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.
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 -- 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 mete rs 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, w ere 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 minera l 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.
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Current Activities
In 2023, Company geologists continued with surface mapping and modeled all the data,
including its own IP/Res survey data, and believe MLN mineralization is contained within
a diatreme setting that occurs at the SE end of larger NW-SE structural corridor extending
from the Capo mine. Composited Au and Ag analyses from the new core samples are
shown in Table 1.
Figure 1. Location of MLN and Capo in the El Tranquilo concession black.
(New drill holes are noted in yellow font)
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Table 1. Analytical Results (composited) from Latest MLN Core Drilling
Hole Number Azimuth
(degrees)
Inclination
(degrees) Depth (m) From (m) To (m) Length (m) Au (g/t) Ag (g/t)
240 -50 135 42 43 1 0.83 1,0
45 47 2 0.82 1,0
49 50.3 1.3 0.62 1.7
53.45 54.7 1.25 0.77 2.2
240 -50 240 83.9 84.6 0.7 1.19 1,0
108.7 109.7 1 1.56 2,0
130 131.65 1.65 0.95 3.8
240 -50 212 18.4 19 0.6 2.43 3,0
36.1 37.15 1.05 8.63 15,0
MLN-878-D 240 -45 251 114.25 131 16.75 1.27 45,0
incl 121.9 122.3 0.4 5.28 7,0
And 132.5 139.9 7.4 0.91 73.4
MLN-879A-D 270 -55 190.5 60.1 66.5 6.4 1.37 2,0
MLN-880-D 270 -45 34.4 5 6.4 1.4 1.12 1,0
240 -50 416 167.85 168.2 0.35 2.31 28,0
342.15 343.6 1.45 3.2 17.6
MLN-882-D 240 -50 150.37 15 25.7 10.7 5.12 38,0
incl 18 20 2 11.54 8,0
incl 22.4 23 0.6 11.3 16,0
incl 25.3 25.7 0.4 11.7 4,0
And 45.9 57.9 12 2.64 13.2
incl 53 53.6 0.6 23.4 24,0
60 -50 98.3 44.7 47.65 2.95 1.19 19.4
52.1 52.4 0.3 120.67 579.7
81 81.5 0.5 4.8 4.8
MLN-884-D 240 -50 215 95.1 96.4 1.3 8.32 110.3
incl 95.1 95.4 0.3 29.1 398,0
And 103.4 103.7 0.3 9.23 143,0
And 107.5 108,0 0.5 8.48 195,0
And 165.3 167.45 2.15 19.13 23.7
incl 165.3 166.3 1 40 48,0
MLN-885-D 270 -50 299 60.6 67.75 7.15 1.06 5.8
MLN-886-D 270 -50 300.07 66.16 70.4 4.24 0.6 5.5
MLN-887-D 270 -50 203 154 168 14 0.65 9.8
MLN-888-D 270 -50 360 193 196 3 1.02 1,0
MLN-888-D 222.3 222.7 0.4 1.8 3,0
270 -50 287 18 23.3 5.3 1.25 1.7
116 117.2 1.2 0.82 2,0
293 -50 155 73 96.5 23.5 0.81 5,0
137.75 138.4 0.65 2.86 41,0
MLN-891-D 110 -50 80 39 43 4 0.63 4.1
MLN-892-D 110 -50 80 41.65 43.5 1.85 0.95 2.7
MLN-893-D 60 -45 119
MLN-894-D 240 -50 80 27.1 28.15 1.05 1.46 1,0
MLN-895-D 110 -50 70.2 6.45 11 4.55 11.04 2.6
incl 8 9.7 1.7 26.5 4,0
MLN-896-D 293 -50 71 5 10 5 40.54 14.9
incl 5 6.5 1.5 132.87 46.7
MLN-897-D 110 -50 71
MLN-898-D 290 -50 71 35 43.75 8.75 0.72 3.2
290 -50 72.8 0.8 5.5 4.7 2.24 1,0
9.5 22 12.5 1.16 3.2
MLN-900-D 110 -50 84 66 72 6 3.14 11.5
incl 67.55 68.7 1.15 9.77 32,0
MLN-901-D 110 -50 83 53.5 54.3 0.8 2.08 1,0
MLN-902-D 90 -45 250
MLN-899-D
NSR
NSR
Drill Hole Information Mineralization
NSR
MLN-875-D
MLN-876-D
MLN-877-D
MLN-881-D
MLN-883-D
MLN-889-D
MLN-890-D
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Notes to Table 1:
1. “Incl.” means including, “NSR” means no significant results.
2. Samples were collected from HQ-diameter core.
3. Core recoveries were high (+ 80%) for all reported intervals with the exception of hole MLN-880 with
20% recovery in the mineralized interval and hole MLN-882 with 69.5% recovery in the mineralized
interval at starting at 45 meters down-hole.
4. Mineralized intervals are down-hole lengths. True widths are not yet known.
5. A 0.5 g/t Au minimum grade was used in compositing and no more than 1 consecutive grades less than
0.5 g/t Au were used in compositing.
6. Grades were not capped.
7. All analyses were performed by Alex Stewart International, a certified, independent analytical services
provider, in their Mendoza, Argentina facilities using fire assaying for Au and four-acid digestion, ICP-
MS for Ag.
8. No assays are pending.
9. For QA/QC purposes, a total of 203 blanks, 471 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.
10. There has been insufficient exploration to define a mineral resource at this time and it is uncertain if
further exploration will result in the target being delineated as a mineral resource.
Figure 2. MLN Geologic and Mineralization Cross Section Looking Northeast
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Qualified Person’s Statement
Donald J. Birak, an independent geologist and Registered Member of SME and Fellow of
AusIMM and a qualified person as defined by NI 43-101, supervised the preparation of
the scientific and technical information that forms the basis for this news release and has
reviewed and approved the scientific and technical disclosure herein . The Qualified
Person visited the MLN property in November 2022 and viewed the historic drill sites,
new RAB drilling then underway, and the surface geology and mineralization exposed in
a shallow pit, as well as Company core sample preparation activities from other drilling.
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 Chile and is one of the largest landholders in the
province of Santa Cruz, Argentina.
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, plans related to additional drilling and the results of such drilling ; the belief
that the exploration results herein present viable exploration targets for the Company to evaluate with
additional drilling; and 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.