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Tuesday, Feb 18, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Mako Mining pulls 36.9 g/t Au in 4 metre core near San Albino

The new results come from Las Conchitas, Mako’s newest mining area

Mako Mining pulls 23.8 g/t Au over 4.2 metres ETW near Nicaragua's San Albino mine
Drilling underway last year at San Albino. Image credit: Mako Mining

Nicaragua’s gold producer Mako Mining Corp. (TSX-V: MKO) received more favourable assays from a lab in the nation’s capital Managua this week. These latest drill results come from the company’s newest mining area south of the San Albino gold project.

Commercial production has been ongoing there for three years now.

Most notably, Mako reported intercepting 36.9 grams per tonne gold over 4 metres estimated true width (ETW). This core contained 53.2 grams of silver (Ag) too.

Earlier in July, the gold miner posted another favourable result. An intercept containing 37.8 g/t Au and 50 g/t Ag over 2.8 metres ETW was reported. ETW refers to legitimate thickness of the mineralization intercepted, which can appear to be wider than it actually is because of the angle it is drilled.

Diagram credit: Discovery Alert

Mako will be reporting assay results on a more frequent basis now as the company’s reverse circulation drill program continues to ramp up.

“These exceptional results across multiple zones at Las Conchitas are showing high grade potential over hundreds of meters of strike,” chief executive Akiba Leisman said.

Numerous zones will be tested at Las Conchitas and throughout the entirety of Mako’s land package this year.

Read more: Calibre celebrates 3 years without lost time incidents at Nevada’s Pan Mine

Read more: Calibre expands Valentine’s 2024 drill program by 40%, largest to date

Mako recovers over 12,200 gold ounces in Q2

Leisman’s company reported a significantly superior rate of gold recovery in Q2 compared to the previous three quarters. Over 2,200 more ounces than Q1 and 600 more than the 11,567 gold ounces recovered in Q4 last year.

Mako saw a significant sequential increase in gold sales too. The company sold over 3,000 more gold ounces in Q2 than Q1.

“Q2 2024 was another highly profitable quarter for the company,” Leisman said,  “with record revenue of US$28.3 million and record recovered gold ounces of 12,206 at industry leading costs.”

On another note, Mako just completed its previously announced acquisition of Goldsource Mines and its Eagle Mountain project in Guyana. According to the company, Eagle Mountain and San Albino have similar geological characteristics. The operation is worth over C$400 million.

One of Nicaragua’s only other gold producing companies, Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF), has reported recent successes from its operations within Central America too. This month, Calibre received key environmental permits needed for development of open pits at its Volcan gold deposit, south of Nicaragua’s Libertad Mine & Mill.

 

Calibre Mining is a sponsor of Mugglehead news coverage 

 

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