Trans Canada May Earn 100% Of Crippleback Lake Gold Project In Newfoundland
Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) has entered into an option agreement with Trans Canada Gold Corp. whereby Trans Canada can earn a 100% interest in the 121 claim (3,025 ha or 7,475 acres) Crippleback Lake Gold property in Newfoundland.
The agreement includes a 1% net smelter returns royalty (NSR) through the issuing of a total of 1,250,000 shares of the company to Sokoman as well as cash and work commitments totalling C$600,000 over a four-year period.
The Property is located in proximity to the Trans-Canada Highway in north-central Newfoundland, is easily accessible by a network of secondary logging roads and is only a short drive away from assaying and diamond drilling services in Springdale.
The Crippleback Lake Gold project covers the northeastern extension of the regional-scale Valentine Lake fault zone and lies roughly midway between the Valentine Lake gold deposits (Marathon Gold) and Sokoman’s own Moosehead Gold Project in the rapidly emerging Central Newfoundland Gold Belt.
“We are very pleased to partner with Trans Canada and their experienced gold group at Crippleback Lake, and we will assist in whatever way we can towards the advancement of the Property,” Tim Froude, President and CEO of Sokoman Minerals Corp., stated.
“Historically, the area has attracted explorers for the renowned base-metal potential of Central Newfoundland.
“Today, however, the focus has shifted in a monumental way to the gold potential of the region, and Crippleback is exquisitely positioned in one of Canada’s hottest exploration camps and shares many of the attributes of the advanced stage Valentine Lake Project (Marathon Gold) including the crucial structural corridor (Rogerson Lake Conglomerate), as well as the presence of the Crippleback Lake Quartz Monzonite, the on-strike equivalent of the Valentine Lake Intrusive Suite, host to Marathon’s Valentine Lake gold deposits.
“Sokoman shareholders receive the benefit of an experienced team advancing a project that we were not advancing as rapidly as it deserves due to our focus on Moosehead. We look forward to Trans Canada’s success on the Property.”
Project Highlights:
- 121 mineral claims (3,025 ha or 7,475 acre), fully road accessible from the Trans-Canada Highway with numerous secondary logging roads internal to the claims.
- Covers a 13-kilometre strike length of the gold-rich Valentine Lake Structural Zone midway between Marathon Gold’s Valentine Lake project and Sokoman Minerals high-grade Moosehead project.
- Robust gold in lake sediment and till samples, with multiple till samples exhibiting delicate (proximal to source) gold grains as well as angular float samples assaying up to 1.7 g/t gold.
- All previous exploration efforts focused on base metals.
- Exploration permits pending.
