Patagonia Gold Reports Final Drilling Results From the Monte Leon Target, Santa Cruz, Argentina

Gold and silver mineralization up to 132.9 grams per tonne (“g/t”) in 1.5 core meters within 5 meters of 40.5 4 g/t

VANCOUVER, British Columbia, July 13, 2023 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to announce receipt of the final analytical results from drilling at the Monte Leon (“MLN”) target near its Cap Oeste (“Capo”) mine in the Santa Cruz province of southern Argentina.

Highlights

• Results from samples from 28 new HQ core holes, prepared and analyzed by Alex Stewart International (Figure 1, Table 1) in their Mendoza, Argentina facilities.
• To date, a total of 5,601.64 meters in 33, HQ-sized core holes have been completed at MLN.
• Favorable analyses were received from all but 3 of the 28 new, HQ core holes. Results from 4,678.64 meters of drilling are reported in this news release (MLN-875-D through MLN-902-D).
• Gold (“Au”) values up to 132.9 g/t and silver (“Ag”) values up to 46.7 g/t, within 5 meters grading 45.5 g/t Au and 14 g/t Ag, were reported in samples from core hole MLN-896-D.

Mr. Christopher van Tienhoven, CEO of Patagonia, commented, “Results from this phase of Company drilling continue to discover encouraging precious metals in a new geologic setting within our 66,215 hectare-sized El Tranquilo concession block. El Tranquilo also hosts other mineralized areas including our Capo mineral deposit and the now depleted Cose zone to the ESE of Capo. However, only MLN is deemed to be diatreme hosted. We will thoroughly model all the data to design follow-up work.”

Historical Work

Prior to this new program of core drilling at MLN, the Company identified gold mineralization in oxidized and brecciated structures at MLN, with 104 trenches and 21 core holes (see the Company’s December 29, 2020 news release on www.patagoniagold.com). In addition, Patagonia Gold Plc (the AIM-listed predecessor to the Company), drilled 75 reverse circulation and 21 core holes in the general area surrounding the recent MLN drilling in 2011 and 2015. The location of the historic work in noted in Figure 1. In addition, 43.9 line-kilometers (‘’km”) of ground-based, induced polarization and resistivity (pole-dipole IP-Res) surveying was completed in 2021, and more than 800 line-km of ground magnetics.