Soma Gold Corp. (TSX-V:SOMA) said it produced 3,035 gold equivalent (AuEq) ounces and sold 3,139 AuEq ounces of gold during the month of May, with the gold recovery rate for the month at 88.0%.
The company noted that the trend of improving gold recovery rates continues, with a progression from 86.7% in 2021 to 87.2% in 2022, to the current year-to-date rate of 88.6% in 2023.
In a statement, Javier Cordova, Soma's president and CEO, commented: "The Cordero Mine is operating according to the planned production schedule while maintaining development work one year ahead of mining activities. We are also making good progress on our objective of improving recovery by increasing the rate at the mill by nearly 2% during the past two years.”
He added: “We have committed to an ongoing program that aims to achieve a recovery rate exceeding 90% by the end of 2024. Improving recovery generates a considerable return to the bottom line. The enhancements made over the past year are projected to contribute approximately 700 additional ounces of total gold production in 2023, all achieved at a negligible incremental cost."
Soma Gold owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tonnes per day (tpd) - permitted for 1,400 tpd.
Contact the author at jon.hopkins@proactiveinvestors.com