Soma Gold acquires two concessions in Colombia

Soma Gold Corp. [TSXV: SOMA; OTC: SMAGF; WKN: A2P4DU] has completed the purchase of two additional mining concessions from Grupo de Bullet SAS. These concessions are contiguous to the mining concession acquired by Soma’s Colombian subsidiaries on May 10, 2023.

Consideration for the acquisition was US$50,000 plus a 2% NSR (net smelter return royalty), which may be reduced to 1% at any time through a US$1 million payment. These concessions follow the Otu fault, a crustal-scale fault structure that controls quartz veins and gold mineralization in the region.

The acquisition of these concessions expands Soma’s coverage along the main mineral-bearing structure, which extends from Aris Mining’s Segovia mine to Mineros’s alluvial concessions located 36 km to the north.

Soma also announced that the negotiations to acquire and process mineralized rock from Denarius Metals Corp.’s Zancudo mine have been terminated due to restrictions under Denarius’s offtake agreement with Trafigura. Feed for the El Limon mill will instead come from surplus production at the Cordero and Aurora mines as well as other formalized mines on the company’s property.

Chris Buchanan, vice-president of exploration for Soma, stated: “Ongoing drilling at the Colossa mine indicates that the downdip projection of the vein system extends to the northwest onto these new mining concessions. Our exploration team is excited to follow the veins onto these licences. In addition, a regional soil grid contains anomalies along the northwestern edge, suggesting potential for new vein discoveries on these mining concessions. As a result, they have been included in our geophysics and lidar surveys, currently under way.”

Soma Gold owns two adjacent mining properties in Antioquia, Colombia, with a combined milling capacity of 675 tonnes per day. 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 property near Tucuma, Para state, Brazil, that is currently under option to Ero Copper Corp.