November 3, 2021, Vancouver, British Columbia, – Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the “Company” or “Soma”) is pleased to announce final drilling results for the in-fill and near-mine exploration program at the Company’s Cordero Project in Antioquia, Colombia.

Highlights

• 20,786m of drilling completed in program
• Drilling results have expanded known gold mineralization 600m along strike and 150 meters down-dip
• High-grade mineralization remains open down-dip and to the north
• Maximum intersection grade of 60.72 g/t Au over 1.90m
• Fenix portal has reached level 3

Soma has now completed 20,786m of drilling in 73 drill holes on the Cordero project. In-fill and near-mine drilling was targeted to extend current mineral resources and better delineate the known mineralization, targeting the northern extension of the Cordero deposit that will be easily accessible through the new Fenix ramp, currently completing development. The company also announces that the construction of the Fenix portal accessing the Cordero mine has reached Level 3, encountering the vein as expected in the geological model (see picture #1).

Javier Cordova, President and CEO of Soma, states, “Our drilling program at Cordero has provided very good results. We anticipate a further expansion of the mineral resource and mine life once the updated NI 43-101 Technical Report is completed in Q1 2022. Our exploration team has done an outstanding job of targeting new resources, despite Covid-19 restrictions. The current exploration strategy is a key value driver for the El Bagre operation as the mine life and ounces produced grow. Access to Level 3 at the Cordero mine is an important step in enhancing our production plan by giving access to additional stopes with higher grades. The average grade at Cordero will compare favorably to that being mined currently from the La Ye and Mangos mines. This is a very exciting time for Soma, as we continue to access the high-grade Cordero project and expand our exploration efforts to develop other brownfield targets.”

Cordero Project

The Cordero project is located 3km to the southeast of the La Ye and Mangos operations (see map #1). An in-fill and near-mine drilling campaign commenced in late 2020 with two company-owned DDH drilling rigs targeting the northern extension block. Exploration results from the 10,830m of drilling to delineate the known mineralization in these areas were announced on June 10, 2020 and October 15, 2020. 1. After the completion of this near-mine drilling, the drill rigs were moved to the in-fill program focused on resource conversion. 9,956m of drilling was completed in this campaign, which was finished on September 15, 2021. Further exploration results were announced on February 4, 2021 and March 18, 2021. The results reported here are a summary of the key intercepts previously reported and the addition of 21 drill holes (BCDDH_21_107 to BCDDH_21_126) documented in this press release (see table #1).

The best high-grade intercepts previously reported at Cordero include:

Northern Extension

• 49.77 g/t Au over 1.69m in drill hole BCNDDH_20_003
• 60.72 g/t Au over 1.90m in drill hole BCNDDH_20_005
• 33.96 g/t Au over 6.45m in drill hole BCNDDH_20_006

Down-Dip

• 38.90 g/t Au over 0.3m in drill hole BCDDH_20_100
• 13.47 g/t Au over 1.5m in drill hole BCDDH_20_096
• 12.45 g/t Au over 2.30m in drill hole BCDDH_21_105

Drilling was successful in extending the mineralization of the northern block by 600m with maximum intersection grade of 60.72 g/t Au over 1.90m. The updated geological model of Cordero shows a mineralized trend 1,500m long by 325m depth. High-grade mineralization remains open down-dip and to the north and will be targeted in future drilling. The delineation of new mineralization offers the potential for additional mineral resources growth and extension of the mine life (see Map #2).

Assay results have also been received for channel sampling of the 120m of mine development completed at level 2 of the Cordero mine (see Table #2). The results confirm the high grade nature of the deposit, with maximum grade of 41.27 g/t Au over 1.80m (see Map #3). The channel sampling results corroborate the gold grades estimates and model made using only drillhole data reported in the NI-43-101 Technical Report on “The El Bagre Underground Gold Operation and The Nechi Gold Project, Antioquia, Colombia”, effective date July 12, 2019 prepared by RPA’s independent “Qualified Persons”.

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 has 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 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. Edwin Naranjo Sierra, FAusIMM, MSc, Senior geologist, Director of Exploration for Soma Gold Corp is the Qualified Person, within the meaning of NI 43-101. Mr. Naranjo 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 approximately 30,000 Ha of mineral rights, three operating underground mines and two adjacent mills in Antioquia, Colombia with a combined capacity of 675 tpd. (permitted for 1,400 tpd). The 450 tpd El Bagre Mill is currently operating and producing and the adjacent 225 tpd El Limon Mill is on care and maintenance, to be re-activated in Q1 2022 as additional feed comes on-line. In addition to the existing mines, the property has extensive gold bearing structures that have been mined historically by small miners. Only 15% of the prospects have been drilled with many targets identified for the on-going exploration program. Internally generated funds are being used to finance the District Scale exploration program. The Company also owns an exploration and development property near Tucuma, Para State, Brazil.

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.