VANCOUVER, BC, Aug. 3, 2023
/CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the "Company" or "Soma") announced the acquisition of
the Otu Centro properties in Antioquia, Colombia, in May
2023 (see press release, May 17,
2023). The property is immediately to the south of, and
contiguous with, the Company's existing Zara exploration properties
in Antioquia, Colombia, along the
prolific Otu Fault corridor. Soma has initiated the exploration of
the new properties and is pleased to provide an update on the
planned 2023 exploration program.
The most significant vein occurrences are at the La Aurora and
Constancia mines, which have over 1,000 meters of development work
to a depth of 130 m. The project has
had limited historical diamond drilling. Most of the exploration on
the property has been surface exploration and informal small-scale
mining at some of the known quartz veins on the property. Soma has
planned a two-phase 10,000 m diamond
drill program to start in Q3 of 2023. Phase 1 of the program is
5,000 m of drilling designed to
evaluate structural controls on the quartz veins in the La Aurora
and Constancia mines. The drill holes will target the down-plunge
extent of recently identified high-grade ore shoots within the
mine. The deposit is also open along strike to the north and south.
Evaluation of the along-strike potential for mineralization will be
tested during the phase 1 drilling program. The drilling program at
the La Aurora Mine will be completed by a contract drilling
company, Logan Drilling Colombia S.A.S. This contract drilling is
in addition to the ongoing 20,000 m
annual drill programs on the Bagre and Zara projects. Total
drilling on the Company's properties on the Otu fault is
294,464 m.
Soma has applied for permits for the drill platforms required
for the 2023 exploration program. While awaiting regulatory
approval, Soma has initiated meetings to advance its ESG program
within the local community at Machuca, Colombia. Furthermore, the exploration team
has completed a compilation of historical data prior to the start
of field mapping, geochemical sampling, and prospecting on the
property this month.
In addition to the exploration activities on the Otu Centro
property and the continuation of the work to expand resources at
the Cordero Mine, Soma is initiating a mapping, soil sampling and
stream sediment program on the Nechi property to better identify
drilling targets planned for 2024.
The updated program contemplates an annual program that includes
over 40,000 meters of diamond drilling with a yearly exploration
spend of approximately US$4 million.
This pace of exploration is expected to continue through 2025.
Soma's Vice President of Exploration, Chris
Buchanan, stated, "Our exploration team is excited to have
started mapping and prospecting activities on the Otu Centro
Property. The amount of informal mining activity at several
different gold-bearing quartz veins indicates the strong potential
for discoveries along the Otu Fault. Soma's pending drill program
will target newly recognized high-grade ore shoots within the past
producing La Aurora and Constancia mines. We're excited to expand
these deposits along strike and down-dip with new drilling this
season."
The Otú fault system ("Otú Fault") has a strike length of over
100 km, from Segovia-Remedios in the south to Nechi in the north
(where it is buried by younger sedimentary overlap sequences).
Soma's property holdings now cover more than 56 km of this strike
length. High-grade gold mineralization occurs along the entire
strike length of the Otú Fault. The high-grade gold occurs in
brittle-ductile to brittle quartz veins that form during later
stages of deformation along the Otú Fault. Across the district, the
quartz veins display orientation patterns that suggest the veins
form in conjugate faults associated with brittle faulting on the
Otú Fault. Notable mines along the Otú trend include
Segovia-Remedios, La Aurora, El Limon, Le
Ye, Los Mangos, and Cordero. The Otu Centro Property is
located along a critical segment of this regional fault structure
and contains numerous indications of high-grade gold
mineralization.
Qualified Person
Statement
Mr. Chris Buchanan, P.Geo, is
Soma's Vice-President of Exploration and a Qualified Person as
defined by National Instrument 43-101. Mr. Buchanan has reviewed
the technical information disclosed in this press release.
ABOUT SOMA GOLD
Soma Gold Corp. (TSXV: SOMA) is a mining company focused on gold
production and exploration. The Company owns two adjacent mining
properties in Antioquia, Colombia
with a combined milling capacity of 675 tpd. (Permitted for 1,400
tpd). The El Bagre Mill is currently operating and producing.
Internally generated funds are being used to finance a regional
exploration program.
The Company also owns an exploration property near Tucuma, Para
State, Brazil that is currently
under option to Ero Copper Corp.
On behalf of the Board of Directors
"Javier Cordova Unda"
Chief Executive Officer and
President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
All statements, analysis and other information contained in this
press release about anticipated future events or results constitute
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "expect" and "intend"
and statements that an event or result "may", "will", "should",
"could" or "might" occur or be achieved and other similar
expressions. Forward-looking statements are subject to business and
economic risks and uncertainties and other factors that could cause
actual results of operations to differ materially from those
contained in the forward-looking statements. Forward-looking
statements are based on estimates and opinions of management at the
date the statements are made. The Company does not undertake any
obligation to update forward-looking statements even if
circumstances or management's estimates or opinions should change
except as required by applicable laws. Investors should not place
undue reliance on forward-looking statements.
SOURCE Soma Gold Corp.