Mako Mining Reports Updated and Extended Mineral Resource for the San Albino Project; Measured and Indicated Resources of 250,200 Ounces Au With a Diluted Grade of 11.61 g/t Au and Inferred Resources of 129,900 Ounces Au With a Diluted Grade of
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595 Burrard Street, Suite 2833
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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
October 31th, 2023
TSX-V: MKO; OTCQX: MAKOF
Mako Mining Reports Updated and Extended Mineral Resource for the San Albino
Project; Measured and Indicated Resources of 250,200 Ounces Au With a Diluted Grade
of 11.61 g/t Au and Inferred Resources of 129,900 Ounces Au With a Diluted Grade of
10.54 g/t Au
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to report the
results of an updated mineral resource estimate prepared by RESPEC, out of Reno, Nevada, for the San
Albino Project, which includes the Las Conchitas deposit, located in Nueva Segovia, Nicaragua. An
updated technical report for the San Albino Project with an effective date of October 11th, 2023, including
the updated mineral resource estimate, is being prepared in accordance with National Instrument 43-101,
Standards of Disclosure for Mineral Projects (“NI 43-101”) and will be filed under the Company’s SEDAR+
profile at www.sedarplus.ca within 45 days of this news release, and posted on the Company’s website at
www.makominingcorp.com. All dollar amounts referred to in this news release are United States dollars.
The San Albino Project open pit and underground mineral resource (see Figure 1 map below) includes a
Measured and Indicated mineral resource of 670,100 tonnes at a diluted grade of 11.61 grams per tonne
(g/t) Au for 250,200 gold ounces, and an Inferred mineral resource of 383,300 tonnes at a diluted grade of
10.54 g/t Au for 129,900 gold ounces (see table below). These mineral resources are constrained within
two major and three smaller open pit shells at the Las Conchitas deposit, and four pit shells at the San
Albino mine, two of which are currently in operation. The underground mineral resources are constrained
by shells defined by stope optimizations.
Open Pit, Underground and Dumps
All Measured
Cutoff Tonnes Au g/t Oz Au Ag g/t Oz Ag
variable 47,200 9.88 15,000 17.8 27,000
All Indicated
Cutoff Tonnes Au g/t Oz Au Ag g/t Oz Ag
variable 622,900 11.74 235,200 16.4 328,000
All Measured and Indicated
Cutoff Tonnes Au g/t Oz Au Ag g/t Oz Ag
variable 670,100 11.61 250,200 16.5 355,000
All Inferred
Cutoff Tonnes Au g/t Oz Au Ag g/t Oz Ag
variable 383,300 10.54 129,900 14.8 182,600
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Akiba Leisman, CEO of Mako states, “even after nearly 4 years of depletion from the San Albino mine, our
mineral resource is now materially larger and higher grade than the last mineral resource we published
over 3 years ago. There was over 100km of new drilling that went into this mineral resource update, which
was all funded through operating cash flow, with our last equity raise occurring in July 2020. Initial mining
has already begun at the new areas contained within this mineral resource update; therefore, no additional
capital is required to begin extracting these ounces. The modelling of this mineral resource was done with
attention to detail, incorporating all the empirical knowledge the team has collected by mining a very similar
geology at San Albino since early 2020. Modelling decisions were made with the understanding that there
is a high probability that we will positively reconcile to the published mineral resource with additional drilling.
In addition, the areas delineated in this mineral resource are open along str ike and down dip. Lastly, the
areas encompassed within this mineral resource account for just 1% of the 188km 2 orogenic gold mining
district we have at the San Albino Project. With the robust cash flows currently coming from the operating
mine, we continue to be focused on delineating additional deposits on our property, with dozens of
advanced prospects across 28 km of strike potential.”
San Albino and Las Conchitas Permitting and Development
The San Albino mine is fully permitted and has been in commercial production since July 1, 2021, and the
Las Conchitas deposit is located immediately to the south. The geology at Las Conchitas is very similar to
the San Albino deposit, consisting of stacked, gently dipping (averaging 30 degrees), less than 1 to 3 meter
(m) wide, high-grade, gold-quartz veins interpreted to be part of a larger orogenic system.
The Company received an interim permit to begin mining at Las Conchitas in June, 2023 . Material
extracted from two test pits at Las Conchitas has been processed at the Company’s San Albino plant. The
permit allows for the extraction from six areas of interest (Las Dolores, San Pablo, Mina Francisco,
Bayacun, Mango, and El Limon).
In July 2023, the Company submitted the Environmental Impact Assessment (“EIA”) for the development
of the Las Conchitas deposit in Nicaragua. The EIA has been accepted by the Nicaraguan Ministry of
Environment and Natural Resources (MARENA) and the company anticipates approval by the end of 2023.
San Albino and Las Conchitas Mineral Resource Modelling
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Explicit modelling, which involved geologists directly interpreting every polygon within the model, was used
to create the mineral resource estimate for the San Albino Project. This approach more accurately predicts
the location and grade of mineral resour ces when compared to implicit modelling, which relies on
commercial software to interpret these polygons, and has proven successful at San Albino to date.
However, because the drilling is wider spaced than at the San Albino deposit, the modelling was somewhat
restrictive on projections of veins. It is expected that infill drilling at Las Conchitas may increase the
estimated mineral resources.
Both the San Albino and Las Conchitas deposits were initially mode lled on sections spaced 10m apart.
These sectional interpretations were reviewed by Mako geologists and modifications were made until there
was a mutually agreed -upon interpretation. These interpretations were used to code the database by
domain and vein name. After evaluating each vein’s assays statistically, capping levels were defined and
assigned, and then compositing was done to one-meter lengths respecting the vein and halo boundaries.
The cross-section interpretations were snapped to the drill holes in three dimensions, sliced vertically along
N40E long sections, and reinterpreted on one -meter intervals. These long sections were then treated as
solids for coding the block model and controlling the estimate.
The San Albino deposit has three main groups of veins - San Albino, Naranjo, and Arras – each with
multiple splays. Las Conchitas has 16 veins, each of which was model led and estimated separately. A
polygonal estimate was completed for each deposit to anticipate its size and grade and to be a check on
the resource estimates. The one-meter composites were used to estimate gold and silver grades using
inverse-distance cubed, kriging, and nearest-neighbor methods. Multiple estimates were made to evaluate
sensitivity to estimation parameters and to optimize those estimation parameters. While the three types of
estimates (and the polygonal estimate) were used to check each other, the reported estimate used inverse-
distance cubed.
The block models are rotated 40 o parallel to the strike of the deposits. Block sizes are one-meter high by
two-meters along strike by one-meter across strike. Gold and silver grades were estimated for the veins,
halos, and the unmineralized material. Vein grades were diluted depending on the material types adjacent
to the vein by any or all of: a) the footwall halo, b) hanging wall halo, or c) unmineralized material. For open
pit resources at San Albino a 0.5m dilution rind was applied on both the top and the bottom of the veins,
while at Las Conchitas a 0.4m dilution rind was applied on both the top and the bottom of the veins. A
thinner dilution rind was applied at Las Conchitas because production shows that dilution can be less than
0.5m on the hanging wall. Because little engineering work has been done for underground mining, the
underground mineral resources reported are block diluted.
Input Parameters for Open Pit and Underground Optimizations to Define Resource Shells
For evaluating the open -pit potential, a series of optimized pits were run using variable gold prices and
parameters. The accepted mining cost was $3/t, processing cost $65/t, and G&A cost $2/ t. Metallurgical
recoveries of gold used in the pit optimizations were 83%, 90%, and 95% for fresh rock, transition, and
oxide material, respectively. Silver was not considered in the optimizations. For evaluating the potential for
underground mining, a series of stope optimizations were run at variable cutoffs. An average underground-
mining cost of $144/t, processing cost of $65/t, and G&A of $2/t w ere assumed. Underground mineral
resources are those at or above the 4.0 g/t Au cutoff lying within the 3.0 g/t Au optimized stopes. The
factors used in defining cutoff grades are based on a gold price of $1,750/oz.
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Qualified Person
Steven Ristorcelli, C.P.G., independent geologist and qualified person (as defined under NI 43 -101) has
read and approved the scientific and technical information contained in this press release.
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 pri mary 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 number: 917 -558-5289 or visit our website at
www.makominingcorp.com and SEDAR+ at 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, b ased on management’s reasonable assumptions, and includes,
without limitation, the expectation that the Company will file its updated technical report within 45 days of this news
release; the Company anticipating the approval by MARENA of its EI A by the end of 2023 ; the Company’s
understanding that there is high probability that it can positively reconcile additional drilling to the published mineral
resource estimate; the Company’s focus on delineating additional deposits on its property; the Company having
dozens of advanced prospects across 28 km of strike potential; that the geology at Las Conchitas is part of a larger
orogenic system; the Company’s expectation that infill drilling at Las Conchitas may increase the estimated mineral
resources; and 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;
unexpected results from continued exploration work at the San Albino Project; the Company’s ability to fund its
growth; unanticipated costs; the October 24 , 2022 sanction measures imposed in connection with Nicaragua by the
Office of Foreign Assets Control of the U.S. Department of Treasury having impacts on business operations not
currently expected, or new sanctions being imposed in Nicaragua by such office or other government entity in the
future; and other risks and uncertainties as disclosed in the Company’s public disclosure filings on SEDAR + at
www.sedarplus.ca. 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.
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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.
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Figure 1