Mako Mining Intersects 51.78 g/t Au over 3.9 m (Estimated True Width) at Las Conchitas, 62 m 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
January 24th, 2024
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Intersects 51.78 g/t Au over 3.9 m (Estimated True Width) at Las Conchitas,
62 m from Surface, Outside of Current Mineral Resource Estimate
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to announce
further results from a 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 in commercial production.
In 2023, Mako completed 11,737.6 m in 262 RC drill holes in the ongoing resource expansion drill program
(see drill plan below). The results reported in this release are from two of three main zones at Las Conchitas
(North and South), hosting the gold mineral resource estimate (“MRE”) at the San Albino Project (see press
release of December 6 th, 2023). The main objective s of the near-surface, extension and confirmation
drilling campaign were to gain a higher level of confidence of the 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 20 RC drill holes in the southern portion of Las Conchitas (“LC-S”), together with prior results,
support the potential for expanded, high grade, low strip ratio, minable material within the currently
defined open pit.
o 51.78 g/t Au and 37.8 g/t Ag over 4.0 m (3.9 m Estimated True Width - ETW) – El Limon vein
o 19.43 g/t Au and 36.8 g/t Ag over 2.0 m (1.9 m ETW) – El Limon vein
o 25.75 g/t Au and 27.2 g/t Ag over 2.0 m (1.9 m ETW) – Mango vein
o 22.30 g/t Au and 22.8 g/t Ag over 2.0 m (1.8 m ETW) – El Limon vein
Akiba Leisman, CEO of Mako states, “when we released our updated MRE last December, which included
the maiden resource for Las Conchitas, we explicitly stated that ‘modelling decisions were made with the
understanding that there is a high probability that we will positively r econcile to the published mineral
resource with additional drilling ´. These spectacular high grade and shallow holes, outside of the current
MRE, are a strong indication that this will come to fruition. The MRE is still open along strike and at depth.
Earlier this week, we have begun to consistently mine the high-grade zones of LC-S, supplementing high
grade production from other areas at San Albino. This high-grade production will allow us to continue
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generating significant cash flows for the foreseeable future which will be used to grow our business
internally and externally, further enhance our balance sheet and continue to return capital to shareholders.”
At LC-S, drilling was successful in targeting extensions of El Limon and Mango mineralized structures. The
key objectives were to extend a high-grade, wide zone identified by the Company’s previous diamond
drilling. Drill hole LC23-RC273 (see table below) intersected a wide interval, starting at 62 m from surface
of 51.78 g/t Au and 37.8 g/t Ag over 4.0 m (3.9 m ETW). This interval confirmed a 29m strike extension of
high-grade mineralization, within the El Limon zone, of 14.50 g/t Au and 10.8 g/t Ag over 0.6 m (0.5 m
ETW) at 57.6 m vertical depth in drill hole LC22-471 (see press release October 24 th, 2022). In addition,
drill hole LC23-RC272 intersected the same high -grade zone comprised of 19.43 g/t Au and 36.8 g/t Ag
over 2.0 m (1.9 m ETW), 30 m SW along strike from LC23 -RC273. Both of th ese recent drill holes
intersected the zone outside of the current resource model and confirm potential resource expansion
beyond the Company’s current MRE.
In addition, s everal drill holes were designed to test the down dip extension of the Mango zone,
stratigraphically located between the El Limon and Bayacun zone s. This post -resource drilling in the
Mango zone supports the potential for additional shallow (open-pitable), high grade, low strip ratio, mineral
resources. Highlights of the Mango drilling include drill hole LC23-RC261 which intersected 25.75 g/t Au
and 27.2 g/t Ag over 2.0 m (1.9 m ETW), at 72 m vertical depth and 20 m below the currently optimized pit
design. This high-grade intercept represents an extension of 38 m down dip from core drill hole LC20-177
that reported 29.78 g/t Au and 22.2 g/t Ag over 0.5 m (ETW), (see press release August 18th, 2021).
During the haul road construction for a bulk sampling program in the El Limon area, the Company
confirmed and exposed additional high-grade mineralization in a road-cut, measuring approximately 80m
down dip and 30m along strike . This area was not included in the current MRE. A total of 13 surface
channel samples were collected within the area, with results ranging from 0.42 g/t Au and 4.3 g/t Ag over
1.0 m to 94.4 g/t Au and 25.7 g/t Ag over 0.8 m. Drill hole LC23-RC258 (see table below) intersected the
same high grade mineralization exposed in the road cut, at a vertical depth of 9.3 m, of 22.30 g/t Au and
22.8 g/t Ag over 2.0 m , inside the current pit -constrained resource model boundaries but not included in
the MRE.
In addition, the Company is reporting 23 RC drill holes at the northern portion of Las Conchitas (“LC -N”),
at the Tirado and San Pablo zones. The main objective was to gain a higher level of confidence in the
geometry of gold mineralization and expand it within and beyond the Company’s current MRE boundaries.
Drill hole LC23-RC251 intersected a splay of the San Pablo quartz vein, at 51 m vertical depth of 16.20 g/t
Au and 19.0 g/t Ag over 3.0 m . This interval of high-grade gold mineralization was intersected outside of
the current resource model and supports the potential to expand resources.
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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
Tirado LC23-RC233 8 9 1 1.74 0.7 1.74 g/t Au and 0.7 g/t Ag over 1.0 m
70 71 1 5.17 14.6
71 72 1 6.29 17.6
72 73 1 10 11.3
73 74 1 30.3 39.6
San Pablo LC23-RC238 93 94 1 6.14 5.7 6.14 g/t Au and 5.7 g/t Ag over 1.0 m
79 80 1 26.9 17.8
80 81 1 0.45 0.7
81 82 1 1.65 1.1
Tirado LC23-RC241 13 14 1 1.24 1.3 1.24 g/t Au and 1.3 g/t Ag over 1.0 m
Tirado LC23-RC242 23 24 1 5.2 2.3 5.20 g/t Au and 2.3 g/t Ag over 1.0 m
Upper San Pablo LC23-RC244 58 59 1 3.79 1.3 3.79 g/t Au and 1.3 g/t Ag over 1.0 m
Tirado 32 33 1 5.21 7.1 5.21 g/t Au and 7.1 g/t Ag over 1.0 m
San Pablo 95 96 1 1.24 5.2 1.24 g/t Au and 5.2 g/t Ag over 1.0 m
51 52 1 16.8 17.1
52 53 1 6 22.4
53 54 1 25.8 17.6
Tirado 15 16 1 2.55 2.2 2.55 g/t Au and 2.2 g/t Ag over 1.0 m
San Pablo 94 95 1 1.23 10.9 1.23 g/t Au and 10.9 g/t Ag over 1.0 m
Tirado 19 20 1 1.11 1.9 1.11 g/t Au and 1.9 g/t Ag over 1.0 m
102 103 1 1.13 2.5
103 104 1 1.96 2.4
104 105 1 1.41 3.4
Limon 4 5 1 4.99 7.7 4.99 g/t Au and 7.7 g/t Ag over 1.0 m
Mango_2 39 40 1 13.7 4 13.70 g/t Au and 4.0 g/t Ag over 1.0 m
6 7 1 1.66 8.4
7 8 1 2.96 3.3
12 13 1 3.01 3.3 3.01 g/t Au and 3.3 g/t Ag over 1.0 m
17 18 1 9.95 2.8 9.95 g/t Au and 2.8 g/t Ag over 1.0 m
Mango 30 31 1 1.5 3.4 1.50 g/t Au and 3.4 g/t Ag over 1.0 m
52 53 1 1.44 6.3 1.44 g/t Au and 6.3 g/t Ag over 1.0 m
55 56 1 4.25 3.8
56 57 1 22.3 13.1
15 16 1 42.8 38.2
16 17 1 1.8 7.3
Limon LC23-RC260 8 9 1 2.74 2.7 2.74 g/t Au and 2.7 g/t Ag over 1.0 m
72 73 1 7.81 6.4
73 74 1 43.7 48
Mango LC23-RC262 59 60 1 39.7 112 39.70 g/t Au and 112.0 g/t Ag over 1.0 m
27 28 1 4.78 15.1
28 29 1 1.79 1.3
48 49 1 2.9 2.2
49 50 1 4.04 0.4
Limon LC23-RC265 11 12 1 1.4 1 1.40 g/t Au and 1.0 g/t Ag over 1.0 m
Mango 38 39 1 11.7 29.8 11.70 g/t Au and 29.8 g/t Ag over 1.0 m
76 77 1 3.39 3.8
77 78 1 10.8 19.6
78 79 1 0.64 3.4
79 80 1 2.02 3.2
Mango
LC23-RC263
3.28 g/t Au and 8.2 g/t Ag over 2.0 m
Mango_2 3.47 g/t Au and 1.3 g/t Ag over 2.0 m
LC23-RC267Mango_2 4.21 g/t Au and 7.50 g/t Ag over 4.0 m
Mango LC23-RC257 13.28 g/t Au and 8.5 g/t Ag over 2.0 m
Limon LC23-RC258 22.30 g/t Au and 22.8 g/t Ag over 2.0 m
Mango LC23-RC261 25.75 g/t Au and 27.2 g/t Ag over 2.0 m
LC23-RC252
LC23-RC253San Pablo 1.5 g/t Au and 2.8 g/t Ag over 3.0 m
LC23-RC254
Limon LC23-RC255 2.31 g/t Au and 5.9 g/t Ag over 2.0 m
Limon LC23-RC256
San Pablo LC23-RC234 12.94 g/t Au and 20.8 g/t Ag over 4.0 m
San Pablo LC23-RC239 9.67 g/t Au and 6.5 g/t Ag over 3.0 m
LC23-RC250
Upper San Pablo LC23-RC251 16.20 g/t Au and 19.0 g/t Ag over 3.0 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. 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: LC23 -RC235, LC23-RC237, LC23-RC247, LC23-RC259, LC23-RC266 and
LC23-RC271. In addition to the drill holes presented in the table above, the following drill holes returned no significant
values: LC23-RC231, LC23-RC232, LC23-RC236, LC23-RC240, LC23-RC243, LC23-RC245, LC23-RC246, LC23-
RC248, LC23-RC249, LC23-RC264.
12 13 1 14 16.5
13 14 1 26 25.2
14 15 1 0.32 1.4
15 16 1 1.84 9.7
Mango 71 72 1 2.23 5 2.23 g/t Au and 5.0 g/t Ag over 1.0 m
18 19 1 3.38 1.4
19 20 1 24.8 30
Mango LC23-RC270 81 82 1 2.19 1.2 2.19 g/t Au and 1.2 g/t Ag over 1.0 m
55 56 1 37.5 66.9
56 57 1 1.36 6.7
62 63 1 109.5 39
63 64 1 41.4 57.2
64 65 1 44.8 33.4
65 66 1 11.4 21.5
Limon LC23-RC269 14.09 g/t Au and 15.7 g/t Ag over 2.0 m
Limon LC23-RC272 19.43 g/t Au and 36.8 g/t Ag over 2.0 m
Limon LC23-RC273 51.78 g/t Au and 37.8 g/t Ag over 4.0 m
Limon LC23-RC268 10.54 g/t Au and 13.2 g/t Ag over 4.0 m
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Figure - Drill Hole Plan
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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 selects visually mineralized intervals for fire assay. The mineral ized 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 a t a minimum ratio of 1 control sample per every 10 samples. Analytical results of
control samples confirmed reliability of the assay data.
All surface samples reported in this press release were sent to BV in Vancouver . The same assay and
chain of custody procedures were implemented as mentioned above.
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 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.
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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 reasonab le assumptions, and includes,
without limitation, that the Company 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 a bility to fund its growth to reach its expected new record 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.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.