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In November 2019, the Canadian Institute of Mining, Metallurgy and Petroleum’s Newfoundland and Labrador branch named Sokoman Minerals (TSXV: SIC) the Prospector/Explorer of the Year for its 100%-owned Moosehead gold property.
Moosehead, 150 km to the northeast of Marathon Gold’s (TSX: MOZ) Valentine Lake deposit in central Newfoundland, sits along the extension of the Cape Ray-Valentine Lake–Alder Zone structural trend.
Tim Froude, Sokoman’s president, optioned the 24-sq.-km project from Altius Minerals (TSX: ALS) in November 2017, and completed the earn-in for a 100% stake in February 2019. The company has drilled 88 holes (18,600 metres) since 2018.
Moosehead gained attention in July 2018, when drill hole 18-01 intersected 12 metres of 44.96 grams gold per tonne at a depth of 109 metres, including 1 metre grading 385.85 grams gold at a depth of 115 metres. The high-grade intercept worked out to more than 10 oz. gold per tonne.
News of the drill hole sent Sokoman’s shares from 5¢ to 42¢. Within a week, mine financier and investor Eric Sprott bought two-thirds of a $3 million private placement to become the company’s largest shareholder with about 15%. Sprott’s investment still helps fund the company’s exploration program.
For the rest of this article: https://www.northernminer.com/news/sokoman-minerals-advances-moosehead-project-in-newfoundland/1003812744/