DRILLING AT THE SW ZONE AT SAN ALBINO INTERSECTS 62.04 G/T GOLD OVER 1.5 METERS (ESTIMATED TRUE WIDTH) 15 METERS FROM SURFACE AND OUTSIDE OF THE DELINEATED RESOURCE
Mako Mining (TSX.V: MKO OTCQX: MAKOF) has released positive drill results from expansion drilling at its San Albino gold project in northern Nicaragua.
The objective of this drill program was to target the SW zone at San Albino, where very limited mineral resources (approximately 0.4 per cent) were estimated by Mine Development Associates (MDA), a division of Respec, out of Reno, Nev. A technical report for the updated mineral resource estimate was filed in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, filed under the company's SEDAR profile and available on the company's website (see press release dated Oct. 19, 2020).
- Intersected shallow high-grade mineralization outside of the MDA resource:
- 62.04 grams per tonne gold and 28.55 g/t silver over two-metre (1.5 m estimated true width) interval comprising quartz vein with visible gold in drill hole SA20-443 approximately 15 m from surface;
- Potential for another near-surface vein with a strike extent of at least 120 m:
- 29.4 g/t Au and 28.0 g/t Ag over 0.70 m in trench SA20-TR2-51 approximately two m from surface in a shallowly dipping quartz vein.
Akiba Leisman, chief executive officer of Mako, stated that: "When the MDA resource was released, we stated that San Albino was open along strike and downdip. As is the case with many areas of San Albino, the SW zone required additional drilling to better understand the geology before delineating a mineral resource. These results confirm the existence of near-surface high-grade gold, which we expect to convert to mineral resources at San Albino as the drilling program advances. Importantly, exploration is continuing at Las Conchitas to the south, where we also expect to find additional mineral resources."
Specific comments on significant results reported in this press release
SA20-443 intersected 62.04 g/t Au and 28.55 g/t Ag over two m (1.5 m estimated true width). SA20-443 was drilled to test the strike projection of the quartz vein identified in previous trenching and drilling programs. The hole is located 26 m along strike to the southwest from discovery hole AR11-12, which intersected 22.74 g/t Au over 8.0 m, including 9.67 g/t Au and 16.6 g/t Ag over three m and 43.66 g/t Au and 130.6 g/t Ag over 3.5 m (see press release dated Sept. 19, 2013).
Trench SA13-TR11-EXPPIT No. 1 located approximately 160 m along strike and to the southwest of SA20-443 exposed a vein with a true width of 1.8 m grading 13.94 g/t Au and 18.9 g/t Ag, indicating additional strike potential, which will be tested with drilling this year.
Detailed mapping of the area has identified multistage deformation structures, with the latest deformation event represented by northeast-southwest faulting. The current interpretation indicates the faults may have displaced the vein in a manner that has upthrown blocks across the faults bringing the mineralized zone closer to surface than the previous downdip projections.
SA20-TR-51 encountered a high-grade vein with a vertical sample (estimated true width) grading 29.40 g/t Au and 28.0 g/t Ag over 0.7 m and appears to indicate the potential of another near-surface vein with a strike length of at least 120 m.
Overall geologic mapping, surface sampling and limited drilling have identified a prospective area at the SW zone measuring approximately 400 by 400 m, which is roughly the size of the current MDA resource footprint. A detailed understanding of the geometry and geology is critical to expanding mineralized zones for future mineral resource additions. This area is complex, with localized faulting, and will require close-spaced drilling, which the company plans to conduct this year.
An aggressive drilling program is planned for the area with the objective of identifying additional resources within the currently permitted pit limit. Approximately seven kilometres of drill roads have been prepared for the coming drilling program.
The SW zone currently remains open at depth and along strike. Since 2020, the company has only drilled a total of 371.30 m in nine drill holes. Several drill holes have encountered mineralized intervals with visible gold. The company anticipates receiving results in the coming weeks from remaining drill holes and will be released in due course.
Mako Mining (TSX.V: MKO OTCQX: MAKOF) has 656M shares outstanding, and is currently trading at $0.33, giving it a market cap of $216.48M.
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