Makara Provides Corporate Update

Rhea-AI Summary

Makara Mining Corp. provided a corporate update on its properties in Yukon, Nevada, and Ontario. Geological logging at the Rude Creek property is complete, with assay results expected by late November 2020. In Nevada, fieldwork at the Davis Mine and Paradise Valley projects is ongoing, aiming for drilling readiness by March 2021. The Kenora Project is nearing the completion of surface work, with a NI 43-101 updated report anticipated in December 2020. The company is focused on gold property exploration and development.

Positive

• Completion of geological logging at Rude Creek, with assay results expected soon.
• Fieldwork progressing at Davis Mine and Paradise Valley, moving toward drilling readiness.
• Near completion of surface work at the Kenora Project, with an updated NI 43-101 report expected.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 11, 2020 / Makara Mining Corp. (CSE:MAKA)(FSE:MK0)(OTC PINK:MAKAF) ("Makara" or the "Company") is pleased to provide the following corporate update on its three properties.

Rude Creek, Yukon

Geological logging of the Rude Creek reverse circulation (RC) drill holes has been completed. The alteration of the granodiorite host rock first seen in the limited 2019 RC drilling program continues to be observed in the 2020 drilling. Makara is waiting for the assay information from the laboratory in Vancouver and initial results from the large number of samples submitted are expected near the end of November 2020. Although the assay results will be correlated directly with the drill logs, the Company will be seeking additional detail on the geology and widespread alteration and will engage Corescan Pty. Ltd. ("Corescan") for further detailed mineralogical mapping of the RC chips. Corescan's expertise is in (i) data acquisition, core photography, 3D laser profiling and hyperspectral imaging, (ii) data processing, mineral identification, mineral mapping and spectral parameters through hyperspectral measurements covering a spectral range of 450 nm to 2500 nm at a spectral resolution of 4 nm.

Integration of the Company's contiguous Idaho Property data and the Company's newly staked Win claims with Rude Creek is underway as we plan the 2021 Yukon projects program.

Davis Mine and Paradise Valley Project, Nevada

Field work at Makara's gold project near Gabbs, Nevada is underway. Preliminary geological mapping has begun, and senior consultants have been chosen by Almadex Minerals Ltd., our partner. The plan is to have the northern Davis Mine area ready for drilling by March 2021. This work will involve compiling all past mapping with new mapping and integration of the previous drilling results. The major ground mapping effort of 2021 will be at the contiguous Paradise Valley project. Significant hydrothermal alteration of the geology has been noted at several locations at Paradise Peak, so the Company has chosen to use the new Worldview 2 Satellite Alteration Mapping system to map the project. The Worldview 2 system operates at an altitude of 770 kilometers and provides 46 cm panchromatic resolution and 1.85-meter multispectral resolution. Results from the Worldview 2 system are expected later this month and will be a great help to our geologists in defining all zones on the property of significant hydrothermal alteration where gold mineralization may also be expected.

Kenora Project, Ontario

The successful 2020 program of more detailed surface work (geology, geophysics and compilation) is nearing completion and the Company hopes to have an updated NI 43-101 report ready in December 2020. The decision on drill target selection will be made in early 2021 with a view to possible drilling prior to May 2021.

Qualified Person

Technical information in this news release has been approved by Grant Hendrickson, P.Geo. and "Qualified Person" as defined under Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About the Company

Makara Mining Corp. (CSE: MAKA; FSE: MK0; OTC: MAKAF) is a mineral exploration company focused on the acquisition, exploration and development of gold properties. The Company is based in Vancouver, B.C. and holds options over the Rude Creek Property and Idaho Creek Property located in the Yukon, the Kenora Gold Property located in Northwestern Ontario and the Davis and Paradise Valley claims located in Nevada. Additional information about the Company is available at www.makaramining.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Grant Hendrickson
Director and Chief Executive Officer
Telephone: 604-372-3707
Email: grant@makaramining.com

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, and statements respecting the Company's anticipated exploration programs and the progress thereof at its Yukon, Nevada and Ontario projects are "forward-looking statements." Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE: Makara Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/615915/Makara-Provides-Corporate-Update

FAQ

What are the recent developments at Makara Mining Corp. regarding its Yukon properties?

Makara Mining Corp. has completed geological logging at Rude Creek and is awaiting assay results, expected by the end of November 2020.

When does Makara Mining plan to begin drilling at the Davis Mine in Nevada?

Drilling at the Davis Mine is planned to be ready by March 2021, following ongoing geological mapping.

What is the status of the Kenora Project in Ontario?

The Kenora Project is nearing completion of its surface work, with an updated NI 43-101 report expected in December 2020.

What mining properties does Makara Mining Corp. focus on?

Makara Mining Corp. focuses on gold properties, including Rude Creek, Idaho Creek, Kenora, and projects in Nevada.

What is the expected outcome from the Worldview 2 Satellite Alteration Mapping at Paradise Valley?

The Worldview 2 Satellite Mapping aims to identify zones of hydrothermal alteration, potentially indicating gold mineralization.