EXPLORATION & DEVELOPMENT

Sokoman reports visible gold at Moosehead

Sprott-backed Sokoman Iron Corp (TSXV: SIC) has reported visible gold among the latest assay results from its flagship Moosehead project in Newfoundland, which has attracted investor and “nearology” interest from juniors this year.

Staff reporter
A moose passes Sokoman’s field office window at Moosehead

A moose passes Sokoman’s field office window at Moosehead

Among the highlights, the company intersected 5.1m grading 124.2g/t gold, including "a 1.1m visible gold-bearing quartz vein averaging 550.3g/t".

President and CEO Timothy Froude said Sokoman was planning less costly exploration, now that phase two drilling had expanded the footprint of the eastern trend with step-outs to the north and south of the discovery hole, announced in July.  

"As we have reached the limit of practical drilling from the west side of North Pond, we are currently permitting a phase of winter drilling from the ice of North Pond to more effectively test the eastern trend while also cutting costs," he said.

The company had C$3.9 million (US$2.9 million) in working capital at the end of September following a $3 million (US$2.2 million) raising at 15c per unit led by high profile precious metals investor Eric Sprott.
 
Sokoman acquired 100% of Moosehead earlier this year from Altius Minerals and has already exceeded the $500,000 minimum exploration expenditure requirement.

"The outlook for Sokoman has never been brighter," the company said in its latest management discussion and analysis released 2.5 weeks ago.

Sokoman shares spent the first half of this year around the 4c mark before leaping to 58c in August following its announcement of the Moosehead discovery and gaining Sprott's backing.

Its shares closed down more than 17% or 3c on Friday to 14.5c to capitalise it over $13.5 million.

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