PATAGONIA GOLD QUARTER 1 2022 FINANCIAL RESULTS
May 27 2022 - 3:15PM
Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC)
announces its financial results for the quarter ended March 31,
2022 (“Q1 2022”). The financial statements together with the
related management’s discussion and analysis (“MD&A”) are
available on the Company’s website and under the Company’s profile
on SEDAR at www.sedar.com.
Highlights
- Generated revenue of US$4.19
million and gross profit of US$217,000 in Q1 2022.
- Produced 1,805 gold equivalent
ounces and sold 2,219 gold equivalent ounces (1).
- Incurred exploration expenditures
totaling US$1,937,000.
(1) Consisting of 1,410 gold and 31,008 silver
ounces of production and 1,707 gold and 40,071 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 March 31, 2022 was 78.15:1 (2021 – 70.41:1).
Exploration Highlights (during Q1
2022)
Calcatreu
Property
- 336.7 line kilometers (or “km”) of
ground magnetics surveying.
- 17.7 line km Pole-Dipole, Induced
Polarization/Resistivity (“Pole-Dipole IP/Res”) surveying.
- 11 trenches completed totaling
292.5 meters.
- 226 trench samples taken from
Lonco, Nelson, Piche and Viuda de Castro targets; assays are
pending.
- Baseline environmental study
continues with a draft provided to the Company.
Cap-Oeste Property
(Monte Leon Area)
- 78 RAB holes totaling 1,867 meters
drilled.
- 1,862 RAB (“rotary air blast”)
samples taken.
- Assays are pending.
Tornado and Huracán
Properties
- Completed 3,012 meters of diamond
drilling in 9 core holes (see results issued in a May 18, 2022
press release at www.patagoniagold.com).
- Results being interpreted for
follow-up work.
La Josefine Property
- 1,158 line km of ground magnetics
surveying undertaken over the main targets including Amanda
Cecilia, Ailin, Sinter and Mogote.
Abril Property
- 17 line km of new ground magnetics
surveying bringing total survey coverage to more than 403 line
km.
- Channel sampling completed over
more than 5 km of known epithermal structures, veins and
breccias.
- Assays are pending. Drilling
program being designed.
Christopher van Tienhoven, Chief Executive
Officer states; “Our commitment to our core projects and properties
in Argentina was demonstrated by our increased exploration
activities during the first quarter of 2022. Responsible
exploration and development activities will continue throughout
2022, and continued engagement with regional, provincial and
federal mining authorities and communities remains a key
priority.”
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
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements, including, but not limited to,
statements with respect to, among other things, the anticipated
increase in interest in the Argentina mining sector, 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.
Patagonia Gold (TSXV:PGDC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Patagonia Gold (TSXV:PGDC)
Historical Stock Chart
From Apr 2023 to Apr 2024