Company
CVE:SOMA
Soma Gold Corp. is a gold mining company in the prolific area of Antioquia, Colombia focused on scaling up production and increasing the size of its resource. Through a wholly owned Colombian subsidiary, Soma operates from two producing mines and has a third under construction on a 29,000 hectare (Ha) property. Processing is done at both the 100% owned El Bagre and El Limon mills with a combined capacity of 675 tonnes per day (TPD), which can expand to 1,400 TPD. All permits for expansion are presently in place. An extensive, multi-year and fully funded exploration program has been designed to demonstrate the continuity of mineralization and increased life of the mine. The senior management team and board have a strong mining and financial background and are actively working with local communities, and various government agencies in order to maintain its ESG status. Soma also has an exploration and development property in Tucuma, Para State, Brazil.
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This means mining can begin at the asset although some additional development work is needed to access the stopes and begin full mining operations
The company also announced that during the second quarter ending June 30, 2021, it produced 4,020 gold equivalent ounces and sold 3,799 ounces
The precious metals company also generated an EBITDA of $3.16 million and an adjusted EBITDA of $3.22 million over the same period
Since acquiring El Bagre on May 28, the company posted revenue of C$23 million and net income of C$6.8 million
The Estrella-Diamantina mineralized trend extends for over 4km in strike and hosts an exploration target of more than 500,000 ounces of gold down to 250m in depth
CEO Javier Cordova said the new Athena portal will allow for “additional mine production from the Cordero deposit at lower capital and operating costs while increasing worker safety”
At the Cordero-Balvina target, the current round of drilling kicked off in early November last year
The company has now completed the next phase of infill drilling at the deposit and highlights include 3.70 metres of 2.37 grams per ton 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
