TSX-V: MKO; OTCQX: MAKOF
VANCOUVER, BC, May 3, 2021 /CNW/ - Mako Mining
Corp. (TSXV: MKO) (OTCQX: MAKOF) ("Mako" or the "Company")
is pleased to report initial results from a reconnaissance
exploration program on its recently granted La Segoviana
exploration and exploitation concession (the "La Segoviana
Concession") (see press release dated April
7, 2020).
The La Segoviana Concession covers an area of approximately
3,845 hectares (approximately 38.5 square kilometers) and is
contiguous to the north and northwest of the Company's San
Albino-Murra concession in Nueva
Segovia, Nicaragua (see
attached map).
Highlights
- Initial mapping and sampling have identified at least four
prospects within the La Segoviana Concession with high-grade gold
values and vein-characteristics like those currently being mined at
the San Albino Deposit up to 21 kilometers ("km") to the south (see
attached map)
- Approximately 6 km of strike potential identified within the La
Segoviana Concession
- Assay results from channel samples include:
-
- 40.70 g/t Au and 16.1 g/t Ag over 1.0 meter ("m")
- 43.50 g/t Au and 40.3 g/t Ag over 1.0
m
- 38.20 g/t Au and 33.1 g/t Ag over 1.0
m
Akiba Leisman, Chief Executive
Officer of Mako states that, "we are always working on three
objectives simultaneously; commercializing our 500 tonne per day
mining operation at San Albino, developing a resource at Las
Conchitas to double the size of our operations, and proving that we
have an orogenic gold mining district. Today's reconnaissance
results and those released last year on the Potrerillos Concession
are part of an ongoing regional exploration program that will soon
include drilling at these and others prospective targets across our
approximately 188 square kilometer land package."
The current reconnaissance exploration program covers the
northern portion of the La Segoviana Concession and includes
geological mapping and sampling of exposed mineralized veins, local
mine dumps and, where safely accessible, underground
workings.
The primary goal of this initial exploration program is to
collect key structural data of the mineralized veins, confirm the
high-grade nature of gold mineralization and map historical surface
and underground workings. This data will be used to
prioritize targets for follow-up exploration and drilling.
Initial mapping and sampling at the La Segoviana Concession are
confirming the existence of high-grade gold mineralization over a
significant strike potential at four prospects including, El
Silencio, La Reforma, San Luis-Caballo and Minas America; although,
additional mapping is required to determine the true strike and dip
of the individual veins. The prospects cover a linear
distance of approximately 6 km. To date, the grade, attitude,
minerology, and width of the veins identified at the La Segoviana
Concession are very similar to the veins currently being mined at
the San Albino Deposit. A total of 35 channel samples were
collected with 23 samples representing the in-situ vein and 12
samples representing dump material. The assays range in value
from 0.02 to 43.5 g/t Au, with 12 samples reporting over 10 g/t Au
and 15 samples reporting 1-10 g/t Au.
El Silencio
The El Silencio prospect is situated at the northern boundary of
the La Segoviana Concession, approximately 21 km north of the San
Albino Deposit. The recent prospecting revealed historical
mining activities and identified several small-scale underground
and surface workings. Two historical adits and two small pits
were identified in the area. Channel samples of a vein near
the first adit yielded 40.70 g/t Au and 16.1 g/t Ag over
1.0 m and 13.80 g/t Au and 11.7 g/t
Ag over 1.0 m. Channel sampling
of the vein from the second adit returned 16.10 g/t Au and 14.8 g/t
Ag over 1.2 m. Two grab samples
from the local dump yielded 9.70 g/t Au and 9.9 g/t Ag and 9.20 g/t
Au and 11.6 g/t Ag.
La Reforma
The La Reforma prospect is situated approximately 1 km south of
the El Silencio prospect and is comprised of three historical
adits, a small pit, several dumps and the remnants of a historical
mill. Channel sampling of a vein within one of the adits
yielded 43.50 g/t Au and 40.3 g/t Ag over 1.0 m and 38.20 g/t Au and 33.1 g/t Ag over
1.0 m. In addition, five
channel samples were collected from another working representing
the true width of the vein, highlights of the assays include 14.70
g/t Au and 9.3 g/t Ag over 2 m and
16.30 g/t Au and 17.3 g/t Ag over 2
m. Dump material in front of a collapsed tunnel
yielded 10.60 g/t Au and 36.0 g/t Ag.
San Luis-Caballo
The prospect comprises two showings, San Luis and Caballo,
approximately 300 m apart, which
appear to be developed on the same structure as the La Reforma
prospect. Preliminary mapping and sampling indicate that this
is the most extensive historical mining in the area, consisting of
narrow tunnels with limited length. Four historical adits,
two pits and a shaft were located and sampled. A total of 19
samples were collected, highlights of the results include 13.10 g/t
Au and 10.7 g/t Ag over 1.5 m and
13.90 g/t Au and 12.9 g/t Ag over 0.5
m.
Minas America
Minas America comprises several historical underground
workings. The vein was mined in the 1800's and more recently
by local, artisanal miners using manual mining methods. The
Company was only able to access one of the tunnels where four
samples were collected across the vein which reported 4.72 g/t Au
and 27.5 g/t Ag over 1 m, 2.62 g/t Au
and 17.2 g/t Ag over 0.5 m and 2.25
g/t Au and 4.4 g/t Ag over 0.5 m.
La Segoviana History
The area covering the La Segoviana Concession has a long history
of mining with many workings dating back to the pre-Columbian and
Spanish colonial times. Historical mining and production
occurred in this area in the mid 1800's to early 1900's. Some
of the veins outcropping on the concession were developed by
artisanal miners (mostly underground), however there is no evidence
of large-scale mining activities or underground
workings.
Sampling, Assaying, QA/QC and Data Verification
Channel samples are continuous chip samples collected
perpendicular to the structures in order to approximate true width
of the veins. Dump samples are approximately 2 kilogram
samples collected from the surface of dumps developed from previous
mining activities. Care was taken to collect samples that are
representative of the material on a specific dump.
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.
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
commercializing its 500 tonne per day mining operation at San
Albino, developing a resource at Las Conchitas to double the size
of its operations, and proving that the Company has an orogenic
gold mining district in Nicaragua;
that the ongoing regional exploration program will soon include
drilling at the Potrerillos Concession and other prospective
targets across the Company's approximately 188 square kilometer
land package; being able to collect key structural data of the
mineralized veins, confirm the high-grade nature of gold
mineralization and map historical surface and underground workings,
and to be able to use the data to prioritize targets for follow-up
exploration and drilling; continuing to obtain positive results
from Mako's ongoing reconnaissance exploration program on its
recently acquired La Segoviana Concession, including the various
prospects on the La Segoviana Concession. 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 follow-up exploration on the concessions; that further
exploration and assays 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 La
Segoviana 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.
