Exploration Activities In The Santa Cruz Province

VANCOUVER - Patagonia Gold Corp. reported on exploration activities at the Abril property in the Santa Cruz province of Argentina. This program is the first drilling on Abril conducted by the Company and the first since a small amount of core drilling conducted by the private company Minera Piuquenes in 2006.

Christopher van Tienhoven, CEO, said, “We are pleased with the analytical results from this first round of Company drilling at Abril. The proximity to our nearby Martha property and geologic similarity to mineralization at the Martha property makes Abril a compelling target. The best results from this round of exploratory drilling is just three km south of the Martha mill and flotation plant. We are now planning follow-up work, which may consist of additional prospecting and mapping, channel sampling and diamond drilling.”

Report: 1) Asays up to 880 g/Ag from reverse circulation (“RC”) drilling in Q4 2022. Abril borders the Company’s Martha property on the south and was optioned from Fomicruz. 1,384 meters of shallow, RC drilling completed in the areas of mineralized channel samples. 53 RC holes completed and 1,368 samples collected. Mineralization encountered in 28 of the 53 RC holes.

The Company exploration teams completed mapping, trenching and channel sampling of +12 km (strike length) of exposed epithermal veins and inferred extensions under post-mineral cover. Epithermal veins exposed on surface and in trenches are hosted in Chon Aike Formation (Jurassic age) volcanic rocks: similar to mineralization at the Company’s Martha property. Over 240 meters continuous, channel samples collected, from 12 new tranches, with a portable diamond saw.