Patagonia Gold Announces Further Advances in Calcatreu Permitting
Patagonia Gold Announces Further Advances in Calcatreu Permitting
VANCOUVER, British Columbia, Sept. 03, 2024 -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is
pleased to announce the progress of the Calcatreu permitting process.
The Calcatreu permitting process continues to advance positively and has reached the final stage of approval. Following
positive recommendations from the Secretariat of Mining and the Secretariat of Environment and Climate Change of Rio Negro
and overwhelming support from the closest neighboring native community, the multidisciplinary environmental council
(COPEAM), consisting of various stakeholders within the Rio Negro Province, has issued a unanimous decision in favour of the
development of Calcatreu.
A non-binding public hearing (the “Public Hearing”) was subsequently held on August 30, 2024 in Ing. Jacobacci, the closest
city to Calcatreu. At the Public Hearing, representatives from the Company presented the Calcatreu project together with GT
Ingeniería SA, the consulting firm that prepared the Environment Impact Assessment Report in respect of the project.
Following these presentations, various bureaus and stakeholders made presentations and more than 200 individuals from the
Rio Negro Province expressed their position regarding the mining industry and the Calcatreu project. The Public Hearing lasted
just under 12 hours and the general consensus is that the Public Hearing was a success, considering the strong support
expressed by the majority of the stakeholders.
The next step in the approval process (which is also the last) is a final resolution to be issued by the Secretariat of
Environment and Climate Change of the province of Rio Negro, formally granting the permit to construct and develop Calcatreu.
This final resolution is expected to be issued within the next two months.
Calcatreu is the Company´s flagship project and is located in the southern portion of the Rio Negro Province, 85 kms south of
the community of Ing. Jacobacci. The project is centered on a low sulfidation, epithermal gold and silver system with
mineralization outcropping at the surface. The total measured and indicated mineral resources are estimated at 9.84 million
tonnes at an average grade of 2.11 g/t Au and 19.8 g/t Ag (2.36 g/t gold equivalent) and 8.08 million tonnes of inferred mineral
resources grading 1.34 g/t Au and 13.1 g/t Ag (1.5 g/t gold equivalent), as disclosed in the Technical Report (as defined
below).
Once the final resolution has been issued, the Company expects to conduct further studies to determine the project’s mineral
reserves, which may lead to development of a heap leach operation to produce gold and silver doré at Calcatreu. The Company
has ample experience with heap leach operations, having put two heap leach operations into production over the last decade.
Qualified Person’s Statement
Donald J. Birak, an independent consulting geologist, Registered Member of SME, Fellow of AusIMM, and qualified person as
defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.
Additional information about the project and the mineral resources referred to in this news release are available in the technical
report prepared in accordance with National Instrument 43-101, entitled “NI 43-101 Technical Report, Mineral Resource
Estimate, Calcatreu Gold-Silver Project, Rio Negro Province, Argentina,” dated effective December 31, 2018 (the “ Technical
Report”), which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
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 is one of the largest landholders in the province of Santa Cruz,
Argentina.
For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp.
T: +54 11 5278 6950
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements with respect to,
among other things, the advancement and development of gold and silver projects in the Patagonia region of Argentina,
including the final step of the permitting process for the Calcatreu project, the Company’s plans once the final resolution has
been issued, and the results of such plans, as well as 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.