Ongoing Reconnaissance Exploration Program on Both Potrerillos and San Albino-Murra Further Extends Strike Potential of San Albino to Approximately 6.7 km

The Potrerillos Concession comprises 12 square kilometers ("km") of sub surface mineral rights and is contiguous to and along strike from Mako's San Albino gold project in Nueva Segovia, Nicaragua ("San Albino"). Based on available historical data, as well as reported results from the previous owner, gold mineralization on the Potrerillos Concession occurs within mineralized, shallow dipping quartz veins, that are on strike with and very similar to the veins at San Albino.

The Potrerillos Concession is part of the numerous historical mines and workings existing within the Corona de Oro Gold Belt, which is approximately 3 km wide by 23 km long and spans the entirety of the Company's land package (see attached maps).

The Company intends to complete a soil survey focusing on generating additional exploration targets, followed by trenching and comprehensive structural/geological mapping, which are anticipated to be drilled tested, in due course.

Highlights

• The area covered in the ongoing reconnaissance exploration program is now approximately 25 square kilometers ("sq. km") of the Company's 188 sq. km district-scale land package (see attached maps).
• Approximately 6.7 km of potential strike length has been identified along a northeast striking mineralized trend that runs for approximately 9.5 km between San Albino and several prospects along the Potrerillos and San Albino-Murra Concessions.
• Three additional prospects were identified, mapped and sampled.
• • Potrerillo NE (Potrerillos Concession)
  • Guapinolito (San Albino-Murra Concession)
  • Mina Bonanza Norte (San Albino-Murra Concession)
• In total 19 prospects have been identified within the 25 sq. km area covered in the ongoing reconnaissance exploration program that includes:
• • 180 hillside cuts
  • 56 historical adits (two opened)
  • 21 shafts
  • 11 small pits

Akiba Leisman, Chief Executive Officer of Mako states that, "as we near completion of our 500 tonnes per day processing plant and continue mining high-grade mineralization at San Albino, the exploration work being carried out at Potrerillos, Las Conchitas and throughout our 188 sq. km land package becomes that much more important, especially now that the we are permitted to expand our operations up to 1,000 tonnes per day. It's also worth reiterating that once San Albino is up and running, we expect to have financial and operational resources necessary to more aggressively focus on exploration and expansion."

Potrerillo NE (Potrerillos Concession)

The Potrerillo NE prospect appears to be developed on the same structure from the Tambo to Los Potrerillos prospects. Six collapsed tunnels have been identified in the area. A total of eight float samples were collected in front of those tunnels and dumps. The best assays returned from those samples were 28.6 g/t Au and 76.0 g/t Ag and 12.50 g/t Au and 43.0 g/t Ag.

Guapinolito (San Albino-Murra Concession)

Guapinolito is situated in the northeast corner of the Potrerillos Concession and extends into the San Albino-Murra Concession. This prospect appears as a sub parallel structure to the one which extends from the Tambo to Los Potrerillos prospects. Several dumps were sampled with the best assay returning 8.94 g/t Au and 236.0 g/t Ag.

Mina Bonanza Norte (San Albino-Murra Concession)

The Mina Bonanza Norte prospect is situated within the San Albino-Murra Concession and appears to be the northeast extension of the Minas Viejas and Mina Milagros structure, where the best assay result returned 17.50 g/t Au and 4.0 g/t Ag from sampling of a collapsed hillside cut. A total of nine samples were collected at Mina Bonanza Norte prospect and additional results are pending.

The Company also continues prospecting and mapping within previously identified prospects (see press release dated August 10, 2020) with a goal of identifying as many new locations of historical surface and underground workings, which will assist in a detailed interpretation of the gold mineralization within the corridor at both the Potrerillos and San Albino-Murra concessions (see attached maps).

At the Los Potrerillos prospect nine additional hillside cuts were tested with the best assay results returning 28.10 g/t Au and 228.0 g/t Ag and 16.2 g/t Au and 72.0 g/t Ag. At the Los Molinetes prospect an outcrop of quartz vein grading 16.70 g/t Au and 44.0 g/t Ag over 1.0 meter was assayed.

For full sample assay results, see the attached map labeled "Prospects Location and Assay Results."

Sampling, Assaying, QA/QC and Data Verification

Samples were kept in a secured logging and storage facility until such time that they were delivered to the Managua facilities of Bureau Veritas, an independent assay lab, and pulps were sent to the Bureau Veritas laboratory in Vancouver for analysis. Gold was analyzed by standard fire assay fusion, 30-gram aliquot, AAS finish. Samples returning over 10.0 g/t gold are analyzed utilizing standard Fire Assay-Gravimetric method. The Company follows industry standards in its QA&QC procedures. Control samples consisting of duplicates, standards, and blanks were inserted into the sample stream at a ratio of 1 control sample per every 10 samples. Analytical results of control samples confirmed reliability of the assay data.

Qualified Person

John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this press release. Mr. Kowalchuk is a senior geologist and a consultant to the Company.

On behalf of the Board,

Akiba Leisman
Chief Executive Officer

About Mako

Mako Mining Corp. is a publicly listed gold mining, development and exploration firm. The Company is developing its high-grade San Albino gold project in Nueva Segovia, Nicaragua. Mako's primary objective is to bring San Albino into production quickly and efficiently, while continuing exploration of prospective targets in Nicaragua.

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 plans and certain expectations and assumptions, including obtaining positive results from Mako's reconnaissance exploration program on its recently acquired Potrerillos Concession, including the various prospects on the Potrerillos Concession and in area directly adjacent to the northeast on the San Albino-Murra Concession; and the Company's intention to complete a soil survey focusing on generating additional exploration targets, followed by trenching and comprehensive structural/geological mapping, which are anticipated to be drilled tested, in due course; ; ;. 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 reconnaissance exploration program and proposed drilling on the concessions; that exploration and assay results do not confirm continuity of mineralization as expected; 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.

SOURCE Mako Mining Corp.



Contact
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203-862-7059, E-mail: aleisman@makominingcorp.com or visit our website at www.makominingcorp.com and SEDAR www.sedar.com.