Patagonia Gold Third Quarter Financial Results
November 29 2021 - 4:03PM
Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC)
announces its results for the quarter ended September 30, 2021 (“Q3
2021”). The financial statements for Q3 2021, 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$5.76
million and gross profit of US$1.48 million in Q3 2021.
- Produced 2,175 gold equivalent
ounces (1) and sold 3,223 gold equivalent ounces (1) in Q3
2021.
- Produced 6,865 gold equivalent
ounces (1) and sold 7,878 gold equivalent ounces (1) in the
nine-month period including Q3.
- Exploration work at the Calcatreu
gold and silver project (the “Calcatreu Project”) includes
trenching, channel sampling, rock chip sampling and 319 km of
ground magnetic surveying.
- This work, identified new
epithermal veins at the Calcatreu Project with gold values in rock
chip samples ranging from less than 0.01 grams per tonne (“g/t”) to
20.5 g/t and silver values ranging from less than 0.3 g/t to 68.5
g/t. Only one gold value and five silver values were less than the
lower limit mentioned herein. (2)
- Additional trenching, sampling and
ground magnetic surveying continues in the southern part of
Calcatreu Project.
- Incurred expenditures to advance
the Calcatreu Project totalling US$1.3 million. Prefeasibility
study is underway.
- The 3,500 meters drill program at
Tornado/Huracan initiated in June 2021 restarted on 23 November
2021.
- Completed 2,215 m of rotary air
blast drilling at the Monte Leon target located 12 km to the south
of the Cap-Oeste pit. In addition, a total of 237.5 km of ground
magnetics and 18.2 km of pole-dipole induced
polarization/resistivity were completed in Q3 2021.
(1) Gold equivalent
ounces include silver ounces produced and sold converted to a gold
equivalent based on a ratio of the average spot market price for
the commodities each period. The ratio for three months ended
September 30, 2021 was 76.10:1 (2020 at 80.97:1). The ratio for the
nine months ended September 30, 2021 was 72.51:1 (2020 at
87.80:1).
(2) All analytical
results performed by Alex Stewart International, a certified,
independent analytical services company, at their facilities in
Mendoza, AR and subject to the Company’s QAQC protocols.
Qualified Person’s
Statement
Donald J. Birak, an independent geologist and
Registered Member of SME and Fellow of AusIMM and a 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 420
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, the continued
trenching, sampling and ground magnetic surveying in the southern
part of the Calcatreu Project, the anticipated timing for
completing the prefeasibility study, 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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