May 17, 2022, Vancouver, British Columbia, – Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the “Company” or “Soma”) is pleased to announce new drilling results from the ongoing exploration program at the Estrella-Diamantina mineralized trend within the Company’s Zara property in Antioquia, Colombia.

Highlights

• Drilling and channel sampling has defined a mineralized zone over 500m in strike length and 250m down-dip centred around the historic artisanal Diamantina Mine.
• Best drill intercepts being reported include:
  • Drill hole ADDDH_21_33 intercepted 80.2g/t gold over 0.4m.
• Drill hole ADDDH_21_46 intercepted 18.35g/t gold over 0.76m.
  Systemic channel sampling completed by the Company in the Diamantina Mine has averaged 13.25g/t gold over 0.43m. Detailed channel sampling results were reported on April 4, 2020, August 4, 2021 and February 10, 2022.

In 2021 and 2022, Soma completed 14,450 meters of drilling (52 holes) along a 1.4km section of the larger Estrella-Diamantina mineralized trend and conducted extensive underground channel sampling in the Diamantina Mine. This exploration work has outlined a continuous hydrothermal quartz-carbonate vein system in a zone of 500m along strike and 250m down-dip, in which high-grade gold assay results have been obtained (values ​​up to 80g/t gold).

Javier Cordova, Soma’s CEO, states, “These exploration results indicate the presence of another high-grade vein structure approximately 2km south of our El Limón Mine and Mill, which are currently on care and maintenance. The El Limón Mine produced gold for more than 50 years. Both vein systems are also proximal to the district scale Otú Fault, which is associated with numerous significant gold deposits in the area, including the Segovia deposits of GCM Mining. The success of this drill program has reinforced our belief that our 29,000ha Zara property has the potential to host multiple new gold discoveries.”

Alacrán-Diamantina Exploration

The current Alacrán-Diamantina exploration program focuses on a 1.4km section at the southern end of the larger 7 -km Estrella-Diamantina mineralized trend (see map #1). To date, 14,450m of diamond drilling (52 holes) has been completed. Including this news release, results for 12,934m (46 holes) have been reported. Assay results are pending for six completed holes (1,514m), and an additional six holes (~2,000m) are planned to complete the current drilling program.

In addition to the drilling program, the Company completed a systematic underground channel sampling program of the vein being mined at the historic Diamantina Mine. Channel samples within the mine averaged 13.25g/t Au over 0.43m. Detailed channel sampling results were reported on April 4, 2020, August 4, 2021, and February 10, 2022.

This exploration has outlined a continuous mineralized zone with dimensions of 500m along strike and 250m down-dip, centred around the Diamantina Mine. Drilling results and underground channel sampling from inside the Diamantina Mine indicate vein continuity with high-grade values ​​and suggest that the vein structure is open along strike to the south and down-dip (see cross-section #1).

Drill highlights include:

• Drill hole ADDDH_21_32 intersected 0.68 meters, from 213.92m to 214.60m, of milky quartz-carbonate vein with veining of sulphides, mainly pyrite and sphalerite, grading 4.37g/t Au.
• Drill hole ADDDH_21_33 intersected 0.40 meters, from 188.70m to 189.10m, of milky quartz-carbonate vein with sulphides veining, mainly pyrite, galena and sphalerite, grading 80.2 g/t Au (see picture #1).
• Drill hole ADDDH_21_34 intersected 0.30 meters, from 60.38m to 60.68m, of milky quartz-carbonates vein with scarce pyrite, grading 0.64g/t Au.
• Drill hole ADDDH_21_46 intersected 0.76 meters, from 143.30m to 144.06m, of milky quartz-carbonates vein with semi-massive pyrite, galena and sphalerite, grading 18.35g/t Au (see picture #1).

Table #1. List of significant drill hole intercepts from Alacrán-Diamantina drill program(1)

Map #1. Plan view of Alacrán-Diamantina High grade zone.

 
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”). Channel samples were collected by hand using hammer and chisel perpendicularly across exposed mineralized quartz-carbonate vein to best represent the true width. Channel sample locations were surveyed using total station. Each sample location have been photographed with channel traces painted to indicate the location and orientation of each sample. Samples are then shipped for analysis to an ALS-certified assay laboratory in Toronto, Canada and Lima, Perú. The samples were analyzed for gold using OREAS 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. Paulo J. Andrade, P.Geo. and Member # 6136 of AIG, BSc Geologist, is a consultant to the Company and a Qualified Person as defined by National Instrument 43-101. Mr. Andrade 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 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.

On behalf of the Board of Directors

“Javier Cordova Unda”
Chief Executive Officer and President

For further information, please contact Andrea Laird, telephone: +1-604-259-0302

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.