Nicaragua-focused gold operator Mako Mining Corp. (TSX-V: MKO) (OTCQX: MAKOF) reported a series of “spectacular” core samples on Wednesday.
The most notable had 51.78 g/t gold throughout 3.9 metres. Others included 25.75 g/t Au over 2 metres and 22.3 g/t Au, also in a 2-metre interval.
The new results come from Las Conchitas, the company’s newest mining area south of its flagship San Albino gold mine. Mako says the mine has one of the highest-grade open-pit operations in the world.
Mako reported significant quantities of silver as well: “Drill hole LC23-RC273 intersected a wide interval, starting at 62 metres from surface, of 51.78 g/t Au and 37.8 g/t silver over 4.0 metres (3.9 m estimated true width).”
CEO Akiba Leisman says that when the company released its updated mineral resource estimate for the mine in December, including the maiden resource for Las Conchitas, Mako expected that its modelling decisions and assessments would most likely be reaffirmed with additional drilling.
“These spectacular high grades and shallow holes, outside of the current MRE, are a strong indication that this will come to fruition,” Leisman said.
Mako had an independent technical report completed last month, which it says supported the results of the most recent resource estimate.
The San Albino gold mine’s open pit. Photo credit: Mako Mining
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Mako’s Q4 results equally impressive; significant debt though
Mako’s Nicaragua mining infrastructure yielded some favourable production results last quarter.
The company sold more than twice as much gold as it did in Q3 and increased its cash balance by over 100 per cent too. However, the miner had US$32.45 million in total liabilities as of Sept. 31.
Nicaragua produces more gold than any other nation in Central America. Companies like Mineros S.A. (TSX: MSA), Condor Gold (TSX: COG) and Calibre Mining (TSX: CXB) (OTCQX: CXBMF) have been capitalizing on the country’s resources too.
Mining exports are the number one source of revenue for Nicaragua, according to the Central America law firm BLP. In 2021, the country generated US$150 million more from mining than it did from its lucrative meat industry, which sat in spot number two for domestic income.
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