Infill Drilling at San Albino Expands High-grade Zone, Highlighted by Intercept of 50.78 g/t Gold Over 5.1 Meters, Including 173.3 g/t Gold Over 1.0 Meter (Estimated True Widths)
September 26, 2019
Mako Mining Corp. (TSX-V: MKO) (“Mako” or the “Company”) is pleased to report further positive results from the infill drilling program at its wholly-owned San Albino gold project (“San Albino”) located in Nueva Segovia, Nicaragua.
To date, 5,072 m of infill grade-control drilling has been completed in 115 diamond drill holes, with assays reported for 39 of these holes. A breakdown of the results is as follows: 21 drill holes intersected the San Albino Zone as projected; 8 drill holes encountered historic workings where the San Albino Zone was projected; 8 drill holes intersected historic dump material in the shallow projections of the San Albino Zone; and 2 holes did not intersect significant results where the San Albino Zone was projected. The Company views these results positively, as the geological model, which was reinterpreted earlier this year, is leading to highly predicable results.
One of the main objectives of this program is to find the strike and dip extension of the near surface and high-grade Porcelana-style mineralization encountered in hole SA19-155 of 60.72 g/t Au and 66.4 g/t Ag over 3.1 m (estimated true width) (see press release dated September 4, 2019). After reallocating one drill rig for this purpose, Mako is pleased to report initial results where hole SA19-207 intersected 50.78 g/t Au and 13.0 g/t Ag over 5.3 m (5.1 m estimated true width), including 173.3 g/t Au and 26.0 g/t Ag over 1.1 m (1.0 m estimated true width). This intercept was 18 m below surface and within the open pit mine plan for San Albino.
SA19-207 was 35 m along strike from SA19-155. The texture and visual appearance of SA19-207 is similar to SA19-155, and confirms geological continuity of high-grade mineralization between the two holes, which bodes well as the Company finalizes the initial mine plan for San Albino later this year. Importantly, this area of near surface high-grade is still open along strike.
Furthermore, hole SA19-194 intersected 28.36 g/t Au and 44.40 g/t Ag over 5.4 m (4.8 m estimated true width). This intercept was approximately 11 m below surface and within the initial open pit mine plan for San Albino.
Akiba Leisman, Chief Executive Officer of Mako states “we are more than 70% complete with the infill drill program at San Albino and the results have come in beyond our expectations. Specifically, the wide, multi-ounce intercepts within 20 meters from surface encountered in holes SA19-155 and SA19-207 are extraordinary. We are evaluating the feasibility of bringing these ounces into our mine plan earlier while we wait for additional assay results. Few open pit mines exist in the world today with grades such as these, and we are excited to see further results as we continue advancing the project into production for late summer next year.”
2019 Infill Drilling Program Assay Results
|Drill Hole||From (m)||To (m)||Width (m)||Au (g/t)||Ag (g/t)||Zone / Comments||Interval Averages||True Width (m)***|
|17.00||18.00||1.00||7.19*||31.7||San Albino Zone||7.19 g/t Au and 31.7 g/t Ag over 1 m||0.9|
|28.50||29.50||1.00||5.70*||21.4||San Albino Zone||4.34 g/t Au and 35.3 g/t Ag over 3 m||2.4|
|6.00||7.50||1.50||4.17*||10.3||San Albino Zone||10.66 g/t Au and 25.0 g/t Ag over 2.5 m|
|SA19-168||30.10||30.60||0.50||16.60*||43.9||San Albino Zone||16.62 g/t Au and 22.0 g/t Ag over 0.5 m||0.5|
|SA19-170||18.50||19.50||1.00||7.84 *||37.1||San Albino Zone||7.84 g/t Au and 37.1 g/t Ag over 1 m||0.9|
|15.20||16.20||1.00||5.13||8.3||San Albino Zone||6.38 g/t Au and 12.5 g/t Ag over 3 m||3.0|
|15.30||16.30||1.00||6.04||16.1||San Albino Zone||6.04 g/t Au and 16.1 g/t Ag over 1 m||0.9|
|57.20||58.20||1.00||1.16||4.6||Naranjo zone||1.16 g/t Au and 4.6 g/t Ag over 1 m||0.9|
|SA19-178||24.80||25.80||1.00||34.93*||108.0||San Albino Zone||21.84 g/t Au and 66.8 g/t Ag over 2 m||1.9|
|SA19-180||20.00||21.00||1.00||1.38||3.5||San Albino Zone||1.38 g/t Au and 3.5 g/t Ag over 1 m||1|
|SA19-181||28.00||29.30||1.30||0.14||2.2||San Albino Zone||---||3.3|
|SA19-182||12.50||13.50||1.00||17.80||17.3||San Albino Zone||17.80 g/t Au and 17.3 g/t Ag over 1 m||0.9|
|SA19-183||5.50||7.00||1.50||0.59||1.4||No Significant intersect||---||---|
|9.70||11.00||1.30||18.40||33.6||San Albino Zone||23.92 g/t Au and 33.6 g/t Ag over 1.3||1.3|
|SA19-185||16.50||17.70||1.20||1.98||4.0||San Albino Zone||10.44 g/t Au and 37.6 g/t Ag over 2.2m||1.9|
|SA19-186||12.10||12.70||0.60||18.80||35.0||San Albino Zone||10.37 g/t Au and 19.3 g/t Ag over 1.5m||1.5|
|SA19-187||6.00||7.00||1.00||1.90||4.9||San Albino Zone||1.90 g/t Au and 4.9 g/t Ag over 1 m||0.9|
|9.90||10.35||0.45||130.00||101.0||San Albino Zone||73.15 g/t Au and 69.1 g/t Ag over 1.1 m||1.1|
|SA19-194||11.10||12.25||1.15||1.14||4.0||San Albino Zone||28.36 g/t Au and 44.4 g/t Ag over 5.4 m||4.8|
|13.75||14.50||0.75||22.50||53.0||San Albino Zone|
|SA19-205||40.90||42.00||1.10||11||15.5||San Albino Zone||16.16 g/t Au and 10.8 g/t Ag over 4.6 m||2.3|
|46.95||47.45||0.50||1.60||3.0||San Albino Zone||1.43 g/t Au and 2.7 g/t Ag over 1.5 m||0.75|
|SA19-207||18.00||19.10||1.10||5.17||5.3||San Albino Zone||50.78 g/t Au and 13.0 g/t Ag over 5.3 m||5.1|
|SA19-209||33.50||34.50||1.00||1.64||5.5||San Albino Zone||6.00 g/t Au and 6.9 g/t Ag over 7.0 m||6.0|
|SA19-210||36.00||37.50||1.50||7.19||2.6||San Albino Zone||8.60 g/t Au and 10.4 g/t Ag over 8.1 m||7.7|
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. * Indicates use of metallic screening method for assays. ** Historic Dump is interpreted to be "waste" material from the mining operations during the period 1870-1920 and possibly during Spanish times. The grade and distribution of Dump material is erratic and unpredictable. *** True width is estimated from interpreted sections.
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, 30gram 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 standard Fire Assay-Gravimetric method unless otherwise indicated as using 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 and in-fill drilling programs will be successfully completed; that any outstanding assay results will be as anticipated; that the Porcelana-style mineralization discovered is anticipated to have a material impact on the economics of the San Albino gold project; that the Company will be able to successfully adjust its mine plan based on anticipated successful drilling results; 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 any proposed financing plans necessary for the construction at the San Albino project. and such other risk factors as outlined in the continuous disclosure documents of the Company filed on SEDAR at www.sedar.com. 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 San Albino 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 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.