Sokoman Minerals Corp (OTCMKTS:SICNF) fell 3% after the company, and Benton Resources Inc announced the completion of an exploration drill program testing of 1025m at the Kraken Pegmatite Field with the Golden Hope Joint Venture Project in Newfoundland.
Market Reaction
On Thursday, SICNF stock fell 3.14%% to $0.2745 with 53K shares, compared to its average volume of 96k shares. The stock moved within a range of $0.2555 – 0.2918 after opening trade at $0.2918.
Benton and Sokoman Complete Recon Drilling at Kraken Pegmatite Field on the Golden Hope Project, Southwestern Newfoundland
This is the first documented drill project in Newfoundland, Canada, that is specifically exploring lithium deposits.
The five-hole project involves over 100 float and outcropping grab tests, as well as compound chips samples, that yielded lithium readings ranging from 0.05 percent to 2.37 percent Li2O in a 100 square meters region near the initial finding (map in development; will be released soon).
All holes drilled intersected distinct mineralization, spodumene-bearing embankments varying in depth from less around 1 m to roughly 8 m in drilled depth (actual depths are unknown at the moment), from ground to roughly 50 m vertically beneath the surface. Primary sampling and logging are ongoing and will be finalized within a week. So investors should watch SICNF.
Key Quote
Benton’s President and CEO Stephen Stares, states: “Even though we only tested a small portion of the Kraken pegmatites, Benton is quite pleased with the data and understanding received in this current program. It’s apparent that the Alliance should establish an onsite camp and use a tracked drill rig to test the scale of the Kraken pegmatite swarm more efficiently. In addition, the large zones of silicification and sulphides are a welcome surprise, and it will be interesting to see if there is gold in this mineralized system. We are excited for the future of this project as we get ready to ramp-up exploration in the coming months.”
Traders Review
SICNF stock is trading below the 20-Day and 50-Day Moving averages of $0.2724 and $0.27 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.3364.
