Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC)
announces its financial results for the quarter ended June 30, 2022
(“Q2 2022”). The financial statements together with the related
management’s discussion and analysis are available on the Company’s
website and under the Company’s profile on SEDAR at www.sedar.com.
Highlights
- Generated revenue of US$3.7 million
and gross loss of US$0.09 million in Q2 2022.
- Produced 1,822 gold equivalent
ounces (1) and sold 1,980 gold equivalent ounces (1).
- Incurred exploration expenditures
totaling US$1.52 million.
(1) Consisting of 1,477 gold and
28,660 silver ounces of production and 1,623 gold and 29,814 silver
ounces sold, converted to a gold equivalent using a ratio of the
average spot market price for the commodities each period. The
ratio for three months ended June 30, 2022 was 83.62:1 (2021 –
67.92:1).Patagonia completed a number of exploration programs on
its portfolio of projects located in the Santa Cruz and Rio Negro
provinces, Argentina.
During Q2 2022, the Company completed the first
phase of core drilling on the Tornado and Huracan properties with
gold mineralization discovered in five of eleven core and 1 reverse
circulation drill holes completed (see May 18, 2020 News Release
dated May 18, 2022). All drilling was completed on the eastern
Huracan concession block which is adjacent to the Cerro Negro mine
property to the south. Additional data modelling is underway which
is expected to lead to a second phase of core drilling.
The Company completed channel sampling at the
Abril property, a 2,000-hectare property bordering the Company’s
Martha property on the south. The Abril property is in close
proximity to the Martha mine and flotation plant, with the Company
also owning the Estancia (ranch) and surface rights as part of the
Martha mine and plant complex.
The Company has applied to the provincial
government for permits to drill up to 74, shallow reverse
circulation drill holes on the Abril property. Drilling will focus
on inferred structural features defined with recent, in-house
ground magnetic surveying combined with new geochemical anomalies.
In a news release dated May 26, 2022, the Company presented
geochemical analyses from its channel sampling with values up to
366.1 g/t Ag over 3.5 horizontal meters (including 1.0 m of 1,424
g/t Ag). Since the May news release, the Company has continued its
field activities to expand the strike length of new, mineralized
structures and identify new structures.
Patagonia completed a total of 84.35 line
kilometers of ground magnetics on the Martha property to
characterize and compare the main lineaments and structures of
Martha with similar style structures on the new Abril project,
acquired through private initiative with the Santa Cruz provincial
mining authority, Fomicruz.
The Company also completed 400 line kilometers
of ground magnetic surveying at the Calcatreu property located in
south-central Rio Negro province, Argentina. This surveying was
undertaken to identify new anomalies that may lead to new
exploration targets.
Christopher van Tienhoven, Chief Executive
Officer states, “Patagonia remains committed to advancing its gold
and silver projects in Argentina. Exploration activities are
partially funded via cash flow generated from production and sale
of gold and gold equivalent ounces from the Lomada and Cap Oeste
projects. Objectives remain maintaining and adding value to
existing projects and identifying new exploration projects with
partners or independently.”
Qualified Person’s
Statement
Donald J. Birak, an independent geologist and
Registered Member of SME and Fellow of AusIMM, is the qualified
person as defined by National Instrument 43-101, has reviewed and
approved the scientific and technical content of this news
release.
About Patagonia Gold
Patagonia Gold Corp. is a South America focused,
publicly traded mining company listed on the TSX Venture Exchange.
The Company seeks to grow shareholder value through exploration and
development of gold and silver projects in the Patagonia region of
Argentina. The Company is primarily focused on the Calcatreu
project in Rio Negro and the development of the Cap-Oeste
underground project. Patagonia, indirectly through its subsidiaries
or under option agreements, has mineral rights to over 430
properties in several provinces of Argentina and Chile and is one
of the largest landholders in the province of Santa Cruz,
Argentina.
For more information, please
contact:Dean StuartT: 403 617 7609E:
dean@boardmarker.net
Christopher van Tienhoven, Chief Executive
OfficerPatagonia Gold CorpT: +54 11 5278 6950E:
cvantienhoven@patagoniagold.com
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements, including, but not limited to,
statements with respect to, among other things, additional data
modelling leading to a second phase of core drilling, the focus of
future drilling, the discovery of new exploration targets, the
ability to add value to existing projects and identify new
exploration projects, advancement and development of gold and
silver projects in the Patagonia region of Argentina and the
anticipated growth in shareholder value. Wherever possible, words
such as “may”, “will”, “should”, “could”, “expect”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “predict” or
“potential” or the negative or other variations of these words, or
similar words or phrases, have been used to identify these
forward-looking statements. These statements reflect management’s
current beliefs and are based on information currently available to
management as at the date hereof.
Forward-looking statements involve significant
risk, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to differ materially
from the results discussed or implied in the forward-looking
statements. These factors should be considered carefully, and
readers should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in
this news release are based upon what management believes to be
reasonable assumptions, the Company cannot assure readers that
actual results will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this news release, and the Company assumes no obligation to
update or revise them to reflect new events or circumstances,
except as required by law.
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 news release.
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