Mako Mining drills 64.9 g/t gold over 2 metres at San Albino, Nicaragua

Mako Mining Corp. [MKO-TSXV; MAKOF-OTCQX] reported additional high-grade drill results from an area adjacent to the current open pit mining operations at the San Albino West pit in northern Nicaragua. Two of the company’s seven drill rigs are currently focused on this SW pit area of the 100%-owned project.

The objectives of the SW pit drilling program are to: 1) increase the overall size of the San Albino gold deposit, which remains open along strike and at depth; 2) test extensions of the mineralization beyond the permitted pit limit; and 3) provide information necessary to begin mining this area early next year.

To date a total of 32,436 meters in 259 drill holes (2011-2022) have been completed in the area. Most of the drilling intersected mineralization within, or immediately outside, the current permitted pit.

All intersections described in this press release fall outside the 2020 mineral resource estimate (2020 Resource).

Highlights of selected intercepts of the high-grade gold mineralization include 64.90 g/t) gold and 87.7 g/t silver over 2 metres (estimated true width-ETW); 34.03 g/t gold and 26.8 g/t silver over 2.2 metres (2.1 m ETW); 36.50 g/t gold and 51.3 g/t silver over 1.1 metres (0.7 m ETW); 68.80 g/t gold and 60.6 g/t silver over 0.6 metres (0.5 m ETW); and 15.09 g/t gold and 20.5 g/t silver over 2.7 m (2.4 m ETW).

Akiba Leisman, CEO, stated: “The 2020 Resource only included a de minimis number of gold ounces in the SW pit area, as our team was getting a better handle on the geological model for this zone. Over the course of the last two years, the geological controls of the SW pit have been substantively better understood and have been validated by these drill results, and those released earlier this year. Hitting 64.9 g/t gold over two metres (ETW) 50 metres from surface and 71 metres up-dip from another potentially open-pittable intersection of 42.9 g/t gold over 4.1 metres (ETW), bodes well for early next year as we get the SW pit ready to be our next mining area. Over the course of the next week, we will also be releasing drill results at Las Conchitas which we also plan to begin mining next year.”

Drill hole SA22-626 intersected multiple intervals of high-grade, near surface gold mineralization, including 64.9 g/t gold and 87.7 g/t silver over two metres (ETW), 50 m below surface. This intersect is approximately 12 metres outside the current permitted pit limit and 71 metres up-dip from drill hole SA22-615 which intersected 42.91 g/t gold and 38.3 g/t silver over 4.5 metres (4.1 m ETW). In addition, this hole intersected a mineralized interval grading 4.01 g/t gold and 32.3 g/t silver over 1.5 metres (1.3 m ETW), 21 metres from the surface indicating that multiple mineralized structures are open to the south.

Two drill holes, SA22-662 and SA22-663, collared on the same drill pad and 30 metres along strike from drill hole SA22-615 (described above), intersected multiple mineralized intervals, including 34.03 g/t gold and 26.8 g/t silver over 2.20 metres (2.1m ETW) and 36.50 g/t gold and 51.3 g/t silver over 1.10 metres (0.7m ETW), at vertical distance from surface at 32 metres and 22 metres, respectively. Both drill holes confirmed continuity of high-grade mineralization to the NE along strike and indicate potential to further expand the open pit mineral resources.

Hole SA22-662 intersected 1.00 g/t gold and 8.7 g/t silver over 0.5 metres (ETW) and 14.90 g/t gold and 23.6 g/t silver over 1 metres (ETW), 28 metres and 65 metres below surface respectively. Drill hole SA22-663 intersected an additional high-grade interval of 9.09 g/t gold and 11.3 g/t silver over 2 metres (1.2m ETW), 36 metres below surface.

Several drill holes were designed to test the down-dip extension of multiple high-grade mineralized zones. SA22-622 intersected three mineralized intervals (see table below), including 68.80 g/t gold and 60.6 g/t silver over 0.6 metres (0.5m ETW) 95 metres from surface. Drill hole SA22-623 also intersected multiple intervals including 15.09 g/t gold and 20.5 g/t silver over 2.7 metres (2.4m ETW), 107 metres below the surface and confirmed the high-grade mineralization remains open down dip.

Mako completed the initial phase of drilling at the San Albino North target immediately to the north of the San Albino Gold Deposit straddling two concessions, San Albino-Murra and Potrerillos. Fifteen drill holes totaling 2,552 metres have been completed at the Cerro Piedra Negra prospect. Three drill holes intersected intervals above an internal cut-off grade (1.0 g/t Au), including hole PO22-05 which intersected 13.50 g/t gold and 7.3 g/t silver over 1.20 metres (0.7m ETW). Eight drill holes intersected intervals below the cut-off grade and results for two drill holes are still pending.

Mako operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua.