2018) – Sokoman Iron Corp (Sokoman) (TSX-V: SIC) today announced that it has commenced Phase II drilling on the Clarks Brook Gold Property, located in central Newfoundland. The road accessible Clarks Brook prospect was staked by Metals Creek Resources Corporation (MEK) in late 2016 and subsequently optioned by Sokoman in late 2017 (see News Release August 23, 2017).
The Clarks Brook prospect consists of a number of large (up to 1-2 m square) angular boulders from which previous operators had returned grab sample gold values ranging from 2.98 to 24.5 g/t gold (Altius Minerals Corp. (ALS) in 2004), and from the property vendor Metals Creek Resources (MEK) in 2016, where thirteen (13) of the large angular blocks were grab sampled and yielded assays ranging from 0.24 g/t to 10.4 g/t gold. In addition, a single outcrop of bedrock mineralization of similar style to that of the boulders, returned a grab sample assay of 19.24 g/t gold.
Note: The historical assay results mentioned in this news release were grab samples which are selective by nature and are unlikely to represent average grades of the property.
Sokoman’s four hole, 515 m Phase I program, with hole depths ranging from 105 to 143 m (-40 to -52 degree dips), was the first drilling to be completed on the property and all four holes intersected a variably mineralized structural zone carrying widespread and locally significant gold grades. Based on the four holes completed, the mineralization remains open along strike and to depth.
Selected Phase I highlights include (true thicknesses are believed to be 70% – 80% of reported widths):
CB-17-1 1.65 g/t Au over 2.40 m (from 100.84 – 103.25 m)
CB-17-2 3.37 g/t Au over3.00 m (from 127.75 – 130.75 m)
incl. 4.63 g/t Au over1.65 m (from 127.75 – 129.40 m)
incl. 26.9 g/t Au over0.25 m (from 127.75 – 128.00 m)
CB-17-4 2.34 g/t Au over 1.55 m (from 117.00 – 118.55 m)
The Phase II program will test the mineralization along strike to the northeast, as well as a coincidental magnetic and IP chargeability anomaly 100 m east of the area drilled in Phase I, and similar in strength to the anomaly tested by Phase I (see attached map).
Timothy Froude, P. Geo., Interim CEO states; “Phase I verified the existence of locally significant in situ gold mineralization at Clarks Brook, the first holes to be completed on the property. The geophysical signature of the known mineralization appears to extend for several hundred metres to the edge of the surveyed area, and quite possibly beyond, and we have only tested 100 metres of the structure to date.”
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.
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.
Sokoman Iron Corp. Provides Exploration Outlook
Sokoman Iron Corp. Provides Exploration Outlook
January 18, 2018 – Sokoman Iron Corp., TSX-V SIC (the “Company”) is pleased to provide shareholders with an exploration outlook for the first half of 2018 on its portfolio of gold projects in Central Newfoundland.
Clarks Brook Project
The Clarks Brook Project will be the subject of a Phase 2 reconnaissance diamond drilling program, expected to start in 2 to 3 weeks. The program will focus on the coincidental magnetic and IP targets that host the known mineralization on the property, and where Phase 1 drilling in October 2017, confirmed the presence of locally robust gold mineralization in the first ever holes drilled on the property (SIC NR – December 22, 2017). Selected assays from hole CB-17-2 are as follows; 3.37 g/t Au/3.00 m (127.75m – 130.75m), including 4.63 g/t Au/1.65 m (127.75m – 129.40m), and 26.9 g/t Au/0.25 m (127.75m – 128.00m). The Phase 2 program will consist of approximately 500 meters of drilling in three or four holes and will test the strike extent of the zone, as well as possible parallel structures hosting mineralization. Additional holes and meterage will be added if results warrant.
Moosehead Project
The Company is currently in the process of generating a NI 43-101 Technical Report on the Moosehead property as a condition for approval of the proposed option agreement between Sokoman Iron Corp. and Altius Resources Inc., whereby Sokoman intends to earn a 100% interest, (subject to underlying royalty agreements) in the Moosehead property (SIC NR – November 9, 2017). The report was requested by the TSX Venture Exchange, and should be complete within 30 days. After approval has been granted, Sokoman intends to have all data compiled and modeled by the end of Q1 2018 to aid in drill planning. Pending receipt of all work and related permits, which the company will apply for once approval has been granted, the company expects Phase 1 drilling to commence in late spring 2018. The 2018 program will test a new (2016) structural interpretation of the mineralization which concluded that a most previous drilling may not have been oriented to optimally test the mineralization. In addition, the company plans to investigate recently defined soil anomalies outlined by Altius Resources in 2015 and which lie north and east of the known extent of mineralization.
The Moosehead project, is host to locally significant gold mineralization including diamond drill intercepts* highlighted by; MH-01-13 which returned 11.05 g/t gold over 17.11m from 38.00m downhole, and MH-02-38 which returned 14.07 g/t gold over 16.84m from 74.38m downhole (Altius Minerals Corp. website 2018). The mineralization at Moosehead is believed to be open in all directions and to depth, with average hole length of about 100 meters. *Note: Historical drill results reported in this release from Moosehead were from saw cut NQ sized drill core with analysis carried out by either ALS Chemex in Vancouver, B.C.; XRAL Laboratories in Don Mills, ON; or, Chimitec Laboratories in Val d’Or, QC. Vein material was analyzed by a 1000 gram metallic screen preparation and fire assay analysis, with standard fire assay for the remaining samples. A 32 element ICP scan was also completed on all samples. The work is historical in nature and non NI 43-101 compliant and SIC have not yet independently verified the data.
Central Newfoundland Gold Project (CNGP)
The CNGP is located in central Newfoundland and consists of three separate projects; East Alder, Crippleback Lake and Princess Lake, all of which straddle the regional structure that hosts many of the most important gold deposits and prospects on the Island of Newfoundland. Projects including the Valentine Lake property (Marathon Gold) which has NI 43-101 mineral resources of 1,846,500 ounces gold Measured and Indicated at 1.88 g/t gold, and 1,011,700 ounces gold Inferred at 1.66 g/t gold (November 30, 2017 Marathon Gold Inc. NR); and the recently discovered Wilding Lake Project, which has reported channel sample assays of 49.6 g/t Au over 4.6 meters and diamond drill intercepts of 10.01 g/t Au over 5.35 metres (December 13, 2017 Antler Gold NR) are believed to be localized on the same regional structure. The Antler discoveries are as close as 1200 meters from our boundary and on trend. We have defined at least 14 high priority soil/till and rock geochemical targets at East Alder, and another six on Crippleback Lake, all of which will be investigated this year. The author cautions that the style of mineralization, and gold values reported from the Valentine Lake or the Wilding Lake projects, are not necessarily indicative of the mineralization on Sokoman Iron’s properties.
Timothy Froude, P. Geo., Interim CEO states, “We are very anxious to get our 2018 programs underway, beginning with Clarks Brook, where the amount of float and the geophysics suggests we may not yet know the full extent of the gold zone at Clarks. The Moosehead project will gather momentum once we obtain TSX Venture Exchange approval, at which time we will move forward with one of the highest potential properties in central Newfoundland. At the CNGP, we have 20 high priority trenching targets defined and we are optimistic some will graduate to the drilling stage. In short, 2018 is shaping up to be an exciting year for Sokoman shareholders as we move forward our portfolio of high quality projects. We are also grateful for the financial assistance we will receive from the Province of Newfoundland on our 2017 JEA qualifying projects, the CNGP, and Clarks Brook. (Clarks Brook was pre-approved for JEA by Metals Creek in 2017 prior to acquisition by Sokoman).”
Sokoman Iron Corp. is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus are 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) project in western Labrador. The company will seek new opportunities that may arise. 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.
Sokoman Iron Corp. Closes Flow-Through Financing
Sokoman Iron Corp. Closes Flow-Through Financing
January 8, 2018 – Sokoman Iron Corp., TSX-V SIC (the “Company” or “SIC”) is pleased to announce that, following TSXV approval, it closed the previously announced non-brokered Flow- Through private placement (the “Placement”) for gross proceeds of $174,960 consisting of 2,916,000 flow-through units at a price of $0.06 per unit. The purchaser is Pavilion Flow-Through L.P. (2017).
Each flow-through unit under the Placement consists of one flow-through common share and one half warrant. Each full warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.09 during the 24 months from the closing date. All securities issued in the Placement are subject to a four month hold period. In connection with the Placement, the Company will issue 109,350 finders warrants having the same terms as the flow through warrants issued under the Placement, and pay commissions totaling $13,122.00.
The Company plans on using the proceeds from the Placement to advance its portfolio of gold projects in central Newfoundland. The Company will use best efforts to ensure that such Canadian Exploration Expenses qualify as a “flow-through mining expenditure” for purposes of the Income Tax Act (Canada), related to the exploration of the Company’s exploration projects.
About Sokoman Iron Corp.
Sokoman Iron Corp. is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects in Central Newfoundland including the recently acquired (pending Exchange approval) Moosehead Gold Project, the Clarks Brook Project, and the East Alder/Crippleback Lake Projects, all straddling major gold bearing structures in the region. The Company also has a 100% interest in the Iron Horse Project in the eastern Labrador Trough, and an early stage antimony (Sb) property in central Newfoundland.
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.
Sokoman Iron Corp. Announces Flow-Through Financing
Sokoman Iron Corp. Announces Flow-Through Financing
December 29, 2017 – Sokoman Iron Corp., TSX-V SIC (the “Company” or “SIC”) is pleased to announce that it has filed documents with the TSX Venture Exchange (the “Exchange”) seeking approval for a non-brokered Flow-Through private placement (the “Placement”) for gross proceeds of $174,960 consisting of 2,916,000 flow-through units at a price of $0.06 per unit. The purchaser is Pavilion Flow-Through L.P. (2017).
Each flow-through unit under the Placement consists of one flow-through common share and one half warrant. Each full warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.09 during the 24 months from the closing date. All securities issued in the Placement are subject to a four month hold period. In connection with the Placement, the Company will issue 109,350 finders warrants having the same terms as the flow through warrants issued under the Placement, and pay commissions totaling $13,122.00.
The Company plans on using the proceeds from the Placement on the Moosehead and Clarks Brook Gold Projects in Central Newfoundland. The acquisition of the Moosehead Gold project is subject to approval by the Exchange. The Company will use best efforts to ensure that such Canadian Exploration Expenses qualify as a “flow-through mining expenditure” for purposes of the Income Tax Act (Canada), related to the exploration of the Company’s exploration projects.
About Sokoman Iron Corp.
Sokoman Iron Corp. is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects in Central Newfoundland including the recently acquired (pending Exchange approval) Moosehead Gold Project, the Clarks Brook Project, and the East Alder/Crippleback Lake Projects, all straddling major gold bearing structures in the region. The Company also has a 100% interest in the Iron Horse Project in the eastern Labrador Trough, and an early stage antimony (Sb) property in central Newfoundland.
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.
Sokoman Iron Corp. Closes Second And Final Tranche Of Financing
Sokoman Iron Corp. Closes Second and Final Tranche of Financing
December 12, 2017 – Sokoman Iron Corp., TSX-V SIC (the “Company” or “SIC”) is pleased to announce that, further to a new release dated November 27, 2017, it has filed documents with the TSX Venture Exchange (“the “Exchange”) seeking approval to close the second and final tranche of its previously announced non-brokered private placement (the “Placement”) for additional gross proceeds of $103,900, consisting of 200,000 non flow-through units at a price of $0.05 per unit for gross proceeds of $10,000 and 1,565,000 flow-through units at a price of $0.06 per unit for gross proceeds of $93,900. The aggregate proceeds raised to date total $707,900. The Placement is subject to the final acceptance of the Exchange.
Each flow-through unit under the Placement consists of one flow-through common share and one half warrant. Each full warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.09 during the 24 months from the closing date.
Each non flow-through unit under the Placement consists of one non flow-through common share and one whole warrant. Each warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.07 during the 36 months from the closing date.
All securities issued in the Placement are subject to a four month hold period. In connection with the Placement, the Company will issue 625,500 finders warrants having the same terms as the non-flow through warrants issued under the Placement, and pay finders fees and other commissions totaling $32,130.
The Placement was effected with three insiders of the Company subscribing for 508,835 Units for aggregate subscription proceeds of $26,442, that portion of the financing a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61- 101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than the 25% of the Company’s market capitalization, and no securities of the Company are listed or quoted for trading on prescribed stock exchanges or stock markets. Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Flow-Through Units nor the consideration received in respect thereof from interested party exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the transaction. Material change reports were not filed 21 days prior to the closing of the financing because insider participation had not been established at the time the financing was announced.
The Company plans on using the proceeds from the Placement on the Moosehead and Clarks Brook Gold Projects in Central Newfoundland as well as for general working capital. The acquisition of the Moosehead Gold project is subject to approval by the Exchange. The Company will use best efforts to ensure that such Canadian Exploration Expenses qualify as a “flow-through mining expenditure” for purposes of the Income Tax Act (Canada), related to the exploration of the Company’s exploration projects.
Sokoman Iron Corp. is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects in Central Newfoundland including the recently acquired (pending Exchange approval) Moosehead Gold Project, the Clarks Brook Project, and the East Alder/Crippleback Lake Projects, all straddling major gold bearing structures in the region. The company also has a 100% interest in the Iron Horse Project in the eastern Labrador Trough, and an early stage antimony (Sb) property in central Newfoundland.
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.
Sokoman Iron Corp Confirms In Situ Gold Mineralization In Nl
SOKOMAN IRON CORP CONFIRMS IN SITU GOLD MINERALIZATION AT CLARKS BROOK, CENTRAL NEWFOUNDLAND
Locally grades to 26.9 g/t Au over 0.25 m; Phase 2 Drilling Program Planned for early 2018
December 21, 2017, Puslinch, ON. – Sokoman Iron Corp (Sokoman) (TSX-V: SIC) is pleased to announce the results from the Phase 1 drill program completed in late October 2017 at the Clarks Brook property in central Newfoundland. Selected highlights from the Phase 1 2017 diamond drill program are as follows:
CB-17-1 5.58 g/t Au / 0.30 m (from 99.20m – 99.50m)
and 1.65 g/t Au / 2.40 m (from 100.84m – 103.25m)
CB-17-2 5.46 g/t Au / 0.50 m (from 71.20m – 71.70)
and 3.37 g/t Au / 3.00 m (from 127.75 – 130.75)
incl. 4.63 g/t Au / 1.65 m (from 127.75 – 129.40)
incl. 26.9 g/t Au/ 0.25 m (from 127.75 – 128.00)
CB-17-3 0.38 g/t Au / 7.35 m (from 46.30 – 53.65)
incl. 3.36 g/t Au / 0.50 m (from 51.40 – 51.90)
CB-17-4 1.55 g/t Au / 0.70 m (from 107.35 – 108.05)
and 2.34 g/t Au / 1.55 m (from 117.00 – 118.55)
Note: Reported intervals are believed to be 80 to 90 percent of true intervals. Individual sample lengths ranged from 0.25 to 0.85 m in length. All core samples were saw cut in half with one half submitted for gold analysis by fire assay at Eastern Analytical Limited in Springdale, NL. Core sampling and sample shipment completed by Sokoman Iron personnel.
Sokoman’s four hole, 515 m Phase 1 program, with hole depths ranging from 105 to 143 meters (-45 degree dips), was the first drilling to be completed on the property and all four holes intersected a variably mineralized structural zone carrying widespread and locally significant gold grades (see attached plan map and drill section). The location of the mineralized blocks (and outcrop) in a stream bed prevented previous operators from effectively trenching the mineralization. Other than grab sampling, the Phase 1 drilling was the first real attempt to evaluate the zone. Based on the four holes completed, the mineralization remains open along strike and to depth, and the company intends to commence a Phase 2 drilling program to begin in early 2018. In addition, examination of the core with assay results in hand identified the need for additional sampling which will be carried out in early 2018.
The Clarks Brook prospect, consists of a number of large (up to 1-2 m square) angular boulders from which previous operators had returned grab sample gold values ranging from a minimum of 2.98 g/t to a maximum of 24.5 g/t gold (Altius Minerals Corp. (ALS) in 2004), and from the property vendor,
Metals Creek Resources (MEK) in 2016, where thirteen (13) of the large angular blocks were grab sampled and yielded assays ranging from a minimum of 0.24 g/t to a maximum of 10.4 g/t gold. In addition, Metals Creek reported a single sample of bedrock mineralization of similar style to that of the boulders, returned a grab sample assay of 19.24 g/t gold. (Note: grab sample assays are selective in nature and not necessarily representative of average gold grades that may occur on the property.)
Timothy Froude, P. Geo., and interim CEO states; “The Phase 1 program at Clarks Brook has been a complete success, and we are already looking forward to the Phase 2 program. We have verified the existence of a new, and potentially significant gold mineralized system at Clarks Brook that is wide open, and has locally very strong gold grades. In combination with our recently acquired Moosehead Project and the East Alder/Crippleback Lake project, all in road accessible Central Newfoundland, we are positioning Sokoman to be a significant player in this emerging district. The region is one of the more active districts in Canada and we intend to push forward with aggressive programs to take advantage of the momentum building in Newfoundland.”
The Clarks Brook Project lies 30 kilometers southwest of the town of Glenwood and 14 kilometers from the idle Beaver Brook antimony mine. The recently acquired Moosehead property lies 33 kilometers northwest of the property and all are road accessible.
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.
Sokoman Iron Corp. Closes First Tranche Of Financing
Sokoman Iron Corp. Closes First Tranche of Financing
December 1, 2017 – Sokoman Iron Corp., TSX-V SIC (the “Company” or “SIC”)is pleased to announce that, further to a new release dated November 27, 2017, it has filed documents with the TSX Venture Exchange “the “Exchange”) seeking approval to close the first tranche of its previously announced non-brokered private placement (the “Placement”) for gross proceeds of $604,000, consisting of 11,720,000 non flow-through units at a price of $0.05 per unit for gross proceeds of $586,000 and 300,000 flow-through units at a price of $0.06 per unit for gross proceeds of $18,000. The Placement is subject to the final acceptance of the Exchange.
Each flow-through unit under the Placement consists of one flow-through common share and one half warrant. Each full warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.09 during the 24 months from the closing date.
Each non flow-through unit under the Placement consists of one non flow-through common share and one whole warrant. Each warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.07 during the 36 months from the closing date.
All securities issued in the Placement are subject to a four month hold period. In connection with the Placement, the Company will issue 540,000 finders warrants having the same terms as the non-flow through warrants issued under the Placement, and pay finders fees and other commissions totaling $27,000.
The Company plans on using the proceeds from the Placement on the Moosehead and Clarks Brook Gold Projects in Central Newfoundland as well as for general working capital. The acquisition of the Moosehead Gold project is subject to approval by the Exchange. The Company will use best efforts to ensure that such Canadian Exploration Expenses qualify as a “flow-through mining expenditure” for purposes of the Income Tax Act (Canada), related to the exploration of the Company’s exploration projects.
7735 Leslie Road West Puslinch, Ontario N0B 2J0 www.sokomaniron.com
The Placement was effected with an insider of the Company subscribing for 200,000 Units for aggregate subscription proceeds of $10,000.00, that portion of the financing a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61- 101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than the 25% of the Company’s market capitalization, and no securities of the Company are listed or quoted for trading on prescribed stock exchanges or stock markets. Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Flow-Through Units nor the consideration received in respect thereof from interested party exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the transaction. Material change reports were not filed 21 days prior to the closing of the financing because insider participation had not been established at the time the financing was announced.
On behalf of the Board of Directors
Timothy Froude, P. Geo
Interim CEO
709-765-1726
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.
Sokoman Iron Corp Announces $800,000 Private Placement Financing
SOKOMAN IRON CORP ANNOUNCES $800,000 PRIVATE PLACEMENT FINANCING
November 27, 2017, Puslinch, ON. – Sokoman Iron Corp (Sokoman) (TSX-V: SIC) is pleased to announce a non-brokered private placement financing (“Financing”) consisting of up to 3,333,333 flow-through units (“FT Units”), each FT Unit being issued at $0.06 and consisting of one (1) Flow-through Common Share and one half (1/2) of a Common Share Purchase Warrant (“FT Warrant”), each full FT Warrant being exercisable at $0.09 for 24 months, and up to 12,000,000 non flow-though units (“Units”), each Unit being issued at $0.05 and consisting of a Common Share and a Common Share Purchase Warrant (“Warrant”), each Warrant being exercisable at $0.07 for 36 months, for total gross proceeds of $800,000.
The Common Shares comprising the FT Units and the Common Shares issuable upon exercise of the Common Share Purchase Warrants will be subject to a four (4) month hold period commencing on the Closing Date, being the date of issuance of the Units.
Proceeds from the Financing will be used to advance the Moosehead Gold Property (see the Company’s news release November 9, 2017) and for general working capital purposes.
The proposed financing and associated terms are subject to TSX Venture Exchange approval.
On behalf of the Board of Directors of Sokoman Iron Corp.
“Timothy Froude”
Timothy Froude, CEO
For further information please contact Timothy Froude at 709-765-1726, or by email at tfroude@sokomaniron.com
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.
Sokoman Iron Corp To Option Moosehead Gold Property In Central Newfoundland From Altius Resources Inc.
November 9, 2017, Puslinch, ON. – Sokoman Iron Corp (Sokoman) (TSX-V: SIC) is pleased to announce that it has entered into a definitive agreement with Altius Resources Inc. (Altius) for the exclusive right to acquire a 100% interest (subject to an existing 0.5% NSR royalty) in Altius’s high grade Moosehead Gold Project in central Newfoundland (the Option). The 98 claim (2450 ha) property has returned numerous significant drill intercepts*, with highlights as follows;
DDH MH-01-13 returned 11.05 g/t gold over 17.11 m from 38.00 m downhole;
DDH MH-02-38 returned 14.07 g/t gold over 16.84 m from 74.38 m downhole;
The mineralization remains open along strike and to depth with the deepest intercept (MH-03-15) returning 277.96 g/t gold over 0.44 m starting at 257.26 m downhole. A total of 111 drill holes have been completed at the Moosehead property over a 2 km strike length of the 8.5 km long property with an average depth of only 108 m. True width of selected intercepts may vary between 30-100% of the reported interval. Structural analysis including information from the 2016 trenching and downhole televiewer analysis by Altius has provided a new interpretation of the structures controlling mineralization and concluded that most historic drilling on the property did not adequately test the mineralization. In addition, the source of mineralized float found during Altius’ 2016 trenching program on the property, along with panned gold grains, remains unresolved.
The Moosehead property is strategically located in north central Newfoundland with the TransCanada Highway crossing the northern portion of the property, and Route 360 lying 1.2 kms northwest of the bulk of the previous drilling. The town of Grand Falls-Windsor lies 20 kms west of the property, and the town of Gander is located 75 kms to the east. The deep water port of Botwood lies 17 kms north of the property and secondary roads and drill trails offer excellent access to virtually the entire property. Sokoman’s recently acquired Clarks Brook Gold project lies 33 kms southeast of Moosehead where a Phase 1 drilling program (515 m) recently concluded and for which assay results are pending.
Timothy Froude, P. Geo., Interim CEO states; “The addition of the high grade Moosehead Project to our expanding portfolio of gold projects in central Newfoundland is positioning Sokoman to be a significant player in this emerging district. The region is one of the more active districts in Canada and we intend to push forward with aggressive programs to take advantage of the momentum building in Newfoundland.”
As consideration for the Option, Sokoman will issue to Altius the equivalent of 19.9% of the issued and outstanding common shares of Sokoman following the completion of a proposed private placement, such securities to consist of common shares and warrants to acquire common shares of Sokoman. Upon closing of the Option, Altius will become an insider of Sokoman. Sokoman has also committed to fund a minimum of $500,000 in exploration expenditures as operator on the Moosehead project within the first year. Altius will retain a 1.5% NSR royalty and certain preferential rights on any future royalties or streams granted on the Moosehead property, and will be granted a pro rata right to participate in future equity financings of Sokoman for three years. Altius and Sokoman will have the right to include as part of the property any additional claims acquired by them within a two kilometre area of interest. Closing of the Option is subject to satisfaction of customary conditions, including the approval of the TSX Venture Exchange (Exchange) and, if applicable, shareholder approval, as well as the completion of, subject to Exchange approval, a minimum $500,000 private placement. There can be no assurance that the Option will be completed as proposed or at all.
*Note: Historical drill results reported in this release were from saw cut NQ sized drill core with analysis carried out by either ALS Chemex in Vancouver, B.C.; XRAL Laboratories in Don Mills, ON; or, Chimitec Laboratories in Val d’Or, QC. Vein material was analyzed by a 1000 gram metallic screen preparation and fire assay analysis, with standard fire assay for the remaining samples. A 32 element ICP scan was also completed on all samples. The work is historical in nature and non NI 43-101 compliant and SIC have not yet independently verified the data.
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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