Patagonia Gold Corp. announced new gold and silver analytical results in exploration drill samples from the Monte Leon target near its Cap Oeste mine in the Santa Cruz province of southern Argentina. Prior to this new program of core drilling at MLN, the Company identified gold mineralization in oxidized and brecciated structures at MLN, with 104 trenches and 21 core holes.

In addition, Patagonia Gold Plc (the AIM-listed predecessor to the Company), drilled 75 reverse circulation and 21 core holes in the general area surrounding the recent MLN drilling in 2011 and 2015. In addition, 43.9 line-kilometers of ground-based, induced polarization and resistivity (pole-dipole IP-Res) surveying was completed in 2021, and more than 800 line-km of ground magnetics. In 2021 and 2022, the Company identified near surface gold and silver mineralization with geologic mapping and sampling and rotary air blast drilling.

Coupled with the historical data, this new work led to the new drill program. Composited Au and Ag analyses from the new core samples. Drilling thus far has confirmed the main 12.75 km long structural corridor on strike with the Capo mine.

Within the corridor at MLN, two prominent, near vertical, NNW-SSE structural trends have been recognized that are believed to control the widest zones of gold and silver mineralization defined to-date. Other precious metal occurrences occur in narrower, sheeted structures sub-parallel to the two main trend. MLN mineralization is believed to be intermediate sulfidation, epithermal in character, hosted within a near-vertical oxidized and sulfidic breccia.

The breccia is pipe-like and appears to be 1.5 km by 0.3 km (NNW-SSE) in dimension and near vertically oriented.