Mako Mining produces 10,291 oz gold in Q4 2021, Nicaragua
Mako Mining Corp. [MKO-TSXV; MAKOF-OTCQB] reported its fourth quarter 2021 production results from its 100%-owned San Albino gold mine in northern Nicaragua, which is the second full quarter of production results since declaring commercial production on July 1, 2021. Financial results for Q4 2021, including detailed reporting of the company’s operating costs, are expected along with our 2021 annual financial results in April.
Q4 2021 production highlights include 44,160 tonnes mined containing 12,251 oz gold at a blended grade of 8.63 g/t gold; 17,500 tonnes mined containing 9,530 oz gold from diluted vein material at 16.94 g/t gold; 26,660 tonnes mined containing 2,720 oz gold from historical dump and other mineralized material above cut-off grade at 3.17 g/t gold; 16.5:1 strip ratio.
A total of 38,313 tonnes were milled containing 11,102 oz gold at a blended grade of 9.01 g/t gold; 51% and 49% from diluted vein and historical dump and other, respectively; 507 tonnes per day (tpd) milled at 82% availability; 92.7% gold recoveries; 138,602 tonnes in stockpile containing 12,832 oz gold at a blended grade of 2.88 g/t gold; and 10,291 oz gold recovered and 9,588 oz gold sold at an average realized price of US$1,797/oz.
Akiba Leisman, CEO, stated: “This quarter was the second full quarter of commercial production at San Albino. The mine is performing well and the mill has been debottlenecked. The mill has now averaged nameplate capacity of over 500 tonnes per day for the quarter, which is a 15% improvement over the previous quarter including mill availability (38,313 tonnes milled in Q4 versus 33,441 total tonnes milled in Q3).
“Replenishment of spare parts and minor adjustments to the plant are expected to further improve mill availability for the first quarter of 2022 and beyond. Over 10,000 ounces were recovered in Q4 2021, with 9,588 ounces sold during the quarter and the balance sold early in January. Operating cash flow from the mine is robust, with exploration expenditures increasing, payables now fully normalized from elevated levels during ramp-up, and approximately US$4.5-million of principal being repaid since the end of Q3.”
The mine averaged 480 tpd of diluted vein material and historical dump and other in Q4 2021 with a strip ratio of 16.5. The stockpile is now 138,602 tonnes and comprises 6,510 tonnes of diluted vein material at 13.62 g/t gold and 132,092 tonnes of historical dump and other at 2.35 g/t gold for a total of 12,832 oz gold.
Since the end of September, most of the diluted vein material has been coming from the Porcelana zone, which is being blended with historical dump and other at the mill. The Porcelana zone, which has the highest-grade thickness profile encountered at San Albino, is expected to make up the majority of the diluted vein tonnes for the foreseeable future.