Mako Mining Corp. [TSXV-MKO] on Tuesday released an updated mineral resource estimate for its San Albino gold project in Nueva-Segovia Nicaragua.
The San Albino project open pit and underground resource estimate includes a measured and indicated resource of 670,100 tonnes at a diluted grade of 11.61 g/t gold or 250,200 gold ounces. On top of that is an inferred resource of 383,300 tonnes at a diluted grade of 10.54 g/t gold for 129,000 gold ounces.
The company said these mineral resources are constrained within two major and three smaller open pit shells at the Las Conchitas deposit, and four pit shells at the San Albino mine, two of which are currently in operation. The underground mineral resources are constrained by shells defined by stope optimizations.
“Even after nearly four years of depletion from the San Albino mine, our mineral resource is now materially larger and higher grade than the last mineral resource we published over three years ago,’’ said Mako CEO Akiba Leisman.
He said the estimate is based on 100,000 metres of new drilling, all of which was funded through operating cash flow.
Leisman went on to say that the areas encompassed within this mineral resource account for just 1.0% of the 188 square kilometre orogenic gold mining district at San Albino. “With the robust cash flows currently coming from the operating mine, we continue to be focused on delineating additional deposits on our property, with dozens of advanced prospects across 28 square kilometres of strike potential.’’
On Tuesday, Mako shares were unchanged at $1.49 and currently trade in a 52-week range of $2.80 and $1.10.
Mako is the product of a November, 2018, merger involving Marlin Gold Mining Ltd. and Golden Reign Resources. It’s San Albino mine ranks as one of the highest-grade open pit gold mines globally.
The San Albino mine is fully permitted and has been in commercial production since July 1, 2021. The Las Conchitas deposit is located immediately to the south. The geology at Las Conchitas is very similar to the San Albino deposit, consisting of stacked, gently dipping (averaging 30 degrees), less than 1.0 to 3.0 metres wide, high grade, gold-quartz veins interpreted to be part of a larger orogenic system.
The company received an interim permit to begin mining at Las Conchitas in June, 2023. Material extracted from two test pits at Las Conchitas has been processed at the San Albino plant. The permit allows for the extraction from six areas of interest (Las Dolores, San Pablo, Mina Francisco, Bayacun, Mango, and El Limon).
In July, 2023, the company submitted the Environmental Impact Assessment (EIA) for the development of the Las Conchitas deposit. It said the EIA has been accepted by the Nicaraguan Ministry of Environment and Natural Resources and the company anticipates approvals by the end of 2023.