TSX Venture declines, July 23-27

The S&P/TSX Venture Composite Index fell 1% to end the trading week at 707.37.

Sokoman Iron shares rose 263% to 15¢ after the company struck gold with the first hole at its recently acquired Moosehead Gold project in central Newfoundland.

The hole found a quartz vein with 50 specks of visible gold at a hole depth of 115 metres — 80 metres up from the intended target of the drill hole. It was drilled to test the up-dip potential of a historical intercept in 2003 by Moosehead’s previous owner, Altius Resources. That intercept returned 278 grams gold per tonne over 0.45 metre at 257 metres downhole. The quartz vein lies between Moosehead’s Western and Eastern trends, which could indicate a new trend. Sokoman will wait for assay results and finish a downhole televiewer survey to plan more drilling on the new zone.

Sokoman will continue its drill program focusing on the shallow mineralization of Moosehead’s Western trend. The program will encompass 2,000 metres of drilling over 12 to 15 holes and take six weeks to complete.

Sokoman is also focused on the Central Newfoundland gold project and the Clarks Brook gold project. The Central Newfoundland gold project has 220 mineral claims across three newly acquired project areas — East Alder, Crippleback Lake and Princess Lake — on the Cape Ray-Valentine Lake-Alder Zone structural trend. Sokomon recently drilled the Clarks Brook gold project in its phase-two drilling program, where it intersected a network of narrow, pyritic quartz veinlets that returned 3.74 grams gold over 3.1 metres.

Metals Creek Resources shares increased 50% to 9¢, after the company tabled assays from 12 grab samples taken from the newly found Totem South gold zone on the Great Brehat gold project in northern Newfoundland. The samples ranged up to 0.823 gram gold per tonne with an average grade of 0.143 gram gold. The company will carry out follow-up sampling.

The Great Brehat property is next to White Metal Resources’ Gunners Cove property. Grab samples there have returned 5.86 grams gold, 8 grams silver, 0.13% copper and 0.0375% molybdenum. Metals Creek staked its claims at Great Brehat to cover geology similar to that of White Metals Resources.

The company’s flagship property is Ogden, a fifty-fifty joint venture with major Goldcorp. Ogden has over 8 km of strike length along the Porcupine-Destor Break in the Timmins area of northern Ontario. Recent drilling results include intercepts of 210.19 grams gold over 12.5 metres, with 2,732 grams gold over 0.93 metre.