Patagonia Gold Corp. announced its audited results for the fiscal year ended December 31, 2019.
Highlights
- Revenue of US$21.9 million and gross profit of US$5.5 million in YE 2019.
- In February 2019, the heap leach operations at Lomada and Cap Oeste were placed on care and maintenance.
- Residual production at Cap Oeste of 7,796 ounces of gold and 237,727 ounces of silver and at Lomada of 3,969 ounces of gold.
- Production at Mina Martha of 232 ounces of gold and 65,620 ounces of silver.
- Completion of the Reverse Takeover transaction with Hunt Mining Corp. on July 24, 2019.
- At Calcatreu, the exploration program during 2019 was mostly focused on surface work, with a total of 41.28 line kilometers of Pole-Dipole geophysical surveying over the Nelson, -Castro Norte, Fiero, Sabrina and Viuda de Castro areas, plus 121.5 line kilometers of gradient IP geophysics over Nelson, Sabrina and Mariano. An additional 1,687.2 km of ground magnetic surveying, covering 55.44sq km, were completed in the project covering several targets including V49 and Nelson.
- Initiated a pre-feasibility study at Cap Oeste to assess the potential technical and economic extraction of the higher grade portion of the current mineral resources.
- Received the final approval closure plan for Lomada on November 2019 and started with the works of remediation in late 2019.
Christopher van Tienhoven, CEO commented: “Despite the closure of Lomada and Cap Oeste in February 2019, the projects continued to generate residual production from the heap leach pads which helped the Company to reduce its commercial indebtedness. In addition, the successful completion of the Reverse Takeover with Hunt Mining will enable the Company to advance the development of the high-grade Cap Oeste Underground Project with processing at the Martha plant.”
First Quarter 2020 Financial Results Release
The Company continues to rely on the temporary blanket relief for market participants from certain regulatory filings published by Canadian securities regulators on March 23, 2020 as a result of the COVID-19 pandemic.
The Relief provides the Company with a 45-day extension to file its financial statements and MD&A for the period ended March 31, 2020 (the “Q1 Filings”). Patagonia expects to file the Q1 Filings on or before July 16, 2020.
