Soma Announces 2020 Full-Year Gold Production of 17,179 Ounces
16,850 Meters of Drilling Completed
January 6, 2021, Vancouver, British Columbia, - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: PRSRF) (the “Company” or “Soma”) is pleased to announce that its wholly-owned subsidiary, Operadora Minera S.A.S. produced 17,179 AuEq ounces in 2020, ahead of a budget of 15,479 AuEq ounces, a 10.98% improvement over budget.
The Cordero-Balvina portal, which commenced construction at the end of September 2020, advanced by over 200 meters as of December 31, 2020. The construction of the portal is approximately 75 - 90 days behind schedule due to poor rock stability and mechanical issues with the contractors equipment. The decline is now expected to encounter the targeted higher grade mineralized zone in Q2 2020. Construction is now in stable and competent rock and the rate of advance is expected to improve.
During 2020, the Company completed 16,850 meters of exploration and resource expansion drilling, expanding to the north and down-dip of the Cordero-Balvina deposit and testing structural geological hypotheses on the underexplored, on-trend portion of the Company’s property.
Javier Cordova, Soma’s President and CEO, states, “2020 was an excellent year for Soma Gold Corp. The acquisition of Operadora Minera in June has been a “game changer”. We closed the year with gold production, revenue and exploration drilling ahead of plan, access to a new deposit at Cordero-Balvina underway and good insight into the geology of our 29,000 Ha property where there has been extensive artisanal mining, indicating additional resources. We now have a number of high priority targets for further drilling in 2021. I am very pleased with the performance of our team in Colombia and look forward to even stronger results in 2021. We are committed to increasing shareholder value through profits, debt reduction, lower operating costs and increased production.”
Mr. Edwin Naranjo Sierra, FAusIMM, MSc, Senior Geologist and Director of Exploration for Soma Gold Corp. is the Qualified Person, within the meaning of NI 43-101. Mr. Naranjo is satisfied that the analytical procedures and best practices used are standard industry methodologies, and he has reviewed and approved the technical information disclosed in this news release.