The first hole returned 11.9m at 44.96g/t gold from 109m, in an area Sokoman said had seen little previous drilling.

"The significance of MH-18-01 lies not only with the exceptional grades of the gold-bearing quartz vein, but that for at least 5m up-hole and down-hole of the vein, significant assays were also reported," interim CEO Timothy Froude said.

The company has completed both 15-hole phase one diamond drilling and a camera survey on selected holes, and will use the results to plan the next round of drilling, expected to start within months.

Sokoman has the right to acquire 100% of Moosehead from Altius Minerals under a deal struck in November.

Sokoman was to issue 19.9% of its shares to Altius after a private placement that was designed to raise C$800,000 (US$608,000).

The company closed the second and final tranche in December, having raised $707,900, then raised a further $174,960 in January through the issue of flow-through units at 6c each.

Sokoman had committed to spend a minimum of $500,000 (US$380,000) on exploration at Moosehead within the first year.

Altius retains certain rights including a 1.5% NSR royalty.

Sokoman had $580,613 (US$441,000) in working capital at the end of March.

Sokoman shares, which had traded as low as C2.5c in October, reached a 52-week high intraday yesterday of 13.5c and closed up 6.5c to 11.5c.