JV Acquiring New Gold Opportunities In Newfoundland
Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) has entered into a strategic alliance with Benton Resources Inc. to jointly acquire and explore gold opportunities in Newfoundland.
The partners have already acquired, by staking, the 3,146 claim (78,650 hectares) Golden Hope Joint Venture in south-central Newfoundland, one of the largest gold properties on the Island.
The Property covers extensions of two major structures linked to significant gold prospects and deposits in southern Newfoundland.
Rock units and structures on the Property are likewise related to those associated with new orogenic gold discoveries in central Newfoundland, including Sokoman’s 100%-owned Moosehead Project and New Found Gold’s Queensway Project.
The alliance will also include a 50-50 Joint Venture on Benton’s recently acquired Kepenkeck Gold Property, which, like the Golden Hope JV, lies along trend from Canstar Resources’ Golden Baie Property in the Central Newfoundland Gold Belt.
The newly staked Golden Hope JV lies at the northwest edge of the Hermitage Flexure, the predominant geological feature of the south Newfoundland Appalachians. The western Hermitage Flexure is a structurally complex region with a diverse mineral endowment. The most prominent structures on the Property, and the focus of imminent exploration, are a linked system of west-verging thrust faults (Bay D’Est Fault Zone) and a transverse, wrench fault system (Gunflap Hills Fault Zone).
These types of fault zones can be gold-bearing, and correlative rocks and structures elsewhere in Newfoundland are a prime focus of ongoing gold exploration and the site of major gold discoveries (e.g. Central Newfoundland Gold Belt).
Historical exploration by major companies in the western Hermitage Flexure region led to the major gold discoveries at Hope Brook and Cape Ray, currently under advancement by First Mining/Big Ridge Gold and Matador Mines respectively, and spurred the first systematic gold exploration in northern and central Newfoundland.
However, outside of these discoveries, the remainder of the west-central Hermitage Flexure remains underexplored, despite known occurrences of gold, the presence of unsourced till, soil and stream sediment geochemical anomalies, and the first-order commonalities and linkages between southern and central Newfoundland.
The Golden Hope JV is transected by the paved Burgeo highway and a major power transmission line. Additional details will follow after the compilation of the previous work has been completed.
On the recently optioned Kepenkeck Project , consisting of 595 claim units over 15,625 hectares located near the NE extension of the Hermitage Flexure and along trend from Canstar Resources’ Golden Baie Project, Benton and Sokoman will share the cost of option payments and exploration cost (50-50) and initial exploration will commence shortly. Benton and Sokoman said they are excited to have acquired the project which has new road access, little historical work, and favourable geology located on a major structure. Recent prospecting completed by the vendor (the Keats) identified up to 2.45 g/t gold in grab samples, and visible gold has been panned from till in two locations on the property. The companies will apply for work permits immediately.
The new alliance with Benton provides Sokoman shareholders with an excellent opportunity to reduce exploration risk, employ the technical expertise of Benton, further strengthen Sokoman’s project portfolio while retaining a focus on Moosehead and Fleur de Lys.
