VANCOUVER, March 25, 2020 /CNW/ - Mako Mining Corp. (TSX-V: MKO; OTCQB: MAKOF) ("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 2020 drill program at Las Conchitas is to focus on the most promising zones of near surface, shallow dipping, high-grade gold mineralization in order to delineate a maiden resource estimate. Since 2019, the Company has completed 148 shallow drill holes totaling 11,450.1 meters ("m") within the Las Conchitas area.
This press release includes six holes with assay results from the Bayacun Zone (see attached map). All six holes intersected gold-bearing structures at the predicted locations, confirming both lateral and vertical continuity. Importantly, five of the six holes intersected gold grades in excess of 23 g/t Au as highlighted below (ranked by grade x thickness).
LC20-181: 84.64 g/t Au and 80.2 g/t Ag over 1.60 m, 80 m from surface
LC20-183: 25.78 g/t Au and 18.3 g/t Ag over 3.85 m, 45 m from surface
LC20-182: 24.85 g/t Au and 18.0 g/t Ag over 2.10 m, 107.5 m from surface
LC20-164: 23.57 g/t Au and 20.5 g/t Ag over 1.20 m, 35 m from surface
LC20-163: 37.90 g/t Au and 14.8 g/t Ag over 0.50 m, 55.5 m from surface
The highest grade interval reported in this press release comes from hole LC20-181, which was designed to test the strike extension of the Bayacun Zone encountered in previous drilling. Specifically, LC20-181 intersected the Bayacun Zone 35 m northeast of hole LC20-162, which returned 30.61 g/t Au and 37.1 g/t Ag over 3.4 m (see attached cross section and press release dated March 11, 2020).
From the same drill pad, vertical drill hole LC20-182 intersected 24.85 g/t Au and 18.0 g/t Ag over 2.10 m and extended the down-dip length of mineralization from a surface exposure down to 140 m (see attached cross section).
Results to date from the Bayacun Zone indicate approximate dimensions of 70 m along strike by 110 m down dip and continues to be open along strike and at depth.
Akiba Leisman, Chief Executive Officer of Mako states, "every hole referenced in this press release hit significant gold mineralization with grades as high as 84.6 g/t Au over 1.6 m. The Bayacun Zone of the Las Conchitas area is proving to be a predictable and high-grade target at relatively shallow depths. Even though precautions are being taken across our Nicaraguan operations to reduce the threat of COVID-19, a drill rig will continue to focus on exploration drilling at Las Conchitas with the goal of delineating a maiden resource next calendar year."
The thickest intercept was encountered in hole LC20-183, which intersected 25.78 g/t Au and 18.3 g/t Ag over 3.85 m, approximately 45 m from surface. LC20-183 was designed to test the strike extension from holes LC20-181 and 182 for an additional 60 m and the down-dip extension of the mineralized zone intersected by holes LC19-104 and LC19-105, which returned 42.79 g/t Au and 59.9 g/t Ag over 1.70 m and 19.34 g/t Au and 13.6 g/t Ag over 4.90 m, respectively (see press release dated September 10, 2019).
Additionally, LC20-183 intersected a highly mineralized zone approximately 95 m down-dip from an exploration pit at the Rosibel Zone, where a shallow-dipping quartz vein was exposed. Vertical sampling of the zone in the pit returned 29.30 g/t Au and 44.7 g/t Ag over 1.5 m.
This press release contains results from six holes totaling 537 m drilled into the Bayacun Zone. There are 19 additional drill holes still awaiting assay results from the Bayacun Zone.
Las Conchitas Assay Results Reported In This Press Release
37.90 g.t Au and 14.8 g/t Ag over 0.50 m
23.57 g/t Au and 20.5 g/t Ag over 1.20 m
3.50 g/t Au and 15.4 g/t Ag over 3.00 m
84.64 g/t Au and 80.2 g/t Ag over 1.60 m
24.85 g/t Au and 18.0 g/t Ag over 2.10 m
25.78 g/t Au and 18.3 g/t Ag over 3.85 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. True widths vary depending on drill hole dip, the veins are shallow dipping and typical true widths are 80-100% 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 from mineralized veins 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 using the metallic screening method are indicated. 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.
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
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.
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 19 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 Las Conchitas are 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 Bayacun 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 Las Conchitas area; 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.
SOURCE Mako Mining Corp.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203-862-7059, E-mail: [email protected] or visit our website at www.makominingcorp.com and SEDAR www.sedar.com
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...