About us text changedThe about us text on the Soma website has recently changed in a number of interesting places:
Here's the new text:
Soma Gold Corp. (“Soma”), listed on the TSXV and OTCQB, owns 100% of the El Bagre mine located on a 29,000 Ha property in Antioquia, Colombia. Soma owns two Merrill Crowe mills on the property, a 450 TPD operating mill and a 275 TPD mill set to restart operations in Q3 of 2023. The two mills can be expanded to 1,400 TPD with all permits currently in place.
The Company produced 23,500 ounces of gold in 2022 and is on track to produce 35,500 ounces in 2023, 45,000 ounces in 2024, and beyond.
Soma and the Government of Colombia have formalized small miners working on the property to ensure that the mined gold is milled and processed by the Company.
An extensive, multi-year and fully funded exploration program started in 2020 that was designed to demonstrate the continuity of mineralization and increased life of the mine through resource expansion.
The most recent NI 43-101 Resource Estimate, conducted by SLR Associates and announced on January 5, 2023, concludes a NPV of $95 million and a MI&I resource of over 404,000 ounces. Soma is targeting a resource on the property of over 1 million ounces.
Soma also owns an exploration and development property in Tucuma, Para State, Brazil that is currently optioned to Ero Copper of Vancouver, BC.
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So now they have a target of 1M oz gold. I expect they will upgrade the mill with this 1M gold ounces and will be able to produce ~100K oz for 10 or more years.
To reach that 1 million ounces they would have to be more aggressive on exploration in the coming years, so far they find an average of 100K oz per year with drilling.