Funds Raised To Drive Moosehead Gold Project Forward
Sokoman Minerals Corp. (TSX.V: SIC – OTCQB: SICNF) has revealed it intends to complete a non-brokered private placement of flow-through shares which is expected to be filed with the Exchange on or around December 11, 2020.
Sokoman intends to issue flow-through shares at a price of C$0.20 per flow-through share for gross proceeds of up to C$2,000,000.
President and CEO, Tim Froude, said the proceeds of this financing will be directed towards advancing the company’s flagship Moosehead Gold Project.
“With approximately 6,000 m of a proposed 10,000 m Phase 6 completed and with excellent results so far, including MH-20-115 returning 4.60 m at 47.2 g/t Au and 8.1 m at 68.7 g/t Au, we are tapping into seasonal flow-through funds available now to ensure we have the flexibility to expand our current Phase 6 programme this winter,” Mr Froude said.
“We still have numerous high-priority targets to be tested and it is becoming clear that 10,000 m will not be enough to test all key targets. We expect to be drilling well into 2021, quite possibly until spring breakup.”
Sokoman Minerals Corp. has projects in Newfoundland & Labrador, Canada.
The company’s primary focus is its portfolio of gold projects (Moosehead, Crippleback Lake and East Alder) in Central Newfoundland on the structural corridor hosting Marathon Gold’s Valentine Lake project.
Valentine Lake is reported to host estimated Proven and Probable Mineral Reserves of 1.87 Moz (41.05 Mt at 1.41 g/t Au), and Total Measured and Indicated Mineral Resources (inclusive of the Mineral Reserves) of 3.09 Moz (54.9 Mt at 1.75 g/t Au).
Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Reserves and resource totals for the Valentine Lake Project are taken from the Marathon Gold website, November 16, 2020.
The Company also has a 100% interest in an early-stage antimony/gold project in Newfoundland optioned to White Metal Resources Inc. In Labrador, the company has a 100% interest in the Iron Horse (Fe) project.