November 12, 2024, Vancouver, British Columbia – Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the “Company” or “Soma”) is pleased to announce initial results from the 2024 diamond drill program targeting the “Venus Gap” at the Cordero Mine on the Bagre Project in central Colombia (Figure 1). Ten diamond drill holes, totaling 1,476m of underground drilling, were targeted to infill a gap in the historic drilling north of the Venus Vein (see Figures 2 and 3). Previously, mining on the Venus Vein encountered a complex zone of mafic dykes and lower-grade, thin anastomosing quartz veins and was terminated. The drilling results in this release extend the strike of the vein to the northwest and down dip to the northeast.

Highlights include the following drill intercepts:

• BAZUDDH-24-018: 5.2m at 16.1g/t Au, including 8m at 94.3g/t Au
• RVDDH-23-005: 3.3m at 28.3g/t Au, including 5m at 6.3g/t Au
• RVICDDH-24-018: 1m at 12.5g/t Au
• RVICDDH-24-021: 1m at 11.2g/t Au, including 4m at 27.6g/t Au
• RVICDDH-24-024: 7.55m at 13.9g/t Au, including 1.3m at 24.7g/t Au and 1.45m at 48.6g/t Au
• VICDDH-23-006: 3.5m at 10.7g/t Au, including 1m at 21.3g/t Au, 0.85m at 10.7g/t Au, and 0.65m at 9.0g/t Au

The Cordero Deposit is hosted in the El Carmen Stock, comprised of coarse-grained tonalite, diorite, and gabbroic phases. The quartz veins are laminated fault-fill veins within a sinistral brittle-ductile shear zone. They are interpreted as conjugate shears in a steeply-dipping, north-striking regional shear zone. The controlling shear zone also hosts the Los Mangos Deposit, located 2.8 kilometres to the north. The quartz veins within the Cordero Deposit form a series of en echelon segments that consistently step to the right along strike. The veins have been repeatedly reactivated and exhibit three distinct phases of development: early barren quartz veins, sphalerite + galena + pyrite + gold mineralization controlled by microfractures, and brittle fracturing along the vein margins filled with quartz, pyrite, tellurides, and gold. Gold mineralization is associated with the latter two phases of vein development. The final stage of brittle fracturing and micro-breccia is commonly associated with ‘bonanza’ gold grades. The veins are subsequently crosscut by aphanitic mafic dykes and numerous brittle faults. The brittle faults are generally dextral and offset the quartz veins from <1.0m to 10’s of metres. The late brittle faults commonly dismember the mineralized veins into short strike-length segments, the continuity of which is difficult to discern from drill data. The Cordero Deposit is informally divided into five main zones: Athenas, Cordero, Venus, Venus Gap, and Victoria Ramp zones (Figure 2).

Chris Buchanan, Soma’s Vice President of Exploration, stated, “Extending the strike length of the Venus Vein is an important development for the Cordero Mine. Drilling in this area has returned some of the broadest, high-grade intervals in the mine. We look forward to further exploring this zone and extending it along strike and dip.”

Table 1 presents the composited assay results from ten drill holes at the Venus Gap. Assays in the drilling range from below detection to a maximum grade of 94.3g/t Au. The drilling currently covers approximately 140m of strike length between the northern limit of the Venus Vein and the Victoria Ramp area. The highlight of the drill program is the presence of wider zones of mineralized stockwork in the footwall of the principal gold-bearing quartz veins and in enclaves of wall rock between anastomosing veins segments.  RIVICDDH-24-024 intersected the widest interval of gold mineralization in the Venus Gap with a total width of 7.55m and an average grade of 13.9g/t gold. The high-grade gold is concentrated in two principal quartz veins that bound an interval of lower-grade, thin stockwork veins (Plate 1). The stockwork intervals are typically moderate to low-grade material but locally exhibit ‘bonanza’ grade gold assays. The underground geology team is currently assessing these stockwork zones to assess the continuity of grade and the viability of including these zones as ore when they’re encountered in the mine.

Figures 3 and 4 present the geological interpretation of the Venus Gap zone, cross-cutting dykes, and late brittle faults. The younger dykes and faults dismember the quartz vein into upper and lower segments separated by approximately 35m of normal displacement along the faulted contact of a sub-vertical mafic dyke. The location of high-grade composite assays in Table 1 is highlighted by representative spheres and labels in the section.

A long section of the drill intercepts is presented in Figure 5. The high-grade intercepts delineate two segments of the vein system that are separated by a cross-cutting mafic dyke swarm. The vein segments are located proximal to existing mine workings in the Victoria Ramp and Venus Vein areas. A lower stope, the 1600 stope, is currently being mined, and access is planned from the Victoria Ramp workings to access the upper veins.  Additionally, mining has restarted at the north end of the Venus vein to follow the veins northwestwards between the mafic dykes. Underground drilling is ongoing in this area to determine the strike and dip extents of the Venus Gap quartz veins.

In addition to supporting mining operations at Cordero Mine, Soma’s exploration team continues to evaluate numerous small-scale mines in the vicinity of Machuca. Two out of three planned soil grids have been completed. These grids were designed to determine the continuity of gold mineralization between the informal mines along the Otú Fault. The main Machuca soil grid has delineated three soil anomalies up to 900m along strike. Follow-up prospecting along the anomalies is currently underway, and Soma expects to initiate drilling on the soil anomalies in Q3 2024. Soma also continues to work with the local communities on the Machuca Property as part of its ongoing ESG program.

The Otú fault system (“Otú Fault”) has a strike length of over 100 km, from Aris’s Segovia-Remedios mines (TSX:ARIS) in the south to Nechi in the north (where it is buried by younger sedimentary overlap sequences). Soma’s property holdings now cover more than 56km of this strike length. High-grade gold mineralization occurs along the entire strike length of the Otú Fault. The high-grade gold occurs in brittle-ductile to brittle quartz veins that form during later stages of deformation along the Otú Fault. Across the district, the quartz veins display orientation patterns that suggest the veins form in conjugate faults associated with brittle faulting on the Otú Fault. Notable mines along the Otú fault trend include Segovia-Remedios, La Aurora, El Limon, Le Ye, Los Mangos, and Cordero. The Machuca Property is located along a critical segment of this regional fault structure and contains numerous indications of high-grade gold mineralization.

Table 1: Composited Au assays from Venus Gap are drill holes.

Figure 1: Location of the Cordero Mine, El Bagre, Antioquia, Colombia

Figure 2: Location of different zones within the Cordero Deposit

Figure 3: Plan view of drill hole locations at the Venus Gap Zone

Figure 4: Plan view of the drill hole intercepts in the Victoria Gap Zone

Figure 5: Long Section of the Venus Gap Zone indicating the location of the high-grade Intercepts

 

QA/QC Statement

Soma follows a comprehensive QA/QC program to ensure the reliability of assay data collected from its exploration programs. All samples are sawn or split in half, with one half being returned to the core box for storage. The second half-core is placed in a labelled plastic bag with a tag, document, and sealed for shipment. Batches of samples are shipped to Actlabs Colombia SAS (Actlabs) in Rio Negro with security tags and documented chain of custody.

Pulps of each sample are prepared in Rio Negro. Pulp samples are then shipped to Actlabs Canada for multi-element analysis. All samples are analyzed using package 1E3, an ICP-MS analysis that provides the concentration of 51 elements. Fire assay analysis for gold and Silver is completed by Actlabs in Rio Negro. Thirty-gram aliquots of each sample are analyzed for gold using a standard fire assay with an atomic absorption finish, package 1A2. Overlimit samples are subjected to an additional fire assay with a gravimetric finish, package 1A3-30, to determine the gold concentration.

A comprehensive QA/QC program has been implemented to monitor the reliability of assay data collected during exploration programs. The program includes the regular insertion of certified blanks, duplicates, and certified OREAS standards. Assays of the QA/QC samples are automatically compared to the certified value and standard deviations in the database.

Qualified Person Statement

Mr. Chris Buchanan, P.Geo, is Soma’s Vice-President of Exploration and a Qualified Person as defined by National Instrument 43-101. Mr. Buchanan has reviewed the technical information disclosed in this press 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.

With a solid commitment to sustainability and community engagement, Soma Gold Corp. is dedicated to achieving excellence in all aspects of its operations.

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

“Geoff Hampson”
Chief Executive Officer and Chairman

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.