545.96 g/t Gold and 219.0 g/t Silver Sampled in Trench Outside Current Pit Limits at San Albino
August 26, 2019
Mako Mining Corp. (TSX-V: MKO) (“Mako” or the “Company”) is pleased to report positive results from pre-development work at its wholly-owned San Albino gold project (“San Albino”) located in Nueva Segovia, Nicaragua.
Pre-development work at San Albino consists of exploration pits, trenches and infill grade-control drilling (see attached map). The pre-development work commenced in May 2019, with the objectives of: testing the outer boundaries of the starter pits (West and Central Pits); confirming gold mineralization within historic mine dumps; improving the understanding of structural controls; verifying the geometry, grade and thickness of the mineralized zones; providing detailed grade control information; and affirming the continuity and grade of the “in-pit” resources.
The Company utilized the existing model in design of the exploration pit and trenching program, which resulted in the discovery of the surface exposure of the Naranjo Zone within the West Pit and its projected continuation outside of the existing planned pit boundary. These trenches have exposed and confirmed the continuity of high-grade, near surface mineralization in the Naranjo Zone over a strike length of 186 m.
The highlight of the trenching program was near surface, high-grade gold mineralization of 545.96 g/t Au identified in SA19-TR-48 (Naranjo Zone), which lies outside the current West Pit limit at San Albino.
2019 Trench Results in Naranjo Zone
|Trench||Width (m)**||Au (g/t)||Ag (g/t)|
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 metallic screen assay results. **Width of the samples represents a vertical width of samples taken across the shallow dipping vein. Typical true widths are 90-100% of the sample interval ***Spot samples are continuous chip samples taken parallel to the dip of the vein and do not represent the actual thickness of the vein. These samples are taken to determine the short scale variability and continuity of gold grade. Individual samples range from 0.4 meters to 2.0 meters in length.
In order to receive more accurate and representative assay results in this high-grade vein system containing coarse gold, the Company has implemented a procedure that all mineralized intervals which return one gram or better in the fire assay will be reanalyzed using a metallic screen method. As of the date of this disclosure, the Company has received metallic screen assays from SA19-TR-48 and SA19-TR-41, as listed above. The remaining metallic screen assays will be released as received.
In addition to exploration pits and trenches, 56 holes were drilled within the West and Central Pits totaling 1,800 m as part of the pre-development work at San Albino.
Specifically, two drill holes, SA19-143 and SA19-177, were drilled situated 80 m apart and along strike of the Naranjo Zone (see attached long section) targeting a down dip extension of the newly identified high-grade mineralization from SA19-TR-48. Results from SA19-143 have confirmed 120 m of down dip extension of the Naranjo Zone highlighted by 17.80 g/t Au and 18.9 g/t Ag over 1.3 m. Studies are currently underway to determine if this near surface mineralization can be incorporated into the West Pit mine plan. Further, it suggests that the mineralization may still be open in all directions. Results from SA19-177 are pending.
2019 Diamond Drill Results in the Naranjo Zone
|Drill Hole||From (m)||To (m)||Width (m)*||Au (g/t)||Ag (g/t)||Zone|
|SA19-143||6.00||7.50||1.50||2.90||8.1||San Albino Zone historic dumps|
|SA19-177||Results pending||Targeting Naranjo Zone|
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. *True widths vary depending on drill hole dip, the veins are shallow dipping and typical true widths are 85-100% of the downhole width.
To advance the pre-development work at San Albino, two more drills have been mobilized to site, which should allow for an additional 6,000 m of drilling before yearend.
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 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: email@example.com 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 San Albino and Las Conchitas 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.