Channel sampling at the Hydra Zone returns up to 13.57% Cs2O
Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman") and Benton Resources Inc. (TSXV:BEX) ("Benton") together, (the "Alliance") are pleased to announce that recent channel sampling at the cesium dyke prospect has confirmed a potentially significant high-grade cesium discovery dubbed the Hydra Zone, on the Golden Hope Project in southwestern Newfoundland
Results (rush service) from saw-cut channel samples ranging from 0.4 m to 0.7 m long, and two bulk grab samples, confirm that the outcropping pegmatite dyke is strongly enriched in several critical minerals. Samples 758224, 758225, and 758226 (see table below) are consecutive 0.4 m-long channel cuts that averaged 8.75% Cs2O, 0.41% Li2O (lithium oxide), 0.025% Ta2O5 (tantalum oxide), and 0.33% Rb2O (rubidium oxide) over a combined total of 1.2 m. An additional 17 saw-cut samples are still pending which were sent to SGS laboratories in Grand Falls-Windsor, Newfoundland. The sampling reported today was completed over a 20 m-long section of the pegmatite dyke in the same area as the previously reported (November 17, 2022 news release) grab sampling that returned up to 1.56% Cs2O. This is the first high-grade cesium mineralization recorded on the Island of Newfoundland.
Table 1: Sampling Results - Hydra Zone Cesium Discovery - Golden Hope Joint Venture
The cesium-rich dyke is approximately 5 m - 6 m wide and has been traced for approximately 100 m along strike to where it disappears under overburden in both directions. The dyke is located approximately 12 km east northeast of the initial Kraken Pegmatite discovery. It is distinctly different from the main Kraken Pegmatite dykes as it contains very coarse, as well as fine-grained phases. A suite of samples is currently being worked on at Vancouver Petrographics to identify the full suite of minerals in the dyke with a report due in 4-6 weeks.
The onset of winter has hampered the Alliance's efforts to follow up on these results and it hopes to get a weather window in the coming weeks to complete mapping, detailed sampling, and regional soil sampling.
View south over the cesium discovery dyke (Hydra Zone) - Golden Hope Joint Venture (Nov. 10, 2022)
Channel Samples 758224-226 (1.20 m of 8.75% Cs2O, 0.41% Li2O, 0.025% Ta2O5, 0.33% Rb2O) (note very-coarse nature of dyke)
Grab Sample 758227 - 0.67% Cs2O; 0.22% Li2O, 0.026% Ta2O5, 0.10% Rb2O
Cesium is rare globally. The United States and Canada have included cesium, lithium, and tantalum (among others) in their lists of Critical Minerals / Elements since each of them has been identified as being essential to the economy and national security.
Here are some facts and figures about cesium:
- Currently only produced at one locality, the Tanco Mine in Manitoba (Sinomine Resources Group)
- Very dense metal and its primary use is in deep drilling applications in the oil and gas sector
- Many industrial as well as medical uses including:
- Cesium hydroxide/carbonate is used in petrochemical catalysts; cesium iodide is used in fluoroscopy equipment; as the input phosphor of x-ray imaging equipment; cesium bromide is used in infrared detectors, optics, photoelectric cells, scintillation counters, and spectrophotometers
- Important component of atomic clocks which are the most accurate time and frequency monitors which play a vital role in aircraft guidance systems, global positioning satellites and internet and cellular telephone transmissions
- Global market for cesium forecast to double in the next five years
- Global leader in terms of production, market share, revenue, etc. is China's Sinomine Resource Group; Albermarle Corp of the USA is second
- Forecast prices (2023) for cesium salt (the most common product produced from cesium ore) is USD$188/kg and USD$291/kg for pure cesium metal
The Alliance also announced yesterday that Phase 3 drilling has started at the Kraken Lithium Prospect, 12 km to the southwest and that the initial three drill holes have made a new discovery of spodumene-rich dykes. (November 30, 2022 news release). Approximately 20 holes are planned.
The Alliance is extremely pleased with the continued success on the Golden Hope Project and the new discovery of cesium along with lithium, tantalum, and rubidium 12 km from the original Kraken Pegmatite discovery. Given the results to date, the Alliance is confident that ongoing prospecting and soil geochemistry surveys will make more discoveries along the 100% owned, 60 km-long, structural trend hosting the Kraken and cesium-rich dykes.
Timothy Froude, P.Geo., President and CEO of Sokoman stated: "The cesium results reported today are quite impressive and once again demonstrate the potential of the Golden Hope JV to host potentially significant deposits of several critical metals (Lithium-Cesium-Tantalum). Grades of this magnitude are rare. The results include a 1.2 m channel located near the southern margin of the exposed dyke dominated by a coarser-grained phase and where overburden prevented further sampling at the time. The lowest values reported today are from a finer-grained section of the dyke so we have already learned quite a bit about the nature of the mineralization in the dyke. Once able, we intend to clean off as much of the dyke as we can, and the terrain should allow for sufficient stripping to occur. The samples still pending include a mixture of coarse-grained, and fine-grained phases and those results will further our understanding of the zone. Winter has arrived, so we have to wait for a weather window to get back onsite. We are learning as much as possible as quickly as possible about the critical metals markets and we recently received a paid-for, in-depth report on the cesium market and have incorporated some of those details into today's news. We are also now applying for drilling permits for this area and those should be in hand by Q1, 2023."
"We are also pleased to resume drilling in the main Kraken Pegmatite field, in particular to the west of the discovery area where no drilling has taken place to date and where strong soil geochemistry, as well as multiple >1% Li2O samples, were collected. In the meantime, soil sampling along the 60 km trend controlled by the Alliance will continue until the closure of the camp for the holiday break."
Stephen Stares, President and CEO of Benton stated: "This new high-grade cesium zone compliments the Kraken Lithium zone very well and the results compare to most deposits known worldwide. Although it's very early days for this exciting new discovery, it's a continued testament to the promising strategic metal endowment within the large project. I'm confident we will make more discoveries as we continue with our aggressive exploration plans in this new LCT-type pegmatite belt."
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration of Benton Resources Inc., both a "Qualified Person" under National Instrument 43-101.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Golden Hope property. Samples were submitted to SGS Canada Inc. in Grand Falls-Windsor, Newfoundland for prep and then sent to SGS Canada Inc. analytical laboratory in Burnaby, British Colombia. All samples submitted for assay were taken or saw-cut by Benton personnel and submitted for assay. Samples were delivered in sealed bags directly to the Grand Falls-Windsor prep lab by Benton personnel or contractor. SGS Canada Inc. (SGS) is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using SGS's GS_IMS91A50 method that delivers a 56-element package utilizing sodium peroxide fusion, ICP-AES, and ICP-MS analytical techniques. All reported assays are uncut.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake, and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company is also a 50/50 partner in a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold districts. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements and most-recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties with potential long-term cash flow.
Benton also is a 50/50 partner in a strategic alliance with Sokoman Minerals Corp. (TSXV:SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
For further information, please contact:
CHF Capital Markets
Thomas Do, Investor Relations Manager
Phone: 416-868-1079 x 232
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Alliance's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance's prospects, properties and business detailed elsewhere in the Alliances's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Alliance does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Alliance's expectations or projections.
SOURCE: Sokoman Minerals Corp.
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