Soma Gold Reports Gold Production Of 1,663 Ounces For January

Soma Gold (TSXV: SOMA) this morning reported product results for its Operado subsidiary this morning. The company managed to produce 1,663 ounces of gold for the month of January, exceeding its guidance of 1,361 ounces by 22%.

The company this morning also announced that it is in the process of reaching a new deposit on site, referred to as the Balvina Cordero deposit. The portal to the deposit is reportedly 35% of the way to reaching the orebody, with the ore body at Level 3 of the mine.

The first phase of the decline to this ore body, the third such deposit for the fine, is anticipated to go to a depth of 890 metres, which is expected to be reached in the second quarter, when mining of this level will begin. The drive to the deposit is a result of the average grade of 6.2 g/t gold at the deposit, compared to the 3.6 g/t gold the company is currently operating under at the Los Mangos and La Ye deposits.

Upon reaching this new deposit, the operation will reportedly see fully-ramped mining at the property, with gold production expected to increase “proportionately.” More specific numbers however were not provided.

Soma Gold last traded at $0.38 on the TSX Venture.


Information for this briefing was found via Sedar and Soma Gold. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Equinox Gold Effectively Locked Out Of Los Filos Mine Complex Following Community Dispute

Equinox Gold Corp (TSX: EQX) (NYSE: EQX) this morning is learning first hand how important...

Friday, September 4, 2020, 08:39:49 AM

China Plans to Expand Shanghai Gold Exchange Internationally

China’s central bank and three other government departments have unveiled an ambitious plan to enhance...

Wednesday, April 23, 2025, 03:47:00 PM

Karora Resources Begins Trading Post-Consolidation Today

Karora Resources (TSX: KRR) announced yesterday evening that the equity will begin trading on a...

Friday, July 31, 2020, 08:36:19 AM

Marathon Assays 2.96 G/T Gold Over 47 Meters At Valentine Gold Project

Marathon Gold (TSX: MOZ) this morning released assay results from nine drill holes conducted at...

Monday, August 17, 2020, 08:36:52 AM

Azimut Reports Wide Mineralized Intervals At Patwon Gold Zone

Azimut Exploration Inc. (TSXV: AZM) this morning provided an update on the progress of its...

Wednesday, June 2, 2021, 08:03:49 AM