Patagonia Gold PLC Final Payment of Calcatreu Project (6498O)
21 May 2018 - 4:00PM
UK Regulatory
TIDMPGD
RNS Number : 6498O
Patagonia Gold PLC
21 May 2018
21 May 2018
Patagonia Gold Plc
("Patagonia Gold" or the "Company")
Final Payment of Calcatreu Project
Patagonia Gold Plc, the mining company with gold and silver
projects in the southern Patagonia region of Argentina, Chile and
Uruguay, is pleased to announce that further to the announcement of
1 February 2018, the Company has made the final payment for the
acquisition of the Calcatreu Deposit.
On 18 May 2018, Patagonia Gold paid the balance of US$10 million
to Pan American Silver, corresponding to the second and final
payment for the acquisition of the Calcatreu Deposit.
The Company initiated exploration work at Calcatreu shortly
after acquiring the project at the end of January 2018. The current
programme consists of the completion of 30 line km of Pole Dipole
IP geophysics, mapping and geochemistry. The current programme is
due to be complete by mid June and the Company intends to start a
drill programme to test the main targets in September 2018.
About the Calcatreu Deposit
The Calcatreu Deposit is a high grade (2.325 g/t AuEq) low
sulphidation gold system with the mineralisation outcropping at
surface. An independent mineral resource estimate was completed by
Micon International Limited of Toronto in 2008 for the Calcatreu
Deposit, prepared in accordance with the Canadian National
Instrument 43-101 requirements and set out the current resource,
which contains 8 million tonnes at 3.04 g/t AuEq for 780,000 oz in
the Indicated category and a further 255,000 oz at 2.32 g/t AuEq in
the Inferred category. This resource model was completed in 2008
using a gold price of US$650/oz and a silver price of US$12.50/oz.
The surrounding land package has over 25,000 hectares of sparsely
explored terrain.
About Patagonia Gold
Patagonia Gold Plc is a mining company that seeks to grow
shareholder value through exploration, development and production
of gold and silver projects in the southern Patagonia region of
Argentina. The Company is primarily focused on its flagship Cap
Oeste project in Santa Cruz and the recently acquired Calcatreu
project in Rio Negro. In addition, it is carrying out exploration
in Manchuria and Sarita in Argentina and San Jose in Uruguay.
Patagonia Gold, indirectly through its subsidiaries or under option
agreements, has mineral rights to over 220 properties in several
provinces of Argentina, Chile and Uruguay and is one of the largest
landholders in the province of Santa Cruz, Argentina.
For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Plc
Tel: +54 11 5278 6950
Angela Hallett
Strand Hanson Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 7409 3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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