Over the last few weeks Sokoman Iron Corp has been releasing some exciting news results from their current drill program, so I caught up with CEO Timothy Froude to understand why these results could be transformative for the company, and what to expect going forward.
Hi Tim, welcome to The Next Bull Market Move. There was some exciting news last week regarding the assay results received for five of the seven holes completed to date in the property’s Eastern Trend. The main highlight being MH-18-17, which returned 24.90 metres of core length grading 33.56 g/t gold, let’s talk about that.
How would you interpret this result? What does this hole indicate to you - especially in regards to the earlier results from the summer?
Thank you for the opportunity Kerem. Hole MH-18-17 provides excellent support for the discovery hole MH-18-01 and suggests a potentially significant high grade zone of mineralization lies at relatively shallow depths. More drilling is required and we have learned from the current program that drilling from the surface of the ice would be more efficient and effective in determining the extend of this zone.
Another highlight from these results confirms that the eastern trend mineralization is perhaps different than initially thought - can we talk about that?
The Phase 2 holes completed to date in the Eastern Trend has indicated that the structure hosting the high grade mineralization is not vertical to steeply west dipping as we originally thought, but in fact appears to be a broadly north dipping zone, more like the vein trends in the Western Zone.
The result of this is that the zone is most likely more effectively (and efficiently) drilled from the surface of the ice which would reduce the length of holes (saving meterage and costs) and give a more accurate indication of thickness.
Is it possible from what has been discovered so far that the western and eastern trends are possibly connected - that we are looking at a continuous system? And is this what you are actively targeting now?
A 2016 structural report on the Moosehead property suggested that the area encompassing the Western and Eastern Trends could be a single block and thus possibly related or linked. The evidence thus far from Phase 2 is that this may indeed be the case. Additional drilling including the proposed winter ice drilling will help confirm this possibility. These results come from an ongoing 10,000-metre Phase 2 drilling campaign that began in October, and approximately 5,000 metres in 19 holes have been completed property wide.
So can investors expect more news before the end of the year?
There will be at least one more news release on assays (possibly two if results come back in time) and we expect drilling to continue until about December 12 (give or take a day or two) as we want to ensure we get as many samples (hopefully all of them) to the lab prior to their planned shutdown of December 21 until after New Years Day.
Back in the summer you completed a financing of 3 million dollars, so you are fully funded for the rest of this year and next for future drilling programs, correct?
Correct, this Phase is expected to cost ~$1.2 million which would leave us with at least $2 million in the treasury moving forward.
For new investors looking at Sokoman Iron Corp for the first time, how would you describe what you have found so far and what that possibly means for the company going forward?
High grade gold deposits are very rare and the opportunity to explore and develop one in Newfoundland, a very pro-mining jurisdiction, is very exciting. The project is blessed with excellent infrastructure including - adjacent to the Trans Canada Highway and less than 2 hours drive to the assay lab and drilling company headquarters - means cheap drilling costs. We have an active program underway and after a Christmas break will be drilling again until spring. Lots of news coming which investors like. We are also very liquid meaning an investor can get in and out of our stock quite easily.
Many thanks Tim,
The Next Bull Market Move
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