SOMA GOLD Announces Agreement to Acquire the Escondida MINE in Antioquia, Colombia
SOMA GOLD ANNOUNCES AGREEMENT TO
ACQUIRE THE ESCONDIDA MINE IN
ANTIOQUIA, COLOMBIA
Highlights:
Fully-permitted gold mine with a rapid potential for scale
Located within trucking distance of Soma's El Limón mill
High-grade vein system with an average diluted gold grade of 9 g/t
Property has never been systematically explored; drilling program planned for Q3 2025
VANCOUVER, BC
,
July 7, 2025
/CNW/ -
Soma Gold Corp.
(TSXV: SOMA) (WKN: A2P4DU) (OTC:
SMAGF) (the "
Company
" or "
Soma
") is pleased to announce that it has signed an Agreement to
acquire 100% of the rights derived from the 1,051-hectare Concession Mining Contract No. KB5-
15371, located in Cáceres, Antioquia,
Colombia
(the "
La Escondida Mine
"), together with all
associated mining assets, operational, mining and environmental permits, equipment and data,
inventory, administrative assets, and more. The agreement is subject only to final legal due diligence
and is expected to close in the coming weeks.
La Escondida Mine
The La Escondida Mine is a legal small-scale operation with a full set of permits, including a PTO,
environmental, and explosives permit. There are two winzes into the main Escondida vein and a
small informal mill on the property. The site is accessed via a gravel road from Zaragosa or
Cáceres,
Colombia
. The road is suitable for truck access, with a travel time of approximately 1.5
hours from the site to the El Limón Mill in Zaragosa.
The Escondida vein has been traced for 800 meters along strike to the northeast and down-dip for
approximately 135 meters. The vendor has mined 200 meters of strike length down to a vertical
depth of 105 meters. The mine was developed in 5-meter levels, most of which have been
backfilled. The mine produces 10-20 tonnes of ore per day at approximately 9.0 g/t Au, which
reflects the mill's current capacity.
The vein is 15-50 cm thick but is accompanied by a 1.0-3.0 meter thick clay alteration package that
is also variably mineralized. The style of veins, alteration, and sulphide mineralization is consistent
with an intermediate sulphidation epithermal vein system. The host rock is a competent intermediate
to felsic intrusive rock.
The geometry of the vein, known strike-length, and gold tenor of the current production suggest that
the Escondida vein is likely to contain a significant quantity of gold. However, there has never been a
drilling program to sample the strike extent of the Escondida vein. An initial 2,500-meter drill program
would rapidly determine the strike and down-dip extent of the Escondida Vein and begin to quantify a
NI 43-101-compliant gold resource outside on the La Escondida property. In addition to the main
vein that is currently being mined, at least five other veins are known on the tenement from illegal
surface workings and prospecting.
Regional, coarse-scale geophysics indicates that the vein-hosting structures extend on the property
to the northeast and southwest. Additional quartz veins are known from illegal surface mining, but the
tenement has never been systematically explored. An exploration program, including geological
mapping, prospecting, and soil sampling, will be conducted to evaluate the entire project area for
additional gold mineralization.
The purchase price is
US$3 million
, payable in tranches of
US$1 million
at closing,
US$500,000
on
the first anniversary,
US$500,000
on the second anniversary, and
US$1 million
on the third
anniversary. Soma will also pay a 0.5% NSR on all gold produced from the site. The NSR can be
purchased at any time for a one-time payment of
US$750,000
.
Location La Escondida (CNW Group/Soma Gold Corp.)
Geoff Hampson
, Soma's CEO, states, "The purchase of the Escondida Mine aligns with our strategy
to grow production from our operations in Antioquia. Soma will invest in operational improvements to
quickly increase production at Escondida to 40-50 tonnes per day. The ore will be trucked to the El
Limón Mill for processing. The average grade at Escondida is higher than the grades of ore from the
Cordero and Aurora mines, which are currently being stockpiled at El Limón. As such, Escondida ore
will increase the average head grade at the mill. Preliminary geological work on the vein structure
indicates the potential for a significant addition to Soma's resource. A drilling program is planned for
Q3 2025 to test the indicated 800 meters of strike, the vein extension at depth, and an additional
vein on the property. It is anticipated that these results will support the inclusion of additional
resources in the NI 43-101 Technical Report Update scheduled for early 2026."
La Escondida Long Section (CNW Group/Soma Gold Corp.)
Table of historical underground channel samples at Mina La Escondida
Channel ID
From
(m)
To (m)
Length
(m)
Au
Grade
(g/t)
ECAN_0001
0
6.5
6.5
0.04
ECAN_0002
0
1
1
0.79
ECAN_0003
0
1.5
1.5
3.51
incl.
0.25
1
0.75
6.87
ECAN_0004
0
0.6
0.6
0.015
ECAN_0005
0
2.1
2.1
7.73
incl.
1
1.5
0.5
32.43
ECAN_0007
0
5.4
5.4
0.1
ECAN_0008
0
1.2
1.2
0.8
ECAN_0009
0
1.7
1.7
3.41
incl.
1
1.3
0.3
18.94
ECAN_0010
0
1.3
1.3
6.28
incl.
0.25
0.55
0.3
27.15
ECAN_0011
0
4.8
4.8
0.32
incl.
3
4
1
1.4
ECAN_0012
0
1.3
1.3
0.95
ECAN_0013
0
1.5
1.5
0.015
ECAN_0020
0
1
1
7.72
incl.
0.75
1
0.25
23.96
ECAN_0021
0
1.7
1.7
0.02
ECAN_0022
0
1.38
1.38
23.96
incl.
1
1.18
0.18
178.58
ECAN_0023
0
1.4
1.4
5.1
incl.
1
1.4
0.4
17.6
ECAN_0024
0
0.8
0.8
2.54
incl.
0.3
0.8
0.5
3.93
ECAN_0025
0
1.9
1.9
6.88
incl.
0.75
1.2
0.45
28.21
ECAN_0026
0
1.3
1.3
3.27
incl.
1
1.3
0.3
14.11
ECAN_0029
0
1.9
1.9
0.02
ECAN_0030
0
1.7
1.7
0.02
ECAN_0032
0
1.4
1.4
0.96
incl.
0.4
1.4
1
1.24
ECAN_0033
0
1.4
1.4
5.04
incl.
1
1.4
0.4
12.39
ECAN_0034
0
0.4
0.4
0.74
ECAN_0035
0
1.9
1.9
11.4
incl.
1.2
1.9
0.7
30.13
ECAN_0036
0
1.6
1.6
1.82
incl.
1
1.2
0.2
14.48
ECAN_0037
0
0.6
0.6
5.22
incl.
0.2
0.4
0.2
14.03
ECAN_0038
0
0.7
0.7
14.32
ECAN_0039
0
1.25
1.25
0.015
ECAN_0040
0
1
1
4.97
incl.
0
0.3
0.3
16.52
ECAN_0041
0
1
1
6.98
incl.
0.4
1
0.6
11.43
ECAN_0042
0
1.3
1.3
10.88
incl.
0.8
1.3
0.5
28.01
ECAN_0043
0
1.25
1.25
7.94
incl.
1
1.25
0.25
37.59
ECAN_0044
0
1.2
1.2
10.9
incl.
0
1.2
1.2
10.9
ECAN_0045
0
0.5
0.5
0.63
ECAN_0046
0
1.05
1.05
0.74
incl.
0.4
0.6
0.2
1.67
ECAN_0047
0
0.95
0.95
0.78
incl.
0.45
0.95
0.5
1.46
ECAN_0048
0
0.9
0.9
18.33
incl.
0.4
0.7
0.3
18.07
and incl.
0.7
0.9
0.2
55.1
ECAN_0049
0
0.65
0.65
41.27
ECAN_0050
0
0.9
0.9
3.64
incl.
0
0.65
0.65
5.03
ECAN_0051
0
0.6
0.6
36.63
ECAN_0052
0
1.2
1.2
3.98
incl.
0
0.8
0.8
5.8
ECAN_0053
0
0.5
0.5
5.04
ECAN_0054
0
1.35
1.35
10.24
incl.
0.55
1.35
0.8
17.27
ECAN_0055
0
1.4
1.4
0.26
ECAN_0056
0
1.65
1.65
0.02
ECAN_0057
0
2.5
2.5
0.45
incl.
0
0.5
0.5
2.19
ECAN_0058
0
1
1
0.015
ECAN_0059
0
1.1
1.1
15.96
incl.
0
0.55
0.55
31.91
ECAN_0060
0
1.3
1.3
38.36
incl.
0
0.3
0.3
164.01
ECAN_0061
0
1.25
1.25
15.55
incl.
0
0.25
0.25
73.22
and incl.
0.25
1.25
1
1.13
ECAN_0062
0
0.8
0.8
6.83
incl.
0
0.3
0.3
18.19
ECAN_0063
0
0.95
0.95
13.71
incl.
0
0.25
0.25
52.04
ECAN_0064
0
2.8
2.8
1.45
incl.
1.1
2
0.9
4.1
and incl.
2
2.3
0.3
1.19
ECAN_0065
0
0.8
0.8
11.02
incl.
0
0.4
0.4
21.94
ECAN_0066
0
1.5
1.5
4.51
incl.
0
0.5
0.5
13.51
ECAN_0067
0
1.5
1.5
40.54
incl.
0
0.5
0.5
121.6
ECAN_0068
0
1.25
1.25
3.42
incl.
0
0.25
0.25
16.21
ECAN_0069
0
1.2
1.2
6.77
incl.
0
0.3
0.3
27.04
ECAN_0070
0
0.6
0.6
0.015
ECAN_0071
0
1.5
1.5
7.04
incl.
0.45
0.75
0.3
35.14
ECAN_0072
0
1.6
1.6
2.55
incl.
0
0.8
0.8
5.09
ECAN_0073
0
0.9
0.9
2.47
incl.
0.6
0.9
0.3
7.35
ECAN_0074
0
1.3
1.3
5.11
incl.
1
1.3
0.3
22.11
ECAN_0075
0
0.7
0.7
3.13
incl.
0.4
0.7
0.3
7.28
ECAN_0076
0
1.2
1.2
4.4
incl.
1
1.2
0.2
26.33
ECAN_0077
0
0.7
0.7
17.93
incl.
0.45
0.7
0.25
50.18
ECAN_0078
0
1.6
1.6
6.41
incl.
0
1.1
1.1
9.32
ECAN_0079
0
0.9
0.9
0.015
ABOUT SOMA GOLD
Soma Gold Corp. (TSXV: SOMA) is a profitable mining company focused on gold production and
exploration. The Company owns over 43 sq. kilometers of mineral concessions following the prolific
OTU fault in Antioquia,
Colombia
and two fully permitted mills located within 25 kilometers of each
other, with a combined milling capacity of 675 tpd. The El Bagre Mill operates at 450 TPD and the el
Limon mill is slated to re-start operations in Q3 2025. Internally generated funds are being used to
finance a regional exploration program.
With a solid commitment to sustainability and community engagement, Soma Gold Corp. is
dedicated to achieving excellence in all aspects of its operations.
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
"Geoff Hampson"
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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/July2025/07/c0001.html
%SEDAR: 00030511E
For further information:
For further information, please contact Andrea Laird, telephone: +1-604-
259-0302
CO: Soma Gold Corp.
CNW 04:20e 07-JUL-25