Project Summary

The property consists of 98 claims totaling 2,450 hectares adjacent to the Trans-Canada Highway in central Newfoundland. The property is targeting high-grade orogenic gold similar in style to the Fosterville mine in Australia.

Moosehead is a very accessible, orogenic lode gold project in a jurisdiction open to exploration and development. Historic sampling has returned values of up to 442 g/t Au from boulders and up to 170 g/t Au over 1.53 metres from drill core samples. The mineralized system has been traced by diamond drilling over a 2-kilometre strike length and 100-200 metres in width. Most of the drilling has focused on a 500-700 m long by 350 m deep zone. The mineralization remains open along strike and to depth.

The Company is currently carrying out the Phase 6 diamond drilling program which started in September 2020, covering 100,000+ m of drilling. Over 85,000 metres have been completed, adding four new significant mineralized zones, which bring the total of defined zones to five.

In late 2022, drill hole MH-22-463 cut a significant thickness of gold mineralization (39.60 m @12.50 g/t Au including 10.5 m @41.97 g/t Au (see the press release December 15, 2022) that appeared unique in several aspects to many previous intersections reported on the property. Located in the footwall to the Main Eastern Trend, the intersection (named the 463 Zone) suggested a different structure and/or plumbing system existed in this underexplored area. Drill holes MH-22-505, 512, 517, 519 (and others), designed to test the 463 Zone, all intersected multiple, narrow, locally high-grade veins in the footwall and perpendicular to the Main Eastern Trend.

In conjunction with discussions with structural consultant Dr. David Coller, it now appears clear that the 463 Zone is part of a system of less-deformed veins at right angles to the Main Eastern Trend and consequently, parallel to most of the drilling completed over the previous two years. This also strongly suggests that the Eastern Trend may not be the feature controlling gold mineralization, but rather it has crosscut and incorporated a pre-existing vein system as we now see similar-looking gold-bearing veins in deformed, as well as largely-pristine rocks. It also opens up the entire footwall environment as a host to high-grade veins.

At the 511 Zone, located under South Pond, drilling continued to intersect gold mineralization (MH-23-514 to 516), and the zone remains open and will be further tested in 2023. The recent drilling also confirms that the 511 Zone consists of multiple subparallel structures.

The Company has made a video giving a visual explanation of the results. Investors are encouraged to watch the video HERE.

Project History

In late 2017, the Company announced that it had acquired the Moosehead Gold Project from Altius Minerals Corp. and commenced Phase 1 drilling in June 2018. Phase 1 consisted of 1,970.5 m in 15 holes, which in late July 2018 resulted in a high-grade discovery in the Eastern Trend, an area with little previous drilling. Discovery Hole MH-18-01 returned 11.90 m @ 44.96 g/t Au from 109 m down-hole. Since then, Sokoman has conducted five successful phases of diamond drilling, consistently returning high-grade results.

Highlights

• The Moosehead Gold Project is 100% owned, subject to a 2% NSR, and located in north-central Newfoundland, Canada’s newest and one of the most active exploration plays. The project is targeting high-grade orogenic lode gold (Fosterville Type).

• Excellent infrastructure includes year-round road access via the Trans-Canada Highway; a one-hour drive to an assay lab and drilling companies; abundant internal logging and drill roads; and a provincial power sub-station 4 km west of the property.

• In 2018, Sokoman discovered a new high-grade zone, the Eastern Trend, while following up on a 2003 historical intersection of 278 g/t Au over 0.45m. Phase 1 Discovery Hole MH-18-01 returned 11.90 m @ 44.96 g/t Au.

Subsequent to the first successful drilling program, Sokoman completed another four phases of drilling with outstanding results highlighted below:

• Phase 2: MH-18-39 returned 5.10 m @ 124.20 g/t Au, including 1.10 m @ 550.30 g/t Au

• Phase 3: MH-19-62 cut 4.8 m of 33.59 g/t Au, including 0.90 m of 124.15 g/t Au

• Phase 4: MH-19-81 cut 6.4 m of 17.34 g/t Au, including 1.45 m of 75.50 g/t Au

• Phase 5: MH-20-115 upper interval cut 4.60 m of 47.20 g/t Au (from 64.00 m downhole) followed by 8.10 m of 68.70 g/t Au (from 111.20 m downhole)

The ongoing Phase 6 drilling program commenced in Q3 2020 and was originally planned at 10,000 m but, with sufficient financial resources now in place, has been increased to 100,000+ m. There has been 85,000 m of drilling completed to date with multiple high-grade intersections reported.

Prospecting at South Pond 400 m along strike to the SW of Eastern Trend has located a cluster of angular quartz float with high-grade grab sample assay results ranging from 0.318 g/t Au to 157.04 g/t Au, as well as enriched silver values up to 36.2 g/t Ag. Follow-up diamond drilling, MH-20-123 returned 5.0 m averaging 26.88 g/t Au, including 2.15 m at 60.59 g/t Au from 47.0 m downhole. The Zone, named the South Pond Zone, remains open down plunge and additional drilling is being proposed.

On January 29, 2021, the Company Reported Results at Eastern Trend/Footwall Splay

• MH-20-132 – 4.0 m at 24.92 g/t Au, incl. 1.60 m at 61.68 g/t Au from 70.50 m downhole

• MH-20-127 – 1.30 m at 9.23 g/t Au, incl. 0.50 m @ 22.72 g/t Au from 48.90 m downhole

On February 23, 2021, the Company Reported South Pond Zone assay results:

• MH-21-141 – 4.20 m of 64 g/t Au, including 1.20 m at 223.63 g/t Au from 47.90 m downhole.

Further drilling intersected additional near-surface, high-grade gold mineralization at the Footwall Splay and South Pond Zones, as well as discovering a new, near-surface, mineralized structure at South Pond. Visible gold-bearing quartz veins were intersected in eight recently completed drill holes at the Footwall Splay, including the following three holes.

Footwall Splay and South Pond Results reported April 28, 2021

Footwall Splay

• MH-21-157 – 3.50 m of 12.39 g/t Au, including 1.50 m of 28.57 g/t Au from 36.30 m downhole

• MH-21-163 – 11.60 m of 21.07 g/t Au, including 5.10 m of 30.82 g/t Au from 44.0 m downhole

• MH-21-166 – 5.10 m of 15.51 g/t Au, including 2.80 m of 27.68 g/t Au from 9.00 m downhole, (MH-21-166 collared in a visible gold-bearing quartz vein)

South Pond

• MH-21-147 – 3.05 m of 16.54 g/t Au, including 0.85 m at 58.91 g/t Au from 72.40 m downhole

On May 18, 2021, the Company reported that ongoing Phase 6 drilling at the 100%-owned Moosehead Gold Property has intersected additional near-surface, high-grade gold mineralization at the Footwall Splay/Eastern Trend.

Footwall Splay/Eastern Trend, and South Pond Results May 18, 2021

Footwall Splay

• MH-21-165 – 4.10 m of 21.61 g/t Au, including 2.10 m of 41.39 g/t Au from 79.70 m downhole

• MH-21-164 – 4.05 m of 22.62 g/t Au, including 20.95 m of 5.15 g/t Au from 79.95 m downhole

South Pond

• MH-21-152 – 3.00 m of 1.82 g/t Au, including 0.70 m of 3.08 g/t Au from 15.00 m downhole

• MH-21-153 – 3.00 m of 1.61 g/t Au, including 1.60 m of 2.40 g/t Au from 12.00 m downhole

75 Zone

While awaiting assays for South Pond the drill was relocated to the 75 Zone to assess the southern extension of the Eastern Trend. Borehole MH-19-75 was originally drilled in the fall of 2019 and returned a 5.80 m intersection (core length) grading 6.93 g/t Au starting at 87.50 m downhole, including two visible gold-bearing veins that assayed 30.42 g/t Au over 0.30 m (from 88.95 m), and 32.99 g/t Au over 0.80 m (from 92.50 m). The initial follow-up program around MH-19-75 was based on 25 m step outs which the Company has determined to be less than ideal for evaluating these complex shear systems. MH-21-203 returned 13.67 g/t Au over 2.85 m from 98.15 m downhole – a 10 m step out to the south from MH-19-75. MH-21-205 – a 15 m step out from MH-19-75 (and up-dip from MH-21-203) intersected four veins with visible gold, returning 2.88 g/t Au over 4.25 m including 7.89 g/t Au over 1.25 m. Given these results the drill continued at the 75 Zone.

South Pond

At South Pond, ongoing drilling defined a steeply plunging, high-grade core within the moderately to steeply east-northeast dipping mineralized zone. Modelling of the area suggests that South Pond is possibly a splay off the Eastern Trend structure to the east, with many similar characteristics to the original Footwall Splay at North Pond. This interpretation bodes well for continued exploration between South Pond and Western Trend (approximately 250 m corridor) not only for gold mineralization on the main structures but for repeating splays as well.

Eastern Trend

Drill holes MH-21-193, 198, and 200 all focused on the Lower Eastern Trend between vertical depths of 150 m to 200 m and were follow-up to previous drilled holes MH-19-62 (7.20 m @ 22.35 g/t Au and MH-19-81 (6.40 m @ 17.34 g/t Au). The results confirmed continuity of gold mineralization in the Lower Eastern Trend and drilling will continue in this area for the foreseeable future.

On September 28, 2021, the Company reported that ongoing Phase 6 drilling at the Moosehead Gold Property in central Newfoundland intersected additional high-grade gold mineralization at both the Lower Eastern Trend and in the 75 Zone, located approximately 100 m along strike south of the Main Eastern Trend.

Highlights of the rush assays (including total pulp metallics) include:

• MH-21-234: 30.59 g/t Au over 2.75 m (within 4.80 m of 17.56 g/t Au) from the 75 Zone

• MH-21-243: 32.72 g/t Au over 1.70 m (within 9.20 m of 6.70 g/t Au) from the 75 Zone

• MH-21-215: 36.15 g/t Au over 0.35 m (within 2.35 m of 20.39 g/t Au) from the Eastern Trend

• MH-21-229: 18.41 g/t Au over 2.10 m (within 5.10 m of 7.64 g/t Au) from the Eastern Trend 

The Company also announced that reconnaissance drilling testing for the source of gold-bearing boulders, discovered earlier this year 300 m to the east of North Pond (see the news release dated July 6, 2021), has intersected a significant structure (named the 253 Zone), featuring strong quartz veining and variable sulphide mineralization, mainly pyrite and arsenopyrite.

On November 10, 2021, the Company reported the first results from the barge-based drilling on North Pond on the Moosehead Project.

• MH-21-291: 4.95 m of 27.70 g/t Au from 41.55 m downhole

• MH-21-283: 4.20 m of 14.72 g/t Au within 9.80 m of 6.65 g/t Au from 53.00 m downhole 

The results confirm shallow, high-grade, gold-bearing quartz veins which are extensions to the Upper Eastern Trend and the Footwall Splay mineralized zones. The reported holes were drilled on a 10 m to 15 m grid spacing south of MH-20-115, which gave significant intercepts of 4.60 m of 47.20 g/t Au from the Footwall Splay, and further downhole, 8.10 m of 68.70 g/t Au from the Upper Eastern Trend. The new holes are on trend towards the 75 Zone, located approximately 150 m further south, and from where recent results include MH-21-234 that returned 4.80 m of 17.56 g/t Au.

On January 20, 2022, the Company reported that the barge-based drilling continued to deliver strong gold results. Assay highlights include: 

• MH-21-342 – 5.55 m of 56.58 g/t Au incl. 3.10 m of 100.00 g/t Au from 67.80 m

• MH-21-345 – 4.75 m of 20.75 g/t Au incl. 2.25 m of 39.57 g/t Au from 117.65 m

• MH-21-346 – 9.60 m of 7.33 g/t Au incl. 4.55 m of 12.98 g/t Au from 122.20 m 

The drilling confirms very shallow, high-grade, gold-bearing veins lying in the Main Eastern Trend, as well as in splays or offshoots from it. Modelling confirms that Moosehead Au mineralization is focused around the Eastern Trend and that mineralized offsets such as the Footwall Splay, may include others such as the 75 Zone and South Pond Zone. On April 13, 2022, the Company reported that the barge-based drilling added strong results, achieving a goal of expanding all mineralized zones along strike and to depth, while also connecting them. Assay highlights include: 

• MH-21-323 – 4.05 m of 14.55 g/t Au incl. 1.15 m of 50.42 g/t Au from 31.70 m

• MH-21-335 – 3.10 m of 15.80 g/t Au incl. 1.60 m of 29.93 g/t Au from 92.90 m

• MH-21-338 – 5.80 m of 7.05 g/t Au incl. 2.40 m of 15.43 g/t Au from 98.15 m 

The 75 Zone and the Main Eastern Trend continued to deliver strong results and the gap between both zones has narrowed to 65 m. The modelling was clearly supporting the Company’s interpretation that the 75 Zone, or portions thereof, is a splay off the Main Eastern Trend with a similar relationship that the Footwall Splay has with the Main Eastern Trend immediately to the north.

On May 19, 2022, high-grade results were delivered on the 75 Zone, which was then essentially linked with the Main Eastern Trend/Footwall Splay mineralization. Assay highlights include:

• MH-22-392 – 2.35 m of 25.58 g/t Au from 72.65 m downhole (75 Zone)

• MH-22-385 – 4.29 m of 14.56 g/t Au from 11.15 m downhole (Upper Eastern Trend)

• MH-22-366 – 1.40 m of 133.94 g/t Au from 34.95 m downhole (75 Zone)

• MH-22-359 – 1.00 m of 95.03 g/t Au from 19.44 m downhole (75 Zone) 

On July 7, 2022, high-grade assay results suggested a potential new gold zone adjacent to the lower portion of the Main Eastern Trend. Assay highlights include: 

• MH-22-422 – 7.00 m of 8.03 g/t Au from 165.00 m downhole (Eastern Trend) incl. 2.75 m of 19.47 g/t Au and 1.62 m of 31.95 g/t Au

• MH-22-418 – 5.92 m of 4.14 g/t Au from 388.84 m downhole (Lower Eastern Trend) incl. 1.31 m of 15.60 g/t Au

Drill hole MH-22-418 intersected the deepest drill intersection with visible gold on the property to date, below the mineralization in the Eastern Trend. The hole gave multiple gold mineralized areas where the Eastern zone was expected, with the deeper & higher-grade zone a pleasant surprise. 

On September 6, 2022, the Company announced the thickest, high-grade drill results from the Lower Eastern Trend to date. Assay highlight: 

• MH-22-463 – 39.60 m of 12.50 g/t Au incl. 10.25 m of 41.97 g/t Au 

The mineralization in MH-22-463, located approximately 100 m below the limits of the modelled Eastern Trend, has a different vein style and geometry from other drill intersections in the vicinity. The intercept is thicker than any other intercept to date and includes the “typical” very high-grade vuggy-type veining with abundant visible gold and 5% – 7% accessory boulangerite and sphalerite, as well as a brecciated style of veining with specks of visible gold with minor boulangerite and sphalerite. This could suggest a changing structural setting within the Lower Eastern Trend where multiple gold-bearing structures are possibly converging, or there’s an existence of a new style of veining at Moosehead. Modelling has shown that the intersection in 463 (dubbed the 463 Zone) actually lies in the footwall at right angles to the Eastern Trend and suggests that the footwall could contain other high-grade veins.

In December, 2022, the Company commissioned an IP survey over a selected area including parts of the Eastern Trend, 75 Zone and South Pond zones. The intention is to characterize the signal over known mineralization with a goal to locate similar signals elsewhere on the property. The survey results have recently been interpreted and 25 First to Third order anomalies have been identified. Six anomalies in the centre of the surveyed area correspond directly with known mineralization. Drill testing a selection of untested anomalies will take place in August, 2023.

Phase 6 drilling in 2023 has focused on two areas, rig 1 at the 463 Zone, and rig 2 largely on targets outside the known mineralized zones. Drilling at the 463 Zone has intersected multiple narrow high-grade veins in the footwall area highlighted by MH-23-519 which intersected a 1.4 metre-wide zone of visible gold-bearing quartz veining that returned 12.41 g/t Au (from 409.75 m downhole) 68 m down-plunge from hole 463 and remains open to the south and to depth. Additional drilling is proposed for this trend.

On June 30, 2023, results from eight exploration drill holes completed prior to the spring break-up have been received and are reported in the following table. Six of the holes (MH-23-521 to 526) were in fences of reconnaissance holes (grassroots exploration) aimed at testing geophysical and/or soil/till geochemical anomalies to the north of North Pond along the interpreted trend of the main Eastern Trend and Upper North Pond shears. Most holes intersected weakly-mineralized structures with minor quartz-carbonate veining and variable amounts of disseminated sulphides. The strongest results were from the western-most hole drilled (MH-23-525 2.02 m @3.96 g/t Au), suggesting additional drilling is required west and down plunge of this hole.

The Company expects to be drilling for the remainder of 2023 with at least two rigs operating.