VANCOUVER — Sokoman Iron (TSXV: SIC; US-OTC: GDNDF) has struck gold with the first hole in drilling at its Moosehead gold project in central Newfoundland, 20 km west of the town of Grand Falls-Windsor.
On July 30, Sokoman reported hole 18-1 cut 45 grams gold per tonne over 11.9 metres from 109 metres downhole. Significant assay results were also found up and downhole of the quartz vein. That vein lies between the previously drilled Western and Eastern trends at Sokoman’s Moosehead gold project, possibly indicating a new trend.
Sokoman drilled hole 18-1 to test the up-dip potential of a historical intercept in 2003 by Moosehead’s previous owner, Altius Resources. (The highlighted results occurred 80 metres up-hole from that intended target).
Sokoman bought 100% of the Moosehead gold project (subject to an existing 0.5% net smelter return royalty) from Altius for shares and warrants amounting to 19.9% of Sokoman’s outstanding shares in November 2017.
Later in the day on July 30, Sokoman raised $3 million through a non-brokered private placement. The placees are Eric Sprott, the investment fund Palisades Global and the digital advertising agency Venture Ad Network.
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