CEO.CA Chairman's Briefing

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

Please see www.patagoniagold.com or www.sedarplus.ca for additional technical information.

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
E: cvantienhoven@patagoniagold.com

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements with respect to: the advancement and development of gold and silver projects in the Patagonia region of Argentina, including the construction, mining development and production of the Company’s Calcatreu project; plans to complete studies with the aim of developing a heap leach operation; 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.