Soma Gold Corp. (CVE:SOMA) (OTCMKTS:PRSRF) has announced that January 2021 gold production at the company's Operadora subsidiary exceeded the planned 1,361 ounces by 22.2%, with a total production of 1,663 ounces gold
In addition, Soma said the Fenix Portal, which will give the company access to the Cordero-Balvina deposit, is approximately 35% of the way to reaching the ore body at Level 3.
This first phase of the decline totals 890 meters. The decline will then continue for an additional 610 meters to provide access to lower mine levels. The company anticipates commencing mining on Level 3 in the second quarter of 2021.
The average grade in Cordero-Balvina is 6.2 grams per ton (g/t) versus the 3.6 g/t the company has been mining at the Los Mangos and La Ye deposits.
The group said mining will be fully ramped up in the third quarter when it expects monthly gold production to increase proportionately.
Soma Gold owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tons per day (tpd) and permitted for 1,400 tpd. The La Ye mine is currently operating and producing, and the El Limon mine and mill are scheduled to begin operating in Q1 2021. Internally generated funds will be used to finance a regional exploration program.
The company also owns an exploration and development property near Tucuma, Para State, Brazil.
Shares in Toronto added 5.26% to C$0.40 each.
----Updates for share price---
Contact the author at jon.hopkins@proactiveinvestors.com