FYI SIC is doing a PP but it has not been announced as yet. Terms are 5 cents a unit with a 3 year 7 cent warrant for HD and 6 cents with a two year 9 cent warrant for flow thru. Total of 15 mil being offered. The funds are to drill this property....
altiusminerals.com
Sokoman Iron Corp. has entered into a definitive agreement with Altius Resources Inc. for the exclusive right to acquire a 100-per-cent interest (subject to an existing 0.5-per-cent net smelter return royalty) in Altius's high-grade Moosehead gold project in central Newfoundland. The 98-claim (2,450-hectare) property has returned numerous significant drill intercepts,* with highlights as follows;
DDH MH-01-13 returned 11.05 grams per tonne gold over 17.11 m from 38.00 m downhole;DDH MH-02-38 returned 14.07 g/t gold over 16.84 m from 74.38 m downhole;
The mineralization remains open along strike and to depth with the deepest intercept (MH-03-15) returning 277.96 g/t gold over 0.44 m starting at 257.26 m downhole. A total of 111 drill holes have been completed at the Moosehead property over a two-kilometre strike length of the 8.5 km long property with an average depth of only 108 m. True width of selected intercepts may vary between 30 per cent to 100 per cent of the reported interval. Structural analysis including information from the 2016 trenching and downhole-televiewer analysis by Altius has provided a new interpretation of the structures controlling mineralization and concluded that most historic drilling on the property did not adequately test the mineralization. In addition, the source of mineralized float found during Altius' 2016 trenching program on the property, along with panned gold grains, remains unresolved.
The Moosehead property is strategically located in north central Newfoundland with the TransCanada Highway crossing the northern portion of the property, and Route 360 lying 1.2 km northwest of the bulk of the previous drilling. The town of Grand Falls-Windsor lies 20 km west of the property, and the town of Gander is located 75 km to the east. The deepwater port of Botwood lies 17 km north of the property and secondary roads and drill trails offer excellent access to virtually the entire property. Sokoman's recently acquired Clarks Brook gold project lies 33 km southeast of Moosehead where a phase 1 drilling program (515 m) recently concluded and for which assay results are pending.
Timothy Froude, PGeo, interim chief executive officer, stated: "The addition of the high grade Moosehead project to our expanding portfolio of gold projects in central Newfoundland is positioning Sokoman to be a significant player in this emerging district. The region is one of the more active districts in Canada and we intend to push forward with aggressive programs to take advantage of the momentum building in Newfoundland."
As consideration for the option, Sokoman will issue to Altius the equivalent of 19.9 per cent of the issued and outstanding common shares of Sokoman following the completion of a proposed private placement, such securities to consist of common shares and warrants to acquire common shares of Sokoman. Upon closing of the option, Altius will become an insider of Sokoman. Sokoman has also committed to fund a minimum of $500,000 in exploration expenditures as operator on the Moosehead project within the first year. Altius will retain a 1.5-per-cent net smelter return royalty and certain preferential rights on any future royalties or streams granted on the Moosehead property, and will be granted a pro rata right to participate in future equity financings of Sokoman for three years. Altius and Sokoman will have the right to include as part of the property any additional claims acquired by them within a two-kilometre area of interest. Closing of the option is subject to satisfaction of customary conditions, including the approval of the TSX Venture Exchange and, if applicable, shareholder approval, as well as the completion of, subject to exchange approval, a minimum $500,000 private placement. There can be no assurance that the option will be completed as proposed or at all.
*Note: Historical drill results reported in this release were from sawcut NQ-sized drill core with analysis carried out by either ALS Chemex in Vancouver, B.C., XRAL Laboratories in Don Mills, Ont., or, Chimitec Laboratories in Val d'Or, Que. Vein material was analyzed by a 1,000-gram metallic screen preparation and fire assay analysis, with standard fire assay for the remaining samples. A 32-element ICP scan was also completed on all samples. The work is historical in nature and non-National Instrument 43-101 compliant and the company has not yet independently verified the data.
This news release has been reviewed and approved by Timothy Froude, PGeo, a qualified person under National Instrument 43-101 and interim chief executive officer for Sokoman.
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