Mako Mining Corp. (TSX-V: MKO) (OTCQX: MAKOF) is pleased to report additional high-grade drill results from an area adjacent to the current open pit mining operations at the San Albino West Pit in northern Nicaragua. Two of the Company’s seven drill rigs are currently focused on this SW Pit area.

The objectives of the SW Pit drilling program are to: 1) increase the overall size of the San Albino Gold Deposit, which remains open along strike and at depth; 2) test extensions of the mineralization beyond the permitted pit limit; and 3) provide information necessary to begin mining this area early next year.

To date a total of 32,436 meters in 259 drill holes (2011-2022) have been completed in the area. Most of the drilling intersected mineralization within, or immediately outside, the current permitted pit.

All intersections described in this press release fall outside the 2020 Mineral Resource Estimate.

A technical report for the current mineral resource estimate at San Albino is available under the Company’s SEDAR profile at www.sedar.com and available on the Company’s website at www.makominingcorp.com (see press release dated October 19, 2020).

Highlights of selected intercepts of the high-grade gold mineralization include:

• 64.90 g/t Au and 87.7 g/t Ag over 2.00m (Estimated True Width-ETW)
• 34.03 g/t Au and 26.8 g/t Ag over 2.20m (2.1m ETW)
• 36.50 g/t Au and 51.3 g/t Ag over 1.10m (0.7m ETW)
• 68.80 g/t Au and 60.6 g/t Ag over 0.60m (0.5m ETW)
• 15.09 g/t Au and 20.5 g/t Ag over 2.70m (2.4m ETW)

Akiba Leisman, CEO of Mako states, “the 2020 Resource only included a de minimis number of gold ounces in the SW Pit area, as our team was getting a better handle on the geological model for this zone.  Over the course of the last 2 years, the geological controls of the SW Pit have been substantively better understood and have been validated by these drill results, and those released earlier this year. Hitting 64.9 g/t Au over 2m (ETW) 50m from surface and 71m up-dip from another potentially open-pittable intersection of 42.9 g/t Au over 4.1m (ETW), bodes well for early next year as we get the SW Pit ready to be our next mining area. Over the course of the next week, we will also be releasing drill results at Las Conchitas which we also plan to begin mining next year.”

Details of select intersects:

Drill hole SA22-626 intersected multiple intervals of high-grade, near surface gold mineralization, including 64.90 g/t Au and 87.7 g/t Ag over 2m (ETW), 50m below surface. This intersect is approximately 12m outside the current permitted pit limit and 71m up dip from drill hole SA22-615 which intersected 42.91 g/t Au and 38.3 g/t Ag over 4.50m (4.1m ETW) (see press release dated June 22, 2022).  In addition, this hole intersected a mineralized interval grading 4.01 g/t Au and 32.3 g/t Ag over 1.50m (1.3m ETW), 21m from the surface indicating that multiple mineralized structures are open to the south.

Two drill holes, SA22-662 and SA22-663, collared on the same drill pad and 30m along strike from drill hole SA22-615 (described above), intersected multiple mineralized intervals (see table below), including 34.03 g/t Au and 26.8 g/t Ag over 2.20m (2.1m ETW) and 36.50 g/t Au and 51.3 g/t Ag over 1.10m (0.7m ETW), at vertical distance from surface at 32m and 22m respectively. Both drill holes confirmed continuity of high-grade mineralization to the NE along strike and indicate potential to further expand the open pit mineral resources.

In addition, drill hole SA22-662 intersected 1.00 g/t Au and 8.7 g/t Ag over 0.5m (ETW) and 14.90 g/t Au and 23.6 g/t Ag over 1m (ETW), 28m and 65m below surface respectively. Drill hole SA22-663 intersected an additional high-grade interval of 9.09 g/t Au and 11.3 g/t Ag over 2m (1.2m ETW), 36m below surface.

Several drill holes were designed to test the down dip extension of multiple high-grade mineralized zones. SA22-622 intersected three mineralized intervals (see table below), including 68.80 g/t Au and 60.6 g/t Ag over 0.6m (0.5m ETW) 95m from surface. Drill hole SA22-623 also intersected multiple intervals including 15.09 g/t Au and 20.5 g/t Ag over 2.7m (2.4m ETW), 107m below the surface and confirmed the high-grade mineralization remains open down dip. Drill intersection modeling shows irregular branching networks or anastomosing veins composed of two or three separate veins. These anastomosing veins could potentially be treated as a single wide zone amenable to open pit mining.

In addition, the Company has completed the initial phase of drilling at the San Albino North target which lies immediately to the north of the San Albino Gold Deposit straddling two concessions, San Albino-Murra and Potrerillos. Fifteen drill holes totaling 2,552m have been completed at the Cerro Piedra Negra prospect. Three drill holes (see table below) intersected intervals above an internal cut-off grade (1.0 g/t Au), including hole PO22-05 which intersected 13.50 g/t Au and 7.3 g/t Ag over 1.20m (0.7m ETW).  Eight drill holes intersected intervals below the cut-off grade and results for two drill holes are still pending.

Sampling, Assaying, QA/QC and Data Verification

Drill core was continuously sampled from inception to termination of the entire drill hole. Sample intervals were typically one meter. Drill core diameter was HQ (6.35 centimeters). Geologic and geotechnical data was captured into a digital database, core was photographed, then one-half split of the core was collected for analysis and one-half was retained in the core library. Drill core samples were kept in a secured logging and storage facility until such time that they were delivered to the Managua facilities of Bureau Veritas and pulps were sent to the Bureau Veritas laboratory in Vancouver for analysis. Gold was analyzed by standard fire assay fusion, 30gram aliquot, AAS finish. Samples returning over 10.0 g/t gold are analyzed utilizing standard Fire Assay-Gravimetric method. The Company follows industry standards in its QA&QC procedures. Control samples consisting of duplicates, standards and blanks were inserted into the sample stream at a ratio of 1 control sample per every 10 samples. Analytical results of control samples confirmed reliability of the assay data.

Qualified Person

John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this press release. Mr. Kowalchuk is a senior geologist and a consultant to the Company.

About Mako

Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open pit gold mines globally. Mako’s primary objective is to operate San Albino profitably and fund exploration of prospective targets on its district-scale land package.

Table 1 – part 1: Assay Results Reported in This Press Release (CNW Group/Mako Mining Corp.)

Table 1 – part 2: Assay Results Reported in This Press Release (CNW Group/Mako Mining Corp.)

Table 1 – part 3: Assay Results Reported in This Press Release (CNW Group/Mako Mining Corp.)

Figure 1. San Albino Mine Drilling Program (CNW Group/Mako Mining Corp.)

Figure 2. Schematic Cross Section (CNW Group/Mako Mining Corp.)