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How Did The Patagonia (HGLD) Stock Skyrocketed 350%?

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In the last trading session, Patagonia Gold Corp (OTCPink: HGLD) stock closed at $0.09, an increase of 350.00%. A total of 131.34K shares changed hands during the session, with Patagonia stock price between $0.0793 and $0.10. In order to give a greater understanding of HGLD, we can refer to recent developments in lieu of current news regarding HGLD stock.

How did the recent events go?

Listed on the TSX Venture Exchange, Patagonia is a mining and development company. As part of its mission to grow shareholder value, HGLD explores for and develops gold and silver projects in Argentina’s Patagonia region. A major focus of Patagonia is the development of the Cap Oeste underground project and the Calcatreu project in Rio Negro.

HGLD has mineral rights to over 420 properties in Argentina and Chile, either directly or through subsidiaries or under option agreements. Those holdings make HGLD one of the largest landowners in Santa Cruz Province, Argentina.

Recent news presented by Patagonia revealed that it has signed definitive agreements to acquire two projects in the Deseado Massif of southern Argentina.

  • A definitive option agreement between HGLD and Mirasol Resources Ltd. & Australis S.A., a subsidiary of Mirasol, was signed on April 15, 2021.
  • According to the agreement, HGLD has the option to purchase an undivided 75% interest in Australis’ Homenaje project in Santa Cruz Province, Argentina.
  • Also on April 15, 2021, HGLD signed a definitive agreement with the Vendors, granting Patagonia a 100% undivided interest in and to Australis’ right to develop the Nico project in Santa Cruz Province, Argentina.

Where does HGLD go with the projects?

Achieving Earn-In Obligations under the Option Agreement will allow Patagonia (HGLD) to acquire 75% of working equity in the Homenaje Project over a period of six years.

On the Homenaje Project, HGLD plans to spend $2,550,000 in exploration expenditures over six years, including 2,500 meters of drilling.

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