MKO.V · 2023-01-24 12:00:00

Mako Mining Intersects 33.91g/t Gold over 1.7m Estimated True Width (ETW) at Las Conchitas Central, 12.73 g/t Au over 4.2m ETW at Las Conchitas South and Multiple High Grade Silver Intercepts up to 3,792.0 g/t Silver over 1.0m across Las Conchitas

Drill Results

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

January 24th, 2023

TSX-V: MKO; OTCQX: MAKOF

Mako Mining Intersects 33.91g/t Gold over 1.7m Estimated True Width (ETW) at Las

Conchitas Central, 12.73 g/t Au over 4.2m ETW at Las Conchitas South and Multiple High

Grade Silver Intercepts up to 3,792.0 g/t Silver over 1.0m across Las Conchitas

Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) has received additional

high-grade results from its recent definition and expansion drilling program at the Las Conchitas area on

its wholly owned San Albino-Murra property. The Las Conchitas area is located immediately south of the

San Albino Mine which is currently in commercial production. The geology at Las Conchitas is very similar

to San Albino consisting of gently dipping, stacked, 1 -3 meter (m) wide, high grade gold quartz veins

interpreted to be part of a larger orogenic system.

At the Las Conchitas area, which is located between the San Albino Mine and the historical El Golfo Mine

on the Company’s El Jicaro Concession, the Company has completed 718 drill holes to-date totaling

78,641m, of which 51% were drilled in 2022. Las Conchitas comprises an area of approximately 3.75 km2

and is subdivided into three primary areas: Las Conchitas North (“LC-N”), Las Conchitas Central (“LC-C”)

and Las Conchitas South (“LC -S”). The objective of the drilling at the Las Conchitas area is to test the

strike and dip extension of gold mineralizati on amenable to both open pit and underground mining

methods, and to provide sufficient information for a mineral resource estimate.

Highlights of the recent drilling at Las Conchitas:

Las Conchitas - North

o Mina Francisco (“MF”)

▪ 16.56 g/t Au and 38.8 g/t Ag over 1.80m Estimated True Width (“ETW”)

▪ 24.10 g/t Au and 44.8 g/t Ag over 0.90m (0.8m ETW)

o Crucita (“Cc”)

▪ 22.60 g/t Au and 21.4 g/t Ag over 0.70m (0.6m ETW)

Las Conchitas - Central

o Cruz Grande (“CG”)

▪ 33.91 g/t Au and 30.0 g/t Ag over 2.00m (1.7m ETW)

Las Conchitas - South

o Bayacun (“BA”)

▪ 12.73 g/t Au and 24.7 g/t Ag over 6.00m (4.2m ETW); including:

▪ 18.50 g/t Au and 32.5 g/t Ag over 3.00m (2.1m ETW)

High-grade Silver (HGS)

▪ 3,792.0 g/t Ag and 0.03 g/t Au over 1.00m*

Note: ETW is estimated true width measured from interpreted sections

* Interval represents down hole length.

Akiba Leisman, CEO of Mako states that “Las Conchitas continues to yield high grade, near surface

intercepts across LC -N, LC -C and LC -S. Additionally, we intersected a completely different style of

mineralization, containing high grade silver across all areas of Las Conchitas, with grades up to 3,792 g/t

Ag over 1.0m. We will continue to investigate the significance of these silver results, which may have a

positive impact on the economics of the mine.”

Las Conchitas – North

In 2022, the Company completed an aggressive drilling campaign within the LC -N area, resulting in the

new discoveries of the Mina Francisco and Crucita zones (see press releases dated June 1, 2022 and July

28, 2022). To date, a total of 27,295m in the 2022 drilling campaign have been completed in 202 drill holes

at the LC-N area.

Drill hole LC22-560 intersected an interval of 16.56 g/t Au and 38.8 g/t Ag over 1.80m (ETW), 22m from

the surface (see attached drill plan and table below). This intercept represents a 38m strike extension

south of the high-grade interval 20.30 g/t Au and 55.8 g/t Ag over 2.00m (1.9m ETW), 5m from surface,

intersected by drill hole LC22-558 (see press release October 24, 2022).

LC22-739 intersected multiple mineralized zones (see Table 1 below), including 24.10 g/t Au and 44.8 g/t

Ag over 0.90m (0.8m ETW), at vertical depth of 124.3m. This interval extends the Mina Francisco

mineralization 46m down dip from drill hole LC22-517 which intersected 26.50 g/t Au and 34.2 g/t Ag over

0.60m (0.5m ETW).

Drilling in the Intermediate zone intersected 22.60 g/t Au and 21.4 g/t Ag over 0.70m (0.6m ETW), in hole

LC22-919, at a vertical distance from surface of 91.8m. This interval is interpreted as the Crucita vein

which projects 103.5m up dip to surface where a historical tunnel is located.

Las Conchitas – Central

At LC-C, drill hole LC22-825 intersected a 2.00m (1.9m ETW) interval of 33.91 g/t Au and 30.0 g/t Ag. This

interval, 115m vertically from surface, confirmed an 89.0m down dip extension of a 7.20m wide mineralized

interval (6.7m ETW), of 15.36 g/t Au and 16.0 g/t Ag, 69.2m below surface , in drill hole LC22-818 (see

press release on September 08, 2022).

Las Conchitas – South

LC-S is the most advance d area in terms of drilling, where 416 drill holes, totaling 38,739m, have been

completed. This area is comprised of four principal mineralized zones. The recent drilling by the Company

focused on three of these zones: Bayacun, El Limon and Mango.

Drill hole LC22-490, designed to test the extension of the Bayacun zone, intersected a 6.00m wide interval

(4.2m ETW), grading 12.73 g/t Au and 24.7 g/t Ag, including 18.50 g/t Au and 32.5 g/t Ag over 3.00m (2.1m

ETW) at 37.5m below surface (see cross section). This mineralized interval represents a 26.8m west-

southwest strike extension of drill hole LC20-216, which graded 21.00 g/t Au and 28.3 g/t Ag over 1.20m,

(see press release on June 20, 2020).

Table 1: Assay Results Reported in This Press Release

Area Drill Hole From

(m)

Width

(m)**

g/t

g/t Interval ETW

(m)*** Zone

37.5 38.5 1.0 1.1 0.5 1.13 g/t Au and 0.5 g/t Ag over 1.00 m 0.8 San Pablo-SP

64.9 65.4 0.5 1.6 33.5 1.58 g/t Au and 33.5 g/t Ag over 0.50 m 0.5 Mina Francisco-

MF upper lens

LC22-555 171.0 171.5 0.5 11.0 92.3 11.00 g/t Au and 92.3 g/t Ag over 0.50 m 0.5 MF

17.5 18.0 0.5 1.1 2.2 1.11 g/t Au and 2.2 g/t Ag over 0.50 m 0.5 MF upper lens

35.0 36.0 1.0 2.2 6.0 2.22 g/t Au and 6.0 g/t Ag over 1.00 m 0.9 MF

5.5 6.5 1.0 6.8 41.5

6.5 7.5 1.0 33.8 70.1

64.0 65.0 1.0 1.4 3.5 1.38 g/t Au and 3.5 g/t Ag over 1.00 m 0.9 MF3?

17.3 17.8 0.5 3.6 11.3

17.8 18.3 0.5 0.1 1.6

18.3 19.1 0.8 35.0 79.2

34.5 35.0 0.5 23.1 54.6

35.0 35.6 0.6 13.9 65.3

35.6 36.5 0.9 0.2 1.7

36.5 37.3 0.8 2.0 0.9

44.4 45.1 0.7 1.4 9.9 1.41 g/t Au and 9.9 g/t Ag over 0.70 m 0.5

46.4 46.9 0.5 3.8 7.2 3.81 g/t Au and 7.2 g/t Ag over 0.50 m 0.4 MF2

1.0 2.0 1.0 1.2 0.3 1.18 g/t Au and 0.3 g/t Ag over 1.00 m 1.0 MF upper lens

95.6 96.6 1.0 1.2 28.0 1.19 g/t Au and 28.0 g/t Ag over 1.00 m 1.0 MF3?

LC22-564 23.1 24.0 0.9 16.1 26.0 16.10 g/t Au and 26.0 g/t Ag over 0.90 m 0.8 MF

LC22-565 36.5 37.2 0.7 2.0 3.5 2.03 g/t Au and 3.5 g/t Ag over 0.70 m 0.6 MF2

LC22-566 86.0 86.9 0.9 9.6 1.7 9.55 g/t Au and 1.7 g/t Ag over 0.90 m 0.8 MF3

LC22-568 16.3 17.0 0.7 1.3 1.5 1.29 g/t Au and 1.5 g/t Ag over 0.70 m 0.7 MF

LC22-570 7.0 7.6 0.6 1.6 3.3 1.61 g/t Au and 3.3 g/t Ag over 0.60 m 0.5 MF?

LC22-574 65.0 65.5 0.5 6.6 8.3 6.61 g/t Au and 8.3 g/t Ag over 0.50 m 0.5 MF3

0.0 1.5 1.5 2.5 2.2 2.49 g/t Au and 2.2 g/t Ag over 1.50 m 1.5 MF

69.5 70.1 0.6 2.6 1.5 2.56 g/t Au and 1.5 g/t Ag over 0.60 m 0.6 MF3

0.0 1.5 1.5 3.1 9.4 3.12 g/t Au and 9.4 g/t Ag over 1.50 m 1.5 MF

26.0 27.0 1.0 5.1 3.0 5.12 g/t Au and 3.0 g/t Ag over 1.00 m 0.9 MF2

LC22-578 to

LC22-579 Pending

44.1 45.0 0.9 34.0 47.9

45.0 45.5 0.5 6.7 24.1

LC22-581 Pending

LC22-733 114.0 115.0 1.0 2.0 3.3 1.97 g/t Au and 3.3 g/t Ag over 1.00 m 1.0 MF

104.0 104.5 0.5 1.7 2.0 1.70 g/t Au and 2.0 g/t Ag over 0.50 m 0.5 MF_Lens

106.0 106.5 0.5 3.7 1.2

106.5 107.5 1.0 1.8 0.8

112.0 112.5 0.5 5.9 3.9 5.86 g/t Au and 3.9 g/t Ag over 0.50 m 0.5 MF2

107.1 107.6 0.5 1.5 9.8 1.48 g/t Au and 9.8 g/t Ag over 0.50 m 0.4 MF_Lens

116.6 117.1 0.5 14.5 7.7 14.50 g/t Au and 7.7 g/t Ag over 0.50 m 0.4 MF

LC22-736 24.5 25.5 1.0 4.1 4.4 4.14 g/t Au and 4.4 g/t Ag over 1.00 m 0.9 SP

122.1 123.1 1.0 6.9 39.7 6.90 g/t Au and 39.7 g/t Ag over 1.00 m 0.9 MF

143.8 144.4 0.6 2.6 22.2 2.56 g/t Au and 22.2 g/t Ag over 0.60 m 0.5 MF2

LC22-735

LC22-737

2.0 MF

LC22-560 16.56 g/t Au and 38.8 g/t Ag over 1.80 m 1.8 MF

LC22-554

LC22-556

LC22-558 20.30 g/t Au and 55.8 g/t Ag over 2.00 m*

1.2 Intermediate-Int

LC22-734 2.44 g/t Au and 0.9 g/t Ag over 1.50 m 1.4 MF

2.2 MF

LC22-563

LC22-575

LC22-576

LC22-561

7.71 g/t Au and 24.6 g/t Ag over 2.80 m

LC22-580 24.26 g/t Au and 39.4 g/t Ag over 1.40 m

Las Conchitas North

1.0 2.0 1.0 4.8 13.0 4.83 g/t Au and 13.0 g/t Ag over 1.00 m 1.0 Tirado-Tr

47.5 48.5 1.0 1.9 2.0 1.90 g/t Au and 2.0 g/t Ag over 1.00 m 0.9 Lens

126.3 127.0 0.7 3.8 0.8 3.81 g/t Au and 0.8 g/t Ag over 0.70 m 0.7 MF

136.8 137.9 1.1 4.4 27.8 4.38 g/t Au and 27.8 g/t Ag over 1.10 m 0.7 MF2

1.0 2.1 1.1 2.9 4.1

2.1 2.9 0.8 16.2 17.8

41.5 42.2 0.7 4.5 11.5

42.2 42.9 0.7 0.0 0.2

42.9 44.0 1.1 1.1 2.2

124.3 125.2 0.9 24.1 44.8 24.10 g/t Au and 44.8 g/t Ag over 0.90 m 0.8 MF

131.0 131.5 0.5 2.0 0.9

131.5 132.0 0.5 2.2 2.4

152.3 153.2 0.9 6.4 18.7 6.44 g/t Au and 18.7 g/t Ag over 0.90 m 0.9 MF2

LC22-740 17.3 18.3 1.0 1.3 0.8 1.31 g/t Au and 0.8 g/t Ag over 1.00 m 0.9 Tr

2.1 3.1 1.0 1.2 0.4 1.21 g/t Au and 0.4 g/t Ag over 1.00 m 1.0 Lens

16.0 17.0 1.0 1.7 0.5 1.71 g/t Au and 0.5 g/t Ag over 1.00 m 1.0 Tr

87.0 87.9 0.9 2.1 2.0 2.05 g/t Au and 2.0 g/t Ag over 0.90 m 0.8 SP

54.0 54.5 0.5 1.1 1.9

54.5 55.0 0.5 9.9 10.9

67.5 68.4 0.9 6.2 17.2

68.4 69.5 1.1 2.7 6.2

LC22-744 68.0 68.8 0.8 1.9 1.3 1.88 g/t Au and 1.3 g/t Ag over 0.80 m 0.7 SP

LC22-749 to

LC22-750 Pending

74.4 75.1 0.7 11.2 8.3

75.1 76.1 1.0 1.8 0.5

91.8 92.5 0.7 22.6 21.4 22.60 g/t Au and 21.4 g/t Ag over 0.70 m 0.6 Crucita-Cc

30.3 30.8 0.5 15.1 24.3

30.8 31.3 0.5 1.6 1.0

37.0 38.0 1.0 2.4 3.9 2.43 g/t Au and 3.9 g/t Ag over 1.00 m 0.9 Int3

91.3 91.7 0.4 7.9 16.3 7.93 g/t Au and 16.3 g/t Ag over 0.40 m 0.4 Cc

149.1 149.9 0.8 3.5 5.7 3.46 g/t Au and 5.7 g/t Ag over 0.80 m 0.8 Lower Cc

LC22-922 53.4 54.1 0.7 1.2 4.6 1.15 g/t Au and 4.6 g/t Ag over 0.70 m 0.6 Upper Cc

34.7 35.5 0.8 1.2 6.5 1.24 g/t Au and 6.5 g/t Ag over 0.80 m 0.8 Int3

40.3 41.3 1.0 5.4 14.6 5.43 g/t Au and 14.6 g/t Ag over 1.00 m 0.9 Lens

47.8 48.3 0.5 9.7 22.4 9.70 g/t Au and 22.4 g/t Ag over 0.50 m 0.5 Int4?

137.0 138.0 1.0 1.8 0.5 1.79 g/t Au and 0.5 g/t Ag over 1.00 m 0.6 Cc

LC22-738

LC22-739

8.47 g/t Au and 9.9 g/t Ag over 1.90 m

2.12 g/t Au and 1.7 g/t Ag over 1.00 m

LC22-743

0.9 MF

LC22-741

LC22-742 5.46 g/t Au and 6.4 g/t Ag over 1.00 m 1.0 SP

1.9 Tr

1.75 g/t Au and 4.2 g/t Ag over 2.50 m 2.4 SP

LC22-920 8.33 g/t Au and 12.7 g/t Ag over 1.00 m 0.9 Int3

LC22-921

4.26 g/t Au and 11.5 g/t Ag over 2.00 m 1.7 SP

LC22-919 5.68 g/t Au and 3.7 g/t Ag over 1.70 m 1.7 Int4

LC22-925

Las Conchitas North

LC22-828 48.0 48.5 0.5 11.8 14.2 11.80 g/t Au and 14.2 g/t Ag over 0.50 m 0.5 Cruz Grande-CG

47.3 47.8 0.5 1.7 2.2 1.72 g/t Au and 2.2 g/t Ag over 0.50 m 0.4 Lens

66.3 66.7 0.5 3.0 8.6 2.97 g/t Au and 8.6 g/t Ag over 0.45 m 0.4 CG

70.4 71.5 1.1 27.3 20.9 27.30 g/t Au and 20.9 g/t Ag over 1.10 m* 1.1 CG

112.1 112.6 0.5 5.7 12.6 5.70 g/t Au and 12.6 g/t Ag over 0.50 m 0.5 Lens

6.5 7.8 1.3 1.1 2.5 1.10 g/t Au and 2.5 g/t Ag over 1.30 m 1.2 Upper CG

72.0 73.0 1.0 1.1 0.9

73.0 73.5 0.5 0.1 0.7

73.5 74.0 0.5 20.7 15.1

76.5 77.5 1.0 1.1 0.5 1.08 g/t Au and 0.5 g/t Ag over 1.00 m 0.9 CG Lower lens

99.0 99.5 0.5 1.5 13.3 1.54 g/t Au and 13.3 g/t Ag over 0.50 m 0.5 Lens

85.3 86.0 0.7 4.1 14.1 4.05 g/t Au and 14.1 g/t Ag over 0.70 m 0.7 CG Upper lens

90.5 91.4 0.9 7.2 9.1 7.22 g/t Au and 9.1 g/t Ag over 0.90 m 0.9 CG

16.2 17.0 0.8 3.7 8.3 3.65 g/t Au and 8.3 g/t Ag over 0.80 m 0.7 CG Upper lens

81.5 82.5 1.0 4.0 7.7 3.99 g/t Au and 7.7 g/t Ag over 1.00 m 0.9 CG

120.6 121.4 0.8 2.5 4.4 2.54 g/t Au and 4.4 g/t Ag over 0.80 m 0.8 CG Lower lens

128.5 129.0 0.5 2.6 36.8 2.57 g/t Au and 36.8 g/t Ag over 0.50 m 0.5 Lens

100.8 101.4 0.6 8.6 5.3 8.61 g/t Au and 5.3 g/t Ag over 0.60 m 0.5 CG Upper lens

111.2 111.9 0.7 3.5 19.5 3.54 g/t Au and 19.5 g/t Ag over 0.70 m 0.7 CG lens

116.5 118.0 1.5 42.7 37.8

118.0 118.5 0.5 7.5 6.7

121.4 122.5 1.1 17.4 5.5

122.5 123.5 1.0 1.5 0.5

LC22-836 144.5 145.5 1.0 6.9 2.5 6.92 g/t Au and 2.5 g/t Ag over 1.00 m 0.9 CG

32.2 32.8 0.6 6.2 17.6 6.20 g/t Au and 17.6 g/t Ag over 0.60 m 0.6 CG Upper lens

109.0 109.5 0.5 6.0 16.5 5.97 g/t Au and 16.5 g/t Ag over 0.50 m 0.4 CG

LC22-840 61.2 61.7 0.5 19.1 37.9 19.10 g/t Au and 37.9 g/t Ag over 0.50 m 0.5 CG lens

60.3 61.0 0.7 12.4 53.5 12.40 g/t Au and 53.5 g/t Ag over 0.70 m 0.7 CG Upper lens

127.7 128.2 0.6 9.7 9.6 9.66 g/t Au and 9.6 g/t Ag over 0.55 m 0.5 CG

0.8 1.7 0.9 1.3 1.8 1.29 g/t Au and 1.8 g/t Ag over 0.90 m

85.0 85.5 0.5 1.5 47.1

85.5 86.0 0.5 2.2 9.5

88.5 89.3 0.8 1.0 5.0 1.01 g/t Au and 5.0 g/t Ag over 0.80 m 0.8 Lens

LC22-843 28.3 29.5 1.2 1.8 3.9 1.76 g/t Au and 3.9 g/t Ag over 1.20 m 1.2 CG Upper lens

LC22-844 20.5 21.5 1.0 2.4 0.6 2.40 g/t Au and 0.6 g/t Ag over 1.00 m 0.9 Lens

LC22-832

LC22-833

Las Conchitas Central

LC22-829

LC22-830

LC22-831

LC22-834

LC22-835

LC22-839

LC22-841

LC22-842

33.91 g/t Au and 30.0 g/t Ag over 2.00 m 1.9 CG

9.83 g/t Au and 3.12 g/t Ag over 2.10 m 2.0 CG Lower lens

5.74 g/t Au and 4.4 g/t Ag over 2.00 m 1.9 CG

1.81 g/t Au and 28.3 g/t Ag over 1.00 m 1.0 CG Upper lens

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. *Previously reported intervals.**Widths are reported as drill core lengths.***Estimated True Width is

estimated from interpreted sections. In addition to the drill holes presented in the table above, the following drill holes

returned only anomalous values: LC22 -557, LC22 -559, LC22 -562, LC22 -567, LC 22-569, LC22 -571 to LC22 -

573,LC22-577, LC22 -731 to LC22 -732, LC22 -745 to LC22 -748, LC22 -923 to LC22 -924, LC22 -926, LC22 -837 to

LC22-838, LC22 -476, LC22-480 to LC22-481, LC22-483 and LC22 -487. In addition to the drill holes presented in

the table above, the following drill holes returned no significant values: LC22-482 and LC22-489.

High Grade Silver

In addition to the typical vein hosted gold/silver zones discussed above, 32 drill holes at Las Conchitas

(see Table 2 and drill plan below) intersected a completely different style of mineralization, characterized

by high grade silver and relatively no gold. This style of mineralization is typically associated with 1 -3m

wide broken/fractured zones often at similar depths below surface , with no clear association with quartz

veining or alteration. The geochemistry of these zones consists of high silver assays (see Table 2 below),

anomalous tungsten ( W >100 ppm) and elevated nickel and copper grades, associated with potassium

50.6 51.4 0.8 3.0 1.9 2.95 g/t Au and 1.9 g/t Ag over 0.80 m* 0.7 El Limon-EL lens

80.1 80.7 0.6 3.6 7.5

80.7 81.9 1.2 96.4 58.8

174.2 175.2 1.0 1.4 1.1 1.36 g/t Au and 1.1 g/t Ag over 1.00 m 1.0 Mango 2 -Mg2

110.7 111.2 0.5 4.9 45.6

111.2 112.0 0.8 0.1 0.5

112.0 112.7 0.7 2.2 4.7

213.5 214.0 0.5 8.6 34.6 8.60 g/t Au and 34.6 g/t Ag over 0.50 m 0.4 Lens

107.3 108.2 0.9 2.3 8.5

108.2 109.2 1.0 0.0 0.5

109.2 110.0 0.8 12.0 29.9

110.0 110.7 0.7 26.9 11.3

50.9 52.0 1.1 1.6 2.4 1.60 g/t Au and 2.4 g/t Ag over 1.10 m EL lens

142.5 143.5 1.0 5.5 2.7 5.51 g/t Au and 2.7 g/t Ag over 1.00 m 0.9 EL

LC22-486 82.0 82.9 0.9 3.5 0.9 3.54 g/t Au and 0.9 g/t Ag over 0.90 m

21.0 21.8 0.8 2.3 6.5

21.8 22.5 0.8 12.0 8.4

36.0 36.3 0.3 1.2 1.1

36.3 37.0 0.7 2.2 1.2

37.0 37.3 0.3 1.0 1.5

37.3 38.4 1.1 16.7 42.4

38.4 39.0 0.6 0.5 4.4

39.0 40.0 1.0 11.2 21.0

40.0 41.0 1.0 26.3 47.9

41.0 42.0 1.0 18.0 28.6

LC22-491 46.8 47.8 1.0 15.6 18.5 15.60 g/t Au and 18.5 g/t Ag over 1.00 m 1.0 Bc

LC22-492 64.5 65.5 1.0 1.0 0.9 1.00 g/t Au and 0.9 g/t Ag over 1.00 m 0.8 Bc

LC22-493 92.0 93.0 1.0 2.8 2.3 2.80 g/t Au and 2.3 g/t Ag over 1.00 m 1.0 Bc

LC22-494 to

LC22-497 and

LC22-499

Pending

LC22-479

2.03 g/t Au and 13.2 g/t Ag over 2.00 m 1.9 Mg2

LC22-484 8.99 g/t Au and 11.8 g/t Ag over 3.40 m 2.9 EL

LC22-490 12.73 g/t Au and 24.7 g/t Ag over 6.00 m; incl.

18.50 g/t Au and 32.5 g/t Ag over 3.00 m 4.2 Bc

LC22-485

LC22-488 7.16 g/t Au and 7.5 g/t Ag over 1.50 m 1.3 Bayacun -Bc

Las Conchitas South

LC22-478 65.45 g/t Au and 41.7 g/t Ag over 1.80 m* 1.2

and aluminum anomalies . Additional geologic investigations are underway to determine the nature and

economic significance of these zones.

Drill hole LC21-419 positively tested and confirmed the typical gold/silver mineralization of the Mango zone

(LC-S). This drill hole intersected an interval of 31.00 g/t Au and 14.9 g/t Ag over 1.00m (0.8m ETW), 25m

from surface (see press release on March 17, 2022). The same drill hole intersected an interval, 123m

below surface, of 3,792 g/t Ag over 1.0m. Besides being the highest individual silver value reported at Las

Conchitas, this interval contains high copper (Cu >10,000ppm or >1%) and nickel (1,268ppm) grades. The

same type of mineralization was intersected by drill hole LC21-408, which reports 2,418.0 g/t Ag, located

approximately 122m to the south.

The same style of mineralization was intersected by several drill holes close to the surface (see Table 2

and drill plan), including drill hole LC19 -94 which intersected a 3m wide interval grading 1,214.5 g/t Ag ,

28.5m below surface.

In total, 34 drill holes intersected the same style of mineralization above an internal cutoff grade (80.0 g/t

Ag), including 14 drill holes collared at Las Conchitas North.

Table 2: High Silver Assay Results Reported in This Press Release

Area Drill Hole From

(m)

Width

(m)

(g/t)

(ppm)

(g/t) Interval*

LC22-501 26.1 27.0 0.9 0.01 3,899 973 973.0 g/t Ag over 0.90m

LC22-505 90.0 91.0 1.0 0.02 5,877 1,437 1,437.0 g/t Ag over 1.00m

LC22-509 55.9 56.5 0.6 0.01 503 188 188.0 g/t Ag over 0.60m

LC22-522 0.0 0.9 0.9 0.26 143 80 80.0 g/t Ag over 0.90m

LC22-544 60.5 61.5 1.0 0.02 4,936 1,404 1,404.0 g/t Ag over 1.00m

LC22-564 135.5 136.5 1.0 0.02 2,059 777 777 .0 g/t Ag over 1.00m

LC22-568 127.0 128.2 1.2 0.02 4,510 1,255 1,255.0 g/t Ag over 1.20m

LC22-700 80.0 81.0 1.0 0.31 2,265 723 723.0 g/t Ag over 1.00m

LC22-706 35.5 36.5 1.0 0.01 1,700 495 495.0 g/t Ag over 1.00m

LC22-720 41.2 42.1 0.9 0.18 1,487 498 498.0 g/t Ag over 0.90m

LC22-739 87.7 88.8 1.1 0.01 1,683 316 316.0 g/t Ag over 1.10m

LC22-743 141.0 142.0 1.0 0.01 2,105 687 687.0 g/t Ag over 1.00m

LC22-747 41.7 42.5 0.8 0.01 6,185 1,456 1,456.0 g/t Ag over 0.80m

LC22-922 108.5 109.5 1.0 0.01 4,271 1,236 1,236.0 g/t Ag over 1.00m

Central MB18-29 6.0 7.3 1.3 0.2 487 123 123.0 g/t Ag over 1.30m

North

*Intervals are reported as core lengths

Sampling, Assaying, QA/QC and Data Verification

Drill core was continuously sampled from inception to termination of the entire drill hole. Sample intervals

were typically one meter with a minimum sample width of 50 cm . Drill core diameter was HQ (6.35

centimeters). Geologic and geotechnical data was captured into a digital database, core was

photographed, then one-half split of the core was collected for analysis and one -half was retained in the

core library.

Samples were kept in a secured logging and storage facility until such time that they were delivered to the

Managua facilities of Bureau Veritas and pulps were sent to the Bureau Veritas laboratory in Vancouver

for analysis. Gold was analyzed by standard fire assay fusion, 30 -gram aliquot, AAS finish. Samples

returning over 10.0 g/t gold and 100 g/t silver 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 bla nks were inserted into the sample stream at a ratio of 1 control sample

per every 10 samples. Analytical results of control samples confirmed reliability of the assay data. No top

cut has been applied to the reported assay results.

LC19-68 0.0 1.5 1.5 0.01 214 182 182.0 g/t Ag over 1.50m

LC19-70 0.0 1.5 1.5 0.01 159 84 84.3 g/t Ag over 1.50m

LC19-76 1.0 2.0 1.0 0.03 210 102 102.0 g/t Ag over 1.0m

15.0 16.0 1.0 0.07 287 81

16.0 17.0 1.0 0.14 1,484 682

28.5 30.0 1.5 0.01 3,111 670

30.0 31.5 1.5 0.03 8,859 1,759

LC19-96 65.0 66.5 1.5 0.45 2,445 405 405.0 g/t Ag over 1.50m

LC20-153 0.0 1.0 1.0 0.02 218 125 125.0 g/t Ag over 1.00m

LC20-220 44.0 45.0 1.0 0.03 758 275 275.0 g/t Ag over 1.00m

LC20-222 4.5 6.0 1.5 0.01 1,037 251 251.0 g/t Ag over 1.50m

LC20-226 6.0 7.5 1.5 0.02 1,732 345 345.0 g/t Ag over 1.50m

LC20-231 57.2 58.5 1.4 0.03 2,567 539 539.0 g/t Ag over 1.35m

LC20-232 46.5 47.5 1.0 0.03 773 187 187.0 g/t Ag over 1.00m

LC20-279 1.0 2.0 1.0 0.03 194 243 243.0 g/t Ag over 1.00m

LC21-408 106.9 108.0 1.1 0.03 >10000 2418 2,418.0 g/t Ag over 1.10m

LC21-419 153.5 154.5 1.0 0.03 >10000 3792 3,792.0 g/t Ag over 1.00m

LD18-46 12.0 13.5 1.5 0.01 3,395 577 577.0 g/t Ag over 1.50m

RS18-47 37.0 38.2 1.2 0.02 183 83 83.3 g/t Ag over 1.20m

LC19-91 381.5 g/t Ag over 2.00m

LC19-94 1,214.5 g/t Ag over 3.00m

South

← Back to feed