Patagonia Gold 2019 Financial Results and Update on Extension to File Q1 2020 Financial Statements and MD&A VANCOUVER, British Columbia, June 15, 2020 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces its audited results for the fiscal year ended December 31, 2019 (“YE 2019”). The financial statements together with the management’s discussion and analysis (“MD&A”) are available on the Company’s website and on SEDAR at www.sedar.com.
Highlights
Revenue of US $21.9 million and gross profit of US $5.5 million in YE 2019. In February 2019, the heap leach operations at Lomada and Cap Oeste were placed on care and maintenance. Residual production at Cap Oeste of 7,796 ounces of gold and 237,727 ounces of silver and at Lomada of 3,969 ounces of gold. Production at Martha of 232 ounces of gold and 65,620 ounces of silver.
Completion of the Reverse Takeover transaction with Hunt Mining Corp. on July 24, 2019.
At Calcatreu, the exploration program during 2019 was mostly focused on surface work, with a total of 41.28 line kilometers of Pole-Dipole geophysical surveying over the Nelson, Castro Norte, Fiero, Sabrina and Viuda de Castro areas, plus 121.5 line kilometers of gradient IP geophysics over Nelson, Sabrina and Mariano. An additional 1,687.2 km of ground magnetic surveying, covering 55.44sq km, were completed in the project covering several targets including V49 and Nelson. Initiated a pre-feasibility study at Cap Oeste to assess the potential technical and economic extraction of the higher grade portion of the current mineral resources1. Received the final approval closure plan for Lomada on November 2019 and started with the works of remediation in late 2019.
The Martha1. property (“Martha”) is located in the Province of Santa Cruz, Argentina. The closest community is the town of Gobernador Gregores, situated approximately 50 road kilometers (km) to the west-southwest of Martha. The property is the site of past exploration for, and surface and underground mining and recovery of, silver and gold from epithermal veins and vein breccias.
Patagonia acquired the Martha property as part of its Reverse Takeover of Hunt Mining Corp. in 2019. The property consists of approximately 7,850 hectares of concessions, various buildings and facilities, surface and underground mining and support equipment, a 480 tonne per day (tpd – maximum) crushing, grinding and flotation plant, tailings facility, various stockpiles and waste dumps, employee living and cafeteria quarters. In addition, Patagonia has access to surface ranch (“estancia”) lands surrounding the mine and mill site that are approximately 35,700 hectares in size.
The Martha mill has a proven capacity of 240 tonnes per day (expandable to 480 tpd) and is currently processing an average of 120 tonnes per day with resulting gold and silver concentrate sold through a third party concentrate trading company.
Patagonia expects to process future high grade underground material from the Cap Oeste project at Martha.
1. Please see Martha NI 43-101 technical report on file at www.sedar.com, effective June 30, 201
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