Sokoman and Benton Receive Explorer of the Year Award for the Killick Kraken Lithium Project
From the Canadian Institute of Mining, Metallurgy and Petroleum Newfoundland and Labrador BranchST. JOHN'S, Nov. 2, 2023 - Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman") and Benton Resources Inc. (TSXV:BEX) ("Benton") together, (the "Alliance") are pleased to announce that the Alliance has received the "Explorer of the Year" award at the annual CIM Mineral Resources Review in Newfoundland. The award was presented by the Newfoundland and Labrador branch of the Canadian Institute of Mining, Metallurgy and Petroleum. The award is presented to a prospector, exploration team, or company that has made a recent and significant mineral discovery; or significantly enhanced a prospect or deposit; or identified a previously unrecognized prospective geological environment in Newfoundland and Labrador. The Alliance has received the award due to the ongoing success at its Killick and Kraken Lithium discovery (formerly the Golden Hope Property) which has produced significant surface sampling and drill results up to 1.04% Li2O over 15.23 m in GH-22-27, 1.08% Li2O over 9.50 m in GH-22-26, 1.22% Li2O over 13.37 m in GH-23-45, 0.81% Li2O over 21.00 m, and 0.99% Li2O over 10.16 m in GH-23-46. In addition, the Alliance recently executed a CAD$24 million option agreement with Piedmont Lithium Inc. further endorsing the potential of this prospective lithium project. (see news release dated October 11, 2023).
After the presentation of the award, Tim Froude President and CEO of Sokoman stated: "We are deeply honoured to have been chosen to receive this prestigious award for a second time. We truly thank the CIM in Newfoundland and Labrador who have chosen to recognize us for doing the work we love to do! We are extremely excited about the potential of the amazing Killick Lithium Project as we assist Vinland Lithium Inc. in taking it to the next level."
From Left: Stephen Stares (Benton Resources Inc.), Timothy Froude (Sokoman Minerals Corp.), Amy Copeland (CIM NL Branch)
Piedmont transaction highlights:
- Piedmont is one of North America's leading lithium companies
- Newfoundland is ranked in the top jurisdictions to explore and develop mineral potential
- Sokoman and Benton incorporated Vinland Lithium Inc. ("Vinland") and its wholly-owned subsidiary Killick Lithium Inc. ("Killick"), into which they transferred the Golden Hope Project
- Piedmont has vast technical and geological knowledge in similar geology to that of the Killick pegmatites
- Piedmont financed Vinland CAD$2.0M @ CAD$1.00 per share to hold 19.9%
- Piedmont will have the option to earn up to a 62.5% direct interest in Killick by spending an aggregate CAD$12.0M in exploration and development during the option period
- Upon Piedmont completing all earn-in options, Piedmont will have paid Sokoman and Benton up to a total of CAD$10.0M in Piedmont shares
- Sokoman and Benton to retain a 2% royalty on the net returns of precious metals and the value of lithium received from Killick
Figure 1: Killick Lithium Project relative to Piedmont's asset portfolio
QP
Timothy Froude (P.Geo.), President and CEO of Sokoman Resources Corp., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The Company's primary focus is its portfolio of gold projects; the 100%-owned flagship, advanced-stage, Moosehead, as well as Crippleback Lake (available for option); and East Alder (optioned to Canterra Minerals Corp.) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte in north-central Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also entered into a strategic alliance with Benton Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland.
Sokoman now controls, independently and through the Benton Alliance, over 150,000 hectares (>6,000 claims - 1500 sq. km), making it one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.
In October 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a major developer of lithium projects and processing plants in the USA, and exactly the right partner to have to advance the lithium project. The agreement provides for Piedmont to earn up to 62.5% of the Killick Lithium Project (formerly the Golden Hope Project) by funding up to $12 million in exploration expenses and issuing $10 million common shares in three stages. The Killick Lithium Project has been transferred to Killick Lithium Inc. (Killick), a 100%-owned subsidiary of Vinland Lithium Inc. (Vinland). Newly created Vinland has received CAD$2 million in financing from Piedmont for a 19.9% interest, with the balance of ownership between Sokoman and Benton. Sokoman and Benton will continue to operate the exploration efforts at Killick through the earn-in stages. Sokoman and Benton will retain a royalty of 2% NSR on future production. Piedmont will have exclusive marketing rights for the promotion and sale of any lithium products produced from the Project on a life-of-mine basis, and the right of first refusal on 100% offtake rights to the lithium concentrates.
The Company also retains a 1% NSR interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to Thunder Gold Corp (formerly White Metal Resources Inc.), and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project which has Direct Shipping Ore (DSO) potential.
For further information, please contact:
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 ext 251
Email: cathy@chfir.com
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Minerals Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Sokoman Minerals Corp.
SOURCE: Sokoman Minerals Corp.
