Sokoman Iron Corp.is focused on making discoveries at its 100% owned portfolio of properties in Newfoundland and Labrador, Canada. The company is currently focused on the newly acquired Central Newfoundland Gold Project, which consists of three separate strategic properties, the East Alder, Crippleback Lake and Princess Lake properties totaling 220 claims (5,500 Ha). The properties straddle a large, gold bearing structure, the Cape Ray/Valentine Lake fault zone, which cuts through most of central and western Newfoundland. This structure is host to many of Newfoundland’s most important gold deposits and prospects including the Valentine Lake camp owned by Marathon Gold (2,100,000 oz Au), the Cape Ray deposits owned by Benton Resources (440,000 oz Au), and the recently announced gold discoveries by Altius Minerals and Antler Gold at the Wilding Lake Project. At Wilding Lake, multiple high grade gold discoveries highlighted by channel sample results of 49.3 g/t Au over 4.6 meters (Alder Zone) and 93.1 g/t Au over 1.3 meters (Elm Zone) sparked a staking rush and a flurry of deals in late 2016 and early 2017. Some of the new discoveries, including the Elm Zone, are located only 1.5 kilometers west of Sokoman Iron’s East Alder property.
In late 2016 and early 2017, Sokoman Iron Corp. was successful in raising a total of $363,000 which it will use largely to advance the Central Newfoundland Gold Project through a multi-phase program of geochemistry (till/soil/lake/stream sampling); geophysics (airborne magnetics); followed by prospecting and trenching of anomalies returned from the geochemistry and geophysical surveys. Diamond drilling will follow if warranted. The geochemistry and geophysical surveys should be completed by early spring 2017 with follow up prospecting and trenching commencing shortly after all results has been received and compiled.
In addition to the Central Newfoundland Gold Project, the company also has other valuable assets including the Iron Horse Project in western Labrador where in 2012, the company made a new, and potentially significant discovery of Iron Ore. A total of eight holes were drilled (2400 meters) and all holes intersected iron ore including an intercept of 354 meters grading ~28% Fe, one of the thickest intercepts of iron ore in recent years in Labrador. The company is aware of the rise in the iron ore market and will monitor Iron Horse for all opportunities to advance the project.
At the Startrek Project in central Newfoundland, the company has uncovered potentially significant antimony (Sb) mineralization through successive programs of soil sampling, magnetics, trenching and drilling in 2015 and 2016. At the Red Fox Zone, trenching and drilling have verified the existence of a new Sb rich zone highlighted by 2015 channel sample results of 1.45% Sb over 3.25 meters, and 2016 drill intercepts of 1.62% Sb over 1 meter. The zone remains open in all directions. In addition, a large number of highly anomalous soil samples containing > 100 ppm Sb remain untested. The company is proposing a trenching program for Startrek in the second or third quarter of 2017 to test the highest priority anomalies.
The company also has 100% interests in early stage base metals (Lawn), and gold/silver (Lamaline) projects on the Burin Peninsula of Newfoundland, and will be seeking funding partners to advance exploration.