January 11th, 2022
TSX-V: MKO; OTCQX: MAKOF
VANCOUVER, BC, Jan. 11, 2022 /CNW/ - Mako Mining
Corp. (TSXV: MKO) (OTCQX: MAKOF) ("Mako" or the "Company")
is pleased to report grade and tonnage results from mining the
first 12 benches of the San Albino vein at its San Albino gold
project ("San Albino") in northern Nicaragua. The mined
benches consisted of twelve, six-meter benches between 616 and 550
meters above sea level and contained a total of 32,208 ounces Au
and 55,687 ounces Ag within 103,783 tonnes of diluted vein material
grading 9.72 g/t Au and 16.69 g/t Ag.
The diluted vein material mined at San Albino thus far has
positively reconciled on both grade and ounces by 10% and 2.5%
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 also available on the Company's website
at www.makominingcorp.com (see press release dated
October 19, 2020). In comparison,
110,496 tonnes at a grade of 8.85 g/t Au and 16.8 g/t Ag containing
31,424 ounces Au and 59,682 ounces Ag over the same 12 benches were
modeled in the MDA Resource.
To date, areas mined in the MDA Resource contained 40% measured
resources, 25% indicated resources and 35% inferred resources.
Akiba Leisman, Chief Executive
Officer of Mako states that, "we are extremely happy with
performance of the MDA Resource model thus far. Management
and MDA intentionally used conservative assumptions to account for
dilution in the resource model, so the 10% positive grade
reconciliation is welcome news, but not a surprise. The
information we have received from mining these twelve benches thus
far have not only validated our geological model, but also, they
are providing invaluable information to aid in the delineation of
additional deposits at Las Conchitas and elsewhere on our 188
square kilometer district."
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.
Samples from benches 592 to 550 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 quality assurance and quality control ("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.
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 for the
first four benches was estimated using 3-D models of surveyed vein
boundaries and surveyed mined surfaces where the vein boundaries
were clearly defined. Within the Porcelana zone (benches
580-550), where the vein boundaries are diffuse due to fault
stacking of the veins, the un-diluted grade of the San Albino vein
was estimated using 3-D models derived from the surveyed channel
samples defining the hanging wall, footwall, and vein
boundaries. The diluted grade of the vein was estimated using
daily tonnage estimates of the mined material.
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 company. The Company operates the high-grade
San Albino gold mine in Nueva
Segovia, Nicaragua, which
ranks as one of the highest-grade open pit gold mines
globally. Mako's primary objective is to operate San Albino
profitably and fund exploration of prospective targets on its
district-scale land package.
Forward-Looking Information: Statements
contained herein, other than historical fact, 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 that the information the Company has
received from mining the twelve benches thus far will provide
invaluable information to aid in the delineation of additional
deposits at Las Conchitas and elsewhere on the 188 square kilometer
district;and that the Company can operate San Albino
profitably in order to fund exploration of prospective targets on
its district-scale land package. 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 that the information does not prove useful in
delineating additional deposits on the Company's land package; the
Company's failure to operate San Albino profitably and/or fund its
exploration of prospectus targets on its district-scale land
package; 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 expectations regarding the 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.
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SOURCE Mako Mining Corp.
