Mako Mining Intersects 13.43 g/t Au and 36.8 g/t Ag over 9 m (Estimated True Width) at Las Conchitas, 57m from Surface, Outside of Current Mineral Resource Estimate
1
595 Burrard Street, Suite 2833
Vancouver, BC V7X 1K8
Tel: (604) 646-1580
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
Suite 700 - 838 West Hastings St.
Vancouver, BC - V6C 0A6
IR: (647) 203-8793
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
March 13th, 2024
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Intersects 13.43 g/t Au and 36.8 g/t Ag over 9 m (Estimated True Width) at
Las Conchitas, 57m from Surface, Outside of Current Mineral Resource Estimate
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “ Company”) is pleased to provide
an update of results from the ongoing reverse circulation (RC) drill program at Mako’s newest mining area,
Las Conchitas, located immediately south of the company’s San Albino gold mine, which is currently in
commercial production.
Since the most recent mineral resource estimate (“MRE”) at the San Albino Project was defined (see press
release of December 6th, 2023), Mako has completed 9,951 m in 176 reverse circulation (RC) drill holes of
the resource expansion drill program ( see drill plan below ). The results reported in this release are from
the Southern portion of Las Conchitas, which hosts gold mineralization in three principal zones; El Limon,
Mango and Bayacun . The main objective s of the near-surface, extension and confirmation drilling
campaign were to gain a higher level of confidence of the grade and geometry of gold mineralization within
six areas of interest where the Company has received a permit to process material through the San Albino
plant (“Las Conchitas Permit” see press release of June 19th, 2023) and to identify gold mineralization for
potential resource expansion beyond the Company’s current MRE.
Highlights
• Results of 12 RC drill holes , completed in 2024, in the southern portion of Las Conchitas (“LC -S”),
together with prior results drilled since the MRE, support the potential to expand the high-grade, gold
mineralization within the currently defined open pit s as well as potential extensions outside of the
current MRE. The Mango intercept below is one of the widest mineralized, shallow, high-grade intervals
reported to date.
o 13.43 g/t Au and 36.8 g/t Ag over 9.0 m (Estimated True Width – ETW) – Mango vein
o 9.65 g/t Au and 11.8 g/t Ag over 2.0 m (ETW) – El Limon vein
o 7.30 g/t Au and 14.9 g/t Ag over 1.0 m (ETW) – Mango 2 vein
Akiba Leisman, CEO of Mako states , “this is another spectacular result from our exploration team. This
exceptionally wide and high -grade intercept outside of our current MRE, is another clear example of the
expansion potential of our current resource. We have been mining this area at Las Conchitas since last
November. Therefore, this result will likely be turned into cash flow over the course of the next two years
2
through normal mining operations. When we began mining the San Albino project over 4 years ago, the
intent was to use the cash flow generated from the plant to reinvest in exploration without the need for any
outside capital beyond what it would take to commission the mine . The Company has not raised equity
since July of 2020, nor has it required any net capital since the commissioning of the plant. Now that the
Company has significant cash flow , with a pristine balance sheet, and hundreds of exploration t argets
across our 188 square kilometer land package, we will be taking advantage of the new bull market in gold
to grow our company significantly.”
To date, the 2024 drilling has been successful in identifying potential extensions of the El Limon and Mango
mineralized structures. The key objectives of this year’s drilling program at the mine are to demonstrate
extensions of high-grade zones beyond and outside the current MRE. Drill hole LC24-RC282 (see table
below) intersected one of the widest, high -grade zones reported to date , which is also located outside of
the current MRE. The 9.0 m interval (ETW) assayed 13.43 g/t Au and 36.8 g/t Ag, starting at 57m from
surface.
This drill hole is situated between two drill holes (see drill plan below), approximately 40m apart along
strike, which also intersected high-grade intervals. Drill hole LC22-475, situated approximately 30m SW
by strike from LC24-RC282, intersected the same high-grade zone of 10.98 g/t Au and 27.0 g/t Ag over
2.0m (1.7m ETW), including 20.80 g/t Au and 49.9 g/t Ag over 1.0m, 33m from surface (see press release
dated September 8 th, 2022). Drill hole LC19 -101, collared 11m NE along strike from LC24-RC282 (see
press release dated August 19 th, 2019), intersected two mineralized zones of 4.62 g/t Au and 12.0 g/t Ag
over 2.1 m and 19.55 g/t Au and 40.6 g/t Ag over 1.2 m. All three drill holes mentioned above, intersected
the zone outside of the current resource model and confirm the potential for resource expansion beyond
the Company’s current MRE and have the potential to extend the current resource base and mine life. Our
exploration team continues to advance drilling in the area with a goal of identifying further extensions of
this mineralized zone. Our mining team has already begun plans to expand the pit in this area.
At the El Limon zone , drill hole LC2 4-RC276 intersected at 42.0m vertical depth, the 2.0m wide (ETW)
interval containing 9.65 g/t Au and 11.8 g/t Ag , confirming a 31m SW strike extension of high-grade
mineralization, intersected by drill hole LC22-467 which assayed 37.02 g/t Au and 54.4 g/t Ag over 2.30 m
(2.0 m ETW) at a vertical depth 52.0 m (see press release July 28th, 2022). Both drill holes intersected the
zone outside of the current resource model and confirm potential resource expansion beyond the
Company’s current MRE.
In addition, recent drilling targeted mineralization in the Mango zone. This post-resource drilling supports
the potential for additional, high grade, low strip ratio, mineral resources. Highlights of the Mango drilling
include drill hole LC24-RC283 which intersected the Mango 2 zone, grading 7.30 g/t Au and 14.9 g/t Ag
over 1.0 m (ETW), at 97m vertical depth and outside the current open pit resource in the MRE. This high-
grade intercept represents a 68.5 m down dip extension from drill hole LC20-149 that reported 5.17 g/t Au
and 8.3 g/t Ag over 0.6 m (ETW), (see press release August 18th, 2021) and 106 m down dip extension of
drill hole LC20 -148 which intersected a mineralized interval of 20.94 g/t Au and 6.13 g/t Ag over 2.3 m,
73m from surface (see press release March 11th, 2020).
3
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 hole lengths . Unless otherwise stated, t rue width is estimated to be between
75% and 100% of the downhole width. In addition to the drill holes presented in the table above, the following drill
holes returned only anomalous values: LC24-RC274 and LC24-RC280. In addition to the drill holes presented in the
table above, the following drill holes returned no significant values: LC24-RC275, LC24-RC277 and LC24-RC278.
Zone RC Drill Hole From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t) Interval
43 44 1 8.10 8.9
44 45 1 11.20 14.7
Mango LC24-RC279 80 81 1 3.31 1.8 3.31 g/t Au and 1.8 g/t Ag over 1.0 m
El Limon LC24-RC281 54 55 1 1.14 2.5 1.14 g/t Au and 2.5 g/t Ag over 1.0 m
El Limon 25 26 1 1.17 0.9 1.17 g/t Au and 0.9 g/t Ag over 1.0 m
72 73 1 19.60 21.0
73 74 1 14.40 69.0
74 75 1 27.20 95.0
75 76 1 22.50 55.0
76 77 1 5.74 24.9
77 78 1 12.20 27.0
78 79 1 4.02 11.1
79 80 1 14.20 26.0
80 81 1 1.04 2.3
Mango 2 LC24-RC283 97 98 1 7.30 14.9 7.30 g/t Au and 14.9 g/t Ag over 1.0 m
Mango 83 84 1 1.32 11.6 1.32 g/t Au and 11.6 g/t Ag over 1.0 m
Mango 2 99 100 1 4.83 2.7 4.83 g/t Au and 2.7 g/t Ag over 1.0 m
El Limon LC24-RC285 59 60 1 6.23 3.7 6.23 g/t Au and 3.7 g/t Ag over 1.0 m
El Limon LC24-RC276 9.65 g/t Au and 11.8 g/t Ag over 2.0 m
LC24-RC282
LC24-RC284
13.43 g/t Au and 36.8 g/t Ag over 9.0 mMango
4
Figure - Drill Hole Plan
5
Sampling, Assaying, QA/QC and Data Verification
All reverse circulation (RC) holes were drilled dry i.e above the water table and no water or other fluids
were injected into the hole. RC drill samples were collected every 1 meter using a center -return hammer
and samples were obtained from a Gilson chip splitter which is cleaned using compressed air after each
sample. Samples were bagged and labeled at the drill site under a geologist’s supervision and are logged
on site by a geologist who visually selects potential mineralized intervals for fire assay. The mineralized
interval(s) including 3 -5 samples above and below the selected interval are continuously sampled and
shipped to the Bureau Veritas Lab (BV) in Managua, respecting the best chain of custody practices. Pulps
are sent by Bureau Veritas to their laboratory in Vancouver under their chain of custody for analysis. Gold
was analyzed by standard fire assay fusion, 30 gr aliquot, AAS finish. Samples returning over 10.0 g/t gold
are analyzed utilizing standard Fire Assay -Gravimetric method. The Company follows industry standards
in its QA&QC procedures. Control samples consisting of duplicates, standards and blanks were inserted
into the sample stream at a minimum ratio of 1 control sample per every 10 samples. Analytical results of
control samples confirmed reliability of the assay data.
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 geologist
and a consultant to the Company.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Mako
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 op erate 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], phone: (917) 558 -5289 or visit our website at
www.makominingcorp.com and SEDARPLUS www.sedarplus.ca.
Forward-Looking Information: Some of the statements contained herein may be considered “forward -looking
information” within the meaning of applicable securities laws. Forward-looking information can be identified by words
such as, without limitation, “estimate", "project", "believe", "anticipate", "intend", "expect", "plan", "predict", "may" or
6
"should" or variations thereon or comparable terminology. The forward-looking information contained herein reflects
the Company’s current beliefs and expectations, based on management’s reasonable assumptions, and includes,
without limitation, that the Com pany is expected to positively reconcile to the published mineral resource with
additional drilling at Las Conchitas; that the Company high -grade production will generate significant cash flows for
the foreseeable future. Mako’s primary objective to operate San Albino profitably and fund exploration of prospective
targets on its district -scale land package. 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, changes in the Company’s exploration and development plans and growth
parameters and its ability to fund its growth to reach its expected new record production numbers; una nticipated
costs; the October 24 measures having impacts on business operations not current expected, or new sanctions being
imposed by the U.S. Treasury Department or other government entity in Nicaragua in the future; and other risks and
uncertainties as disclosed in the Company’s public disclosure filings on SEDAR at www.sedar plus.com. Such
information contained herein represents management’s best judgment as of the date hereof, based on information
currently available. 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.