VANCOUVER, British Columbia, March 1, 2023 (GLOBE NEWSWIRE) — Patagonia Gold Corporation (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to announce new gold and silver analyzes of exploratory drill samples near the Cap Oeste (“Capo”) mine at the Monteleón (“MLN”) target. I am happy. Santa Cruz province in southern Argentina.

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• On November 16, 2022, the Company announced an exploration contract with a private independent company for a 20,000 meter, two-stage core drilling program at MLN (see news release). www.patagoniagold.com).
• The MLN is located on a major NNW-SSE tectonic trend extending east-southeast and north-northwest beyond the MLN to the Kapo mineral system.
• To date, a total of 1,760 meters in five HQ-sized core holes have been completed at this stage of drilling (see Figure 1 below). Results of 973 meters on five core holes are reported in this news release (via MLN-874-D).
• Anomalous gold and silver mineralization exceeding 0.5 grams per tonne (“g/t”) of gold (“Au”) intersected in five new core holes. Hole MLN 873D reported Au values ​​up to 72.4 g/t and silver (“Ag”) values ​​up to 1,473 g/t (see Table 1).

Patagonia CEO Christopher Van Tienhoven said:MLN is one of this year’s priority exploration targets. Previous company drilling defined near-surface oxide mineralization in late 2020 and 2021. We are pleased with the analytical results so far and are designing additional drillings to help define the depth and lateral extent of new gold and silver mineralization. ”

historical work

Prior to this new program of core drilling at the MLN, the Company has identified gold mineralization in oxide and breccia structures with 104 trenches and 21 core holes at the MLN (December 29, 2020 (see news release on ). www.patagoniagold.com). In addition, Patagonia Gold Plc (the company’s AIM listed predecessor) has 75 reverse circulation and 21 cores in the general area surrounding his recent MLN drillings in 2011 and 2015. drilled a hole. In addition, 43.9 line-kilometers (“km”) of ground-based inductive polarization and resistivity (pole-dipole IP-Res) surveys will be completed in 2021, and more than 800 line-kilometers of the geomagnetic field will be completed.

Figure 1. MLN and Capo locations within the El Tranquilo Concession Black

Note: New drills labeled in yellow font show the azimuth and dip from each drill color. See the inset map for references to the MLN and Capo locations of the El Tranquilo concession block.

current activity

In 2021 and 2022, the Company will use geological mapping and sampling, rotary airblast (“RAB”) drilling to identify gold and silver mineralization near the surface. This new work, coupled with historical data, has led to a new drilling program. The analytical results for Au and Ag synthesized from new core samples are shown in Table 1.

Table 1. Analytical results of MLN core drilling (synthetic)

Note to Table 1.

1. “include” means to include.
2. Samples were collected from HQ diameter cores.
3. Mineralized spacing is downhole length. The true width is not yet known.
4. A minimum grade of 0.5 g/t Au was used for compounding and no more than two consecutive grades below 0.5 g/t Au were used for compounding.
5. There was no upper limit for grades.
6. All analyzes were performed by Alex Stewart International, an accredited independent analytical service provider, at their facility in Mendoza, Argentina, using combustion analysis and 4-acid digestion for Au and ICP-MS for Ag. I was.
7. Assays for five drilled holes are pending.
8. For QA/QC purposes, a total of 39 blank, 80 certified reference material standards were inserted into the primary drill sample stream by company personnel at a ratio of 1 QA/QC sample to 9 primary samples. I was. All QA/QC results were acceptable.
9. At this time, there has been insufficient exploration to define a mineral resource, and it is unknown whether further exploration will render the subject as a mineral resource.

Drilling to date has identified a 12.75 km long major structural corridor that collides with the Kapo Mine. Within the MLN corridor, two prominent near-vertical NNW-SSE tectonic trends are recognized that are thought to control the broadest zones of gold and silver mineralization defined to date. The occurrence of other precious metals occurs in narrower sheet structures, following two main trends (see Figure 2).

MLN mineralization is thought to be intermediate sulfides hosted within sub-vertically oxidized sulfide breccias. The breccia is pipe-shaped, measures 1.5 km by 0.3 km (NW-SSE), and appears nearly vertical.

Figure 2. MLN geology and mineralization profile, viewed from the northwest.

Qualified person statement

Donald J. Birak, Independent Geologist, SME Registered Member, AusIMM Fellow, and Qualified Person as defined in NI 43-101, provided the scientific information that forms the basis of this news release. and oversaw the preparation of and reviewed the technical information and approved the scientific and technical disclosures herein. In November 2022 he visited the MLN facility and described the historic drilling site, his new RAB drilling which was underway at the time, the surface geology and mineralization exposed in the shallow pit, and others. I viewed his sample preparation activities at the core of the company from the drilling. Qualified person has not verified past trenching and excavation, or past her QA/QC.

About Patagonia Gold

Patagonia Gold Corporation is a South American-focused public mining company listed on the TSX Venture Exchange. The Company seeks to increase shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company mainly focuses on the development of the Carcatreu project in Rio Negro and the Cap Oeste underground project. Patagonia owns mining rights to more than 430 assets in several provinces of Argentina and Chile, either indirectly through subsidiaries or under option agreements, and is the largest landowner in Santa Cruz, Argentina. One.

Forward-Looking Statements

This news release contains certain forward-looking statements, including, but not limited to, statements regarding plans relating to, among other things, additional drilling and the results of such drilling. The belief that the exploration results described herein represent viable exploration targets for the Company to evaluate with additional drilling. Expected growth in shareholder value. Whenever possible, “could”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “predict” , “believe,” “estimate,” “predict,” or “may,” or negative or other variations of these words, or similar words or phrases, identify these forward-looking statements. is used to These statements reflect management’s current beliefs and are based on information currently available to management as of the date of this document.

Forward-looking statements involve significant risks, uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to differ materially from those discussed or implied by forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on forward-looking statements. Although the forward-looking statements contained in this news release are based on what management believes to be reasonable, the Company cautions the reader that its actual results will be consistent with these forward-looking statements. These forward-looking statements are made only as of the date of this news release and the company does not, except as required by law, reflect new events or circumstances. undertakes no obligation to update or correct them.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release.