VANCOUVER, British Columbia, June 18, 2024 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces the progress of the Calcatreu permitting process.

The Calcatreu permitting process is advancing well and is now entering the final stages of approval. Following positive recommendations from the Mining and Environmental authorities and overwhelming support from the closest neighboring native community, the next step in the approval process is a review of the environmental impact report for Calcatreu by a multidisciplinary environmental council (COPEAM) consisting of various stakeholders within the Rio Negro Province. Once this panel has issued their opinion, the next step in the process is a public hearing followed by the final resolution issued by the environmental authority.

Calcatreu is the Company′s flagship project and is located in the southern portion of the Rio Negro Province, 85 kms south of the community of Ing. 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 (2.36 g/t gold equivalent) and 8.08 million tonnes of inferred mineral resources grading 1.34 g/t Au and 13.1 g/t Ag (1.5 g/t gold equivalent), as disclosed in the Technical Report (as defined below).

Once the final resolution is issued, the Company expects to conduct further studies to determine the project’s mineral reserves, which may lead to development of a heap leach operation to produce gold and silver doré at Calcatreu. The Company has ample experience with heap leach operations, having put two heap leach operations into production over the last decade.

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.