Mining to Date of the San Albino Vein Yields 7,734 Ounces Gold at a Diluted Grade of 17.45 g/t Gold and Positively Reconciles to the MDA Resource Estimate
April 19, 2021
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to report grade and tonnage results from mining the first four benches of the San Albino vein at its San Albino gold project (“San Albino”) in northern Nicaragua. The mined benches consisted of four, six-meter benches between 610 and 592 meters above sea level and contained a total of 7,734 ounces Au and 12,269 ounces Ag within 13,787 tonnes of diluted vein material grading 17.45 g/t Au and 27.7 g/t Ag.
Additionally, 51,169 tonnes of historical dump material, grading 2.54 g/t Au were also mined from these four benches as well as from areas that did not include the San Albino vein, bringing the total stockpile to over 11,900 ounces of gold.
The diluted vein material mined at San Albino thus far has positively reconciled on both grade and ounces by 20.8% and 6.4%, respectively, to the mineral resource estimate prepared by Mine Development Associates (“MDA”), a division of RESPEC, out of Reno, Nevada. A technical report for the updated mineral resource estimate (the “MDA Resource”) was filed in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) under the Company’s SEDAR profile at www.sedar.com and is available on the Company’s website at www.makominingcorp.com (see press release dated October 19, 2020). In comparison, 15,647 tonnes at a grade of 14.45 g/t Au and 25.3 g/t Ag containing 7,269 ounces Au and 12,731 ounces Ag over the same four benches were modeled in the MDA Resource.
Akiba Leisman, Chief Executive Officer of Mako states that, “we are happy with the progress at the mine and the positive reconciliation to the MDA Resource thus far. Management and MDA intentionally used conservative assumptions to account for dilution in the resource model, so the 20% positive grade reconciliation is welcome news, but not a surprise. What is especially encouraging is that we are positively reconciling in some of the narrowest sections of the San Albino vein. We expect this positive reconciliation to continue when we begin mining the thickest zones of the deposit later this summer. Lastly, mining is starting to achieve the target capacity of 500 tonnes per day, with diluted vein and historical dump mining averaging over 360 tonnes per day in March and over 500 tonnes per day thus far in April.”
|Diluted Vein Material Sent to Stockpile|
|Bench||Diluted Vein Tonnes*||Diluted Grade Au (g/t)||Diluted Grade Ag (g/t)||Ounces Au||Ounces Ag|
*Total Tonnes are estimated by subtracting laser survey scans of the topography before and after mining the bench.
|Breakdown of Total Material Sent to Stockpile|
|Material||Tonnes||Grade Au (g/t)||Grade Ag (g/t)||Ounces Au||Ounces Ag|
Sampling, Assaying, QA/QC and Grade Estimation
Diluted vein material was estimated using vertical channel samples. Vertical channel samples respecting the geology were collected on 5-meter sections at approximately 4-meter spacing using a gas-powered rock saw where the vein is competent, or a rock hammer where the rock is strongly fractured or brecciated. Special attention is applied to standardize the width and volume of material taken using the rock hammer or rock saw. The coordinates of the channel samples are surveyed using a total station surveying device. Historical dump material estimation used blast hole data in addition to vertical channel samples. Continuous 3-meter samples over the 6m bench were collected from the blast holes using a sample collection pan that traps all the blast hole material. The entire sample is then split using a Gilson splitter.
Samples for the first 3.5 benches were kept in a secured logging and storage facility until such time that they were delivered to the Managua facilities of Bureau Veritas, an independent assay lab, for sample preparation. Pulps were sent to the Bureau Veritas laboratory in Vancouver for analysis. Gold was analyzed by standard fire assay fusion, 30-gram aliquot, Atomic Absorption Spectrometry (“AAS”) finish. Samples returning over 10.0 g/t Au are analyzed utilizing standard fire assay-gravimetric method. The Company follows industry standards in its quality assurance and quality control (“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 3 to 4 samples. Analytical results of control samples confirmed reliability of the assay data with a few, as-yet unresolved issues.
Samples from the most recent bench and a half were sent directly to San Albino Mine’s on-site laboratory for preparation and assay. Gold was analyzed by standard fire assay fusion, 30-gram aliquot, with an AAS finish. The Company’s onsite lab follows industry standards in its QA/QC procedures. The QA/QC program includes the blind insertion of certified reference standards and assay blanks at a frequency of at least 1 per 20 normal samples as well as the submission of field duplicates. In addition, approximately 10% duplicate samples are sent to the Bureau Veritas laboratory in Vancouver, an ISO 9001:2008 certified laboratory on a regular basis. Analytical results of control samples confirmed reliability of the assay data with a few, as-yet unresolved issues.
The grade of the diluted San Albino vein and historical dump material were estimated using the inverse distance squared method (“ID2”) from 1-meter composite intervals respecting the geologic boundaries. Samples were capped prior to compositing at 100 g/t Au in the San Albino vein, 7.0 g/t Au in the San Albino footwall, 4 g/t Au in the San Albino hanging wall and 25 g/t Au in the dump material. Capping values were based on analysis of previous diamond drilling results which were used in the MDA Resource. The search ellipse for the dump material was limited to 4 m for gold assays >2.5 g/t Au. The diluted grade of the San Albino vein was estimated using 3-D models of surveyed vein boundaries and surveyed mined surfaces.
Steven Ristorcelli, CPG, a geologist and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this press release. Mr. Ristorcelli was the Principal Geologist at MDA in Reno and is working on behalf of and for MDA. Mr. Ristorcelli was at site in February 2020 but has not been able to visit the site to personally review the ongoing grade-control program; however, he has reviewed the data from original certificates, QA/QC data, photographs of the geology, mapping and the grade-control model.
On behalf of the Board,
Chief Executive Officer
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 Information: Some of the statements contained herein may be considered “forward-looking information” within the meaning of applicable securities laws. The forward-looking information contained herein is based on the Company’s plans and certain expectations and assumptions, including the expectation that positive reconciliation to the MDA Resource will continue when we begin mining the thickest zones of the deposit, expected to occur later this summer. 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 risk of economic and/or technical failure at the San Albino project associated with basing a production decision having been based on a preliminary economic assessment without demonstrated economic and technical viability; that positive reconciliation to the MDA Resource does not continue as the Company mines the thickest zones of the San Albino deposit; that the Company is not able to declare commercial production on the timeline expected; that the processed mineralization returns unexpected results; political risks and uncertainties involving the Company’s properties; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense; commodity price fluctuations and other risks and uncertainties as disclosed in the Company’s public disclosure filings on SEDAR at www.sedar.com. 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 expectations regarding the ongoing mining and testing results at its San Albino gold 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.