UPDATE: Sokoman Iron – Bonafide Discovery CONFIRMED – 24.9 Meters of 33.56 g/t Gold
Share Price: C$0.24
Shares Outstanding: 92.8M
Market Capitalization: C$22.3M
The much-anticipated assays from Sokoman Iron’s follow-up to drill hole MH-18-01 – which returned 11.90 meters of 44.96 g/t gold – are finally in.
Sokoman committed 2,500 meters in seven holes – which included two step-outs that were drilled 15 and 30 meters north of the MH-18-01 hole.
So what did they find?
The follow-ups intersected multiple zones of visible gold bearing quartz veins – hosted in altered and mineralized sediments.
This hole – MH-18-17 – returned 24.90 meters grading 33.56 g/t gold – which equates to 853 gram-meters. . .
No drilling has yet been carried out to the south of MH-18-01, but drilling’s being planned to happen in the coming weeks.
This program indicates that the Eastern Trend mineralization appears to be moderately north to northeast dipping – not a subvertical – west dipping structure as initially thought.
This change in theory isn’t surprising – high-grade gold deposits are very complex. Just look at Red Lake, Fosterville, and even Great Bear’s new discovery at Dixie.
This means Sokoman will be able to ‘attack’ from above.
They can move once the lake freezes during the winter, and Sokoman will drill from the top-going-down via closely spaced holes and continue to get a better grasp of what is happening underground.
On the Western Trend, seven holes totaling 780 meters have already been completed, which we spoke about in this previous update.
What’s also very exciting is that Sokoman may have found a totally new structure with drilling one-kilometer to the north of the Western and Eastern Trends.
Thus far – Rig #2 has completed five holes for 1,330 meters.
Remember – a drill hole from 2002 that was in the vicinity reported 8 meters of brecciation and veining with maximum assays of 552 ppb Au over 2.3 meter in a broader zone of anomalous gold values.
There’s incredible gold potential in this area – and speaking to Tim – there were a lot of visible gold in the assays.
We eagerly await the next assays. . .
The current phase 2 drilling’s still ongoing – with 10,000 meters planned.
The company is in very good shape with C$3.0 million in the treasury and thus fully funded for the next phase of drilling.
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