News outNuff said:
Soma Gold produces 17,179 oz AuEq in 2020
2021-01-06 07:29 ET - News Release
Mr. Javier Cordova reports
SOMA ANNOUNCES 2020 FULL YEAR GOLD PRODUCTION OF 17,179 OUNCES
Soma Gold Corp.'s wholly owned subsidiary, Operadora Minera SAS, produced 17,179 gold equivalent ounces in 2020, ahead of a budget of 15,479 AuEq ounces, a 10.98-per-cent improvement over budget.
The Cordero-Balvina portal, which commenced construction at the end of September, 2020, advanced by over 200 metres as of Dec. 31, 2020. The construction of the portal is approximately 75 to 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 the second quarter of 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 metres of exploration and resource expansion drilling, expanding to the north and downdip 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 chief executive officer, stated: "Two thousand twenty was an excellent year for Soma Gold. 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 under way, and good insight into the geology of our 29,000-hectare 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."
Edwin Naranjo Sierra, FAusIMM, MSc, senior geologist and director of exploration for Soma Gold, is the qualified person within the meaning of National Instrument 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.
About Soma Gold Corp.
Soma Gold 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 tonnes per day (permitted for 1,400 tpd). The El Bagre mill is currently operating and producing, and the El Limon mine and mill are scheduled to begin operating in first quarter 2021. Internally generated funds will be used to finance a regional exploration program.
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