Sokoman Iron Corp (CVE:SIC) (OTCMKTS:GDNDF) has done it again. Following-up on their very material Moosehead Project results in central Newfoundland in August, the company has matched—if not exceeded—new assay grades this time around. It’s important validation for a project that resides in an historically barren gold-producing province.
Sokoman Iron announced that it has received assay results for five of seven holes completed to date in the Eastern Trend—part of the Phase 2 drilling on the Moosehead Project, Central Newfoundland.
Approximately 5,000 metres in 19 holes have been completed property wide thus far in Phase 2. Program highlights include:
- Eastern Trend high-grade mineralization extended in two step-outs to the north of MH-18-01;
- MH-18-17 returns 24.90 m core length grading 33.56 g/t Au (15 m step-out north of MH-18-01);
- Rig #2 cuts gold bearing vein system 1 km north of the Eastern and Western Trend area
Commented Sokoman Iron President and CEO, Timothy Froude, P. Geo., “Early results from the Phase 2 drilling have expanded the extent of high-grade gold mineralization in the Eastern Trend, as well as discovering a potentially significant new zone of gold mineralization in MH-18-103.”
Therein lies the excitement of today’s announcement. The high-grade assays weren’t just a necessary validation of past results, it also expanded the extent of high-grade gold mineralization in the Eastern Trend. In fact, it could be confirmation that both Eastern and Western Trends may be linked, as was inferred by previous Moosehead operators in 2016.
Sokoman Iron Corp. CEO Tim Froude explains the dip in the company’s stock prices and shares details of its Phase II drilling program
The price action in Sokoman Iron today has certainly re-ignited the enthusiasm. The stock is currently higher by $0.085 to $0.245/share (↑53.13%). Volume is sitting just under 18 million shares—on par to perhaps break its all-time record high of 22.94 million shares set on July 25th.
Although we don’t expect shares to rise another ↑760% in 8 trading sessions this time around, the wonderful news certainly raises expectations going forward. There indeed appears to be substantial gold deposits at Moosehead, and the results perhaps assuage concerns that the discovery was simply a one-hit wonder.
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