Mako Mining Announces a Discovery 17 km from the San Albino Gold Mine, Intersects 41.99 g/t Au and 28.70 g/t Ag over 1.4 m (Estimated True Width), 34 m from Surface and Confirms Orogenic Deposit Type
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595 Burrard Street, Suite 2833
Vancouver, BC V7X 1K8
Tel: (604) 646-1580
www.makominingcorp.com
TSX-V: MKO | OTCQB: MAKOF
May 30th, 2023
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces a Discovery 17 km from the San Albino Gold Mine, Intersects 41.99 g/t
Au and 28.70 g/t Ag over 1.4 m (Estimated True Width), 34 m from Surface and Confirms Orogenic
Deposit Type
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) announces positive drill
results on its La Segoviana concession (“La Segoviana” or Concession), located approximately 17 km to
the north of the company’s 100% owned San Albino gold mine which is currently in commercial production.
In addition, results of fluid inclusion studies from the Colorado School of Mines (“CSM”) confirm the
orogenic nature of gold mineralization across the 28 km of stri ke contained within the Company’s 188
square kilometer (km2) land package in northern Nicaragua.
Highlights of this press release
o San Luis – New Discovery
▪ 41.99 g/t Au and 28.7 g/t Ag over 2.10 m (1.4 m ETW)
▪ Contained within a larger zone of 17.99 g/t Au and 12.5 g/t Ag over 5.0 m (3.2 m ETW)
o Identified additional style of gold mineralization - stockwork/breccia zone
o Fluid inclusion studies by the CSM confirm the orogenic nature of gold mineralization within the
land package
Frank Powell, Mako’s Senior Exploration Manager announces that “We are very excited to initiate drilling
outside of the San Albino/Conchitas area and to start assessing our 188 km2 land package. There are very
few places in the world where you can sample high grade gold over 10’s of kilometers of strike that have
not been previously drilled or explored with modern exploration techniques . The fact that we have
discovered similar shallow high-grade gold 17 km away from a producing mine, with dozens of high-grade
gold occurrences in between, leads us to believe that we have a burgeoning gold district on our hands”.
Reconnaissance geological mapping and sampling has identified numerous gold bearing structures
outside the San Albino /Conchitas area s that have never been drill tested (see map below). At La
Segoviana, d etailed sampling and mapping of recent, small-scale underground and surface workings
confirmed near surface, high-grade gold mineralization at several prospects situated approximately 17 km
north of San Albino Mine (see press release dated March 24th, 2022). Sampling and mapping in this area
indicates significant strike potential over a linear distance of 6.4 km.
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The initial 1,000 m exploration drilling program is focused on known surface mineralization within this north-
trending mineralized corridor at three prospects: La Reforma, San Luis and Minas America, with the goal
of assessing the overall mineralization geometry, grade continuity and mineral resource potential.
The discovery d rill hole , LS23-04, located at the San Luis prospect and collared below known
mineralization in a recent, small scale underground working, intersected an interval of 41.99 g/t Au and
28.7 g/t Ag over 2.1 m (1.4 m ETW), starting at a vertical depth of 34 m. This interval indicates high grade
gold is associated with a sub-vertical, banded quartz vein. A quartz stockwork/breccia zone occurs above
the banded vein, with anomalous gold assays ranging from 0.15 g/t Au to 0.9 1 g/t Au. The entire zone
including quartz stockwork/breccia averages 17.99 g/t Au and 12.5 g/t Ag over 5 .0 m (3.2 m ETW). The
quartz stockwork/breccia zone appears to be a new style of gold mineralization, which has not been
observed at San Albino and will require additional drilling to characterize its significance. It is common in
orogenic districts to have variations in gold occurrences based on local structure and host rocks. The host
rocks in this area are similar to the San Albino schist ; however, they have a fairly high proportion of
interbedded metavolcanic material in the black schists.
Drill hole LS23-03 is collared 28 m northwest from the discovery hole and intersected the stockwork zone,
mentioned above grading 6.06 g/t Au and 9.2 g/t Ag over 1.2 m (1.1 m ETW). See table below.
At the La Reforma prospect located approximately 370 m northeast of the discovery hole, the Company
completed two drill holes. Both holes intersected a fault zone with low grade or anomalous gold. Further
mapping of gold showings and local faulting has since been completed and additional drilling is planned
over the coming days.
Drilling is currently underway on the Minas America prospect located approximately 2 km to the south of
the discovery drillhole , where the vein is gently dipping to the northwest, further onto our concessions ,
consistent with the regional orientation.
The Company is collaborating with the Colorado School of Mines through a consulting agreement to gain
access to top research professionals and facilities and is sponsoring a master’s thesis to characterize and
further investigate the styles of mineralization and structural controls within the Company’s mining
concessions to further guide the exploration efforts.
Following recent field visits and a detailed analysis of fluid inclusions, Dr. Ben Frieman, Ph. D., Research
Assistant Professor, Department of Geology and Geological Engineering at CSM commented:
Investigations on the style and character of mineralization in the San Albino, Las Conchitas and La
Segoviana areas have revealed the gold -bearing vein systems were emplaced along structurally
controlled zones relatively deep within the crust during earlier mountain building episodes . These
deposit types are termed orogenic gold deposits.
Orogenic gold deposits are significant for the following reasons:
1. They account for approximately 1/3 of the world’s gold production1.
1 Frimmel, H. E. Earth’s continental crustal gold endowment. Earth Planet. Sci. Lett. 267, 45–55 (2008).
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2. They tend to form in clusters along regionally extensive fault systems. Thus, it is common to
find a series of economic deposits at regular, tens of kilometer-scale spacing.
3. Some of the most important gold districts in the world, such as the Mother Lode Deposit in
California or the Kalgoorlie Goldfields in Australia are classified as orogenic gold deposits.
Table: Assay Results Reported in This Press Release
Note: The mineralized intervals shown above utilize a 1.0 g/t gold cut-off grade with not more than 1.0 m of internal
dilution. *Widths are reported as drill core lengths. **Estimated True Width is estimated from interpreted sections.
Qualified Person
John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43 -101) has read and
approved the technical information contained in this press release. Mr. Kowalchuk is a senior geolo gist
and a consultant to the Company.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Mako
Prospect Drill Hole From
(m)
To
(m)
*Width
(m)
Au
(g/t)
Ag
(g/t) Interval **ETW
(m)
LS23-01 20.6 21.6 1.0 0.67 2.3 Fault
Anomalous values
LS23-02 26.8 27.8 1.0 1.22 3.3 Fault
1.22 g/t Au and 3.3 g/t Ag over 1.0 m 1.0
41.8 42.4 0.6 3.75 6.7
42.4 43.0 0.6 8.37 11.6
LS23-03 77.7 78.4 0.7 2.08 26.2 2.08 g/t Au and 26.2 g/t Ag over 0.7 m 0.6
51.9 52.8 0.9 1.41 0.7
52.8 53.1 0.3 1.23 0.7
53.1 53.6 0.5 171.70 116.0
53.6 54.0 0.4 1.73 3.6
LS23-05 to
LS23-07 Pending
Minas
America
LS23-08 to
LS23-10 Pending
La Reforma
San Luis
LS23-03 6.06 g/t Au and 9.2 g/t Ag over 1.2 m 1.1
LS23-04 41.99 g/t Au and 28.70 g/t Ag over 2.1 m 1.4
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Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company
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. Mako’s primary objective is to operate San Albino profitably
and fund exploration of prospective targets on its district-scale land package.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, E-mail:
[email protected] or visit our website at www.makominingcorp.com and SEDAR
www.sedar.com.
Forward-Looking Information
Some of the statements contained herein may be considered “forward -looking information” within the
meaning of applicable securities laws. The forward -looking information contained herein is based on the
Company’s plans and certain expectations and assumptions, including indicates significant strike potential
over a linear distance of 6.4 kilometers (km) , including t hey tend to form in clusters along regionally
extensive fault systems, including it is common to find a series of economic deposits at regular, tens of
kilometer-scale spacing, including s ome of the most important gold districts in the world, such as the
Mother Lode Deposit in California or the Kalgoorlie Goldfields in Aus tralia are classified as orogenic gold
deposits. Such forward-looking information is subject to a variety of risks and uncertainties which could
cause actual events or results to differ materially from those reflected in the forward -looking information,
including, without limitation, that exploration along strike does not confirm strike potential over 6.4 km; that
the company does not find economic deposits as clusters or economic deposits at regular spacing; that
the Corona de Oro gold belt is not an important gold district; the inherent uncertainty of cost estimates and
the potential for unexpected costs and expense; commodity price fluctuations and other risks and
uncertainties as disclosed in the Company’s public disclosure filings on SEDAR at www.sedar.com. Such
information contained herein represents management’s best judgment as of the date hereof, based on
information currently available and is included for the purposes of providing investors with the Company’s
plans and expectations regarding the exploration of the La Segoviana Concession, and may not be
appropriate for other purposes. Mako does not undertake to update any forward -looking information,
except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Figure 1 – Drill Hole Plan