Soma Gold Corp (CVE:SOMA) (OTCMKTS:PRSRF) (FRA:8PR1) revealed on Wednesday that it has received the final permits needed to start construction of a planned second mine decline, named Athena, at its Cordero deposit in Colombia.
The producing gold miner said the portal will access the southern extent of the deposit, and in addition to “improved extraction,” will act as an “access point for personnel and as an emergency escape way.” Construction has already begun, added the company.
In a statement, Soma Gold CEO Javier Cordova said: "The approval of the construction permits is excellent news for the company as the new Athena portal will allow for additional mine production from the Cordero deposit at lower capital and operating costs while increasing worker safety.”
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“We are in the final months of putting Cordero into production, greatly extending the life of the El Bagre mill and accessing anticipated higher grade material which will further enhance the performance of an already profitable operation," he added.
The Athena access will 30° decline and is designed with a lower cost hoist haulage, explained the company. The anticipated final depth will be 280 meters, accessing both levels 2 and 3 of the mine. Inter-mine development is planned to connect this new portal with the current Fenix mine portal already in advanced construction.
The company expects the Athena decline program to reach completion by the end of the second quarter of 2021. It has been designed and is being constructed with internal resources and no new equipment is required, said the company.
Soma Gold owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tonnes per day (tpd) and is 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 and development property near Tucuma, Para State, Brazil.
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