Makara Provides Drill Update on Rude Creek Gold Project, Yukon

Rhea-AI Summary

Makara Mining Corp. has provided a progress update on its ongoing drill program at the Rude Creek Gold Project in the Yukon, Canada. The program focuses on a 1,000m by 1,600m soil anomaly. So far, 11 reverse-circulation (RC) holes have been completed, with a total of 20 holes planned. Notably, drilling has intersected areas with significant gold and silver grades, including 9.15m of 1.42 g/t gold and 19.5 g/t silver. Assay results are expected by mid-late October. The project is strategically located near substantial gold deposits, enhancing its potential value.

Positive

• Completion of 11 out of 20 planned reverse-circulation holes indicates a robust drilling program.
• Significant gold and silver grades found in drilling, notably 9.15m of 1.42 g/t gold.
• Strategically located near established gold deposits, enhancing exploration potential.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 17, 2020 / Makara Mining Corp. (CSE:MAKA)(FSE:MK0)(OTC PINK:MAKAF) ("Makara" or the "Company") is pleased to provide an update on the Company's ongoing drill program at its Rude Creek Gold Project ("Rude Creek" or the "Project"), in the White Gold region of the Yukon, Canada.

The drill program is focused on portion of the NE soil anomaly, which measures 1,000m by 1,600m in size. The program is progressing well and a total of 11 reverse-circulation ("RC") holes (totalling approximately 1,100 metres) have been completed to date. The remaining 9 RC holes (totalling approximately 900 metres) from the 20-hole program are expected to be completed over the next 10-14 days. Geological logging of RC chips is anticipated to begin over the next week.

Of the nine holes completed to date, two of the holes tested directly above and below last year's standout hole (ROY-RC-19-09) which intersected a new zone of 9.15m of 1.42 g/t gold and 19.5 g/t silver. Four additional holes were drilled from a drill pad located 50m along trend to the southeast. These four holes were oriented approximately north, south, east and west, in order to test not only the main north-west trend, but also gold-bearing veins which may be oriented perpendicular to the main trend. Four more holes were drilled from a pad located another 50m to the southeast (with similar azimuths as above). The easterly-dipping hole on this pad was testing a soil anomaly with especially high gold-in-soil values (514 ppb, 207ppb and 612ppb gold) over a distance of 50m. The last hole completed to date is east-dipping on a drill pad located another 50m to the southeast, testing the highest soil value on the entire NE anomaly (1,167 ppb gold).

We expect assay results from the above drilling by mid-late October, depending on laboratory capacity and turn-around times. Samples are being prepared in Whitehorse and will be sent for analysis at Bureau Veritas in Vancouver.

Grant Hendrickson, President and CEO, stated: "Our entire team has done an excellent job initiating a start to our drill program and we look forward to completing the 2,000-meter drill program in the next two weeks. I am very pleased with the progress made to date. We continue to work safely and productively, observing the protocols set out in our COVID-19 safety procedures."

Background on Rude Creek

Rude Creek is situated 12 kms southeast of the very large tonnage Casino copper-gold deposit, owned by Western Copper and Gold. The Casino deposit is being seriously considered for large-scale development. Newmont's sizeable Coffee orogenic gold deposit is located 45 kms to the northwest of Rude Creek. The Coffee Creek and Casino projects, together with the Rude Creek and other interesting gold projects in the area, are all contributing to the White Gold and Dawson Range gold belts becoming one of the most rapidly evolving regions of the Yukon.

Cautionary Statement

The potential quantity and grade of mineralization described herein is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

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 expected timing of completion of the RC drilling program and the expected timing of the assay results therefrom 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/606432/Makara-Provides-Drill-Update-on-Rude-Creek-Gold-Project-Yukon

FAQ

What is the current status of Makara Mining's Rude Creek Gold Project?

Makara Mining has completed 11 out of 20 planned reverse-circulation holes at the Rude Creek Gold Project, with significant gold and silver grades reported.

When can we expect assay results from the Rude Creek drill program?

Assay results from the Rude Creek drill program are expected by mid-late October, depending on laboratory turnaround times.

What findings were reported from the Rude Creek drilling?

The drilling program intersected significant mineralization with a highlight of 9.15m at 1.42 g/t gold and 19.5 g/t silver.

How many holes are planned for the Rude Creek drill program?

A total of 20 reverse-circulation holes are planned for the Rude Creek drill program.

Where is the Rude Creek Gold Project located?

The Rude Creek Gold Project is located in the White Gold region of the Yukon, Canada.