Mako Mining Announces Favorable Metallurgical Test Results from the Historical Dumps at San Albino, with Gold Recoveries of 96.4% which Includes Gravity Recoveries of 48.1%
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October 5, 2020
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Announces Favorable Metallurgical Test Results from the Historical Dumps at San
Albino, with Gold Recoveries of 96.4% which Includes Gravity Recoveries of 48.1%
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to report that it
has completed further metallurgical tests on its wholly-o wned San Albino gold project (“San Albino”) located in
Nueva Segovia, Nicaragua. The scope of the testwork was aligned with the design of the San Albino mill currently
under construction, which is scheduled to be complete in January 2021. The gravity-cyanidation flowsheet design is
based on extensive mineralogical and metallurgical investigations completed in the 2016-19 period to define the mill
design parameters as well as preliminary testwork completed in 2016. The historical dump material available on site
from previous mining activity represents the potential for more than 120,000 tonnes not previously considered in the
preliminary economic assessment (“PEA” ), dated April 29, 2015 and availa ble under the Company’s profile on
SEDAR at www.sedar.com. The historical dump material will be used for start-up of the mill.
Akiba Leisman, Chief Executive Officer of Mako states that “these metallurgical results provide a positive assessment
of the historical mining dumps that can be processed duri ng start-up. In addition to verifying the grade of the
historical dump material, this testwork further confirms that the processing plant flowsheet being constructed should
achieve high recoveries of gold and silv er. Importantly, the historical dump material contains grades significantly
higher than the cutoff grade being used to calculate the updated mineral r esource at San Albino, which has been
slightly delayed and is expected to be released later this month. The higher grades of the historical dump material
should also be helpful in prepping the processing plant to handle the high-grade vein material once the commissioning
is complete, which is expected to occur in early Q2.”
The sample composites used to assess the amenability to processing in the mill cu rrently under construction of the
primary historical dump material (“Cancha #1”), were obtained from two randomly selected drill holes using a quarter
of the drill intercepts to provide 12 samples totaling 33.4 kg . A composite sample of the Cancha #1 material for the
metallurgical work was subjected to met allic assays and triplicate fire assay, th e procedure previously completed in
other testwork to address the presence of free gold. A samp le was prepared from previous testing of San Albino
oxide mineralization for cyanidation testwork for purposes different than the Cancha #1 material although data is
presented here along with the cyanidation testwork on the Cancha #1 sample. The assays for the Cancha #1 main
composite sample averaged 4.73 g/t Au and 17 g/t Ag while the grade of the San Albino oxide gravity tailings sample
from previous testing averaged 6.07 g/t Au and 20 g/t Ag. The head grades of the samples tested are as follows:
Analytical
Method
Cancha # 1 Composite Heads (Before Gravity Processing)
Au g/t A g g/t
Metallics 3.29 18
Fire Assay 5.72 16
Fire Assay 5.08 19
Fire Assay 4.81 16
Averages 4.73 17
Cancha #1 CIL Test Heads* San Albino Oxide CIL Test Heads*
1st CIL Test 2.22 15 6.07 20
2nd CIL Test 2.10 13 6.07 20
Averages 2.16 14 6.07 20
* The Cancha #1 material and San Albino Oxide CIL Test Heads were part of separate metallurgical programs and
not tested for direct comparison. They are only shown together in this summary table for informational purposes.
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The gravity separation on the Cancha #1 material, from be nch scale testing averaged recoveries of 48.1% Au and
18.2% Ag. The gravity tails from the Cancha #1 sample tests were subjected to cyanide leach tests for 48 hours which
extracted a further 47.8% Au and 70% Ag raising the combined recovery on the Cancha #1 material to 96.4% Au and
88.3% Ag. The gravity tails of the San Albino oxide sam ple was leached in cyanide under the same conditions as
the Cancha #1 sample with the cyanide level maintained at 2.0 g/l and the pH at 10.5 to 11. The testing indicated
that the processing of the Cancha #1 material would require higher cyanide consumption and longer leach times than
other mineralized types previously tested. The testing showed that the leach kinetics of the San Albino oxide gravity
tails were more rapid and require leach times within design parameters. The Au and Ag extractions from CIL on the
San Albino oxide gravity tails sample were 94.8% Au and 62.2% Ag. Despite the slower kinetics and higher reagent
consumptions shown for the Cancha #1 sample, the Sa n Albino mill now under construction will provide the
processing conditions necessary to achieve high recoveries on th is style of mineralization. A summary of two tests
on each material, of the main parameters of the cyanidation testwork on the two samples is as follows:
The amount of organic carbon in the Cancha #1 sample was measured with carbon showing 0.18%, which is similar
to the San Albino oxide gravity tails. This is the first t esting of historical dump material and the particle size
distribution shown in the Bureau Veritas report indicates th at the Cancha #1 material is similar to the previously
tested materials in terms of clay content.
Sampling, Assaying, QA/QC and Data Verification
All sample preparation, compositing, and test work was pe rformed or overseen by independent lab, Bureau Veritas
Laboratories in Vancouver, Canada. Their processes and assaying results met the requirements of the Company and
its employees, including Senior Metallurgical Engineer Craig L. McKenzie, and are traceable and well documented.
Qualified Person
Ross MacFarlane P. Eng. of Watts, Griffis and McOuat Li mited (“WGM”), Associate Metallurgist and Joe Hinzer,
P.Geo., the President and Director of WGM, both inde pendent of Mako and "qualifie d persons" under NI 43-101
have reviewed and approved the writte n scientific and technical disclosure contained in this press release.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Mako
Mako Mining Corp. is a publicly listed gold mining, development and exploration firm. The Company is developing
its high-grade San Albino gold project in Nueva Segovia, Nicaragua. Mako’s primary objective is to bring San Albino
into production quickly and efficiently, while continuing exploration of prospective targets in Nicaragua.
For further information: Akiba Leisman, Chief Executive Officer, Telephone: 203-862-7059, 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 the expectation that the San Albino mill will be completed January
Sample
P-80
Grind
Size
Leach
Time
Composite
Heads
Gravity
Recovery
CIL Test
Heads
CIL
Extraction
Overall
Recovery Rea gents
Microns Hours
Au
g/t
Ag
g/t
Au
%
Ag
%
Au
g/t
Ag
g/t
Au
%
Ag
%
Au
%
Ag
%
Cyanide
kg/t
Lime
kg/t
Cancha #1 101-102 48 4.73 17 48.1 18.2 2. 16 14 47.8 70.0 96.4 88.3 5.44 2.22
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2021; that the historical dump material available on site from previous mining activity represents the potential for approximately
120,000 tonnes not previously considered in the PEA; that the test work will confirm that the processing plant flowsheet being
constructed will achieve high recoveries of gold and silver; that the updated mineral resource at San Albino will be released
later this month; that the higher grades of the historical dump material will be helpful in prepping the processing plant to handle
the high-grade vein material once the commissioning is complete; and that commissioning will be completed in early Q2. 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 inform ation, including, without limitation, delays in the timing for
completion of the mill, commissioning and/or the updated mineral resource estimate at San Albino; the potential for
approximately 120,000 additional tonnes of material from the historical dump not being achieved; the processing plant flowsheet
not achieving the high recoveries of gold and silver that are expected; that the Co mpany’s PEA is preliminary in nature and
there is no certainty that the PEA will be realized; the risk of economic and/or t echnical failure at th e San Albino project
associated with basing a production decision on the PEA without demonstrated economic and technical viability; political risks
and uncertainties involving the Company’s properties; 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 historical dump material at San Albino based om test results to-date, and may
not be appropriate for other purposes. Mako does not undertake to update any forward-looking in formation, 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.