Mako Mining Receives Drilling Permit at Potrerillos
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) announced that the Ministry of Environmental and Natural Resources in Nicaragua has granted an exploration permit for the Potrerillos concession, valid for 10 years and renewable for an additional 20. Starting November 15, 2021, the company can drill up to 800,000 meters, including 250,000 meters of diamond drilling. Additionally, all legal procedures for the La Segoviana concession are complete, and approval is expected within 45 days. This positions Mako to explore previously undrilled parts of their concessions, totaling 188 square kilometers.
- Exploration permit granted for Potrerillos concession, allowing extensive drilling.
- Potential to explore 3.5 kilometers of strike extension from the San Albino gold deposit.
- Completion of legal documentation for the La Segoviana concession, awaiting approval.
- Exploration results may not confirm continuity of mineralization as expected.
- Delay or denial of the La Segoviana permit could impact exploration timelines.
TSX-V: MKO; OTCQX: MAKOF
VANCOUVER, BC, Nov. 19, 2021 /PRNewswire/ - Mako Mining Corp. (TSXV: MKO) (OTCQX: MAKOF) ("Mako" or the "Company") is pleased to report that the Ministry of Environmental and Natural Resources ("MARENA") has granted an exploration permit to the Company for the Potrerillos concession acquired in December 2019.
Starting from November 15, 2021, the permit is valid for 10 years and is renewable for up to an additional 20 years. The Company is now permitted to drill up to 800,000 meters ("m") as follows: 250,000 m of diamond drilling; 250,000 m of reverse circulation drilling; and 300,000 m of blast hole drilling. The Company is also permitted to carry out up to 12,000 m of trenching.
Additionally, as of November 12, 2021, all legal documents and procedures, including the public consultation for the La Segoviana concession, located northeast of Potrerillos, are complete. The Company awaits MARENA's approval of this additional exploration permit, which is expected over the course of the next 45 days.
Akiba Leisman, Chief Executive Officer of Mako states that, "I would personally like to thank MARENA on behalf of our team for granting this permit. This is yet another example of why Nicaragua is a mining friendly jurisdiction. Reconnaissance exploration work to date indicates that Potrerillos is the direct strike extension of the San Albino gold deposit, and the receipt of these permits allows us to begin drill testing the approximately 3.5 kilometers of strike potential. The district potential of San Albino is becoming clearer, and these permits will allow us to begin the process of discovery on parts of our concessions that have never been drilled before."
See the map below titled "Concessions Map" for more details on the location of the Potrerillos concession relative to the San Albino gold deposit and the three other concessions that comprise Mako's approximately 188 square kilometers land package in northern Nicaragua.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
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.
Forward-Looking Information: Some of the statements contained herein may be considered "forward-looking information" within the meaning of applicable securities laws. The forward-looking information contained herein is based on the Company's current plans, expectations and assumptions, and includes, without limitation, information related to plans to begin drill testing the approximately 3.5 kilometers of strike potential to confirm continuity of mineralization from San Albino and a process of discovery on parts of our concessions that have never been drilled before; and the expectation that we will obtain from MARENA a permit for the La Segoviana concession over the course of the next 45 days; Such forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking information, including, without limitation, that the Company does not continue to find positive results from its proposed drilling on the Potrerillos concession; that exploration and assay results do not confirm continuity of mineralization as expected; that MARENA does not approve and issue a permit for the La Segoviana concession within the timeframe expected, or at all; political risks and uncertainties involving the Company's exploration properties; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense; commodity price fluctuations and other risks and uncertainties as disclosed in the Company's public disclosure filings on SEDAR at www.sedar.com. Such information contained herein represents management's best judgment as of the date hereof, based on information currently available and is included for the purposes of providing investors with the Company's plans and expectations regarding the exploration of the Potrerillos concession and the potential for expansion of the mineralization at San Albino, and may not be appropriate for other purposes. Mako does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Mako Mining Corp.
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