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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.