Patagonia GOLD Third Quarter Financial Results
PATAGONIA GOLD THIRD QUARTER FINANCIAL RESULTS
November 29, 2021 Vancouver, BC. Patagonia Gold Corp. (“Patagonia” or the
“Company”) (TSXV: PGDC) announces its results for the quarter ended September 30,
2021 (“Q3 2021”). The financial statements for Q3 2021, 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.sedar.com.
Highlights
Generated revenue of US$5.76 million and gross profit of US$1.48 million in Q3 2021.
Produced 2,175 gold equivalent ounces (1) and sold 3,223 gold equivalent ounces (1) in
Q3 2021.
Produced 6,865 gold equivalent ounces (1) and sold 7,878 gold equivalent ounces (1) in
the nine-month period including Q3.
Exploration work at the Calcatreu gold and silver project (the “Calcatreu Project”)
includes trenching, channel sampling, rock chip sampling and 319 km of ground
magnetic surveying.
o This work, identified new epithermal veins at the Calcatreu Project with
gold values in rock chip samples ranging from less than 0.01 grams per
tonne (“g/t”) to 20.5 g/t and silver values ranging from less than 0.3 g/t
to 68.5 g/t. Only one gold value and five silver values were less than the
lower limit mentioned herein. (2)
o Additional trenching, sampling and ground magnetic surveying continues
in the southern part of Calcatreu Project.
Incurred expenditures to advance the Calcatreu Project totalling US$1.3 million.
Prefeasibility study is underway.
The 3,500 meters drill program at Tornado/Huracan initiated in June 2021 restarted
on 23 November 2021.
Completed 2,215 m of rotary air blast drilling at the Monte Leon target located 12 km
to the south of the Cap-Oeste pit. In addition, a total of 237.5 km of ground magnetics
and 18.2 km of pole-dipole induced polarization/resistivity were completed in Q3
2021.
(1) Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent
based on a ratio of the average spot market price for the commodities each period. The ratio for three months
ended September 30, 2021 was 76.10:1 (2020 at 80.97:1). The ratio for the nine months ended September
30, 2021 was 72.51:1 (2020 at 87.80:1).
(2) All analytical results performed by Alex Stewart International, a certified, independent analytical
services company, at their facilities in Mendoza, AR and subject to the Company’s QAQC protocols.
2
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 National Instrument 43-101, has reviewed
and approved the scientific and technical content of this news release.
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 420 properties in
several provinces of Argentina and Chile and is one of the largest landholders in the
province of Santa Cruz, Argentina.
For more information, please contact:
Dean Stuart
T: 403 617 7609
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 continued trenching, sampling
and ground magnetic surveying in the southern part of the Calcatreu Project, the
anticipated timing for completing the prefeasibility study, advancement and development
of gold and silver projects in the Patagonia region of Argentina 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
2
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.