SOMA GOLD Announces an Update to Planned Exploration ON the Otu Fault IN Antioquia, Colombia
SOMA GOLD ANNOUNCES AN UPDATE TO
PLANNED EXPLORATION ON THE OTU
FAULT IN ANTIOQUIA, COLOMBIA
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.
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For further information:
please contact Andrea Laird, telephone: +1-604-259-0302
CO: Soma Gold Corp.
CNW 07:20e 03-AUG-23