Toronto, Ontario - January 12 2012 - Patagonia Gold PLC
Highlights:
-
Drilling along strike to the north-west of the main Shoot
of the Cap-Oeste deposit continues to intersect high grade
gold and silver, including 37.40 metres @ 20.04 grams per
tonne (g/t) gold and 206 g/t silver in drill-hole
CO-317-D.
-
The current infill and extension drilling campaign on the
Cap-Oeste gold and silver deposit will be closed at the end
of January to allow a fourth NI 43-101 compliant resource
update, scheduled for reporting in Q2 2012. Drilling will
continue on the Cap-Oeste deposit, which remains open along
strike in both directions and down plunge.
The current drilling campaign on the Cap-Oeste deposit has been concentrated in the recently discovered high grade area to the immediate north west of the Main shoot. To date results have been received for the first 18 holes in this campaign. A full table of the results is available on the Company's website. Results include:
All drill-holes completed in phase 3 of the Cap-Oeste programme are HQ size diamond core drill-holes and were completed by Major Drilling S.A.
Results from CO-317-D for an interval from 295m to 318m downhole are included below to highlight the continuity and consistency of the high grade gold and silver results received for this hole.
El Tranquilo block:
Patagonia Gold's El Tranquilo exploration and mining
concession property block (El Tranquilo block), covering over
80 square kilometres, is located approximately 160 kilometres
to the south-east of the town of Perito Moreno in the Santa
Cruz Province of Argentina.
El Tranquilo block contains Patagonia Gold's flagship Cap-Oeste gold and silver project, where a NI 43-101 compliant report and resource upgrade recently delineated a gold equivalent (AuEq) resource of 966,972 ounces AuEq within the Indicated category, with a further inferred resource of 266,968 ounces AuEq, as set out in "NI 43-101 Technical Report" prepared by Craig S. Bow Ph.D., CPG and Robert L. Sandefur, P.E., of Chlumsky, Armbrust & Meyer, LLC (see Company's news release dated November 30, 2011).
El Tranquilo block also contains the COSE bonanza grade gold and silver deposit, where an underground mining operation is in preparation for commencement in Q1 2012, and a number of other gold and silver areas.
Cap-Oeste project:
Three drill rigs are currently engaged on the Cap-Oeste
deposit completing a drill campaign commenced in Q3 2011. To
date 40 drill-holes (CO-301 to CO-340), for 13,840 metres,
have been completed. The current drill campaign will be
closed at the end of January 2012 to allow for a NI 43-101
compliant resource update, scheduled for reporting in Q2
2012.
Assay results are pending for 22 drill-holes. Results will be reported on a regular basis as received.
Drilling will continue on from the current campaign for the Cap-Oeste deposit, which remains open along strike in both directions and down plunge. In addition, drilling will be carried out on Vetas Norte, Don Pancho, Monte Leon and other prospects.
Patagonia Gold has in place a stringent quality assurance and quality control program to ensure best practices in sampling and assaying. All samples from the Cap-Oeste project were collected by employees of Patagonia Gold and shipped directly to Alex Stewart Laboratories Mendoza (ISO 9001 Certified) for preparation and assay in sealed bags. All samples are assayed for gold by fire assay and silver by aqua regia digestion with atomic absorbsion (AA) finish, according to Alex Stewart's procedures Au4-50 and Ag4A-50. Inductively coupled plasma (ICP) analyses for a suite of multi-elements (39 elements, including base metals and silver) were performed by procedure ICP-MA-39. Silver over limits 200 g/t were analysed by fire assay gravimetric finish. Gold above 10 g/t was re-assayed with gravimetric methods.
Matthew Boyes, (BSC. Geology, Fellow AusIMM., member SEG), Chief Operating Officer for Patagonia Gold and a qualified person as defined in Canadian National Instrument 43-101, has reviewed and verified all scientific or technical mining disclosure contained in this news release.
About Patagonia Gold
Patagonia Gold Plc is an advanced mining exploration company
that seeks to grow shareholder value through the acquisition,
exploration and development of gold and silver projects in
the southern Patagonia region of Argentina. The Company is
primarily focused on the development of two properties: the
flagship Cap-Oeste project and the nearby COSE project, which
is expected to begin generating free cash flow by 2013.
Patagonia Gold, indirectly through its subsidiaries or under
option agreements, has mineral rights to over 220 properties
in several provinces of Argentina and Chile, covering
approximately 800,000 hectares, being one of the largest
landholders in the province of Santa Cruz. The Company is
headquartered in London, with subsidiary offices in Buenos
Aires and Toronto.
Patagonia Gold is listed on the Toronto Stock Exchange (TSX) under the symbol PAT and has been listed on the AIM market of the London Stock Exchange under the symbol PGD.L since 2003.
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain information that may
constitute "forward-looking information" under
applicable securities legislation. Forward looking
information includes, but is not limited to, statements about
the commencement of underground mining operations at the COSE
project, forecasts as to free-cash flow, strategic plans,
mineral resources estimates, future operations, results of
exploration, future works programs, capital expenditures and
objectives. Forward-looking information is necessarily based
on a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the
actual results and future events to differ materially from
those expressed or implied by such forward-looking
information, including the risks identified in the
Company's public disclosure. There can be no assurance
that such information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. All
forward-looking information contained in this press release
is given as of the date hereof and is based upon the opinions
and estimates of management and information available to
management at the date hereof. The Company disclaims any
intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required
by law.
Contact Information
Bill Humphries, CEO
Patagonia Gold Plc
Tel: +44 (0)20 7409 7444
Philip Yee, CFO
Patagonia Gold Plc
Tel: +1 (416) 572 2007
Colin Languedoc
Barnes Communications Inc.
Tel: +1 (416) 367-5000
Simon Raggett / Angela Peace
Strand Hanson Ltd
Tel: +44 (0)20 7409 3494
Rory Scott
Mirabaud Securities LLP
Tel: +44 (0)20 7484 3510
David Bick/Mark Longson
Square 1 Consulting
+44 (0)20 7929 5599
* The actual true thickness of mineralisation is estimated to represent between 85-90% of the intervals shown in the above table
** AuEq(gold equivalent) ratio is 53.5:1 Ag:Au
*The actual true thickness of mineralisation is estimated to represent between 85-90% of the intervals shown in the above table.
** AuEq(gold equivalent) ratio is 53.5:1 Ag:Au
distribué par | Ce noodl a été diffusé par Patagonia Gold plc et initialement mise en ligne sur le site http://www.patagoniagold.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-12 22:34:26 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |