Patagonia Gold to acquire Calcatreu deposit in Argentina UK-based mining company Patagonia Gold has signed a definitive agreement to acquire the Calcatreu deposit in Argentina from Pan American Silver. January 3, 2018
UK-based mining company Patagonia Gold has signed a definitive agreement to acquire the Calcatreu deposit in Argentina from Pan American Silver.
The acquisition will be achieved through the purchase of all shares of a wholly owned subsidiary of Pan American for $15m.
The development comes after Patagonia Gold secured an exclusive option to purchase the Calcatreu deposit in April 2017.
Under the agreement, Patagonia Gold will complete the payment in two tranches.
In the first tranche, the company will make a payment of $5m once the acquisition is complete.
The remaining $10m is expected to be paid on 18 May this year.
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According to the company, it would require around 12 to 18 months to generate and drill off known targets.
Upon closure of the acquisition, Patagonia Gold intends to carry out geophysical and geochemical surveys, which is expected to help in increasing the strike length of the system currently at more than 8km.
The company expects to undertake the development of the project using the proceeds obtained from a recent fundraising.
Based on an independent mineral resource estimate in 2008, the deposit is understood to contain eight million tonnes at 3.04g/t AuEq for 780,000oz in the indicated category, and an additional 255,000oz at 2.32g/t AuEq in the inferred category.
Patagonia Gold Receives Full and Final Permit to Advance with the Construction and Development of Calcatreu
VANCOUVER, British Columbia, Nov. 07, 2024 (GLOBE NEWSWIRE) --
Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to announce the granting of the full and final permit to advance with the construction, mining development and production at its Calcatreu gold and silver project, in the Rio Negro province, Argentina.
On November 6, 2024, the Company was formally notified by the Rio Negro provincial authorities that the final resolution to proceed with the construction, development and production of the Calcatreu project had been issued.
The Company is completing studies with the aim of developing a heap leach operation to produce gold and silver doré at the Calcatreu project. The Company has ample experience with heap leach operations, having put two heap leach operations into production over the last decade.
Calcatreu is located in the southern portion of the Rio Negro Province, 85 kilometers south of the community of Ingeniero 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 2.11 g/t Au and 19.8 g/t Ag and 8.08 million tonnes of inferred mineral resources grading 1.34 g/t Au and 13.1 g/t Ag as disclosed in the project’s Technical Report (Table 1).
Table 1. Calcatreu Mineral Resources
Mineral Resource Classification Tonnes (K) Average Grades (g/t) Contained Ounces (K) Au Ag Au Ag Indicated 9,841.0 2.11 19.8 669.0 6,275.0 Inferred 8,078.0 1.34 13.1 215.0 5,467.0
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 .
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 E: cvantienhoven@patagoniagold.com
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