TIDMPGD
RNS Number : 2005R
Patagonia Gold PLC
27 February 2019
27 February 2019
Patagonia Gold Plc
("Patagonia Gold" or the "Company")
Drill Results Calcatreu Project in Argentina
Patagonia Gold Plc, the AIM-listed mining company with gold and
silver projects in the Patagonia region of Argentina and in Chile
and Uruguay, is pleased to announce results from its 2018
exploration drilling programme at its 100% owned Calcatreu
gold-silver project in Rio Negro Province, Argentina.
Highlights:
-- 30 diamond hole, 6,495 metre drill programme completed in December 2018.
-- 6 holes cut gold mineralisation with significant intercepts.
-- Best intercept was 4.40 m @ 11.86 g/t Au (including 1.40 m @
34.10 g/t Au) in hole CCT18-674.
-- Confirmed existence of hidden, "blind", mineralised
structures (Castro Sur Splay and Eastern). Mineralised structures
open for expansion along strike to the northeast (Amistad Vein) and
at depth (Vein 49).
The Calcatreu project is located on the NW to SE-oriented,
regional-scale Gastre Fault System, a highly prospective belt known
to host several epithermal Au-Ag deposits. Patagonia Gold has also
recently acquired new concessions, totalling more than 48,000
hectares (ha) along this belt in Rio Negro.
The objective of the programme was to identify new areas with
potential for the development of additional mineral resources in
the immediate vicinity of the Vein 49 / Nelson deposits which host
the current mineral resource at Calcatreu. The drill programme was
based upon results from the Company's ground induced
polarisation/resistivity (IP/Res) and magnetic surveys covering the
area between the outcropping veins of Castro Sur and Vein 49.
Results from the 2018 exploration drilling campaign, carried out
at Calcatreu, confirmed the existence of blind/covered, mineralised
structures suggested by the geophysics. The programme was
successful in the discovery of encouraging, new Au and Ag
mineralisation on the Castro Sur, Amistad, Eastern, Vein 49 and
Belen W targets. The significant intercepts from the new drilling
are shown in the table set out below.
Analytical results and drill intercepts, Calcatreu Project,
Argentina
Core Hole Mineralized Intercept Mineralization Location
ID (meters) (g/t)
----------- -------------------------- -----------------
From To Drill Au Ag
Length
(*)
----------- ------- ------- -------- ------ ---------
CCT18-674 42 46.4 4.4 11.86 11.12 Castro Sur
------- ------- -------- ------ ---------
incl 42 43.4 1.4 34.1 28.4 Castro Sur
------- ------- -------- ------ --------- -----------
incl 43.4 44.5 1.1 2.77 1.6 Castro Sur
------- ------- -------- ------ --------- -----------
Castro Sur
CCT18-675 127.5 128 0.5 5.97 14.6 Splay
------- ------- -------- ------ --------- -----------
CCT18-687 47.55 48.5 0.95 2.85 11.51 Amistad
-----------
CCT18-691 152.6 153.2 0.6 1.29 8 Belen
-----------
173.8 174.8 1 0.03 1,027.00 Belen
------- ------- -------- ------ --------- -----------
CCT18-695 144.1 146.62 2.52 1.56 8.05 Vein 49
------- ------- -------- ------ --------- -----------
157.06 159.05 1.99 1.93 11.85 Vein 49
------- ------- -------- ------ --------- -----------
CCT18-696 153.8 154.3 0.5 0.93 23.2 Belen W
------- ------- -------- ------ --------- -----------
(*) True widths are not yet known
As announced on 26 March 2018, Calcatreu has a JORC-43-101
compliant resource estimate of 1.17 Moz AuEq. Accordingly, the
Board believes that the project is sufficiently large to
potentially justify a standalone operation. The Company will be
updating the resource based on the latest drilling results. In
addition, the Company intends to commence a Feasibility Study,
subject to financing, to update the previous study prepared by
Snowden in 2007 when the project belonged to Aquiline
Resources.
Christopher van Tienhoven, CEO of Patagonia Gold, commented on
the drill results: "The results obtained from this maiden, but
limited, drill campaign at Calcatreu are encouraging and we look
forward to the prospect of commencing a Feasibility Study during
2019.
Qualified Person's Statement
The scientific and technical information herein was reviewed by
Dr. Walter Soechting, PGeo. Dr. Soechting is a geologist with over
twenty-five years of experience in exploration for precious metal
mineral deposits. Dr Soechting has experience in the type of
deposit under consideration and in the type of activity conducted,
and is a 'Qualified Person' as defined by NI 43-101. Dr. Soechting
consents to the inclusion in the announcement of the matters based
on the information in the form and context in which it appears and
confirms that this information is accurate and not false or
misleading.
The analyses of the drilling samples reported herein were
performed by Alex Stewart Laboratories, which is an ISO
9001/IEC17025 and ISO14001 certified, commercial laboratory.
Patagonia Gold's quality assurance-quality control programme (QAQC)
includes systematic insertion of blanks, standard reference
material and duplicates to ensure laboratory accuracy.
About Patagonia Gold
Patagonia Gold Plc is an AIM-listed mining company that seeks to
grow shareholder value through exploration, development and
production of gold and silver projects in the Patagonia region of
Argentina. The Company is primarily focused on the Calcatreu
project in Rio Negro. In addition, it is carrying out exploration
in Manchuria and Sarita in Argentina and San Jose in Uruguay.
Patagonia Gold, indirectly through its subsidiaries or under option
agreements, has mineral rights to over 220 properties in several
provinces of Argentina, Chile and Uruguay 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 Plc
Tel: +54 11 5278 6950
James Spinney / James Dance / Jack Botros
Strand Hanson Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 7409 3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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