High Grade Drill Results Southwest Of San Albino West Pit

VANCOUVER - Mako Mining Corp. reported additional high-grade drill results from an area beginning approximately 50m southwest of the current open pit mining operations at the San Albino West Pit in northern Nicaragua. Recent drilling has confirmed gold mineralization over an area of approximately 530m x 470m (strike x dip) in an area that was identified in the 2020 Mineral Resource Estimate as the SW Pit.  At the time of the resource estimate, this area measured approximately 50m x 50m.

To date a total of 27,533 meters (m) in 202 drill holes (2011-2022) has been completed in the area. Most of the drilling intersected mineralization within, or immediately outside, the currently permitted pit limits.

Highlights of selected intercepts of the high-grade gold mineralization include: 42.91 g/t Au and 38.3 g/t Ag over 4.50m (4.1m estimated true width-ETW) in hole SA22-615; 21.21 g/t Au and 35.5 g/t Ag over 2.00m (1.4m ETW) in hole SA22-609; 34.35 g/t Au and 24.9 g/t Ag over 2.80m (2.7m ETW) in hole SA22-546; and 20.06 g/t Au and 71.3 g/t Ag over 1.00 m (ETW) in hole SA21-545.

The objective of the SW Pit drilling program is to delineate new mineral resources amenable to open pit and underground mining methods in the sparsely tested Southwestern portion of the permitted pit limit, as well as to test extensions of this mineralization beyond the permitted pit limit.

Previous drilling in this area defined both shallow and deeper mineral resources; however, the continuity of these zones was not established at the time, and their contribution to the 2020 Mineral Resource Estimate was limited due to lack of continuity. Recent drilling has successfully linked deeper mineralized zones to near surface zones and has confirmed the presence of gold mineralization over an area of approximately 530m by strike and 470m by dip (see section & drill plan below). Results for an additional 13 drill holes in the area are pending. This current program is expected to demonstrate the continuity of these zones so that they can be included in an updated mineral resource expected early next year.

Akiba Leisman, CEO, said, “When we updated our mineral resource estimate in 2020, we intentionally limited significant intercepts if we did not have complete confidence in the geological continuity of a specific zone. The SW Pit was reduced to a de minimis size despite expecting that these excluded areas would inevitably be included in subsequent mineral resource updates with additional drilling. These high grade and shallow results have both established geological continuity and extended areas of mineralization beyond anything that has been drilled to date.  Specifically, hole SA22-615, which intersected 42.9 g/t gold over 4.1m estimated true width only 35.5m from surface, was drilled just outside our permitted pit, and directly underneath our mining contractor's workshop. Plans to move this workshop are currently underway to support future mining activities in this area."