In This Article:
VANCOUVER, British Columbia, May 30, 2024 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces its financial results for the quarter ended March 31, 2024 (“Q1 2024”). The financial statements 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.sedarplus.ca.
Highlights
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Generated revenue of US$1.8 million in Q1 2024.
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Produced 636 gold equivalent ounces(1) and sold 850 gold equivalent ounces(1) in Q1 2024.
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Incurred exploration expenditures of US$0.8 million in Q1 2024 including completion of:
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Mapping and sampling on the La Valencia project and a total of 384-line kilometers of ground magnetics surveying to the east of Veta Principal (the main structure on the project).
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A diamond drilling program on the Abril project to test the extension of mineralization identified in previous reverse circulation (RC) drill holes. A total of 426.8 meters were drilled, all as HQ-diameter core, and 363 samples were collected(2). The assays results varied significantly, with Au (gold) values ranging from 0.005 to 4.87 grams per ton (g/t) and Silver (Ag) values ranging from 1 to 219 g/t. The drilling program is scheduled to continue through Q2 2024.
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Notes:
(1) Consisting of 401 gold and 20,739 silver ounces of production and 524 gold and 28,923 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, 2024 was 88.70:1 (2023 – 82.74:1).
(2) Plus 41 QA/QC samples, all of which were within acceptable limits.
Analytical results from two (2) core holes are pending. There has not been sufficient drilling completed to-date at Abril to estimate mineral resource and the Company is reviewing the new data to determine its next steps.
| Table 1. Abril Drilling Results | ||||||||
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| Hole Information | Mineralized intervals | |||||||
| Hole Number | Inclination | Azimuth | Depth | From (m) | To (m) | Length (m) | Ag g/t | Au g/t |
| ABR-054-D | -55 | 204 | 69 | 15.73 | 16.5 | 0.77 | 25 | 0.1 |
| 18 | 18.5 | 0.5 | 25 | 0.16 | ||||
| 21 | 22 | 1 | 26 | 0.19 | ||||
| 23.5 | 24 | 0.5 | 27 | 0.18 | ||||
| 26 | 27 | 1 | 43 | 0.05 | ||||
| 61 | 62 | 1 | 177 | 0.09 | ||||
| ABR-055-D | -50 | 207 | 96 | 87.7 | 88.2 | 0.5 | 33 | 0.17 |
| ABR-056-D | -50 | 28 | 97.5 | 15 | 17 | 2 | 128 | 0.04 |
| 48.7 | 48.95 | 0.25 | 36 | 0.14 | ||||
| ABR-057-D | -50 | 30 | 93 | 52.15 | 52.6 | 0.45 | 92 | 4.87 |
| 55.5 | 57 | 1.5 | 37.3 | 0.09 | ||||
| ABR-058-D | -50 | 35 | 87 | 57.4 | 57.7 | 0.3 | 34 | 0.13 |
| ABR-059A-D | -60 | 55 | 61.5 | NSR | ||||
| ABR-060-D | -60 | 28 | 87.8 | 61.6 | 62.15 | 0.55 | 219 | 3.78 |
| 80.3 | 81.17 | 0.87 | 21 | 0.07 | ||||
| ABR-061-D | -55 | 225 | 60.2 | 31.6 | 32.6 | 1 | 25 | 0.01 |
| ABR-062-D | -60 | 28 | 63.2 | NSR | ||||
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Notes:
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“Incl” means including, “NSR” means no significant results.
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High core recoveries, +80%, for all holes.
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Mineralized intervals are down-hole lengths. True widths are yet known.
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A 20 g/t Ag minimum value and no more than 1 value <20 g/t Ag were used in the compositing.
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All analysis performed by Alex Stewart International, a certified independent analytical services company, at their facilities in Mendoza, AR. Gold values were determined by fire assay techniques and silver values were determined by four acid digestion and ICP-MS.
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For QA/QC purposes, a total of 34 blanks, 37 Certified Reference Material standards were inserted into the primary, drill sample stream by Company personnel at a ratio of one QA/QC sample to 9 primary samples. All QA/QC results were within acceptable limits and validated by the Independent Qualified Person.