Soma Gold Corp. Updates Exploration Results

Highlights

• Drilling results at the Cordero-Balvina project continues to demonstrate the continuity of high gold grades at depth.
• Drill hole LDDH_21_04 (0.6m of 50.4g/mt gold and 0.3m of 23.0g/mt gold) has confirmed the vein continuity below the deepest level of Limon mine.
• First drill hole at Alacran-Diamantina has intercepted 5.43g/mt gold over 0.70m.

Cordero-Balvina Project

The current round of drilling at Cordero-Balvina commenced in early November 2020. The fifteen drill holes, totaling 4,200 m, reported in this press release represent approximately 50% of the planned program and was completed by the end of February. The remaining drilling (~4,000m) will be completed by the end of June 2021. The Cordero-Balvina target is located 3km to the southeast of the La Ye and Mangos operations.

The drilling has confirmed the continuity of the high grade gold at depth (see cross-section #1) which will be easily accessible through the new mine portal currently under construction. The high grade mineralization remains open to the north and down-dip.

Highlights include:

• Drill hole BCDDH_21_104 intersected 2.30 meters, from 186.10 to 188.40m, of milky quartz-carbonates vein with veining of sulphides mainly pyrite followed by galena and chalcopyrite and small content of tellurides, grading 4.05 g/t Au.
• Drill hole BCDDH_21_105 intersected 2.30 meters, from 201.40 to 203.70m, of milky quartz-carbonates vein with veining of pyrite-galena-tellurides, grading 12.45 g/t Au.
• • The above includes 0.70 meters of fine-grained veining of galena-tellurides, grading 33.20 g/t Au, starting at 201.40 meters.
• Drill hole BCDDH_21_106 intersected 2.40 meters, from 195.9 to 199.6m, of milky quartz-carbonates vein with veining of sulphides mainly fine-grained pyrite, galena and tellurides, grading 2.37 g/t Au.
• • The above includes 0.90 meters of fine-grained veining of galena-tellurides, grading 18.35 g/t Au, starting at 218.10 meters.

Results to date on the in-fill drilling program at Cordero-Balvina:

Deep Limon Project

The Deep Limon project is located 14km to the southwest of the La Ye and Mangos operations. The drilling program is designed to test the down-dip continuity of the historical El Limon vein. After a 3D geological and structural modelling exercise incorporating old channel samples and underground mapping, an initial drilling program of 3,000m was designed. The four drill holes, totaling 1,480mm, reported in this press release, represent approximately 50% of the planned program and were completed by the end of February. Drill hole interceptions of the current program confirms the presence of the Limon vein at the footwall of the Victoria fault, which was historically interpreted as the down-dip limit of the deposit at the El Limon mine (see cross-section #2). Although further drilling is needed to define potential mineral resources below the deepest level of the El Limon mine, the preliminary results are encouraging as they confirm the potential down-dip extension of the high grade El Limon vein.

Highlights include:

• Drill hole LDDH_21_04 intersected 0.60 meters, from 358.30 to 358.90m, of milky quartz-carbonates vein with veining of sulphides mainly pyrite and sphalerite, grading 50.40 g/t Au, and 0.30 meters, from 397.85 to 398.15m of milky quartz-carbonates vein with sphalerite and pyrite disseminated, grading 23.0 g/t Au.

Results to date on the in-fill drilling program at Deep Limon project:

Alacran-Diamantina Project

The Alacran-Diamantina project is located to the south of the El Limon mine. The presence of high gold grade was historically exploited by small miners' workings (Alacran, Delirios and Diamantina). Soma's team has built a new 3D model integrating old channel samples, mapping and mining data for this under explored mineralized trend. The planned drilling program of 3,500m is aimed to test the down-dip continuity of the main mineralized trend that was mined in the past by local miners (see cross-section # 3).

The drilling commenced in February with drill hole ADDDH_21_01. This first drill hole intercepted a quartz-carbonate vein with disseminated pyrite, sphalerite and galena which was projected based on the geological modelling. The drilling program will be completed by the end of June 2021.

Results to date on the drilling program at Alacran-Diamantina project:

Javier Cordova, Soma's President and CEO, states, "the latest drill results corroborate the geological modelling and the thesis of continuity of the mineralized trend along the Otu Valley fault system. The geological modelling, supported by the sampling taken in the historical small miner workings, suggests that vein widths and grades continue over more than 2 km of the company's property. This section represents about 15% of the Company's mineral rights in the Otu Valley. The team is very encouraged by these results and look forward to continued success as the drilling program continues to build out a picture of the resource."

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"). 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 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 will be used to finance a regional 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

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.

SOURCE Soma Gold Corp.



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