Sokoman Minerals Stock Price, News & Analysis

Sokoman Minerals (TSXV:SIC)(OTCQB:SICNF) has completed its Phase 1 drill program at the Fleur de Lys Project in NW Newfoundland, executing 23 drill holes across an 8 km² section of the 329 km² project area. Twelve drill holes, including three holes on Noranda targets, successfully intersected gold mineralization (>200 ppb). The final hole (FDL-24-23) revealed five separate gold-bearing veins, indicating a promising new exploration direction.

While the source of the high-grade Golden Bull gold-mineralized boulder field remains unidentified, the company plans to conduct further exploration in 2025, including prospecting, mapping, geophysics, trenching, and a Phase 2 drilling program.

Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) has closed the first tranche of its non-brokered financing, raising CAD$1,421,250. The company is issuing 35,400,000 flow-through shares at CAD$0.04 per share and 150,000 non-flow-through common shares at CAD$0.035. The financing includes CAD$42,000 in finders' fees, 1,050,000 broker warrants exercisable at CAD$0.06 for one year, and 1,200,000 common shares to finders.

The company plans to allocate CAD$1,000,000 of the flow-through proceeds to the Moosehead gold property, with the remainder going to Fleur de Lys and Crippleback projects. The funds will be used for Canadian exploration expenses qualifying as flow-through mining expenditures, which must be incurred by December 31, 2025.

Sokoman Minerals (TSXV:SIC)(OTCQB:SICNF) has provided an update on its Moosehead Gold Project. The company completed 1,325m of drilling across 19 holes at the Western Trend, with 13 holes intersecting visible gold-bearing quartz veins. The drilling program tested 100m of strike to 80m down dip, with the zone remaining open.

Metallurgical testing results showed impressive gold recoveries, with bulk gravity testing of quartz vein samples yielding 82.0-83.0% recovery, and subsequent leaching of gravity tailings achieving 95.0-96.6% recovery. The company plans a conventional bulk sample collection in Q2 2025, pending final permits.

Sokoman Minerals Corp (TSXV:SIC)(OTCQB:SICNF) has announced the postponement of its Annual General Meeting, which was originally scheduled for January 8, 2025. The decision was made due to the ongoing Canada Post strike. The company will reschedule the Meeting once the postal strike concludes.

Sokoman Minerals Corp (TSXV:SIC)(OTCQB:SICNF) has announced a non-brokered private placement comprising two parts: a flow-through (FT) share offering priced at CAD$0.04 per share for gross proceeds of up to CAD$1.5 million, and a non-flow-through (NFT) financing at CAD$0.035 per share for up to CAD$250,000.

The company plans to allocate CAD$1 million of the FT proceeds to the Moosehead gold property, with the remainder going to Fleur de Lys and Crippleback projects. The NFT proceeds will be used for working capital. The financing is expected to close by December 16, 2024, with all securities subject to a four-month and one-day hold period.

Sokoman Minerals has initiated a minimum 1,500m diamond drilling program at the Western Trend gold zone in Moosehead Gold Project, Central Newfoundland. The program, consisting of 20-30 holes, follows successful trenching that exposed an east-west trending gold-bearing vein network. Channel sample results confirmed high-grade mineralization, with notable results including 8.10m of 7.09 g/t Au. Initial metallurgical testing revealed promising head grades: 58.8 g/t Au for quartz veins, 0.84 g/t Au for sediment wallrock, and 2.46 g/t Au for altered dyke wallrock. The company is also advancing plans for a 1,000 m³ conventional bulk sample from the Western Trend trench area, pending permits and metallurgical test results.

Sokoman Minerals (TSXV:SIC) announces plans for a shareholder meeting on January 8, 2025, seeking approval to spin out approximately 2 million shares of Vinland Lithium. Vinland, which holds the Killick Lithium Project, is currently owned by Sokoman (40%), Benton Resources (40%), and Piedmont Lithium Newfoundland Holdings (20%). The TSX Venture Exchange has conditionally agreed to list Vinland's approximately 10 million shares. The spin-out ratio is expected to be around 50 Vinland shares per 8,000 Sokoman shares, with accounts holding less than 8,000 Sokoman shares not eligible. Piedmont has invested CAD$2.0M and has the option to earn up to 62.5% interest by spending CAD$12.0M in exploration.

Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) has applied to the TSX Venture Exchange to extend the term of 26,946,423 warrants by 12 months. These warrants were originally issued through a Flow-Through Private Placement that closed in December 2023. Upon Exchange approval, 18,942,500 warrants will be extended to November 29, 2025, and 8,003,923 warrants to December 20, 2025. The exercise price remains at CAD$0.13 per warrant.

Sokoman Minerals has provided an update on its Moosehead Gold Project exploration. The company reported significant results from Western Trend trench channel samples, yielding 22.45 g/t Au over 4.05m, including 35.93 g/t Au over 3.00m. A 150 kg sample has been sent to Base Met Labs for metallurgical testing, with results expected in late Q4 2024 or Q1 2025. The company has completed 50% of mapping and channel sampling at the Western Trend conventional bulk sample area, where trenching has exposed the quartz mineralized zone.