Mako Mining Corp. (TSX-V: MKO) (OTCQX: MAKOF) is pleased to provide an operating update from its San Albino gold mine in northern Nicaragua.
All components of the 500 tonne per day gravity and carbon-in-leach processing plant have been fully operational since the beginning of May 2021. Since May 12th, when the processing of high-grade mineralization began, the plant has been averaging 456 tonnes per day (“tpd”) at 71% availability (see Table 1). Since this time, the plant has been exclusively processing high-grade diluted vein material with an average grade of 12.52 grams per tonne (“g/t”) gold and recovering an average of 96.3% (see Table 1).
Since May 12th, an average of 596 tpd of diluted vein, historical dump material and other mineralized material above cutoff grade have been mined, with a strip ratio of 14.9 (see Table 1). The stockpile is now approximately 116,748 tonnes and is comprised of 10,354 tonnes of diluted vein material at 11.41 g/t gold and 106,394 tonnes of historical dump and other mineralized material at 2.49 g/t gold for a total of 12,327 ounces of gold (see Table 2).
These levels of plant and mine throughputs are above the thresholds required by Mako to declare commercial production and after averaging these levels for 50 days, Mako has declared commercial production effective July 1, 2021.
Since May 12th, 6,300 ounces of gold have been recovered and 3,506 ounces of gold have been shipped (see Table 1). The variance of approximately 2,800 ounces of gold is a combination of unprocessed gravity concentrates, and gold in process throughout the plant. The buildup of inventory is typical during startup and inventory levels have started to stabilize.
The Company’s cash balance has materially improved since the start of May and commencement of debt repayment, in addition to the ongoing funding of exploration expenditures, is expected later this month.
Looking forward, mining of the Porcelana Zone has commenced and the Company expects to begin blending the diluted vein material with historical dump material and other mineralized material above cutoff grade towards the end of the month. The Porcelana Zone has the highest grade-thickness profile encountered at San Albino.
Akiba Leisman, Chief Executive Officer of Mako states that, “this operating update highlights the extraordinary grades being mined and processed at San Albino even prior to reaching commercial production. Now that we have declared commercial production and have started mining at the Porcelana Zone, a zone with the highest grade-thickness profile encountered at San Albino, we expect to continue delivering similar operating results to those released today. Most importantly, the cash flow being generated at San Albino is providing the flexibility to begin repaying debt and continue funding an aggressive exploration program.”
Table 1 – Monthly Operating Statistics
Units | May* | June | Since May 12th | |
Mined | ||||
Diluted Vein | ||||
Tonnes | t | 1,701 | 2,856 | 4,557 |
Gold Grade | g/t | 12.54 | 11.28 | 11.75 |
Contained Gold | oz | 686 | 1,036 | 1,722 |
Historical Dump + Other** | ||||
Tonnes | t | 11,235 | 14,028 | 25,263 |
Gold Grade | g/t | 2.57 | 2.57 | 2.57 |
Contained Gold | oz | 929 | 1,159 | 2,088 |
Waste | ||||
Tonnes | t | 171,150 | 273,357 | 444,507 |
Strip Ratio | w:o | 13.2 | 16.2 | 14.9 |
Milled | ||||
Tonnes | t | 4,644 | 11,602 | 16,246 |
Gold Grade | g/t | 18.29 | 10.21 | 12.52 |
Contained Gold | oz | 2,731 | 3,808 | 6,539 |
Availability | % | 50% | 86% | 71% |
Days | 20 | 30 | 50 | |
Average Tonnes per Day | t | 469 | 451 | 456 |
Diluted Vein | % | 100% | 100% | 100% |
Historical Dump + Other** | % | 0% | 0% | 0% |
Recovered | ||||
Recoveries | % | 97.8% | 95.3% | 96.3% |
Gold Recovered | oz | 2,671 | 3,629 | 6,300 |
Gold to Tailings | oz | 60 | 179 | 239 |
Gold Shipped | oz | 899 | 2,607 | 3,506 |
* Represents the period from May 12-31, 2021. | ||||
** Includes historical dump, hanging wall, foot wall, historical muck and all other non-vein mineralized material above cutoff grade. |
Table 2 – Month End Stockpile Statistics
Units | May | June | |
Diluted Vein* | |||
Tonnes | t | 17,120 | 10,354 |
Gold Grade | g/t | 11.94 | 11.41 |
Contained Gold | oz | 6,572 | 3,799 |
Historical Dump + Other** | |||
Tonnes | t | 92,366 | 106,394 |
Gold Grade | g/t | 2.48 | 2.49 |
Contained Gold | oz | 7,368 | 8,528 |
Total | |||
Tonnes | t | 109,486 | 116,748 |
Gold Grade | g/t | 3.96 | 3.29 |
Contained Gold | oz | 13,940 | 12,327 |
* Includes stockpiles of mineralized material at the crusher. | |||
** Includes historical dump, hanging wall, foot wall, historical muck and all other non-vein mineralized material above cutoff grade. |
Qualified Person
John Rust, a metallurgical engineer and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this press release. Mr. Rust is a senior metallurgist 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.
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