Mako Mining drills 12.09 g/t gold over 11.5 metres at Las Conchitas, Nicaragua

Mako Mining Corp. [MKO-TSXV; MAKOF-OTCQX] reported additional results from the reverse circulation (RC) infill drilling completed at 100%-owned Las Conchitas, located immediately south of the company’s San Albino gold mine in Nicaragua, which is currently in commercial production.

Highlights: Completed 230 RC Drill Holes totalling approximately 9,000 metres. Exceptional highlights at the Bayacun area include 12.09 g/t gold and 23.5 g/t silver over 14.0 metres (11.5 m ETW), including 15.60 g/t Au and 24.9 g/t Ag over 4.0 metres (3.5 m ETW); 31.10 g/t Au and 63.7 g/t Ag over 3.0 metres (2.3 m ETW).

El Limon area: 18.48 g/t Au and 43.8 g/t Ag over 3.0 metres (2.6 m ETW).

Mango area: 15.6 g/t Au and 24.6 g/t Ag over 2.0 m (1.5 m ETW).

Newly intersected wider zones demonstrate potential to enhance the model and Mineral Resource Estimate (MRE) which is expected in Q3 2023

Akiba Leisman, CEO of Mako, stated: “Las Conchitas South was always known as the best part of Las Conchitas, and these exceptional grades and thicknesses attest to that. The company first started mining and processing material from Las Conchitas North based on its proximity to the plant and waste storage facilities. Haul road access to Las Conchitas South is nearing completion, and we expect to begin mining this area as part of an initial 5-year open-pit mine plan over the coming months.”

Drilling in 2023 targeted multiple, shallow dipping, close to surface, gold-bearing quartz veins. The veins appear to be related to compressional tectonics and were subjected to later faulting and folding which accounts for local “stacking” of veins (thrust duplication) resulting in considerably wider blocks. Drill hole spacing is approximately 15 metres and depths range from 10 to 50 meters. Most of the drillholes were vertical and targeted to intersect the mineralization at near true thickness.

In the Bayacun area, several drill holes were designed to intersect and confirm a high-grade block previously identified in the 2019-2022 drilling campaign. Drill hole LC23-RC136 intersected a wide, shallow zone at 15 metres from surface which returned 12.09 g/t Au and 23.5 g/t Ag over 14.0 metres (11.5 m ETW), including two high-grade intervals, 15.60 g/t Au and 24.9 g/t Ag over 4.0 metres (3.5 m ETW) and 31.10 g/t Au and 63.7 g/t Ag over 3.0 metres (2.3 m ETW), respectively. Previous diamond drilling in proximity to this drill hole, intersected multiple high-grade and significantly wider than average intervals, including LC20-277 which intersected 22.26 g/t Au and 44.6 g/t Ag over 4.3 metres ETW within a wider mineralized zone of 16.1 metres ETW.

Drilling in the El Limon and Mango area was designed to improve understanding of the vein geometry and to confirm mineralization trends identified in the previous drilling campaign. At El Limon, drill hole LC23-RC92 intersected 18.48 g/t Au and 43.8 g/t Ag over 3.0 metres (2.6 m ETW), 15 metres SW (by strike) from hole LC19-70, which intersected 376.49 g/t Au over 1 metre at 36 m from surface.

In the Mango area, drill hole LC23-RC108 intersected 15.6 g/t Au and 24.6 g/t Ag over 2.0 metres (1.5 m ETW), targeting a high-grade zone intersected 28 metres down dip of drill hole LC19-72, which encountered 36.55 g/t Au and 47.8 g/t Ag over 1.7 metres.

To date, 230 RC holes have been completed totaling approximately 9,000 metres in the Las Conchitas area. Most of the drilling was conducted at the most advanced, southern part of Las Conchitas (LC-S). Four of the six areas of interest where the company has received a permit to process material through the San Albino plant are situated within the LC-S area. The company intends to start mining and processing mineralized material at LC-S, as a part of a metallurgical program later this quarter.

Based on the results of the 2023 infill drill program, a revised geologic model will be generated and incorporated into a new, updated resource block model, and the Company’s mining engineers will use it to optimize the mine plan and development schedule.

Mako Mining operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open pit gold mines globally.