Mako Mining Corp. (TSXV: MKO) (OTCQX: MAKOF) announced on Thursday its drill results in northern Nicaragua and reported multiple high-grade gold and silver shallow zones.
The Vancouver-based company said the recent drilling was focused on the near-surface approximately 50 meters southwest of the current open pit mining operation San Albino West. Last year, the company completed approximately 16,000 meters in 126 drill holes in the area.
Highlighted results include:
- 98.50 g/t Au and 66.3 g/t Ag over 1.9m including 168.30 g/t Au and 110.0 g/t Ag over 1.1m
- 52.66 g/t Au and 47.2 g/t Ag over 2.0m including 78.14 g/t Au and 69.6 g/t Ag over 1.2m
- 31.32 g/t Au and 76.1 g/t Ag over 1.3m
- 24.35 g/t Au and 31.0 g/t Ag over 2.1m
Mako also completed a reconnaissance drill program to test for mineralization across a major trending fault in an area of no previous drilling. Eight diamond drill holes were completed, and three drill holes intersected mineralized intervals above an internal cutoff grade (1.0 g/t Au).
The company intends to continue testing the projected extension further to the southwest.
“The SW Pit is shaping up to be a shallow, high-grade zone within 50-100 m of the mining operations at San Albino,” Mako CEO Akiba Leisman said.
He added that last year, the company was able to extend the mineralized zone underneath its mining contractor’s workshop, by hitting 42.9 g/t Au over 4.1m ETW 36m from the surface.
Now Mako has been able to extend this zone with multiple high-grade intercepts, over higher than average widths, along strike, and up and down dip.
“Currently, there exists a minimal resource at the SW Pit, which the company is in the process of updating, and we aim to begin mining the SW Pit over the course of the next few months,” Leisman explained.
Mako operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua.
Company stock went up by 8.82 per cent on Friday to $0.18 on the Canadian Ventures Exchange.
Other Canadian companies with primary operations in Latin America reported other high-grade results this past year.
Calibre Mining (TSX: CXB) (OTCQX: CXBMF) announced this past December further positive drill results from its Panteon North zone at CXB’s Limon Complex. The high-grade discovery was defined over around 400 meters strike length and over 200 meters down-dip.
Its Limon Complex had a strike of positive results and has a current 1,352 koz global gold resource grading 2.82 g/t with reserves of 529 koz grading 4.47 g/t, as well as Panteon’s existing underground reserves grading 7.17 g/t.
GR Silver Mining Ltd. (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) also found high-grade gold in the Plomosas Mine as part of its gold mining Plomosas Project in Sinaloa.