Mako Mining (TSXV:MKO) has provided an update on the ongoing reverse circulation (RC) drill program at its Las Conchitas mining area, located south of the company’s San Albino gold mine, which is currently in commercial production. Since the most recent mineral resource estimate (MRE) at the San Albino Project was defined in December 2023, Mako has completed 9,951 m in 176 RC drill holes as part of the resource expansion drill program.

Akiba Leisman, CEO of Mako Mining, commented in a press release: “this is another spectacular result from our exploration team. This exceptionally wide and high-grade intercept outside of our current MRE, is another clear example of the expansion potential of our current resource. We have been mining this area at Las Conchitas since last November. Therefore, this result will likely be turned into cash flow over the course of the next two years through normal mining operations. When we began mining the San Albino project over 4 years ago, the intent was to use the cash flow generated from the plant to reinvest in exploration without the need for any outside capital beyond what it would take to commission the mine. The Company has not raised equity since July of 2020, nor has it required any net capital since the commissioning of the plant. Now that the Company has significant cash flow, with a pristine balance sheet, and hundreds of exploration targets across our 188 square kilometer land package, we will be taking advantage of the new bull market in gold to grow our company significantly.”

The drilling campaign focused on gaining a higher level of confidence in the grade and geometry of gold mineralization within six areas of interest where the Company has received a permit to process material through the San Albino plant. The drilling also aimed to identify gold mineralization for potential resource expansion beyond the current MRE.

The 2024 drilling has successfully identified potential extensions of the El Limon and Mango mineralized structures. Drill hole LC24-RC282 intersected one of the widest, high-grade zones reported to date, located outside of the current MRE. The 9.0 m interval (ETW) assayed 13.43 g/t Au and 36.8 g/t Ag, starting at 57m from surface. This drill hole is situated between two other drill holes, LC22-475 and LC19-101, which also intersected high-grade intervals.

At the El Limon zone, drill hole LC24-RC276 intersected a 2.0m wide (ETW) interval containing 9.65 g/t Au and 11.8 g/t Ag at 42.0m vertical depth, confirming a 31m SW strike extension of high-grade mineralization previously intersected by drill hole LC22-467.

Recent drilling in the Mango zone supports the potential for additional, high grade, low strip ratio, mineral resources. Drill hole LC24-RC283 intersected the Mango 2 zone, grading 7.30 g/t Au and 14.9 g/t Ag over 1.0 m (ETW), at 97m vertical depth and outside the current open pit resource in the MRE. This high-grade intercept represents a significant down dip extension from previous drill holes LC20-149 and LC20-148.

The drill results from Las Conchitas confirm the potential for resource expansion beyond the Company’s current MRE and have the potential to extend the current resource base and mine life. Mako’s exploration team continues to advance drilling in the area with the goal of identifying further extensions of the mineralized zones, while the mining team has begun plans to expand the pit in the high-grade areas.

Highlights from the results are as follows: 

• Results of 12 RC drill holes, completed in 2024, in the southern portion of Las Conchitas (“LC-S”), together with prior results drilled since the MRE, support the potential to expand the high-grade, gold mineralization within the currently defined open pits as well as potential extensions outside of the current MRE. The Mango intercept below is one of the widest mineralized, shallow, high-grade intervals reported to date.
  • 13.43 g/t Au and 36.8 g/t Ag over 9.0 m (Estimated True Width – ETW) – Mango vein
  • 9.65 g/t Au and 11.8 g/t Ag over 2.0 m (ETW) – El Limon vein
  • 7.30 g/t Au and 14.9 g/t Ag over 1.0 m (ETW) – Mango 2 vein

Table – Assay Results Reported in This Press Release

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.