A Newfoundland and Labrador-based junior miner led by Tim Froude has changed its name.
Froude is the veteran miner that I profiled in the current issue of Natural Resources Magazine.
On February 13 the company – formerly known as Sokoman Iron Corp. – announced the TSX Venture Exchange had approved the change in name of the company to Sokoman Minerals Corp.
As my profile of Froude lays out, the name change makes sense as his company isn’t paying much attention to iron ore plays anymore.
While Sokoman still owns the Iron Horse property in the Labrador Trough that it acquired in 2012, and which resulted in the company changing it’s name from Golden Dory Resources to Sokoman Iron Corp. in 2013, Froude once again has gold fever.
“The change of name better reflects the nature of the company’s portfolio of properties that comprise various commodities, primarily gold,” the company said in a press release announcing the name change.
Indeed. The yen for gold comes laregly from its Moosehead project in central Newfoundland that showed extremely promising results after the results of a 2,000 metre, 15-hole exploration drilling program it completed in the summer of 2018 were released.
The results, which included one hole (18-01) that showed a grade of 44.96 grams of gold per tonne in a mineralized zone, made Sokoman a hot pick among investors last summer and even convinced Canadian billionaire Eric Sprott, who made his fortune investing in gold and junior mining companies, to invest $2 million of his own money in Froude’s company.
Sokoman’s other gold properties include East Alder, Crippleback, Princess Lake and Clarks Brook. All of them are located in central Newfoundland.
But Moosehead is the company’s priority and where it is concentrating its exploration efforts.
On Feb. 1 Sokoman took 100 per cent ownership of Moosehead Gold property from Altius Resources Inc. – subject to a two per cent net smelter royalty – having spent a required minimum of $500,000 in exploration as operator within the first year as per its option agreement with Altius.
A few days later, on Feb. 6, Sokoman started another round of drilling on the Moosehead property with two drill rigs focusing on targets “in the Eastern and Western trends plus some outlying areas, as well as targets identified from a detailed structural review of the Eastern trend drill holes,” the company says in another press release issued that day.
The end game for Sokoman Minerals Corp. is to find enough reserves at Moosehead to get a gold mine built and operating one day.
For now, a name change and more exploration drilling must suffice its shareholders.