VANCOUVER, BC, July 16,
2024 /CNW/ - Soma Gold Corp. (TSXV:
SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the "Company" or
"Soma") is pleased to announce initial results from the 2024
diamond drill program at the Cordero Mine on the Bagre Project in
central Colombia (Figure 1).
Nineteen diamond drill holes, totalling 2,759m of drilling, were completed by underground
and surface drill rigs (Figure 2). The drilling to date has
targeted the up-dip extension of gold-bearing quartz veins commonly
referred to as the "Cordero Vein." The Cordero Vein has been
successfully mined from Level 2 to Level 6 of the mine. Earlier
attempts to develop above Level 2 were terminated in a
cross-cutting mafic dyke. The Q1/Q2 drill program was designed to
evaluate the western side of the dyke for the continuation of the
Cordero Vein, a target that had not previously been tested. Assays
from the drill holes are reported and discussed in this press
release.
Highlights include the following drill intercepts:
- CIN2DDH-24-012 5.2m at 7.0g/t
Au incl. 0.5m at 47.0g/t Au and
0.5m at 17.7g/t Au
- CORDDH-24-003 2.7m at 11.5g/t
Au incl. 0.5m at 28.6g/t Au,
0.5m at 14g/t Au, and 0.55m at 10.1g/t Au
- CORDDH-24-005 2.1m at 9.3g/t
Au incl. 0.6m at 31.1g/t Au
- CORDDH-24-007 1.5m at 13.1g/t
Au incl. 0.6m at 32.6g/t
Au
- CORDDH-24-010 3.7m at 31.4g/t
Au incl. 0.6m at 189.2g/t
Au
The Cordero Deposit is hosted in the El Carmen Stock, which is
comprised of coarse-grained tonalite, diorite, and gabbroic phases.
The quartz veins are formed as laminated fault-fill veins within a
sinistral brittle-ductile shear zone. They are interpreted as
conjugate shears within a steeply-dipping, north-striking regional
shear zone. The controlling shear zone also hosts the Los Mangos
Deposit 2.8 kilometres to the north. The quartz veins within the
Cordero Deposit form a series of en echelon segments that
consistently step to the right along strike. The veins have been
repeatedly reactivated and exhibit three distinct phases of
development: early barren quartz veins, sphalerite + galena +
pyrite + gold mineralization controlled by microfractures, and
brittle fracturing along the margins of the veins filled with
quartz + pyrite + tellurides + gold. Gold mineralization is
associated with the latter two phases of vein development. The
final stage of brittle fracturing and micro-breccia is commonly
associated with bonanza gold grades. The veins are subsequently
crosscut by aphanitic mafic dykes and numerous brittle faults. The
brittle faults are generally dextral and offset the quartz veins
from <1.0m to 10's of metres. The
late brittle faults commonly dismember the mineralized veins into
short strike-length segments, the continuity of which is difficult
to discern from drill data.
Soma's Vice President of Exploration, Chris
Buchanan, stated, "The potential for mineralized quartz veins
west of the dyke that halted stope development on Level 2 of the
Cordero Mine was previously untested. The initial high-grade
intercepts west of the dyke are exciting and represent an
opportunity to add additional ounces to the mine plan that can be
accessed from current underground developments."
Table 1 presents the composited assay results from nineteen
drill holes in Level 1. Seven of the drill holes intersected
mineralized quartz veins, five of which contain bonanza grades of
gold. Notably, drill holes CORDDH-24-003 and CORDDH-24-010 also
contained visible gold in the high-grade intervals (see Plate 1).
The drill holes that did not intersect the main quartz vein
typically intersected one of the younger mafic dykes or a fault gap
between the vein segments. Seven drill holes at the south end of
the Level 1 zone have intersected quartz vein structures containing
sulphides, but assays are pending for these holes.
In 2021 and 2022, Soma mined Level 2 of the Cordero Vein for a
combined strike length of approximately 355m, which the Company believes remains open on
strike. Level 2 stopes along the vein were terminated up-dip at the
contact of a mafic dyke. The Q1 drill program intersected
high-grade quartz veins over a strike length of 237m on the west side of this dyke system. Figure
3 presents the geological interpretation of the western, up-dip
continuation of the mineralized veins, cross-cutting dykes, and
late brittle faults. The younger dykes and faults dismember the
quartz vein into approximately eight vein segments with either
dextral offset or missing sections of the veins within the dykes.
The location of high-grade composite assays is highlighted by
representative spheres and labels.
A long section of the drill intercepts is presented in Figure 4.
The high-grade intercepts are at approximately the same elevation
but are contained in different segments of the quartz veins.
Additional surface drilling will be completed to determine the
up-dip extent of each interpreted vein segment and better evaluate
the distribution of gold grade within the segments. The Soma
exploration team is currently working on an internal resource based
on this geological model. The internal resource model will be used
to plan the development work required to start mining operations on
Level 1 in late Q3 or early Q4 of 2024.
In addition to supporting mining operations at Cordero Mine,
Soma's exploration team continues to evaluate numerous small-scale
mines in the vicinity of Machuca. Two out of three planned soil
grids have been completed. These grids were designed to determine
the continuity of gold mineralization between the informal mines
along the Otú Fault. The main Machuca soil grid has delineated
three soil anomalies up to 900m along
strike. Follow-up prospecting along the anomalies is
currently underway, and Soma expects to initiate drilling on the
soil anomalies in Q3 2024. Soma also continues to work with the
local communities on the Machuca Property as part of its ongoing
ESG program.
Table 1 Composited Au assays from Cordero Level 1 Drill holes
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Composite Assays
(g/t Au)
|
CORDDH-24-001
|
no sample has more than
1g/t Au
|
CORDDH-24-002
|
71.1
|
71.6
|
0.5
|
0.5m@1.1 g/t
Au
|
CORDDH-24-003
|
74.15
|
76.85
|
2.7
|
2.7m@11.5 g/t
Au
|
|
|
|
incl.
|
0.5m@14.3 g/t
Au
|
|
|
|
and
|
0.55m@10.1 g/t
Au
|
CORDDH-24-004
|
no sample has more than
1g/t Au
|
CORDDH-24-005
|
82.8
|
83.3
|
0.5
|
0.5m@1.3 g/t
Au
|
CORDDH-24-005
|
94.2
|
96.3
|
2.1
|
2.1m@9.3 g/t
Au
|
|
|
|
incl.
|
0.6m@31.1 g/t
Au
|
CORDDH-24-006
|
no sample has more than
1g/t Au
|
CORDDH-24-007
|
92.65
|
94.15
|
1.5
|
1.5m@13.1 g/t
Au
|
|
|
|
incl.
|
0.6m@32.6 g/t
Au
|
CORDDH-24-008
|
107.15
|
108.55
|
1.4
|
1.4m@4.4 g/t
Au
|
|
|
|
incl.
|
0.7m@7.7 g/t
Au
|
CORDDH-24-009
|
no sample has more than
1g/t Au
|
CORDDH-24-010
|
89.6
|
93.3
|
3.7
|
3.7m@31.4 g/t
Au
|
|
|
|
incl.
|
0.6m@189.2 g/t
Au
|
CIN2DDH-24-012
|
118.7
|
120.5
|
1.8
|
1.8m@1.1 g/t
Au
|
CIN2DDH-24-012
|
128.6
|
130.6
|
2
|
2.0m@2.9 g/t
Au
|
CIN2DDH-24-012
|
134.73
|
139.93
|
5.2
|
5.2m@7.0 g/t
Au
|
|
|
|
incl.
|
0.5m@47.0 g/t
Au
|
|
|
|
and
|
0.5m@17.7 g/t
Au
|
CIN2DDH-24-017
|
no sample has more than
1g/t Au
|
CORDDH-24-011
|
-
|
-
|
-
|
Pending
results
|
CORDDH-24-012
|
-
|
-
|
-
|
Pending
results
|
CORDDH-24-013
|
-
|
-
|
-
|
Pending
results
|
CORDDH-24-014
|
-
|
-
|
-
|
Pending
results
|
CORDDH-24-015
|
-
|
-
|
-
|
Pending
results
|
CORDDH-24-016
|
-
|
-
|
-
|
Pending
results
|
CORDDH-24-017
|
-
|
-
|
-
|
Pending
results
|
The Otú fault system ("Otú Fault") has a strike length of over 100
km, from Aris's Segovia-Remedios mines (TSX: ARIS) 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
56km 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 Machuca
Property is located along a critical segment of this regional fault
structure and contains numerous indications of high-grade gold
mineralization.
QA/QC Statement
Soma follows a comprehensive QA/QC program to ensure the
reliability of assay data collected from its exploration programs.
All samples are sawn or split in half, with one half being returned
to the core box for storage. The second half-core is placed in a
labelled plastic bag with a tag, document, and sealed for shipment.
Batches of samples are shipped to Actlabs Colombia SAS (Actlabs) in
Rio Negro with security tags and
documented chain of custody.
Pulps of each sample are prepared in Rio
Negro. Pulp samples are then shipped to Actlabs Canada for
multi-element analysis. All samples are analyzed using package 1E3,
an ICP-MS analysis that provides the concentration of 51 elements.
Fire assay analysis for gold and Silver is completed by Actlabs in
Rio Negro. Thirty-gram aliquots of
each sample are analyzed for gold using a standard fire assay with
an atomic absorption finish, package 1A2. Overlimit samples are
subjected to an additional fire assay with a gravimetric finish,
package 1A3-30, to determine the gold concentration.
A comprehensive QA/QC program has been implemented to monitor
the reliability of assay data collected during exploration
programs. The program includes the regular insertion of certified
blanks, duplicates, and certified OREAS standards. Assays of the
QA/QC samples are automatically compared to the certified value and
standard deviations in the database.
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.
With a solid commitment to sustainability and community
engagement, Soma Gold Corp. is dedicated to achieving excellence in
all aspects of its operations.
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
"Geoff Hampson"
Chief Executive Officer and
Chairman
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.