- Soma Gold Corp.(SOMA) has completed an updated mineral resource estimate for its El Bagre and Nechí projects in Colombia
- It also finished a preliminary economic assessment for the Cordero Mine
- The total inclusive indicated and inferred mineral resources in the area increased by 10 and 174 per cent since
- The economic assessment calculated the El Bagre project to have a pre-tax net present value of $94.6 million
- Soma Gold Corp. (SOMA) is unchanged, trading at $0.33 per share as of 1:13 p.m. EST
Soma Gold Corp. (SOMA) has completed an updated mineral resource estimate for its Colombia-based El Bagre and Nechí projects.
The company has also announced a positive preliminary economic assessment for the Cordero Mine.
El Bagre is made up of three underground mines, two of which (Le Ye and Los Mangos) will be mined out soon. The third Cordero mine is currently under development.
The total inclusive indicated and inferred mineral resources in the area, including both the Cordero Mine and Nechí Project, increased by 10 and 174 per cent since December 2018.
Javier Cordova, Soma Gold’s President and CEO, commented,
“Total contained ounces in all categories at Cordero has increased significantly from the previously reported resource, and we anticipate adding additional ounces with future drill programs.”
According to the company’s preliminary economic assessment, the El Bagre project has a pre-tax net present value of $94.6 million and an after-tax net present value of $55.9 million, using an 8.00 per cent discount rate.
It also expects an average annual gold production from the mine to be 44,376 ounces per year from 2023 to 2025.
The production at Cordero has been scheduled to ramp up to 680 tonnes per day in 2024, which will allow the restart of a previously operating mill. The company believes there is potential to increase the mineral resource and extend the mine life at Cordero as the deposit is open on strike and at depth.
Soma Gold Corp. (SOMA) is unchanged, trading at $0.33 per share as of 1:13 p.m. EST.
