Mako Mining Intersects 37.80 g/t Au and 50.0 g/t Ag over 2.8m (Estimated True Width) at Las Conchitas, 16m from Surface, Outside of Current Mineral Resource Estimate
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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
July 10th, 2024
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Intersects 37.80 g/t Au and 50.0 g/t Ag over 2.8m (Estimated True Width) at
Las Conchitas, 16m 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.
In the 2024 RC drilling campaign, Mako has completed 244 drill holes totaling 15,314 meters. The main
objective of this campaign is to test possible extensions of the high -grade mineralized blocks and
mineralization trends beyond the limits of the Company’s most recent mineral resource estimate (“MRE”)
at the San Albino Project (see press release of December 6 th, 2023). The results reported in this release
are from 3 of the 4 principal zones within the southern portion of Las Conchitas: El Limon, Mango and Las
Dolores.
Highlights
• Drilling 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 outside of the pits defined by
the current MRE.
• Las Dolores Highlights
o 37.80 g/t Au and 50.0 g/t Ag over 3.0m – (2.8m Estimated True Width –ETW)
o 34.10 g/t Au and 29.4 g/t Ag over 1.0m – (0.9m ETW)
o 16.77 g/t Au and 32.5 g/t Ag over 2.0m – (2.0m ETW)
o 16.56 g/t Au and 12.8 g/t Ag over 2.0m – (1.9m ETW)
• El Limon and Mango Highlights
o 11.25 g/t Au and 18.3 g/t Ag over 3.0m – (3.0m ETW)
o 9.83 g/t Au and 20.4 g/t Ag over 4.0m – (4.0m ETW)
Akiba Leisman, CEO of Mako states, “results from the expansion drilling at Las Conchitas continue to be
excellent, although not surprising. There are many drill targets across the 28km of strike potential within
our 188 square kilometer land package that are still waiting to be drilled. The cashflow coming from the
mine allows the Company to reinvest in exploration in Nicaragua, as well as our newly acquire d Eagle
Mountain project in Guyana, without the need for external financing, while growing our cash balance and
returning capital to shareholders.”
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The key objective of this year’s drilling program at the Las Dolores area is to demonstrate extensions of
high-grade zones beyond the current MRE, mainly within shallow oxide material. Drill holes LC24-RC331
and LC24-RC332 (see Figure 2 and 3) intersected a high grade, shallow zone, approximately 72m NE of
the MRE pit. Drill hole LC24-RC331 (see table below) intersected 34.10 g/t Au and 29.4 g/t Ag over 1.0m
(0.9m ETW) and drill hole LC24-RC332 intersected a wide, high-grade zone of 37.80 g/t Au and 50.0 g/t
Ag over 3.0m (2.8m ETW). Both intercepts started approximately 16m below surface and are located
approximately 67m northeast of the pit defined by the current MRE (see Figure 3).
Approximately 36m northeast of LC24-RC332, drill hole LC24-RC290 intersected 16.56 g/t Au and 12.8
g/t Ag over 2.0m (1.5m ETW). This hole is located approximately 108m north of the pit defined by the
current MRE (see Figure 3).
Drill hole LC24-RC-343 intersected 16.77 g/t Au over 2m (ETW), 17m northeast of the MRE pit limit, 38m
below surface (see Figure 3) and LC24-RC344, located 16m northeast of LC24-RC343 intersected 17.90
g/t Au over 1m (0.9m ETW), within a 3m interval (2.7m ETW) of 6.73 g/t Au, 28m below surface.
In addition, the 2024 RC drilling campaign has identified potential extensions of the El Limon and Mango
mineralized structures beyond the current MRE (see press release January 24 th, 2024 and March 13 th,
2024). Drilling targeted multiple, shallow dipping, gold-bearing quartz veins. The veins appear to be related
to compressional tectonics and were subjected to later faulting and folding which accounts for local
“stacking” of veins (thrust duplication) resulting in considerably wider blocks.
Drill hole LC24-307, intersected the high-grade El Limon zone with an interval of 11.25 g/t Au and 18.3 g/t
Ag over 3.0m (ETW), including 22.10 g/t Au and 25.0 g/t Ag over 1.0m, 60m from surface . This hole is
located approximately 61m southwest along strike of a previously announced drill hole, LC24-RC276 which
intersected a 2.0m wide (ETW) interval containing 9.65 g/t Au and 11.8 g/t Ag, (see press release March
13th, 2024).
Drill hole LC24-RC310, intersected a 4.0m (ETW) interval at the Mango zone of 9.83 g/t Au and 20.4 g/t
Ag at vertical depth of 69m and 37m down dip from LC19-101 (see press release dated August 19th, 2019).
Drill hole LC19 -101 intersected two mineralized zones, separated by a 2.5m interval of low-grade gold
mineralization as follows: 4.62 g/t Au and 12.0 g/t Ag over 2.1m and 19.55 g/t Au and 40.6 g/t Ag over
1.2m.
Both drill holes mentioned above, intersected high-grade zones and confirm additional mineralized material
outside the current MRE pit limits.
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Table - Assay Results Reported in This Press Release
Zone RC Drill Hole From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t) Interval
LC24-RC287 79 80 1 9.08 17.4 9.08 g/t Au and 17.4 g/t Ag over 1.0 m
12 13 1 26.60 18.6
13 14 1 6.53 7.0
LC24-RC294 9 10 1 1.88 1.5 1.88 g/t Au and 1.5 g/t Ag over 1.0 m
LC24-RC302 3 4 1 1.89 0.5 1.89 g/t Au and 0.5 g/t Ag over 1.0 m
LC24-RC321 11 12 1 2.06 0.9 2.06 g/t Au and 0.9 Ag over 1.00 m
LC24-RC331 16 17 1 34.10 29.4 34.10 g/t Au and 29.4 Ag over 1.00 m
16 17 1 29.20 30.7
17 18 1 45.00 62.1
18 19 1 39.20 57.1
12 13 1 6.21 11.3
13 14 1 3.94 8.1
LC24-RC337 23 24 1 2.26 0.7 2.26 g/t Au and 0.7 Ag over 1.00 m
50 51 1 2.83 7.2
51 52 1 0.81 3.4
52 53 1 6.31 2.1
50 51 1 1.99 1.0 1.99 g/t Au and 1.0 Ag over 1.00 m
53 54 1 1.99 7.1 1.99 g/t Au and 7.1 Ag over 1.00 m
LC24-RC342 44 45 1 1.04 0.9 1.04 g/t Au and 0.9 Ag over 1.00 m
41 42 1 24.60 41.9
42 43 1 8.94 23.1
29 30 1 17.90 28.9
30 31 1 0.06 0.7
31 32 1 2.23 3.5
LC24-RC401 10 11 1 5.46 2.4 5.46 g/t Au and 2.4 Ag over 1.00 m
50 51 1 8.63 20.8
51 52 1 0.10 1.9
52 53 1 3.28 1.7
LC24-RC425 56 57 1 1.09 1.1 1.09 g/t Au and 1.1 Ag over 1.00 m
37 38 1 17.80 28.4
38 39 1 1.22 2.0
41 42 1 19.00 6.4 19.00 g/t Au and 6.4 Ag over 1.00 m
Mango 1 79 80 1 1.08 2.8 1.08 g/t Au and 2.8 Ag over 1.00 m
59 60 1 5.66 17.8
60 61 1 5.99 12.2
61 62 1 22.10 25.0
46 47 1 7.08 7.4
47 48 1 11.90 30.5
Mango 2 121 122 1 1.19 15.0 1.19 g/t Au and 15.0 Ag over 1.00 m
68 69 1 23.50 27.1
69 70 1 4.66 9.4
70 71 1 7.10 32.8
71 72 1 4.04 12.2
81 82 1 6.85 27.0
82 83 1 1.92 4.8
LC24-RC352 34 35 1 1.13 2.0 1.13 g/t Au and 2.0 Ag over 1.00 m
7 8 1 1.43 5.5 1.43 g/t Au and 5.5 Ag over 1.00 m
20 21 1 1.97 0.5 1.97 g/t Au and 0.5 Ag over 1.00 m
LC24-RC359 8 9 1 1.50 3.9 1.50 g/t Au and 3.9 Ag over 1.00 m
0 1 1 19.50 34.7 19.5 g/t Au and 34.7 Ag over 1.00 m
9 10 1 2.19 1.4 2.19 g/t Au and 1.4 Ag over 1.00 m
71 72 1 9.92 16.4
72 73 1 0.39 1.4
73 74 1 2.05 2.3
LC24-RC383 36 37 1 8.32 4.8 8.32 g/t Au and 4.8 Ag over 1.00 m
LC24-RC384 37 38 1 0.01 <0.3 No significant results
LC24-RC387 7 8 1 3.30 1.5 3.30 g/t Au and 1.5 Ag over 1.00 m
54 55 1 1.38 0.9
55 56 1 7.31 12.3
Mango 2 LC24-RC361 98 99 1 1.13 3.5 1.13 g/t Au and 3.5 Ag over 1.00 m
9.51 g/t Au and 15.2 Ag over 2.00 m
16.56 g/t Au and 12.8 g/t Ag over 2.0 m
Mango 1 LC24-RC356
LC24-RC423
LC24-RC332
4.12 g/t Au and 6.7 Ag over 3.00 m
LC24-RC358
LC24-RC364
LC24-RC363
LC24-RC340
LC24-RC333
11.25 g/t Au and 18.3 Ag over 3.00 m
9.49 g/t Au and 19.0 Ag over 2.00 m
4.34 g/t Au and 6.6 Ag over 2.00 m
LC24-RC290
5.07 g/t Au and 9.7 Ag over 2.00 m
LC24-RC341
LC24-RC343 16.77 g/t Au and 32.5 Ag over 2.00 m
LC24-RC344 6.73 g/t Au and 11.0 Ag over 3.00 m
37.80 g/t Au and 50.0 Ag over 3.00 m
4.00 g/t Au and 8.1 Ag over 3.00 m
LC24-RC304
LC24-RC307
LC24-RC308
LC24-RC310
LC24-RC312
Las Dolores
El Limon
El Limon
Mango 1
El Limon
9.83 g/t Au and 20.4 Ag over 4.00 m
4.38 g/t Au and 15.9 Ag over 2.00 m
3.32 g/t Au and 4.23 Ag over 3.00 m
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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. True 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 ret urned only anomalous values: LC24 -RC288, LC24-
RC289, LC24 -RC291, LC24 -RC292, LC24 -RC293, LC24 -RC298, LC24 -RC316, LC24 -RC322, LC24 -RC324, LC24 -RC326,
LC24-RC329, LC24-RC330, LC24-RC336, LC24-RC338, LC24-RC339, LC24-RC345, LC24-RC346, LC24-RC347, LC24-RC348,
LC24-RC349, LC24-RC400, LC24-RC404, LC24-RC406, LC24-RC408, LC24-RC411, LC24-RC420, LC24-RC421, LC24-RC422,
LC24-RC424, LC24-RC305, LC24-RC306, LC24-RC309, LC24-RC311, LC24-RC350, LC24-RC351,LC24-RC362, LC24-RC365,
LC24-RC381, LC24-RC382, LC24-RC385, LC24-RC389, LC24-RC391, LC24-RC392. In addition to the drill holes presented in
the table above, the following drill holes returned no significant values:LC24 -RC295, LC24-RC296, LC24-RC297, LC24-RC299,
LC24-RC300, LC24-RC301, LC24-RC303, LC24-RC313, LC24-RC314, LC24-RC315, LC24-RC317, LC24-RC318, LC24-RC319,
LC24-RC320, LC24-RC323, LC24-RC325, LC24-RC327, LC24-RC328, LC24-RC334, LC24-RC335, LC24-RC402, LC24-RC403,
LC24-RC405, LC24-RC407, LC24-RC409, LC24-RC410, LC24-RC412, LC24-RC413, LC24-RC354, LC24-RC355, LC24-RC357,
LC24-RC386, LC24-RC388, LC24-RC390.
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Figure 1 - Drill Hole Plan Las Conchitas
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Figure 2 - Drill Hole Plan Las Dolores
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Figure 3 – Las Dolores Longitudinal Section
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. T he 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.
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Qualified Person
Brian Ray, M.Sc., 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. Ray is 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 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], 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 inc ludes,
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 development 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. ca. Such informat ion 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.