Mako Mining Intersects 2.93 g/t Gold over 15.4 metres (ETW) at Eagle Mountain and 3.73 g/t Au over 31.5 m at the Salbora Deposit as Part of a Geotechnical Drill Program
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
February 5th, 2025
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Intersects 2.93 g/t Gold over 15.4 metres (ETW) at Eagle Mountain and 3.73
g/t Au over 31.5 m at the Salbora Deposit as Part of a Geotechnical Drill Program
VANCOUVER, BC Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is
pleased to provide an update on the Company’s ongoing engineering activities and mine design work,
including a geotechnical drilling program at the 100%-owned Eagle Mountain Gold Project (the “Project”)
in Guyana, South America.
Program Highlights
• Geotechnical drilling for the Phase 1 program was completed in late 2024. Phase 1 included eleven
(11) incline and vertical drill holes testing the saprolite and fresh rock characteristics in the Eagle
Mountain and Salbora deposits.
• EMD24-pitgeotech015, a geotechnical drill hole in the north -eastern zone of the Eagle Mountain
deposit, intersected 2.93 grams per tonne (“ g/t”) gold (“ Au”) over 16.0 metres (Estimated True
Width (“ETW”) of 15.4 metres) starting 45.5 metres down hole. The drill hole tested mineralization
currently classified as inferred mineral resources. Additional infill drilling is planned for this area
later in 2025.
• EMD24-pitgeotech011, a geotechnical drill hole within the Salbora deposit intersected 3.73 g/t Au
over 31.5 metres starting from 22.5 metres down hole (drilled sub-parallel to the Salbora breccia
structure). The length of intersection and gold grades were broadly in line with those of the resource
model and PEA pit shells.
• SACH24-001, a continuous horizontal channel sample of outcrop at the Salbora deposit, returned
8.42 g/t Au over 21.0 metres (ETW of 14.0 metres) with a sub-interval grading 13.51 g/t Au over
12.0 metres (ETW of 8.0 metres) in the mineralized breccia. Sampled grades in the area were
higher than those of the resource model which estimated grades of between 2.50 and 5.00 g/t Au.
• EMD24-310, an infill hole in the Eagle Mountain deposit, intersected 1.08 g/t Au over 18.0 metres
(ETW of 17.7 metres) at a depth of 55.5 metres below surface, where the resource model grades
were estimated to be below 0.65 g/t Au.
Akiba Leisman, CEO of Mako states “these drilling and channel sample results were taken as part of a
geotechnical drilling program to finalize engineering parameters and site infrastructure layout selection in
preparation for submitting our environmental p ermit application later this year. The grades and widths
received from this program are matching or exceeding those defined in the resource model from the 2024
PEA, which showed an after-tax NPV 5% of US$ 292 million at US$1,850 gold. Now that gold prices are
nearly $1,000 per ounce higher, we expect the economics of the project to improve.”
2
In 2024, materials, instrumentation, and technical personnel were mobilized to the Project to commence
geotechnical drilling for the purpose of open pit slope design optimization (“Phase 1”) and testing ground
conditions in the proposed locations for mine infrastructure (“Phase 2 ”). Phase 1 activities, which
commenced in September 2024, comprised geotechnical drilling targeting the walls of the Eagle Mountain
and Salbora deposits using the pit outlines defined in the 2024 Preliminary Economic Assessment
(“PEA”)1. Phase 2 activities, which commenced in January 2025, comprise geotechnical drilling of the
saprolite and underlying fresh rock in the areas proposed for the tailings and waste storage facilities. This
work is expected to continue through the first quarter of 2025. Phase 1 and 2 data collection has included
oriented drill core, vane shear testing and Shelby tube analysis of the saprolite along with point loading,
Brazilian and uniaxial stress tests on the fresh rock core . To collect critical hydrological information for
mine design and pit dewatering plans , work has included packer tests, installation of vibrating wire
piezometers, the development of groundwater wells , 24-hour pump tests and ground water sampling for
hydrogeological and environmental investigations.
Geotechnical Program – Drill Results
The Phase 2 program is testing proposed locations for mine infrastructure in areas where there is
insignificant or no known gold mineralization. In contrast, the Phase 1 program did cover areas with gold
mineralization, both within the mineral resource outline and the PEA pit shells of the Eagle Mountain and
Salbora deposits. Mineralized intercepts were assayed following completion of the geotechnical analysis.
Due to the nature of the geotechnical testing, the majority of the saprolite was not available fo r assay,
including areas where there is a high degree of confidence that the saprolite is mineralized.
Two drill holes intersected down hole intervals of gold mineralization (see Tables 1, 2 and Figure 1) .
EMD24-pitgeotech015 was drilled in the north-eastern zone of the Eagle Mountain deposit to test the base
of the proposed PEA pit outline. Drilling intersected 2.93 g/t Au over 16.0 metres (ETW of 15.4 metres) of
Eagle Mountain style low-angle gold mineralization within granodiorite starting at 45.5 metres downhole
from surface. The grades intersected are higher than those of the resource model as defined in the April
2022 Mineral Resource Estimate (“MRE”) but over modestly narrower widths . The drill hole tested
mineralization currently classified as inferred mineral resources. Additional infill drilling is planned for this
area later in 2025.
Drillhole EMD24-Pitgeotech011 was drilled in the centre of the Salbora deposit to investigate the pit walls
near the base of the PEA pit outline. The upper 16.5 metres of saprolite was not available for assay, with
poor core recovery from 16.5 to 22.5 metres. From 22.5 metres down hole the drill intersected 3.73 g/t Au
over 31.5 metres. This intersection coincides with one of the modelled breccia structures and the drill hole
was drilled subparallel to this breccia structure. The grade and interval correspond with the resource model
for this area of the Salbora deposit. Also, at Salbora, the Company completed a channel sample in a new
saprolite exposure at the site of a drill pad. The pad exposed an outcrop of mineralized breccia and volcanic
units which were sampled at 1-metre intervals. The channel sample returned 8.42 g/t Au over 21.0 metres
(ETW of 14.0 metres) with a sub-interval grading 13.51 g/t Au over 12.0 metres (ETW of 8.0 metres) in the
breccia. Grades in the area of the channel sample are higher than those in the MRE which showed a grade
range of between 2.50 and 5.00 g/t Au.
1 The NI-43101 technical report entitled “Preliminary Economic Assessment for the Eagle Mountain Gold Project, Guyana”
dated March 1, 2024, with an effective date of January 16, 2024, is available under Mako’s profile at www.sedarplus.ca.
3
Infill Drilling
Earlier in 2024 , several infill holes were completed in areas with low drill hole density or where grade
definition was required, particularly where it was observed that modelled gold grades were low due to their
proximity to dolerite dykes (see Tables 1, 2 and Figure 1). Drill hole EMD24-308 in the Bucket Shaft area
of the Eagle Mountain deposit intersected 1.16 g/t Au over 7.7 metres (ETW of 7.6 metres) from 4.3 metres
depth in saprolite. This compares to the estimated grades in the MRE of approximately 0. 30 g/t Au. Drill
hole EMD24-310 in the Kilroy area of the Eagle Mountain deposit intersected 1.08 g/t Au over 18.0 metres
(ETW of 17.7 metres) at a depth of 55.5 metres below surface, where the MRE model estimated grades
below 0.65 g/t Au.
Table 1 – Significant Drill Hole Intercepts
Area Diamond Drill Hole From
(m)
To
(m)
Width
(m)
Est.
True
Width
(ETW)
(m)
Au
(g/t) Interval
Salbora
EMD24-pitgeotech011 22.5 54.0 31.5 - 3.73
3.14 g/t Au over 37.9 m (drilled
subparallel to structure)
Incl. 22.5 36.0 13.5 - 5.85 5.85 g/t Au over 13.5 m
and 50.5 54.0 3.6 - 5.11 5.11 g/t Au over 3.6 m
81.4 82.2 0.8 - 2.73 2.73 g/t Au over 0.8 m
EMD24-pitgeotech012 48.0 50.1 2.1 - 1.82 1.82 g/t Au over 2.1 m (Drilled
subparallel to structure)
Eagle
Mtn
(Toucan)
EMD24-pitgeotech004 3.0 16.5 13.5 13.0 0.49 0.49 g/t Au over 13.5 m (ETW 13.0 m)
30.0 34.5 4.5 4.3 1.22 1.22 g/t Au over 4.5 m (ETW 4.3 m)
57.0 58.5 1.5 1.4 2.68 2.68 g/t Au over 1.5 m (ETW 1.4 m)
Eagle
Mtn
(Saddle)
EMD24-pitgeotech015 45.5 61.5 16.0 15.4 2.93 2.93 g/t Au over 16.0 m (ETW 15.4 m)
Incl. 45.5 49.5 4.0 3.9 7.86 7.86 g/t Au over 4.0 m (ETW 3.9 m)
and 53.8 59.0 5.2 5.0 2.40 2.40 g/t Au over 5.2 m (ETW 5.0 m)
Eagle
Mtn
(Kilroy)
EMD24-306 58.5 64.5 6.0 4.6 1.00 1.00 g/t Au over 6.0 m (ETW 4.6 m)
EMD24-307 66.0 68.5 2.5 2.0 1.26 1.26 g/t Au over 2.5 m (ETW 2.0 m)
70.5 73.5 3.0 2.3 1.01 1.01 g/t Au over 3.0 m (ETW 2.3 m)
EMD24-309 54.8 60.0 5.2 5.1 0.92 0.92 g/t Au over 5.2 m (ETW 5.1 m)
EMD24-310 55.5 73.5 18.0 17.7 1.08 1.08 g/t Au over 18. 0m (ETW 17.7 m)
Eagle
Mtn
(Bucket)
EMD24-308 0.0 3.0 3.0 2.9 1.44 1.44 g/t Au over 3.0 m (ETW 2.9 m)
4.3 12.0 7.7 7.6 1.16 1.16 g/t Au over 7.7 m (ETW 7.6 m)
EMD24-pitgeotech016 30.1 32.1 2.0 1.9 0.88 0.88 g/t Au over 2.0 m (ETW 1.9 m)
Eagle
Mtn
(Powis)
EMD24-311 18.0 21.0 3.0 2.0 1.19 1.19 g/t Au over 3.0 m (ETW 2.0 m)
43.5 45.0 1.5 1.0 0.97 0.97 g/t Au over 1.5 m (ETW 1.0 m)
EMD24-312 16.5 18.0 1.5 1.0 0.56 0.56 g/t Au over 1.5 m (ETW 1.0 m)
30.0 31.5 1.5 1.0 1.71 1.71 g/t Au over 1.5 m (ETW 1.0 m)
39.0 40.5 1.5 1.0 0.61 0.61 g/t Au over 1.5 m (ETW 1.0 m)
4
Note: The mineralized intervals shown above utilize a 0.3 g/t gold cut -off grade with not more than 1.0 m of internal dilution within saprolite and
0.5 g/t Au cut-off grade with not more than 2.0 m of internal dilution within fresh rock. Widths are reported as drill hole lengths and estimated true
widths where plausible to calculate. The following drill holes returned no anomalous values: EMD24 - Pitgeotech005, EMD24-pitgeotech006,
EMD24-Pitgeotech 008, EMD24 -pitgeotech 010, EMD24 -Pitgeotech-013. Drill holes labelled "EMD24 -PitgeotechXXX" were drilled for
geotechnical purposes, not to purposely intersect mineralization. Saprolite in geotechnical drill holes were not available for assay.
Drill hole and channel sample preparation and geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana.
The Company follows industry standards in its QA&QC procedures. Control samples consisting of duplicates, standards and blank s. Analytical
results of control samples confirmed the reliability of the assay data.
Table 2 – Significant Channel Sampling Intercepts
Area Trench From
(m)
To
(m)
Width
(m)
Est.
True
Width
(m)
Au
(g/t) Interval
Salbora SACH24-001 0.0 21.0 21.0 14.0 8.42 8.42 g/t Au over 21.0 m (ETW 14.0 m)
Incl. 0.0 12.0 12.0 8.0 13.51 13.51 g/t Au over 12.0 m (ETW 8.0 m)
Note: The mineralized intervals shown above utilize a 0.3 g/t gold cut-off grade with not more than 1.0 m of internal dilution within saprolite. Widths
are reported as true exposure lengths.
Figure 1 – Geotechnical & Infill Drill Hole Plan for Eagle Mountain Project
5
Global Resource Engineering (“GRE”), a US-based engineering consulting firm, was engaged in 2024 to
manage tailings and waste dump siting studies, geotechnical drilling, hydrogeology with associated drilling
and hydrology, and environmental geochemistry. In December 2024, the Company engaged
Environmental Resource Management (“ERM”), experts in local Environmental Impact Assessments
(“EIS”) and International Environmental and Social Impact Assessment (“ESIA”), to lead the in -country
environmental permitting process, including preparation and submission of the Eagle Mountain EIA as well
as consultation with the lead agencies in Guyana. ERM’s team has relevant and recent experience with
the environmental permitting process in Guyana.
Qualified Person
The Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects for
this news release is N. Eric Fier, CPG, P.Eng., Chairman of Mako, who has reviewed and approved its
contents.
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 and offers district-scale exploration potential. Mako also holds
a 100% interest in the PEA -stage Eagle Mountain Project in Guyana, South America . Eagle Mountain is
the subject of engineering, environmental and mine permitting activity.
Mako is led by an experienced management team, proven in exploration discoveries, mine design and
construction, and executing on phased project development strategies in the Americas.
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
"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 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 d evelopment plans and growth parameters
and its ability to fund its growth to reach its expected new production numbers; unanticipated 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.sedarplus.c a. Such information contained
6
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.