Mako Mining Reports Positive Resource Reconciliation
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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
January 11th, 2022
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Reports Positive Resource Reconciliation
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company” ) is pleased to report grade
and tonnage results from mining the first 12 benches of the San Albino vein at its San Albino gold project (“San
Albino”) in northern Nicaragua. The mined benches consisted of twelve, six-meter benches between 616 and 550
meters above sea level and contained a total of 32,208 ounces Au and 55,687 ounces Ag within 103,783 tonnes of
diluted vein material grading 9.72 g/t Au and 16.69 g/t Ag.
The diluted vein material mined at San Albino thus far has positively reconciled on both grade and ounces by 10%
and 2.5% respectively, to the mineral resource estimate prepared by Mine Development Associates (“MDA”), a
division of RESPEC, out of Reno, Nevada. A technical report for the updated mineral resource estimate (the “MDA
Resource”) was filed in accordance with National Instrument 43 -101, Standards of Disclosure for Mineral Projects
(“NI 43-101”) under the Company’s SEDAR profile at www.sedar.com and is also available on the Company’s
website at www.makominingcorp.com (see press release dated October 19, 2020). In comparison, 110,496 tonnes at
a grade of 8.85 g/t Au and 16.8 g/t Ag containing 31,424 ounces Au and 59,682 ounces Ag over the same 12 benches
were modeled in the MDA Resource.
To date, areas mined in the MDA Resource contained 40% measured resources, 25% indicated resources and 35%
inferred resources.
Akiba Leisman, Chief Executive Officer of Mako states that, “we are extremely happy with performance of the MDA
Resource model thus far. Management and MDA intentionally used conservative assumptions to account for dilution
in the resource model, so the 10% positive grade reconciliation is welcome news, but not a surprise. The information
we have received from mining these twelve benches thus far have not only validated our geological model, but also,
they are providing invaluable information to aid in th e delineation of additional deposits at Las Conchitas and
elsewhere on our 188 square kilometer district.”
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Comparative Reconciliation (by bench)
Sampling, Assaying, QA/QC and Grade Estimation
Diluted vein material was estimated using vertical channel samples. Vertical channel samples respecting the geology
were collected on 5-meter sections at approximately 4-meter spacing using a gas-powered rock saw where the vein
is competent, or a rock ha mmer where the rock is strongly fractured or brecciated. Special attention is applied to
standardize the width and volume of material taken using the rock hammer or rock saw. The coordinates of the
channel samples are surveyed using a total station surveying device. Historical dump material estimation used blast
hole data in addition to vertical channel samples. Continuous 3 -meter samples over the 6m bench were collected
from the blast holes using a sample collection pan that traps all the blast hole m aterial. The entire sample is then
split using a Gilson splitter.
Samples for the first 3.5 benches were kept in a secured logging and storage facility until such time that they were
delivered to the Managua facilities of Bureau Veritas, an independent assay lab, for sample preparation. Pulps were
sent to the Bureau Veritas laboratory in Vancouver for analysis. Gold was analyzed by standard fire assay fusion,
30-gram aliquot, Atomic Absorption Spectrometry (AAS) finish. Samples returning over 10.0 g/t Au are analyzed
utilizing standard fire assay-gravimetric method. The Company follows industry standards in its quality assurance
and quality control (“QA/QC”) procedures. Control samples consisting of duplicates , standards and blanks were
inserted into the sample stream at a ratio of 1 control sample per every 3 to 4 samples. Analytical results of control
samples confirmed reliability of the assay data.
Samples from benches 592 to 550 were sent directly to San Albino Mine’s on-site laboratory for preparation and
assay. Gold was analyzed by standard fire assay fusion, 30-gram aliquot, with an AAS finish. The Company’s onsite
lab follows industry standards in its quality assurance and quality control (“QA/QC”) pr ocedures. The
QA/QC program includes the blind insertion of certified reference standards and assay blanks at a frequency of a t
least 1 per 20 normal samples as well as the submission of field duplicates. In addition, approximately 10% duplicate
Bench Tonnes Au (g/t) Ag (g/t) Au
Ounces
Ag
Ounces Tonnes Au (g/t) Ag (g/t) Au
Ounces
Ag
Ounces
616 2,696 3.67 5.76 318 499 701 3.00 5.17 68 117
610 2,654 11.74 17.72 1,001 1,511 2,280 11.84 15.58 868 1,142
604 2,467 19.32 32.38 1,532 2,569 3,487 15.18 21.36 1,702 2,395
598 3,636 17.28 22.64 2,020 2,647 4,117 12.02 22.48 1,591 2,976
592 5,030 19.68 34.27 3,182 5,542 7,367 14.83 28.94 3,513 6,855
586 5,304 11.52 3.80 1,965 648 6,401 7.80 18.78 1,606 3,864
580 6,074 10.15 15.19 1,983 2,966 6,184 5.10 11.75 1,015 2,336
574 7,911 4.52 10.24 1,151 2,605 13,054 6.96 14.13 2,923 5,930
568 12,420 7.55 15.64 3,014 6,246 15,091 6.12 14.59 2,968 7,077
562 18,969 7.14 14.69 4,125 8,959 17,897 7.86 14.77 4,520 8,497
556 20,753 9.95 19.06 6,642 12,719 21,151 8.77 17.41 5,967 11,836
550 15,869 10.34 17.20 5,275 8,776 12,765 11.41 16.22 4,684 6,657
Total 103,783 9.72 16.69 32,208 55,687 110,496 8.85 16.80 31,424 59,682
Diluted Vein Material MDADiluted Vein Material
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samples are sent to the Bureau Veritas laboratory in Vancouver, an ISO 9001:2008 certified laboratory on a regular
basis. Analytical results of control samples confirmed reliability of the assay data.
The grade of the diluted San Albino vein and historical dump m aterial were estimated using the inverse distance
squared method (“ID2”) from 1-meter composite intervals respecting the geologic boundaries. Samples were capped
prior to compositing at 100 g/t Au in the San Albino vein, 7.0 g/t Au in the San Albino footwall, 4 g/t Au in the San
Albino hanging wall and 25 g/t Au in the dump material. Capping values were based on analysis of previous diamond
drilling results which were used in the MDA Resource. The search ellipse for the dump material was limited to 4 m
for gold assays >2.5 g/t Au. The diluted grade of the San Albino vein for the first four benches was estimated using
3-D models of surveyed vein boundaries and surveyed mined surfaces where the vein boundaries were clearly
defined. Within the Porcelana zone (benches 580-550), where the vein boundaries are diffuse due to faul t stacking
of the veins, the un-diluted grade of the San Albino vein was estimated using 3-D models derived from the surveyed
channel samples defining the hanging wall, footwall , and vein boundaries. The diluted grade of the vein was
estimated using daily tonnage estimates of the mined material.
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 ex ploration of
prospective targets on its district-scale land package.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203 -862-7059,
E-mail: [email protected] or visit our website at www.makominingcorp.com and SEDAR
www.sedar.com.
Forward-Looking Information: Statements contained herein, other than historical fact, may be considered “forward -looking
information” within the meaning of applicable securities laws. The forward -looking information contained herein is based on
the Company’s plans and certain expectations and assumptions, including that the information the Company has received from
mining the twelve benches thus far will provide invaluable information to aid in the delineation of additional deposits at Las
Conchitas and elsewhere on the 188 square kilometer district;and that the Company can operate San Albino profitably in order
to 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 m aterially from those reflected in the
forward-looking information, including, without limitation, the risk that the information does not prove useful in delineating
additional deposits on the Company’s land package ; the Company’s failure to operate San Alb ino profitably and/or fund its
exploration of prospectus targets on its district -scale land package; political risks and uncertainties involving the Company’s
exploration properties; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense; commodity
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price fluctuations and other risks and uncertainties as disclosed in the Company’s public disclosure filings on SEDAR at
www.sedar.com. Such information contained herein represents management’s best judgment as of the date h ereof, based on
information currently available and is included for the purposes of providing investors with the Company’s expectations
regarding the San Albino gold project, and may not be appropriate for other purposes. 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.