Sokoman Iron (TSXV: SIC) announced that it now owns a 100% interest in the Moosehead gold property, located in central Newfoundland, Canada.
In a press release, Sokoman explained that, as required in the option agreement it signed with Altius Resources (TSX: ALS), the company invested $500,000 in exploration expenditures as an operator within the first year of the closing of the deal.
Core from one of the holes at Moosehead. Photo by Sokoman Iron.
“Our exploration activities to date include some 50 diamond drill holes (~9,500 m) that are being incorporated, along with historic assays, into a 3D software program to view and model the mineralized zones,” Tim Froude, President and CEO of Sokoman, said in the media statement. “Recently completed Phase 2 drilling has returned multiple high-grade intersections including 24.90 m grading 33.56 grams per tonne gold from the newly discovered Eastern Trend Shear Zone. The recent preliminary report on the structure of the Eastern Trend has greatly improved our understanding of the high-grade shear zone at the Eastern Trend and will guide exploration on that front. Phase 3 diamond drilling has begun and will focus on the Eastern Trend high-grade shear zone as well as selected high priority targets elsewhere on the property.”
Altius, and a private, arms-length third party, will retain a combined 2% NSR royalty and certain preferential rights on any future royalties or streams granted on the Moosehead property and will be granted a pro rata right to participate in future equity financings of Sokoman for three years.
The 24.5-square-kilometre project, previously under an inactive JV with Agnico Eagle, was held by Altius for more than a decade. According to its previous owner, the last significant work program on the property was in 2004.
Corporate information states that Moosehead features high-grade gold mineralization with drill intersections of up to 170.3 g/t Au over 1.53 metres as well as widespread mineralized quartz boulders grading up to 442 g/t Au in grab samples throughout the terrain.
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