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Mako Mining Provides Pre-Commercial Production Operating Results for May and June and Declares Commercial Production Effective July 1, 2021

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Mako Mining Provides Pre-Commercial Production Operating Results for May and June and Declares Commercial Production Effective July 1, 2021

 

 

 

 

 

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.

 

Posted July 13, 2021

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