Drilling at Las Conchitas Extends Near Surface, High-grade Gold Mineralization, Including 19.55 g/t Gold and 40.6 g/t Silver Over 1.2 Meters
August 19, 2019
Mako Mining Corp. (TSX-V: MKO) (“Mako” or the “Company”) is pleased to announce additional positive drill results from the Las Conchitas area of its wholly-owned San Albino-Murra property located in Nueva Segovia, Nicaragua.
The objective of the 2019 drilling campaign is to test high priority exploration targets within the Las Conchitas area, identified by trenching, geochemical soil surveys, extensive geological mapping and sampling of historical workings.
The El Limon Zone was identified by a large 570 m by 280 m gold in soils anomaly, oriented in a northeast-southwest direction. The El Limon soil anomaly appears to be a continuation of the Mango gold geochemical anomaly which has been tested and confirmed by drilling (see press release dated May 6, 2019).
The Company has completed 13 shallow drill holes totaling 1,060 m at the El Limon Zone (see the attached map), with a goal to test the strike and dip extension of the Mango Zone, where the Company intersected the highest gold grade drilled to date of 376.49 g/t Au over 1 m in drill hole LC19-70 (see press release dated May 6, 2019).
Drill hole LC19-101 intersected two mineralized zones, separated by a 2.5 m interval of low grade gold mineralization as follows: 4.62 g/t Au and 12.0 g/t Ag over 2.1 m and 19.55 g/t Au and 40.6 g/t Ag over 1.2 m (see table below and attached cross section). This hole is located approximately 320 m southwest, and along strike, of drill hole LC11-01, which intersected 69.96 g/t Au and 61.7 g/t Ag over 3.0 m (see Golden Reign Resources Ltd. press release dated February 22, 2012).
2019 Diamond Drill Results in the El Limon Zone
|Drill Hole||From (m)||To (m)||Width (m)*||Au (g/t)||Ag (g/t)||Interval Averages|
|LC19-89||16.35||17.35||1.00||4.92||2.2||4.92 g/t Au and 2.2 g/t Ag over 1.0 m|
|LC19-91||84.70||85.80||1.10||18.59||7.9||18.59 g/t Au and 7.9 g/t Ag over 1.1 m|
|LC19-95||12.00||13.50||1.50||1.11||2.4||1.11 g/t Au and 2.4 g/t Ag over 1.5 m|
|LC19-96||16.00||16.50||0.50||36.46||27.0||36.46 g/t Au and 27.0 g/t Ag over 0.5 m|
|LC19-101||85.60||86.80||1.20||3.24||4.6||4.62 g/t Au and 12.0 g/t Ag over 2.1 m|
|LC19-101||90.20||91.40||1.20||19.55||40.6||19.55 g/t Au and 40.6 g/t Ag over 1.2 m|
The mineralized intervals shown above utilize a 1.0 g/t gold cut-off grade with not more than 1.0 meter of internal dilution. Lengths are reported as core lengths. Drill holes LC19-93, LC19-94, LC19-99 and LC19-100 intercepted faults and were abandoned prior to reaching their target depth. Drill holes LC19-90, LC19-92, LC19-97 and LC19-98 intercepted faults at the projected depth of the mineralized zone and returned gold values below the cut-off grade. *True widths vary depending on drill hole dip, the veins are shallow dipping and typical true widths are 85-100% of the downhole width.
Sampling, Assaying, QA/QC and Data Verification
Drill core was continuously sampled from inception to termination of the drill hole. Sample intervals were typically one meter. 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. Due to the presence of coarse gold, the Company has used 500-gram metallic screened gold assays for analyzing samples that yielded a fire assay result greater than 1 g/t, and samples immediately above and below drilled veins. This method, which analyzes a larger sample, can be more precise in high-grade vein systems containing coarse gold. All reported drill results in this press release used the metallic screening 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.
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,
Mako Mining Corp. is a publicly listed gold mining, development and exploration firm. The Company is developing its high-grade San Albino gold project in Nueva Segovia, Nicaragua. Mako’s primary objective is to bring San Albino into production quickly and efficiently, while continuing exploration of prospective targets in Nicaragua.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203-862-7059, E-mail: firstname.lastname@example.org or visit our website at www.makominingcorp.com and SEDAR www.sedar.com.
Forward-Looking Statements: Some of the statements contained herein may be considered “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is based on certain expectations and assumptions, including that the Company’s exploration programs will be successfully completed; that although the Company’s production decision at its San Albino project is not based on a technical study supporting mineral reserves, and therefore not based on demonstrated economic viability, management currently believes the project is on track to achieve its first gold pour by the late summer of 2020; that the Company will be successful in its proposed financing plans necessary for the construction at the San Albino project. 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 at the Mango zone will not be obtained; that the PEA is preliminary in nature and there is no certainty that the PEA will be realized; the risk of economic and/or technical failure at the San Albino project associated with basing a production decision on the PEA without demonstrated economic and technical viability; 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. Such information contained herein represents 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 Company’s plans and expectations at its San Albino project and the Las Conchitas area, 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.