Newcore Gold

Soma Gold: Cordero-Balvina Infill Drilling Confirms Continuity of High Grade at Depth

Planned 2021 Drilling Program of 20,000 Meters

VANCOUVER, BC, Feb. 4, 2021 /CNW/ - Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: PRSRF) (formerly Para Resources Inc.) (the "Company" or "Soma") is pleased to announce that it has completed the next phase of the infill drilling on the Cordero-Balvina deposit. The decline access into the vein system is continuing with production expected in June or July.

Javier Cordova, Soma's President and CEO, states, "It is gratifying to see that the system we will be mining appears to continue on strike to the North and down-dip. The gold grades and the vein thickness continue to indicate the potential for even stronger economics than we have been experiencing. We are eager to begin mining operations at Cordero-Balvina in the near term. A higher head grade will translate into higher monthly gold production numbers."

Highlights  

  • Drill hole BCDDH_21_101 intersected 3.70m of 2.37 g/t gold, including 0.70m of 7.23 g/t gold.
  • Drill hole BCDDH_21_100 intersected 0.3m of 38.9 g/t gold
  • 20,000m of drilling planned for 2021 will be fully funded from operations
  • Regional exploration program including high-resolution DEM and airborne geophysics planned for Q3-Q4 of 2021

Drilling Results

The results presented here, correspond to five additional drill holes completed to date in the infill program of Cordero-Balvina target, located in the El Bagre Mining Project. The drill holes were carried out approximately perpendicular to the vein direction to have down-hole lengths as close as possible to vein widths. The drilling results demonstrate the continuity of high gold grades at depth (see cross-section #1). These positive results will be easily accessible through the new mine portal currently under construction. The high gold grades remain open to the North and down-dip. This continuity will be tested in the 2021 drilling program.

Highlights include:

  • Drill hole BCDDH_20_099 intersected 0.5 meters, from 216.6 to 217.1m, of milky quartz-carbonates vein with veining of sulphides, mainly pyrite followed by galena and chalcopyrite and a small content of tellurides, grading 9.62 g/t Au.
  • Drill hole BCDDH_20_100 intersected 0.3 meters, from 212.85 to 213.15m, of milky quartz-carbonates vein with veining of pyrite-galena, grading 38.90 g/t Au.
  • Drill hole BCDDH_20_101 intersected 3.70 meters, from 195.9 to 199.6m, of milky quartz-carbonates vein with veining of sulphides, mainly fine-grained pyrite, galena and tellurides, grading 2.37 g/t Au including 0.70 meters of fine-grained veining of galena-tellurides, grading 7.23 g/t Au, starting at 198.90 meters.

Results to date on the infill drilling program:

Location

Hole ID

From

To

From

To

Length

Length

Au

(m)

(m)

(ft)

(ft)

(m)

(ft)

(g/t)

CORDERO BALVINA

BCDDH_20_092

215.2

216

706.07

708.70

0.80

2.62

0.76

BCDDH_20_093

198.4

201.4

650.95

660.79

3.00

9.84

4.60

Including

198.40

199.40

650.95

654.23

1.00

3.28

7.36

Including

199.40

200.40

654.23

657.51

1.00

3.28

3.70

Including

200.40

201.40

657.51

660.79

1.00

3.28

2.75

BCDDH_20_094

196.5

198.5

644.72

651.28

2.00

6.56

8.10

Including

196.50

197.50

644.72

648.00

1.00

3.28

14.20

Including

197.50

198.50

648.00

651.28

1.00

3.28

1.99

BCDDH_20_095

241.33

241.90

791.80

793.67

0.57

1.87

0.03

BCDDH_20_096

213.00

214.50

698.85

703.77

1.50

4.92

13.47

Including

213.00

213.60

698.85

700.82

0.60

1.97

1.32

Including

213.60

214.20

700.82

702.79

0.60

1.97

20.40

Including

214.20

214.50

702.79

703.77

0.30

0.98

23.90

BCDDH_20_097

238.80

239.70

783.50

786.46

0.90

2.95

0.41

Including

238.80

239.10

783.50

784.49

0.30

0.98

0.57

Including

239.10

239.70

784.49

786.46

0.60

1.97

0.33

BCDDH_20_098

261.95

262.50

859.46

861.26

0.55

1.80

0.01

BCDDH_20_099

216.60

217.10

710.66

712.31

0.50

1.64

9.62

BCDDH_20_100

212.85

213.15

698.36

699.35

0.30

0.98

38.90

and

221.10

221.95

725.43

728.22

0.85

2.79

0.03

BCDDH_20_101

195.90

199.60

642.75

654.89

3.70

12.14

2.37

Including

195.90

196.90

642.75

646.03

1.00

3.28

1.15

Including

196.90

197.90

646.03

649.31

1.00

3.28

2.06

Including

197.90

198.90

649.31

652.59

1.00

3.28

0.50

Including

198.90

199.60

652.59

654.89

0.70

2.30

7.23


* Lengths are drill intersections and not necessarily true widths. Although true widths have not yet been calculated for comparison purposes between holes, the down-hole lengths presented here are expected to correspond to them.


West to East Cross-Section #1 showing the mineral resource classification of Cordero-Balvina project made by RPA (see NI-43-101 report – Technical Report on the El Bagre Operations and Nechi Project, Department of Antioquia, Colombia, filed on SEDAR on June 4, 2020) and the vein interception of drill-hole 101. (CNW Group/Soma Gold Corp.)

2021 Exploration Program

Soma has planned and will fund from operating income, 20,000m of drilling for its advanced exploration projects: Cordero-Balvina, Deep Limon and Alacrán-Dimantina and its conceptual and greenfield projects Limoncito and Cañon de Rojas. This amount of drilling is expected to allow the Company to add new mineral resources at Cordero-Balvina, prove the continuity of high grades at depth in the Limon mine and test the geological interpretations on early greenfield exploration projects.

Additionally, a regional exploration program will include mapping and sampling of small miner workings previously identified in mining concessions. Small miners are good "prospectors" and will give the Company the chance to access unexplored regions inside the concessions. Also, the 2021 regional program will include the acquisitions of 100,000Ha high-resolution DEM, allowing the identification of geological lineaments and improving the structural interpretation of remote regions. This will be followed by an airborne geophysics survey of selected areas to identify new drill targets (see map #1).

There is significant potential for high-gold-grade discoveries in this essentially unexplored yet highly mineralized region of which Soma has consolidated more than 25,000Ha of mining concessions.

Map #1: Plan view of the exploration potential for Soma’s concessions. High gold grades are mostly related to Out-Pericos fault trace. Most of the mapped veins have a well-defined NS trend. (CNW Group/Soma Gold Corp.)

QA/QC CONTROLS

For exploration core drilling, the Company applied its standard protocols for sampling and assay. NQ core is sawn or split with one-half shipped to a sample preparation laboratory in Medellin run by ALS Colombia Limited ("ALS"). Samples are then shipped for analysis to an ALS-certified assay laboratory in Toronto, Canada or Lima, Perú. The samples were analyzed for gold using standard fire-assay on a 50-gram sample with an AA finish. Multi-element geochemistry was determined by ICP-MS using either aqua regia (ME-MS41) or four acid (ME-MS61) digestions. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. Comparison to control samples and their standard deviations indicates acceptable accuracy of the assays and no detectible contamination. The remainder of the core is stored in a secured storage facility for future assay verification.

Mr. Edwin Naranjo Sierra, FAusIMM, MSc, Senior Geologist and Director of Exploration for Soma Gold Corp. is the Qualified Person, within the meaning of NI 43-101. Mr. Naranjo is satisfied that the analytical procedures and best practices used are standard industry methodologies, and he has reviewed and approved the technical information disclosed in this news 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 La Ye mine is currently operating and producing. 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.

On behalf of the Board of Directors

"Javier Cordova Unda"
Chief Executive Officer and President

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.

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