Patagonia Gold Third Quarter Financial Results

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) -- 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.