Sokoman Iron (TSXV: SIC; US-OTC: GDNDF) has received assays results from the remaining 12 holes of its 15-hole phase one drilling program at the Moosehead gold project in central Newfoundland, 20 km west of the town of Grand Falls-Windsor.
Ten of the 12 remaining holes were focused on Moosehead’s Western trend, approximately 250 metres west of the Eastern trend.
Two of those holes bore visible gold less than a metre below bedrock contact. Hole MH-18-08 intersected two near-surface, high-grade visible gold veins, assaying 1.5 metres of 208 grams gold per tonne from 8.5 metres downhole and 2.3 metres of 42 grams gold from 33 metres downhole. 40 metres away, Hole MH-18-07 intersected 2.3 metres of 6.2 grams gold from 7 metres downhole.
In total, 8 of the 15 holes from the phase one drilling program have reported visible gold-bearing quartz vein zones.
The latest round of results come a month after Sokoman’s well-publicized drill results from its MH-18-01 drill hole, which intersected 45 grams gold over 11.9 metres from 110 metres downhole between Moosehead’s Western and Eastern trends.
Later that day, Sokoman reported it had raised $3 million through a non-brokered private placement with Eric Sprott, Palisades Global and the digital advertising agency Venture Ad Network.
The majority of that $3 million will be directed towards Sokoman’s second phase drilling program at Moosehead, which the company expects to begin on Oct. 1. That program will concentrate on further exploring the area around the MH-18-01 drill hole as well the shallow mineralization of the Western trend.
Sokoman also owns the Clarks Brook and Central Newfoundland gold projects, both in Newfoundland.
Shares of Sokoman Iron fell slightly on the release to 22¢ per share, between the 52-week range of 3¢ to 42¢. The company has a $23 million market capitalization.