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Thursday, Jun 5, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.
Mako Mining drill campaign evaluates underground resource potential in Nicaragua
Mako Mining drill campaign evaluates underground resource potential in Nicaragua
The San Albino Plant in Nicaragua. Image via Mako Mining.

Gold

Mako Mining drill campaign evaluates underground resource potential in Nicaragua

The drill program seeks to identify extensions of high-grade gold veins beyond the deposit’s current mineralized limits

Mako Mining Corp. (CVE: MKO) (OTCMKTS: MAKOF) reported high grade returns from its ongoing reverse circulation drill campaign at its newest mining area, Las Conchitas in northern Nicaragua.

The company reported on Wednesday grades as high as 117.98 grams per tonne (g/t) gold (Au) and 37 g/t silver (Ag) over 2 meters.

Las Conchitas sits between the San Albino Gold Mine and the historical El Golfo Mine on the El Jicaro Concession. The company also recently began an exploration drilling campaign at Las Conchitas.

The RC and diamond drill program at Las Conchitas aims to achieve two key objectives. Firstly, it seeks to identify extensions of high-grade gold veins beyond the deposit’s current mineralized limits. Additionally, the program will evaluate the underground resource potential and assess geotechnical characteristics. These results will support the proposed Las Conchitas underground development.

The reported drill results come from several subparallel, northeast-southwest striking, gently dipping gold-bearing quartz veins. Consequently, these results help the company assess and identify potential future mining areas within the permitted ultimate open pit. Furthermore, they allow the company to evaluate areas that may support underground mining.

“Las Conchitas continues to be a profitable mining area for Mako since gold extraction began in July 2023, supplementing commercial production from the primary San Albino area since July 2021, and it will be an important contributor to Mako from its open pit and underground resources for the foreseeable future,” said Akiba Leisman, CEO of Mako.

Read more: Calibre Mining reports solid Q1 results; receives court approval for Equinox Gold merger

Read more: Calibre securityholders give assent for Equinox Gold merger

Nicaragua has experienced a gold mining boom

Gold mining plays a significant role in Nicaragua’s economy, with the country emerging as Central America’s largest gold exporter . The nation hosts a variety of gold deposit types, including orogenic gold systems characterized by high-grade, shallow-dipping quartz veins, as seen in the San Albino deposit . Additionally, skarn and massive sulfide deposits are present, particularly in the Rosita province, which features a copper-gold association.

As of recent reports, Nicaragua has experienced a boom in gold mining, with concessions covering millions of hectares of land . This expansion has led to numerous operational mines across the country.

Beyond Mako Mining, which operates the high-grade San Albino gold mine, two other notable companies are active in Nicaragua. Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) (FRA: WCLA) is a Canadian mid-tier gold producer with multiple operations in the country.

In January 2025, Calibre announced the pouring of its one-millionth ounce of gold in Nicaragua and declared an initial mineral resource at the Talavera deposit, located near its El Limón mill . Another company, Mineros S.A., a Colombian firm, operates the Porvenir project in Nicaragua and obtained a key permit for underground mine construction in May 2025.

The rapid expansion of gold mining in Nicaragua has raised environmental and social concerns, particularly regarding its impact on Indigenous communities and protected areas . Despite these challenges, the sector continues to attract significant foreign investment and remains a cornerstone of the country’s export economy.

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Calibre Mining is a sponsor of Mugglehead news coverage

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