TSX-V: MKO; OTCQX: MAKOF
VANCOUVER, BC, Aug. 10, 2020 /CNW/ - Mako Mining
Corp. (TSX-V: MKO) (OTCQX: MAKOF) ("Mako" or the
"Company") is pleased to report results from a reconnaissance
exploration program on its recently acquired Potrerillos
exploration and exploitation concession ("Potrerillos Concession")
(see press release dated December 17,
2019).
The Potrerillos Concession comprises 12 square kilometers ("km")
of sub surface mineral rights and is contiguous to and along strike
from Mako's San Albino gold project in Nueva Segovia, Nicaragua ("San Albino"). As a reminder, the
Potrerillos Concession is part of the numerous historical mines and
workings existing within the Corona de Oro Gold Belt, which is
approximately 3 km wide by 23 km long and spans the entirety of the
Company's land package (see attached maps).
Highlights
- Initial assay results indicate excellent potential to extend
the mineralization encountered at San Albino onto the contiguous
Potrerillos Concession.
- Reconnaissance mapping and sampling has identified at least
nine prospects with similar characteristics to San Albino (see
attached maps) indicating potential continuity of at least three
gold bearing structures over the length of the Potrerillos
Concession (approximately 3.5 km).
- These structures have the potential to link San Albino with
previously mapped, high-grade structures on the northeast part of
the San Albino-Murra Concession.
- Results of channel sampling demonstrate potential for near
surface, high-grade gold mineralization, including 49.3 g/t Au and
66.0 g/t Ag over 0.5 meter ("m") true width at the Tambo prospect
and 23.70 g/t Au and 65.0 g/t Ag over 1
m true width at the Potrerillos prospect.
Based on available historical data, as well as reported results
from the previous owner, gold mineralization on the Potrerillos
Concession occurs within mineralized, shallow dipping quartz veins,
that are on strike with and very similar to the veins at San
Albino.
The reconnaissance exploration program completed by Mako to date
includes preliminary geological mapping, sampling and prospecting.
A high-resolution ground LIDAR survey over the entire concession is
also in progress.
The primary goal of this work is to collect key structural data
of the mineralized veins, shear zones, faults and locations of
historical surface and underground workings, which will assist in a
detailed interpretation of the gold mineralized at the Potrerillos
Concession in anticipation of launching a drilling campaign.
Preliminary prospecting and mapping on the Potrerillos
Concession to date has exposed at least nine prospects with similar
characteristics to San Albino (see attached maps).
Importantly, the Company's geologists believe that the newly
identified prospects on the Potrerillos Concession represent a
mineralized trend link between San Albino and several prospects
within the San Albino-Murra Concession along a northeast striking
trend that runs for approximately 9.5 km.
The prospects to the northeast include Minas Viejas (sample of
14.52 g/t Au and 177.5 g/t Ag), El Gallo, Mina Milagros (sample of 120.35 g/t Au and 36.9
g/t Ag), the San Gregorio Mine (sample of 58.32 g/t Au and 16.8 g/t
Ag) and the Perico Mine (sample of 52.43 g/t Au and 12.2 g/t Ag)
(see attached maps).
Akiba Leisman, Chief Executive
Officer of Mako states that, "the acquisition of Potrerillos in
late 2019 was important for Mako. The concession was the missing
puzzle piece that links San Albino to previously identified
prospects to the northeast. The next step will be to drill test the
approximately 3.5 km of potential strike length identified from the
ongoing reconnaissance exploration program at the Potrerillos
Concession. These high-grade results further support our view that
San Albino is part of an orogenic gold mining camp."
Cerro Piedras Negra
The Cerro Piedras Negra prospect is situated approximately
380 m north of San Albino. This
prospect is comprised of two collapsed adits, ten hillside cuts,
two small pits and eight relatively small adits, which appear to be
following a vein over a distance of 1,300
m. In total, 20 samples were collected, mostly from historic
dumps, with gold grades up to 33.30 g/t Au.
El Callejon
The El Callejon prospect is situated just northwest from the
Cerro Piedras Negra prospect and is comprised of a collapsed
historical adit, a shaft, four historical cuts and five dumps.
Sampling of a dump in front of a collapsed tunnel yielded the
highest result of 21.70 g/t Au and 175.0 g/t Ag.
San Antonio, Tambo, El Bijao
and Los Potrerillos
The most extensive prospects discovered to date on the
Potrerillos Concession are San
Antonio, Tambo, El Bijao and Los Potrerillos, which appear
to be developed on the same structure with a strike extent of at
least 2,500 m. The prospects are
centered around quartz veins similar to San Albino with occasional
visible gold, galena and arsenopyrite. The veins were initially
mined by the Spanish in the 1700's with later activity in the
1800's and more recently by local, small-scale miners using
manually intensive mining methods.
- San Antonio – Five tunnels, 11
cuts, nine dumps, five shafts and have collected 17 samples.
Sampling of a dump in front of one of the tunnels returned 25.90
g/t Au and 28.0 g/t Ag.
- Tambo – Three adits, seven cuts, two dumps and a shaft have
been identified and 14 samples were collected. Sampling of an
outcropping quartz vein in the area returned assays of 49.30 g/t Au
and 66.0 g/t Ag over 0.5 m.
- El Bijao – Six adits, 12 cuts, four shafts, three dumps have
been identified and 12 samples were collected, including a
1 m channel sample of an outcrop
yielding 8.44 g/t Au and 19.5 g/t Ag.
- Los Potrerillos – Eight adits, 19 cuts, seven shafts and two
dumps have been identified. A total of 43 samples were collected,
including several samples of outcrops with the best results coming
from channel samples yielding 23.70 g/t Au and 65.0 g/t Ag over
1.0 m true width and 1.7 m down dip of 22.10 g/t Au and 45.0 g/t
Ag.
Los Pinos
The Los Pinos prospect appears to be developed on a sub parallel
structure approximately 400 m south
of San Antonio with a strike
extent of at least 1,300 m.
Mapping has identified two collapsed adits, 18 cuts and a dump. A
total of 18 samples were collected. The best results came from
dumps developed next to hillside cuts returning assays of 55.20 g/t
Au and 141.0 g/t Ag and 32.00 g/t Au and 226.0 g/t Ag.
Los Molinetes
The Los Molinetes prospect appears to be developed on another
parallel structure approximately 800
m to the north of San
Antonio and is comprised of two collapsed adits, nine cuts,
a shaft and two dumps. A total of 13 samples were collected, most
of the assays are pending, however a grab sample from a dump in
front of a collapsed tunnel returned assays of 56.20 g/t Au and
57.0 g/t Ag.
Quebrada Grande
The Quebrada Grande prospect is situated approximately
500 m north of Los Potrerillos and
along strike of the San Antonio,
Tambo, El Bijao and Los Potrerillos prospects, extending the
potential strike extent to nearly 3 km. A total of nine samples
were collected and are pending results.
Sampling, Assaying, QA/QC and Data Verification
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. 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.
Qualified Person
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,
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.
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
obtaining positive results from Mako's reconnaissance exploration
program on its recently acquired Potrerillos Concession, including
the various prospects on the Potrerillos Concession, and confirming
continuity of mineralization from San Albino; obtaining positive
results from the planned drill testing on the approximately 3.5 km
of potential strike length identified from the ongoing
reconnaissance exploration program at the Potrerillos Concession;
confirming the Company's view that San Albino is part of an
orogenic gold mining camp. 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,
that the Company does not continue to find positive results from
its reconnaissance exploration program and proposed drilling
on the Potrerillos Concession; that exploration and assay results
do not confirm continuity of mineralization as expected; political
risks and uncertainties involving the Company's exploration
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 plans and expectations regarding the exploration of the
Potrerillos Concession and the potential for expansion of the
mineralization at San Albino, 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.
SOURCE Mako Mining Corp.
