TSX-V: MKO; OTCQX: MAKOF
VANCOUVER, BC, Oct. 24,
2022 /CNW/ - Mako Mining Corp. (TSXV: MKO)
(OTCQX: MAKOF) ("Mako" or the "Company") is pleased to report
additional 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.
Seven diamond drill rigs are currently drilling on the property
with five of the rigs dedicated to 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. 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"). Each of these
areas host multiple subparallel, northeast-southwest striking,
gently dipping gold bearing veins.
In 2022, the Company has completed 208 drill holes to-date
totaling 30,558 meters (m). The objective of the drilling at the
Las Conchitas area is to test the strike and dip extension of the
gold mineralization amenable to both open pit and underground
mining methods, and to provide sufficient information for a mineral
resource estimate currently being prepared by the
Company.
Highlights of the recent drilling at Las Conchitas:
Las Conchitas - North
- Mina Francisco ("MF")
-
- 42.59 g/t Au and 31.3 g/t Ag over 2.10
m (ETW)
- 26.66 g/t Au and 47.7 g/t Ag over 2.50
m (2.4 m ETW)
- 20.30 g/t Au and 55.8 g/t Ag over 2.00
m (1.9 m ETW) 5 meters from
surface
- Intermediate ("Int")
-
- 22.89 g/t Au and 7.2 g/t Ag over 1.40
m (1.3 m ETW)
Las Conchitas - Central
- Cruz Grande ("CG")
-
- 25.07 g/t Au and 31.0 g/t Ag over 2.20
m (ETW)
- 27.30 g/t Au and 20.9 g/t Ag over 1.10
m (ETW)
Las Conchitas - South
- El Limon ("EL")
-
- 14.50 g/t Au and 10.8 g/t Ag over 0.60
m (0.5 m ETW)
- 65.45 g/t Au and 41.7 g/t Ag over 1.80
m (1.7 m ETW)
- Mango ("Mg")
-
- 7.55 g/t Au and 1.6 g/t Ag over 1.00
m (0.9 m ETW)
Note * ETW is estimated true width measured from
interpreted sections
Akiba Leisman, CEO of Mako states
that "every single zone that we are targeting with our five rigs at
Las Conchitas is hitting high grade mineralization over minable
widths and shallow depths. These results, along with the high-grade
results we announced earlier this month at the SW Pit immediately
to the north of Las Conchitas, is clearly demonstrating the
potential for a significantly larger resource. Now that the
US$17.2 million exploration program
we announced in March 2022 is fully
ramped up, the scale of the San Albino– Murra district is beginning
to come into focus. Over the course of the next few years, we plan
to methodically test the 28 kilometers of mineralized strike
throughout our district scale land package, to confirm the
potential of this new orogenic gold mining camp."
Las Conchitas – North
In 2022, an aggressive drilling campaign was implemented 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). Currently, three diamond drill rigs are
operating at the LC-N area. Two rigs are testing the extension of
the Mina Francisco structure, as well as testing the extensions of
the San Pablo and Tirado gold bearing veins. The third rig is
testing the continuity of the previously identified Intermediate
zone and to test for additional high grade gold structures.
To date, a total of 19,530 m in the
2022 drilling campaign have been completed in 131 drill holes at
the LC-N area.
The Company successfully tested the southwest extension of the
MF structure with results from two drill holes (see attached drill
plan and table below). These holes were south of discovery
hole LC22-515, which intersected an interval of 12.72 g/t Au and
8.6 g/t Ag over 1.70 m (1.5 m ETW) (see press release on June 1, 2022). Drill hole LC22-558
intersected an interval 20.30 g/t Au and 55.8 g/t Ag over
2.00 m (1.9
m ETW), only 5 m from surface.
Drill hole LC22-553, collared 116 m
down dip from hole LC22-558, intersected 31.90 g/t Au and 20.1 g/t
Ag over 0.60 m (ETW) at a vertical
distance of 138.2 m, confirming the
high-grade gold mineralization is open to the southwest (see drill
plan) with significant down dip continuity.
Several drill holes were designed to test within the recently
discovered Mina Francisco area which now measures 265 m (by dip) and up to 229 m (by strike). Drill hole LC22-724
intersected three mineralized intervals (see table below),
including an interval of 42.59 g/t Au and 31.3 g/t Ag over
2.10 m (ETW), at a vertical depth of
122 m (see cross section). This drill
hole confirmed a 179 m down dip
extension of the high-grade mineralization intersected by hole
LC22-524 of 51.80 g/t Au and 29.8 g/t Ag over 0.90 m (ETW) (see press release dated
June 1, 2022). The other two
intervals (see table below), situated above the MF zone, are
interpreted as the San Pablo zone (SP).
LC22-726 intersected two mineralized intervals. The upper
interval of 18.70 g/t Au and 51.4 g/t Ag over 1.10 m (1.0 m ETW)
at 151m from surface was interpreted
as a splay of the MF zone. The lower interval of 26.66 g/t Au
and 47.7 g/t Ag over 2.50 m
(2.4 m ETW) was interpreted as the MF
zone, 170.7 m from surface,
representing a 44.5 m northeast
strike extension from drill hole LC22-724, described above.
Drilling in the Intermediate zone intersected 22.89 g/t Au and
7.2 g/t Ag over 1.40 m (1.3 m ETW), in hole LC22-911, at a vertical
distance of 66.5 m. This drill hole
extended the strike by 42 m to the
west-southwest of the high-grade mineralization of 15.69 g/t Au and
15.5 g/t Ag over 2.50 m, intersected
by INT13-01 (see press release dated September 11, 2013).
Las Conchitas – Central
At LC-C, drill hole LC22-825 intersected 25.07 g/t Au and 31.0
g/t Ag over 2.20 m (ETW), at a
vertical distance from surface of 19
m. This hole was designed to intersect the most
northeasterly strike extension of the high-grade Cruz Grande
mineralization, testing an area between Cruz Grande and the newly
discovered Crucita vein at LC-N. This drill hole intersected
54 m from a collapsed historical
tunnel, where vertical channel sampling of the vein graded up to
55.90 g/t Au and 170.0 g/t Ag over 0.9
m and 37.60 g/t Au and 209.0 g/t Ag over 0.7 m. The Company believes that additional
drilling will confirm that the two high grade gold bearing
structures, Cruz Grande and Crucita, previously interpreted as
separate structures and located on opposite sides of a depression,
are in fact the same vein (see longitudinal section).
Confirmation of this continuity would significantly expand
the strike length of this zone.
Drill hole LC22-830 intersected an interval 27.30 g/t Au and
20.9 g/t Ag over 1.10 m (ETW), at
vertical depth of 58.6 m. This
interval confirmed a down dip continuity of the high-grade
mineralization for a total of 144
m.
Las Conchitas – South
LC-S is the most advanced area in terms of drilling, where 396
drill holes, totaling 36,290 m have
been completed. This area is comprised of four mineralized zones;
however, the recent drilling by the Company was designed to test
the continuity of just the El Limon and Mango zones.
The best results in the LC-S area were in drill hole LC22-478
which tested the southwest extension of the El Limon and Mango
mineralized structures and intersected two intervals, 2.95 g/t Au
and 1.9 g/t Ag over 0.80 m,
50.6 m below surface and 65.45 g/t Au
and 41.7 g/t Ag over 1.80 m
(1.7 m ETW), 80.1 m below surface which was interpreted as El
Limon.
Drill hole LC22-471, which was designed to test the down dip
extension of both the El Limon and Mango zones. This hole
intersected 14.50 g/t Au and 10.8 g/t Ag over 0.60 m (0.5 m ETW)
at 57.6 m vertical depth, confirming
a 98.3 m up dip extension of El Limon
vein from drill hole LC22-467 which intersected 37.02 g/t Au and
54.4 g/t Ag over 2.0 m ETW (see press
release July 28, 2022). The
second intercept of 7.55 g/t Au and 1.6 g/t Ag over 1.00 m (0.9 m ETW),
103.5m from the surface, was
interpreted as the Mango zone. This intercept represents a
232 m down dip extension of the
mineralization exposed in LC19-Tunnel-2, a historical working at
surface. Vertical sampling of the vein at LC19-Tunnel-2 yielded
1.5m @ 25.92 Au and 42.0 Ag;
1.5m @ 21.71 Au and 49.1 Ag and
1.3m @ 54.17 Au and 57.5 Ag (see
press release dated March 17, 2022).
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: LC22-543, LC22-552, LC22-706,
LC22-712, LC22-716, LC22-907, LC22-916, LC22-918, LC22-809,
LC22-810, LC22-811, LC22-814, LC22-816, LC22-827, LC22-469,
LC22-470 and LC22-472. In addition to the drill holes presented in
the table above, the following drill hole returned no significant
values: LC22-715.
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 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
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.
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.
Forward-Looking Information
Statements contained herein that are not historical fact are
considered "forward-looking information" within the meaning of
applicable securities laws. Forward-looking information is based on
management's current expectations, beliefs and assumptions,
and includes, without limitation: the objectives of the drilling
campaign; the plan to methodically test over the course
of the next few years the 28 kilometers of mineralized strike
throughout our district scale land package, to confirm the
potential of the new orogenic gold mining camp; that confirmation
of mineralization continuity would significantly expand the strike
length of the Cruz Grande/Crucita zone; and the Company's objective
of operating San Albino profitably while continuing to fund
exploration of prospective targets.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, the risks that additional satisfactory
exploration results and drill testing will not be obtained and the
potential of expansion of mineralization will not be confirmed; the
risk that the Company will not test on the timeline expected; the
risk that additional discoveries will not continue; that
exploration results will not translate into the discovery of an
economically viable deposit; risks and uncertainties relating to
political risks involving the Company's exploration and development
of mineral properties interests; the inherent uncertainty of cost
estimates and the potential for unexpected costs and expense;
commodity price fluctuations, the inability or failure to obtain
adequate financing on a timely basis and other risks and
uncertainties disclosed in the Company's public filings at
www.sedar.com. Forward-looking information contained herein is
based on management's best judgment as of the date hereof, based on
information currently available and is included for the purposes of
providing investors with the results of the Company's recent
drilling program at the Las Conchitas area, and may not be
appropriate for other purposes.
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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SOURCE Mako Mining Corp.
