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Drilling at Las Conchitas Extends Near Surface, High-grade Gold Mineralization, Highlighted by Intercepts of 56.8 g/t Gold Over 1.4 Meters and 44.6 g/t Gold Over 0.7 Meter at the Mango Zone


January 6, 2020

Mako Mining Corp. (TSX-V: MKO) (“Mako” or the “Company”) is pleased to report positive drill results from the Las Conchitas area of its wholly-owned San Albino-Murra property located in Nueva Segovia, Nicaragua.  The Las Conchitas area is located approximately 2.5 kilometers south of the fully permitted San Albino gold project currently under construction.

The goal of the 2019 drill program at Las Conchitas was to confirm near surface, shallow dipping, high-grade gold mineralization previously encountered in trenches and drill holes across eight separate gold bearing zones and to prioritize targets to begin delineating a maiden resource at Las Conchitas.  The Company completed 81 shallow drill holes totaling 5,994.60 meters (“m”) within the Las Conchitas area in 2019 (see the attached map). 

Akiba Leisman, Chief Executive Officer of Mako states “our 2019 Las Conchitas drilling was designed to prioritize drilling targets to the south of our San Albino gold project currently under construction.  The surface area with known gold mineralization at Las Conchitas is already larger than that of San Albino, and we have had numerous near surface intercepts of over one ounce gold at the Mango Zone, which has become our most advanced target.   In 2020, drilling at Las Conchitas will be focused on delineating a maiden resource at the Mango Zone.”

This press release contains results from 21 holes totaling 1,794.90 m drilled into five zones.  Results from the 2019 drill program at Las Conchitas were previously reported in press releases dated May 6, 2019, May 21, 2019, August 19, 2019 and September 10, 2019.  There are 19 additional drill holes still awaiting assay results from the laboratory as the Company has prioritized receiving assays from the recently completed 15,312.52-meter San Albino infill drill program to the north.

The highest grade interval reported in this press release was in drill hole LC19-135, which intersected 56.80 g/t Au and 70.3 g/t Ag over 1.4 m (see the attached cross and long sections).  LC19-135 successfully tested the southwest extension of the Mango Zone for an additional 30 m from hole LC11-01 which intersected 62.96 g/t Au and 61.7 g/t Ag over 3.0 meters (see press release dated February 22, 2012) and confirmed a 140 m down dip extension from the surface exposure observed in trench LC11-TR01 (see press release dated February 25, 2013).  LC19-135 is approximately 52 meters to the north of LC19-70 which intersected 376.49 g/t Au and 103 g/t Ag over 1.0 meters (see press release dated May 6, 2019).

Additionally, drill hole LC19-141, which was collared 130 m along strike from drill hole LC11-01 (see press release dated February 22, 2012), intersected three strongly mineralized intervals as follows:

  • Upper Mango Zone - 4.11 g/t Au and 4.1 g/t Ag over 0.5 m from 27.5 m to 28 m downhole
  • Mango Zone - 3.22 g/t Au and 4.5 g/t Ag over 0.5 m from 61 m to 61.5 m downhole
  • Mango Zone - 44.6 g/t Au and 43.1 g/t Ag over 0.7 m from 68.2 m to 68.9 m downhole

Drilling at the Mango Zone has confirmed high-grade, near surface gold mineralization and remains open both at depth and along strike.

Furthermore, drill hole LC19-124 was designed to test the southwest extension of the Intermediate Zone, which intersected 7.20 g/t Au and 14.2 g/t Ag over 21.3 meters, including 28.45 g/t Au and 53.7 g/t Ag over 5.0 meters (see press release dated September 11, 2013) and to test the down dip extension of the Mango Zone further downhole.  LC19-124 intersected two voids where the southwest extension of the Intermediate Zone was projected and intersected two intervals representing the Mango Zone of 8.68 g/t Au and 24.9 g/t Ag over 0.8 m and 26.8 g/t Au and 50.1 g/t Ag over 0.7 m, respectively.  The second interval contains visible gold and intersected mineralization at a vertical depth of 155 meters.

Las Conchitas Assay Results Reported In This Press Release

Drill
Hole
From
(m)
To
(m)
Width
(m)*
Au
(g/t)
Ag
(g/t)
Interval Average/Comments Zone
LC19-108 6.00 7.50 1.50 0.21 0.5 Anomalous Values California
13.00 14.00 1.00 0.13 0.4
47.50 48.50 1.00 0.12 0.7
LC19-109 13.00 14.00 1.00 0.15** 0.4 Anomalous Values
16.00 17.50 1.50 0.10** 0.3 Anomalous Values
LC19-110 24.40 25.20 0.80 5.32** 7.8 5.32 g/t Au and 0.4 g/t Ag over 0.8 m
LC19-111 33.60 35.00 1.40 0.17** 0.7 Anomalous Values
LC19-112 29.50 30.60 1.10 0.10 0.6 Anomalous Values
42.00 43.00 1.00 0.19** 0.3
44.00 45.00 1.00 0.16** <0.3
LC19-113           No Significant Results
LC19-114 36.70 37.90 1.20 0.22** 0.8 Anomalous Values El Portillo
LC19-115 22.50 23.50 1.00 0.34 0.3 Anomalous Values
48.80 50.00 1.20 5.7** 10.9 5.70 g/t Au and 10.9 g/t Ag over 1.2 m
50.00 51.00 1.00 0.13** 0.5
51.00 51.90 0.90 0.95** 0.8
LC19-116           No Significant Results
LC19-117 52.50 53.80 1.30 0.34** 2.8 Anomalous Values
LC19-118 40.50 41.50 1.00 0.13** 1.6 1.81 g/t Au and 3.4 g/t Ag over 1.0 m
41.50 42.50 1.00 0.08** 0.8
42.50 43.50 1.00 0.31** 1.0
43.50 44.50 1.00 1.81** 3.4
44.50 45.50 1.00 0.22** 1.0
45.50 46.50 1.00 0.20** 0.6
46.50 47.50 1.00 0.19** 0.5
LC19-119           No Significant Results
LC19-120 9.50 10.60 1.10 0.10** 2.5 Anomalous Values La Fortuna
10.60 12.00 1.40 0.44** 2.6
13.50 14.50 1.00 0.15** 0.6
40.00 41.60 1.60 0.34** 7.3
47.50 49.00 1.50 0.55 11.0
56.60 57.20 0.60 0.20** 43.2
57.20 28.20 1.00 0.16** 55.8
60.30 61.40 1.10 0.32** 1.3
67.30 68.50 1.20 0.13** 0.4
LC19-121 25.00 26.00 1.00 0.35** 0.6 Anomalous Values
29.80 31.00 1.20 0.38 0.5
LC19-122 5.50 7.00 1.50 0.11 0.3 Anomalous Values
LC19-123           Results Pending
LC19-124 27.70 28.70 1.00     Void SW Extension of Intermediate Zone
41.40 42.50 1.10     Void
199.80 200.60 0.80 8.68** 24.9 8.68 g/t Au and 24.9 g/t Ag over 0.8 m Down Dip Extension of Mango Zone
202.70 203.40 0.70 26.80** 50.1 26.80 g/t Au and 50.1 g/t Ag over 0.7 m
LC19-125           Results Pending SW Extension of Intermediate Zone
LC19-126           Results Pending
LC19-127           Results Pending
LC19-128           Results Pending
LC19-129           Results Pending
LC19-130 92.20 93.70 1.50 0.80 1.2 Anomalous Values / Partially Received Results Mango Zone
94.90 96.10 1.20 0.18 0.5
96.10 97.00 0.90 0.10 0.7
LC19-131           No Significant Results
LC19-132 96.00 97.10 1.10 2.15 5.1 2.15 g/t Au and 5.1 g/t Ag over 1.1 m
LC19-133           Results Pending
LC19-134           Results Pending
LC19-135 62.10 63.50 1.40 56.80 70.3 56.80 g/t Au and 70.3 g/t Ag over 1.4 m
LC19-136           Results Pending
LC19-137           Results Pending
LC19-138           Results Pending
LC19-139           Results Pending
LC19-140           Results Pending
LC19-141 27.5 28 0.5 4.11 4.1 4.11 g/t Au and 4.1 g/t Ag over 0.5 m
61 61.5 0.5 3.22 4.5 3.22 g/t Au and 4.5 g/t Ag over 0.5 m
68.2 68.9 0.7 44.6 43.1 44.6 g/t Au and 43.1 g/t Ag over 0.7 m
LC19-142           Results Pending
LC19-143           Results Pending
LC19-144           Results Pending
LC19-145           Results Pending
LC19-146           Results Pending
LC19-147           Results Pending

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 80-100% of the downhole width. **Indicates assays determined using the metallic screening method.

Drill Hole Plan - Las Conchitas Drilling Program

Schematic Cross Section - 2500 - PR 2020 01 05

Schematic Long Section - 2500 - PR 2020 01 05

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.  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 National Instrument 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 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: aleisman@makominingcorp.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 results pending from the remaining nineteen additional drill holes for which the Company is awaiting results from the laboratory will support strike and dip continuity of gold mineralization; that the Company’s exploration programs will be successfully completed; that a maiden resource at the Mango Zone may be delineated as a result of the Company’s 2020 drilling; and that the Company will be successful in any financing plans necessary for drilling and 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; the risk that the Company’s drilling at Las Conchitas in 2020 will not delineate a maiden resource at the Mango Zone; 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.

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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