Sokoman Iron – Drill Rigs Are Now Mobilized For The Next Drilling Cycle

Palisade Research October 2, 2018
Category: Research

Sokoman Iron (TSX-V SIC) just announced that the first of two diamond drill rigs have arrived at their flagship Moosehead Gold Project.

This drilling campaign will follow-up on the company’s recent discovery, which propelled Sokoman into the spotlight and attracted investor Eric Sprott to the table – MH-18-01 (11.90m @ 45 g/t Au).

Sokoman plans to drill 10,000 metres of ‘NQ-sized core’ using two diamond drill rigs – that will run 24 hours a day; two shifts per rig.

Rig One – aims to focus on the Eastern Trend area directly surrounding high-grade intercept MH-18-01 (11.90m @ 45 g/t Au core thickness).

A series of 15-to-25 metres ‘spaced brackets’ and ‘undercut holes’ will be completed at the depths of 250-to-300 metres. This will show a strike, dip, and/or plunge of the high-grade intercept.

Also – these holes will target the historical intercept from MH-03-15 (0.45m @ 278g/t Au). This currently remains the company’s deepest intercept to date (200 metres vertically).

Rig One will further expand upon the open-ended mineralization in the Western Trend. . .

 

Rig Two – will begin drilling just one week after Rig One begins.

This rig will be mostly testing the high-priority targets outlined from the historical drilling along the two-kilometre-long North Pond, South Pond, and Discovery Faults.

A total of 20-30 holes ranging from 100-to-300 metres at depth will happen to test the targets.

These targets include multiple historical drill holes that have reported actual visible gold – yet had limited drilling done. . .

 

The drill campaign’s estimated to take roughly two months to finish.

Once drilling’s completed and all the information’s gathered, results will be added to the Phase 3 program – which will begin in early 2019.

Sokoman expects to “release drilling results in batches as the drilling progresses”. This means that the market will get a steady flow of news.

Looking to the Lassonde Curve (named after mining hall of famer and founder of Franco-Nevada Corp – Pierre Lassonde), Sokoman is in the ‘discovery confirmation’ stage and entering the ’deposit definition’ stage. . .

Following the company’s 1,000% run after the initial discovery hole, volume and share price have dropped off considerably.

But speculation around the 10,000 meters of drilling, however, is likely to reignite the market’s attention.

This is a good entry point for speculators – especially as the new 10,000 metre drilling commences.  

Now that the company knows that there’s gold and where to look for it – they can focus on where to drill. If the company finds more gold along in line with MH-18-01, we can expect a much, much higher share price.  

 

Palisade Global Investments Limited holds shares of Sokoman Iron Corp. We receive either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate. The information contained in such write-ups is not intended as individual investment advice and is not designed to meet your personal financial situation. Information contained in this report’s from sources we believe to be reliable, but its accuracy cannot be guaranteed. The opinions expressed in this report are those of Palisade Global Investments and are subject to change without notice. The information in this report may become outdated and there is no obligation to update any such information. Do your own due diligence.

Did You Like What You Read? Get Our Free Exclusive Content
Enter your email below and you'll receive our 'Weekly Palisade Newsletter' covering Contrarian Ideas and Macro-Situations that the mainstream financial media ignores. You'll also get our Top Investment Ideas and Asymmetric Trading Opportunities right when we find them...
Don't worry - we respect your privacy

Get our Research for FREE