Mako Mining Corp. (TSX-V: MKO) (OTCQX: MAKOF) is pleased to report additional high-grade drill results from an area beginning approximately 50m southwest of the current open pit mining operations at the San Albino West Pit in northern Nicaragua.

Recent drilling has confirmed gold mineralization over an area of approximately 530m x 470m (strike x dip) in an area that was identified in the 2020 Mineral Resource Estimate as the SW Pit.  At the time of the resource estimate, this area measured approximately 50m x 50m (see drill plan below).

To date a total of 27,533 meters (m) in 202 drill holes (2011-2022) has been completed in the area. Most of the drilling intersected mineralization within, or immediately outside, the currently permitted pit limits.

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

• 42.91 g/t Au and 38.3 g/t Ag over 4.50m (4.1m estimated true width-ETW) in hole SA22-615
• 21.21 g/t Au and 35.5 g/t Ag over 2.00m (1.4m ETW) in hole SA22-609
• 34.35 g/t Au and 24.9 g/t Ag over 2.80m (2.7m ETW) in hole SA22-546
• 20.06 g/t Au and 71.3 g/t Ag over 1.00 m (ETW) in hole SA21-545

The objective of the SW Pit drilling program is to delineate new mineral resources amenable to open pit and underground mining methods in the sparsely tested Southwestern portion of the permitted pit limit, as well as to test extensions of this mineralization beyond the permitted pit limit.

Previous drilling in this area defined both shallow and deeper mineral resources; however, the continuity of these zones was not established at the time, and their contribution to the 2020 Mineral Resource Estimate was limited due to lack of continuity. Recent drilling has successfully linked deeper mineralized zones to near surface zones and has confirmed the presence of gold mineralization over an area of approximately 530m by strike and 470m by dip (see section & drill plan below). Results for an additional 13 drill holes in the area are pending. This current program is expected to demonstrate the continuity of these zones so that they can be included in an updated mineral resource expected early next year.

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).

Akiba Leisman, CEO of Mako states, “when we updated our mineral resource estimate in 2020, we intentionally limited significant intercepts if we did not have complete confidence in the geological continuity of a specific zone. The SW Pit was reduced to a de minimis size despite expecting that these excluded areas would inevitably be included in subsequent mineral resource updates with additional drilling. These high grade and shallow results have both established geological continuity and extended areas of mineralization beyond anything that has been drilled to date.  Specifically, hole SA22-615, which intersected 42.9 g/t gold over 4.1m estimated true width only 35.5m from surface, was drilled just outside our permitted pit, and directly underneath our mining contractor’s workshop. Plans to move this workshop are currently underway to support future mining activities in this area.”

Details of select intersects:

Drill hole SA22-615 intersected multiple mineralized intervals of near surface gold mineralization, including 42.91 g/t Au and 38.3 g/t Ag over 4.50m (4.1m estimated true width- ETW), 35.5m below surface. This drill hole is collared 22m outside the current permitted pit limit and is the furthest mineralization recorded to the south in this area to date. In addition, this hole intersected two mineralized intervals grading 1.44 g/t Au and 30.7 g/t Ag over 0.50m (0.5m ETW), 30.6m from the surface and 15.68 g/t Au and 7.4 g/t Ag over 1.90m (1.9m ETW), at 59.7m below surface, indicating potential to expand the open pit mineral resources.

SA22-609 intersected a mineralized interval of 21.21 g/t Au and 35.5 g/t Ag over 2.00m (1.4m ETW) 127.3m from surface. This hole was drilled to test the down dip extension (approx. 40m) of the high-grade mineralization of 14.76 g/t Au and 25.1 g/t Ag over 2.00m encountered in drill hole SA11-25 (see press release dated November 21, 2011).

Two drill holes, SA22-546 and SA21-545, collared on the same drill pad, intersected multiple mineralized zones (see table below), including 34.35 g/t Au and 24.9 g/t Ag over 2.80m (2.7m ETW) and 20.06 g/t Au and 71.3 g/t Ag over 1.00m (ETW), respectively. Both of these drill holes confirmed down dip, high-grade mineralization intersected by drill holes SA21-536 and SA21-543 for an additional 38m. The previously reported results of the holes are 31.70 g/t Au and 39.2 g/t Ag over 2.40m (1.5m ETW) and 13.51 g/t Au and 36.1 g/t Ag over 1.90m (1.8m ETW) respectively (see press releases dated February 02, 2022, and March 09, 2022).

Table 1: Assay Results Reported in This Press Release

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.

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

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