Patagonia Gold Corp. Returns Three Properties of Nico Project to Mirasol Resources
VANCOUVER, British Columbia, April 01, 2025 – Patagonia Gold Corp. (TSXV:PGDC), a leading gold exploration company, recently announced that it has returned three of the fourteen properties that make up the Nico project to Mirasol Resources Ltd. (Mirasol). The Company also relinquished the remaining eleven properties.
Background
The Nico project is located in the San Juan Province of Argentina. Patagonia had acquired the properties from Mirasol in 2019, with an option to earn a 100% interest in the project by making certain payments and exploration expenditures. However, after conducting an extensive review of the project, Patagonia decided to return three properties to Mirasol and relinquish the remaining eleven.
Reason for the Decision
According to a statement released by Patagonia, the decision to return the properties was based on the results of the Company’s exploration program at Nico. The program revealed that the mineralization on the returned properties did not meet the potential to support a standalone mining operation. Patagonia believes that focusing its resources on the remaining eleven properties will maximize the potential for discovery and value creation.
Effect on Patagonia
- Reduction in exploration expenses: By returning three properties, Patagonia will save on exploration expenses, allowing the Company to allocate resources more effectively.
- Focus on high-potential properties: The Company can now concentrate its efforts on the eleven properties with the greatest potential for mineral discovery and resource growth.
- Maintaining a strong relationship with Mirasol: The decision to return properties to Mirasol demonstrates Patagonia’s commitment to maintaining a positive working relationship with its exploration partners.
Effect on the World
- Continued exploration in the San Juan Province: The decision by Patagonia to focus on the eleven properties does not diminish the potential for mineral discovery in the San Juan Province. Other companies are actively exploring the region, and discoveries could lead to significant economic benefits for Argentina.
- Promoting a responsible approach to mineral exploration: Patagonia’s decision to return properties that do not meet the potential for a standalone mining operation demonstrates a responsible approach to mineral exploration. This approach can help minimize the environmental impact of exploration activities and promote sustainable development.
- Encouraging collaboration in the mining industry: The partnership between Patagonia and Mirasol highlights the importance of collaboration in the mining industry. By working together, the companies can pool resources, expertise, and knowledge to explore and develop mineral properties more effectively.
Conclusion
Patagonia Gold Corp.’s decision to return three properties of the Nico project to Mirasol Resources and relinquish the remaining eleven properties marks a strategic shift in the Company’s exploration efforts. By focusing on the high-potential properties, Patagonia can maximize its chances of discovery and resource growth while minimizing exploration expenses. This decision also demonstrates a responsible approach to mineral exploration and promotes collaboration within the mining industry. The San Juan Province in Argentina remains an active exploration area, with numerous companies continuing to explore for mineral deposits, offering significant potential for future discoveries and economic benefits.
