Sokoman Iron (TSX-V:SIC) UPDATE – Western Trend Drill Hole Results Explained
Share Price: C$0.215
Shares Outstanding: 92.0M
Market Capitalization: C$19.8M
Total Liabilities: C$0.1M
Sokoman Iron (TSX-V:SIC, FRA:3PJ1, OTCMKTS:GDNDF) – These holes prove that the Western Zone holds significant gold mineralization with a series of visible gold bearing veins – confirming and expanding upon previous drill results. . .
This is great news – but from the market’s reaction today, it appears that Sokoman’s release of 12 new holes was a miss.
The market is clearly misunderstanding these results. And the reason is not that the results aren’t good – rather it’s that they don’t realize the holes are a full 250 meters away from the bonanza high-grade hole that kicked off the ‘Sokoman Mania’ earlier this month.
That area is to be tested further with drilling this fall and winter. . .
Holes MH-18-07 and MH-18-08 have both returned near surface gold in what is believed to be two new veins.
Further down the holes returned assays concurrent with previous drilling (MH-18-02 & MH-18-03), which shows the mineralization is continuous and open along strike.
Hole MH-18-08 intercepted 5.85m @ 2.79g/t Au which – if continuous along strike – is a significant intercept.
MH-18-14 was collared to test a historical hole (MH-02-38) in the SW, which reported 2.02m @ 111g/t Au. This hole intercepted what is believed to be the same structure and returned results of 3.10m @ 0.65g/t, this will provide understanding on the orientation of the structure enabling a follow up program to be planned.
The nature of these high-grade, structurally complex, and controlled projects is that not all of the mineralized structure is equally mineralized – and hence require a lot of close spaced drilling to delineate a resource.
It appears here that there are multiple vein systems which host high-grade, visible gold mineralization, and the key is to understand these structurally in order to best target the mineralization.
Sokoman Iron has two distinct trends here: one in the East, which appears to strike SW-NE and hosted the high-grade hole MH-18-01. And the Western trench which currently has a strike of SE-NW.
Both these trends are open along strike and at depth.
In-depth structural knowledge will be key to understanding these so they can put the pieces of the puzzle together to form an ore deposit.
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