Infill Drilling at the Arras Zone at San Albino Intersects 24.02 g/t Gold Over 4.4 m 15 m from Surface and Outside the Resource Pit Shell

The objective of the drill program at the Arras Zone is to increase the level of confidence in the currently defined resources and to define additional, shallow, high-grade resources.

The Company is following a systematic approach of drilling shallow holes by spacing them approximately every 10 meters ("m") along strike and every 10-15 m down dip. During 2021, over 2,645 m have been drilled at the Arras Zone in 65 diamond drill holes.

The Arras Zone is located approximately 170 m to the east of the San Albino West Pit, which is currently being mined by the Company. Mineral resources in the Arras Zone account for only 10.9% of the total Measured and Indicated and 26.5% of the Inferred mineral resources estimated by Mine Development Associates ("MDA"), a division of RESPEC, out of Reno, Nevada. A technical report for the updated mineral resource estimate (the "MDA Resource") was filed in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") under the Company's SEDAR profile at www.sedar.com and available on the Company's website at www.makominingcorp.com (see press release dated October 19, 2020).

Highlights

• Select intercepts of shallow high-grade mineralization include:
  
  
• • 24.02 g/t Au and 29.5 g/t Ag over 5.10 m (4.4 m estimated true width), approximately 15 m from surface, in drill hole AR21-284. This interval was intersected below the resource pit shell of the MDA Resource.
    
    
  • 15.27 g/t Au and 19.5 g/t Ag over 3.30 m (3.0 m estimated true width), approximately 3.4 m from surface and 7.18 g/t Au and 16.0 g/t Ag over 1.20 m (1.1 m estimated true width), approximately 14.3 m from surface, in drill hole AR21-253.
    
    
  • 19.70 g/t Au and 16.3 g/t Ag over 1.00 m (0.9 estimated true width), in drill hole AR21-311. This zone is located immediately above a 2 m historical working indicating the zone is likely wider than the 1 m intersected in AR21-311.
    
    
  • 9.99 g/t Au and 10.8 g/t Ag over 2.70 m (2.5 m true width) approximately 24.3 m from surface and 16.71 g/t Au and 19.4 g/t Ag over 2.40 m (1.8 m true width) approximately 29.3 m from surface, in drill hole AR21-319.

Akiba Leisman, Chief Executive Officer of Mako states that, "we are continuing to systematically drill the Arras Zone, which we plan to begin mining next calendar year. The Arras Zone is more complex than the nearby San Albino Zone currently being mined, but despite the complexity, it is yielding positive surprises. For example, the shallow intercept of 24.02 g/t gold over 4.4 meters true width in hole AR21-284, which lies outside the current MDA Resource and is open down dip where limited drilling has been completed. We expect this infill program to have a positive impact on the size of the Central Pit which encompasses the Arras Zone."

Specific comments on significant results reported in this press release are as follows:

The infill-drilling results continue to demonstrate structural continuity and the resource expansion potential of the Arras Zone which has now been measured over a strike length of approximately 380 m and approximately 700 m down dip (see attached drill plan). Continuity of individual areas along strike and down dip varies between 30-50 meters. The Arras Zone remains open down dip.

Drill hole AR21-284, at 14.5 m vertical depth (see attached cross section) intersected 24.02 g/t Au and 29.5 g/t Ag over 5.10 m (4.4 m estimated true width). An interpretation of the drill results indicates that the Arras Zone is affected by subvertical faults, as well as low angle thrust faults. Locally, the low angle faults appear to offset the vein in a manner that produces thickening or duplication of the mineralized zone. The results of hole AR21-284 also confirmed the lateral and down dip continuity of the modeled vein domain. This interval was located below the resource pit shell of the MDA Resource.

Several drill holes intersected multiple mineralized intervals. Drill hole AR21-295, intersected two mineralized intervals. The first was at 20 m below surface with assays of 13.22 g/t Au and 23.0 g/t Ag over 1.50 m (1.1 m estimated true width) and the second interval was approximately 5 m below the first with assays of 2.59 g/t Au and 21.9 g/t Ag over 0.80 m (0.3 m estimated true width).

AR21-319 intersected two mineralized intervals separated by 2.3 m of anomalous material. The first interval was at 24.3 m below surface with assays of 9.99 g/t Au and 10.8 g/t Ag over 2.70 m (2.5 m true width). The second interval was at 29.3 m below surface and assayed 16.71 g/t Au and 19.4 g/t Ag over 2.40 m (1.8 m true width).

AR21-253 intersected a mineralized interval 3.4 m below surface that assayed at 15.27 g/t Au and 19.5 g/t Ag over 3.30 m (3.0 m estimated true width). At 14 m below surface, a second interval assayed at 7.18 g/t Au and 16.0 g/t Ag over 1.20 m (1.1 m estimated true width). The mineralized intervals are located directly below historical dump material which assayed 3.38 g/t Au and 9.1 g/t Ag over 3.4 m.

Historical dump material has been mapped through trenching and drilling over approximately 365 m, generally following a local valley (see attached drill plan). Drilling indicates the historical dump can extend up to 7.0 m in depth with an average width of 1.5 m. Often this material contains remnants of a mineralized vein. Assay results of 108 channel samples from 13 exploration pits in the historical dump material reported a weighted average of 1.78 g/t Au and 4.2 g/t Ag with the highest values of 20.40 g/t Au and 17.3 g/t Ag over 1.0 m. Assay results from drilling of the historical dump material are shown in the table below.

While the Arras Zone has had historical mining, drilling has confirmed that most of the historical mining activities were limited to superficial workings which partially explains the sporadic continuity in the shallow drill holes. Many drill holes intersected the remnants of the vein and confirmed that the vein is only partially removed. AR21-311 intersected a 2 m wide historical working with a portion of the preserved mineralized vein, which assayed at 19.70 g/t Au and 16.3 g/t Ag over 1.00 m (0.9 m estimated true width) above the void and 2.44 g/t Au and 4.1 g/t Ag over 3.00 m (2.3 m estimated true width) below the void.

Assay Results Reported in This Press Release

The mineralized intervals shown above utilize a 1.0 g/t gold cut-off grade with not more than 1.0 meter of internal dilution. *Widths are reported as drill core lengths. ** True width is estimated from interpreted sections.

In addition to the drill holes reported in the table above, the drill holes listed below intersected anomalous values or no significant values.

Drill holes with anomalous values: AR19-137, AR19-140, AR19-141, AR19-143, AR19-145 to AR19-150, AR19-157 to AR20-164, AR20-170 to AR20-173, AR20-176, AR20-179 to AR20-181, AR20-187, AR20-189, AR20-193, AR20-194, AR20-198 to AR20-201, AR20-203, AR20-204, AR20-209, AR20-210, AR20-212, AR20-213, AR20-215, AR20-218, AR20-219, AR20-232, AR20-233, AR20-235, AR20-237, AR20-243, AR20-245, AR20-256, AR20-280, AR21-296, AR21-301, AR21-302, AR21-304 and AR21-313.

Drill holes with no significant values: AR19-136, AR19-139, AR19-142, AR19-144, AR20-184 to AR20-186, AR20-188, AR20-190, AR20-192, AR20-195, AR20-196, AR20-197, AR20-202, AR20-205, AR20-208, AR20-214, AR20-221, AR20-222, AR20-225, AR20-226, AR20-231, AR20-234, AR20-236, AR20-238 to AR20-240, AR20-247, AR21-300, AR21-306 and AR21-315.

Arras Zone History

One of the first documented gold discoveries in Central America was in the Arras Zone where gold was mined by the Spanish. According to the "Report on San Albino Gold Mines Situated in Nueva Segovia, Nicaragua" by Rodgers Peale, San Francisco, California date January 12, 1948 "the vein was flat and dipped with the surface of the hill so that it was mined as an open pit by the Spaniards." It is believed that the gold from the Arras Zone was transported to Ciudad Antigua approximately 21 km to the southwest. Ciudad Antigua was one of the few inland cities raided by pirates, in 1654 it was attacked by one of the most infamous English pirates of the time, the notorious Henry Morgan.

A review of a 1948 report by Rodgers Peale indicates that the Arras Zone was one of the last areas mined at San Albino. The area is described as being historically mined as late as 1943 and with several shoots extending 30 m along strike and 20 m down dip. Overall, the Arras Zone is described as having a strike extent of 200 m, a dip of 60 m and an average width of 1.6 m. Subvertical and low angle faults are described to have offset the veins.

Sampling, Assaying, QA/QC and Data Verification

Drill core was continuously sampled from inception to termination of the entire drill hole. Sample intervals were typically one meter. Drill core diameter was HQ (6.35 centimeters). Geologic and geotechnical data was captured into a digital database, core was photographed, then one-half split of the core was collected for analysis and one-half was retained in the core library. Trench and surface channel samples followed a similar procedure as drill core sampling. Continuous samples were collected using a diamond saw or rock hammer and chisel. Care was taken to ensure a consistent channel width of 6 cm wide and 5 cm depth. Individual channel samples range from 0.4 meters to 1.0 meters in length. Both drill core and channel samples were kept in a secured logging and storage facility until such time that they were delivered to the Managua facilities of Bureau Veritas 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
CEO

About Mako

Mako Mining Corp. is a publicly listed gold mining, development and exploration company. 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 Statements: Statements contained herein, other than of historical fact, may be considered "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is based on certain expectations and assumptions, including the Company's expectation that it will bring the San Albino into production quickly and efficiently, while continuing exploration of prospectus targets in Nicaragua; that the Company's exploration and in-fill drilling programs will be successfully completed; that any outstanding assay results will be as anticipated; the potential for additional near surface veins; that the drill program at the Arras will increase the level of confidence in the currently defined resources and define additional, shallow, high-grade resources; that the infill program will have a positive impact on the size of the Central Pit which encompasses the Arras Zone; that the Arras Zone will begin to be mined next calendar year; that although the Company's production decision at its San Albino project is not based on a technical study supporting mineral reserves, and therefore not based on demonstrated economic viability, management expects economic viable production; and such other risk factors as outlined in the continuous disclosure documents of the Company filed on SEDAR at www.sedar.com. 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, the risks that additional satisfactory exploration and drilling results at the Arras Zone will not be obtained; the risk of economic and/or technical failure at the San Albino project associated with not basing a production decision on demonstrated economic and technical viability; that exploration results will not translate into the discovery of economically viable deposits; risks and uncertainties relating to political risks involving the Company's exploration and development of mineral properties interests; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense; commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. 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 for the Arras Zone at its San Albino project 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
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.