Magnetization, x-ray diffraction and specific-heat measurements reveal that SmCoAsO undergoes three magnetic phase transitions. A ferromagnetic transition attributed to the Co ions, emerges at TC=57 K with a small saturation moment of 0.15muB/Co. Reorientation of the Co moment to an antiferromagnetic state is obtained at TN2=45 K. The relative high paramagnetic effective moment Peff=1.57 MuB/Co indicates an itinerant ferromagnetic state of the Co sublattice. The third magnetic transition at TN1=5 K is observed clearly in the specific-heat study only. Both magnetic and 57Fe Mossbauer studies show that substitution of small quantities of Fe for Co was unsuccessful.