VANCOUVER - Mako Mining Corp. [MKO-TSXV; MAKOF-OTCQB] reported positive drill results from the San Pablo zone at the Las Conchitas North (LC-N) area of its 100%-owned San Albino/Murra property in Nicaragua. The LC-N area is located approximately 750 metres south of the San Albino gold mine which is currently in commercial production.
Initial drilling in 2018 targeted a mineralized structure exposed in the historic San Pablo working where seven drill holes, totaling 260 metres were drilled. No additional drilling had been completed in the area until this year, which has resulted in the discovery of two new veins, the Mina Francisco and the Tirado vein.
Highlights of the recent drilling include Mina Francisco that returned 51.80 g/t gold and 29.8 g/t silver over 0.90 metres (ETW). San Pablo returned 27.60 g/t of gold and 17.1 g/t of silver over 0.50 metres (ETW). Tirado returned 39.30 g/t gold and 49.0 g/t silver over 0.50 m (0.4 metres ETW). Tirado returned 10.97 g/t gold and 23.2 g/t silver over 3.50 metres (3.30m ETW). ETW is estimated true width.
Akiba Leisman, CEO, stated, "Tthe discovery of the Mina Francisco and Tirado veins are the first results back from our recently announced $17.2 million exploration program, which is being funded through cash flow from the San Albino mine 750 metres to the north. Mina Francisco has already been extended to 200 meters of strike and nearly 330 metres of dip, beginning from surface, open in all directions, with grades and thicknesses very similar to that of San Albino. These results have great potential to yield additional open-pittable mineral resources. Now that we have seven core rigs at site, further exploration results are expected to be delivered throughout the year, with the goal of making additional discoveries."
To date, a total of 4,670 meters in the 2022 drilling campaign have been completed in 35 drill holes at Las Conchitas North resulting in the discovery of the Mina Francisco and Tirado veins as well as further delineation of the San Pablo vein. The three mineralized structures are located at the northern portion of the Las Conchitas area in Nueva Segovia, Nicaragua which is interpreted to be the southwest portion of a new emerging orogenic gold camp with over 28 km of relatively unexplored strike length.
Past drilling had returned good indications of San Pablo gold mineralization, but the recent drilling below the known mineralization represents a significant, new discovery of the Mina Francisco vein in the area. An initial drill program consisting of 26 scouting exploration holes were designed to test a large geochemical soil anomaly (500m x 250m), targeting the portion of the zone where no previous drilling had been completed.
The discovery drill hole, LC22-515, collared below the known mineralization at San Pablo, intersected an interval of 12.72 g/t gold and 8.6 g/t silver over 1.70 metres (1.50 m ETW), starting at vertical depth of 151 m (see attached cross section). This hole confirmed the presence of the Mina Francisco vein in the area approximately 270 metres down dip of a surface expression of the vein (historical Mina Francisco Tunnel), across a ravine previously interpreted to be a fault boundary.
The vein was intersected approximately 36 metres up-dip and 34 metres along strike of the mineralization indicated by the discovery hole, resulting in the high grade intersect of 26.50 g/t gold and 34.2 g/t silver over 0.60 metres (0.50m ETW) in hole LC22-517, at vertical depth of 119 metres.
An additional five separate mineralized intervals were intersected in hole LC22-524, approximately 233 metres up-dip from the discovery hole, including thus far the highest gold values in the Mina Francisco vein of 51.80 g/t gold and 29.8 g/t of silver over 0.90 metres (ETW), starting at vertical depth of 47.2 metres, and corroborating continuity along dip.
To date, the Mina Francisco vein has been intersected in at least 14 of the 19 holes targeting the vein with an average thickness of approximately 1.3 metres, which is similar to the average width of the San Albino vein currently being mined to the north. The Mina Francisco vein remains open along strike and down dip. Results are pending for 14 holes which targeted the Mina Francisco vein.
In 2022, the company intends to complete environmental, metallurgical and engineering studies, and to initiate the mine permitting process for Las Conchitas. A maiden resource estimate for the entire Las Conchitas area is planned for Q4 2022 - Q1 2023.