ST. JOHN'S, NL / ACCESSWIRE / June 19, 2024 / Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman" or the "Company") is pleased to report that the Killick Lithium Property, jointly owned by the Company, Benton Resources Inc. ("Benton"), and Piedmont Lithium Inc. ("Piedmont") through Vinland Lithium Inc., will be collaborating in a total of $1.322 million in NSERC (Natural Sciences and Engineering Research Council of Canada) grants to conduct research studies on the Killick Lithium Property in southern Newfoundland. The three-year project entitled: "The origin of lithium resources in Southern Newfoundland", began April 1, 2024. The work is led by researchers from St. Francis Xavier University in Nova Scotia and Memorial University of Newfoundland. Additional contributions from partner organizations will include staff and resources from Sokoman, Benton and Piedmont, as well as geoscientists from the Geological Survey (Government of Newfoundland and Labrador). The grant was awarded by the NSERC Alliance Missions Grants special call for projects related to Critical Minerals Research. To increase the supply of responsibly sourced critical minerals and support the development of domestic and global value chains for the green and digital economy, Canada's Critical Minerals Strategy was released in December 2022 with the intent of continuing to provide foundational support to Canada's mining sector to take advantage of existing and emerging opportunities. Among the 31 minerals that Canada considers critical, Canada's Critical Minerals Strategy identified six minerals (including lithium) which were initially prioritized for their distinct potential to spur Canadian economic growth and their necessity as inputs for priority supply chains.
A key benefit of this research will be the opportunity for research students to receive academic training and apply their knowledge to an active exploration project. The students will be trained in field methods, data collection techniques, and scientific communication, which are highly sought-after skills required for qualified geoscientists to undertake mineral exploration and geoscience research on critical mineral systems in Canada.
Timothy Froude, P. Geo., President and CEO of Sokoman Minerals states; "We are thrilled this academic collaboration was awarded this substantial amount of funding directed towards the understanding of the lithium and associated critical mineral systems we discovered on the Killick Lithium Project. It's the type of work that rarely gets performed on mineral discoveries, as most of the funds raised and spent in the normal course of the vast majority of exploration projects are focused on delivering assays and drill results to the market. The in-depth research that the teams led by Dr. Donnelly Archibald at St. Francis Xavier University and Drs Eric Thiessen and David Lowe at Memorial University, in harmony with the partner organizations, will certainly aid in our search for additional lithium and associated critical minerals at Killick as well as regionally."
Stephen Stares, President and CEO of Benton states; "We are elated that such a highly skilled team of professionals will assist in advancing the understanding of our discovery through the critical mineral initiatives set forth by our various institutions. We look forward to the findings in our collective participation."
The main research objective is to better understand the geological controls on the formation of lithium-rich rocks in southern Newfoundland to better inform exploration targeting practices and promote lithium discovery. Addressing this primary objective involves a multidisciplinary investigation into (i) the processes controlling the transport of lithium from its source to host rocks, (ii) the magmatic emplacement processes that resulted in the formation of the lithium-rich rocks, (iii) the lithium source(s), (iv) structure and deformation that controls the present expression of lithium-rich rocks, and (v) the character and extent of associated metamorphic aureoles. The combination of fieldwork, mineralogy, geochronology, geochemistry, structural geology, regional geology, tectonics, sedimentology, and economic geology will yield a holistic model for the evolution of lithium pegmatite systems. Taken together, the new data and interpretations, coupled with the spatiotemporal relationship of regional geological context, will help us to understand the petrogenesis of lithium pegmatites in southern Newfoundland.
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Stephen House (P.Geo.), Vice President of Exploration for Benton Resources Inc., 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, Crippleback Lake, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company 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 is 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 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 $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.
Projects optioned with optionee fully vested:
East Alder Project optioned to Canterra Minerals Inc (SIC retains 850,000 shares of CTM plus 1% NSR)
Startrek Project optioned to Thunder Gold (SIC retains 1,750,000 shares of TGOL plus 1% NSR)
For more information, please contact:
Timothy Froude, P.Geo., President & CEO T: 709-765-1726 E:[email protected]
Cathy Hume, VP Corporate Development, Director T: 416-868-1079 x 251 E:[email protected]
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.
