Mako Mining Corp. Provides Regional Exploration Update

Las Conchitas Highlights

• Recent drilling and geological modeling demonstrate that there is good lateral continuity and potential to connect the Bayacun Zone with the Las Dolores Zone, which could significantly expand the strike and dip potential of the southern part of the Las Conchitas area
  
  
• Current interpretations are connecting the strike extent of Bayacun/Las Dolores with Cruz Grande 850 meters ("m") to the northeast which previously intersected 23.63 g/t Au over 5.65 m (see press release dated December 5, 2018) and the strike remains open to the northeast
  
  
• Drill hole assay highlights:
• • 34.51 g/t Au and 42.4 g/t Ag over 1.0 m (true width), intersected in LC20-175
  • 82.29 g/t Au and 30.2 g/t Ag over 0.5 m (true width), intersected in LC20-198
  • 7.39 g/t Au and 23.6 g/t Ag over 3.0 m (2.5 m true width), intersected in LC20-323

La Segoviana Highlights

• Initial mapping and sampling have identified at least four prospects (La Reforma, El Silencio, San Luis - Caballo and Minas America) within La Segoviana with high-grade gold values and vein-characteristics like those currently being mined at San Albino up to 21 km to the south (see attached map)
  
  
• Sample assay highlights (by prospect):
• • La Reforma
  • • 82.50 g/t Au and 169.0 g/t Ag over 1.0 m
    • 65.10 g/t Au and 113.0 g/t Ag over 1.0 m
    • 40.20 g/t Au and 73.0 g/t Ag over 1.0 m
  • El Silencio
  • • 31.80 g/t Au and 36.0 g/t Ag over 1.5 m
    • 16.10 g/t Au and 14.8 g/t Ag over 1.2 m
  • San Luis - Caballo
  • • 19.40 g/t Au and 8.7 g/t Ag over 2.0 m
    • 18.20 g/t Au and 39.0 g/t Ag over 1.0 m
    • 16.50 g/t Au and 11.5 g/t Ag over 1.0 m
  • Minas America
  • • 29.80 g/t Au and 29.0 g/t Ag over 1.0 m
    • 19.80 g/t Au and 72.0 g/t Ag over 1.4 m
    • 11.40 g/t Au and 71.0 g/t Ag over 1.3 m

Akiba Leisman, Chief Executive Officer of Mako states that, "we are always working on three objectives simultaneously; profitably operating our 500 tonne per day gold mining operation at San Albino, developing a maiden resource at Las Conchitas to double the size of our operations, and conducting regional exploration to prove that we have an orogenic gold mining district. Today's results highlight the progress at developing a maiden resource at Las Conchitas and the reconnaissance exploration success at La Segoviana, which is becoming a top regional target in our emerging orogenic gold district."

Las Conchitas

The Las Conchitas area covers approximately 3.75 square km (versus 0.6 square km for the San Albino Deposit) and is situated immediately to the south of San Albino, where the Company is currently operating a 500 tonne per day ("tpd") mining and milling operation (see attached map), and immediately to the north of the historical El Golfo Mine located within the Company's El Jicaro Concession.

Las Conchitas contains numerous mineralized structures over a 1,700 m by 800 m area, which has been subdivided into three primary areas: Las Conchitas north ("LC-North"), Las Conchitas central ("LC-Central") and Las Conchitas south ("LC-South"). Each of these areas are comprised of multiple subparallel, northeast-southwest striking and gently dipping mineralized veins.

During the 2019-21 Las Conchitas drilling campaign, the Company completed 344 drill holes totaling 27,962.50 m. Most of the drilling (over 94%) has been completed at LC-South, which measures approximately 530 m by 850 m and has been tested to a vertical depth of 150 m.

LC-South is comprised of four mineralized zones, Las Dolores, Bayacun, Mango and El Limon. Drilling to date has established Bayacun as having the best structural and grade continuity to date at LC-South.

Previously announced Bayacun assay highlights:

• 50.1 g/t Au and 40.6 g/t Ag over 0.8 m true width at 3m from surface, and 45.79 g/t Au and 17.3 g/t Ag over 1.0 m true width (see press release dated December 14, 2020)
  
  
• 40.17 g/t Au and 26.8 g/t Ag over 1.95 m true width at 2.5 m from surface, 14.42 g/t Au and 20.1 g/t Ag over 4.4 m true width, and 22.30 g/t Au and 20.0 g/t Ag over 3.0 m true width (see press release dated October 22, 2020)
  
  
• 22.26 g/t Au and 44.6 g/t Ag over 4.30 m, 11.71 g/t Au and 25.5 g/t Ag over 5.00 m true width, and 28.21 g/t Au and 43.1 g/t Ag over 2.70 m true width (see press release dated August 31, 2020)
  
  
• 40.52 g/t Au and 67.3 g/t Ag over 2.10 m true width, and 16.90 g/t Au and 22.9 g/t Ag over 4.30 m true width (see press release dated June 22, 2020)
  
  
• 23.11 g/t Au and 20.5 g/t Ag over 3.0 m true width, and 93.3 g/t Au and 61.4 g/t Ag over 0.8 m true width (see press release dated June 15, 2020)

The focus of the Las Conchitas drilling campaign in this press release was to find the margins of the Bayacun Zone and to test the Mango Zone, which is situated approximately 70 m above Bayacun. While the Mango Zone is generally considered to have less structural and grade continuity than the Bayacun Zone, exploration success at Mango is expected to reduce the potential strip ratio and deepen the ultimate pit limits when modeling an open pit at Bayacun.

The mineralized zones, consisting of multiple parallel quartz veins, are trending in a northeast-southwest direction, and shallowly dip to the northwest, following the topography. Recent drilling and geological modeling demonstrate that these mineralized zones have a good lateral continuity and potential to connect. Specifically, Bayacun and Las Dolores are demonstrating potential to connect, which could significantly expand the strike and dip of the LC-South area.

The Company has received assay results from 161 holes, which continue to demonstrate continuity and the high-grade nature of the mineralized zones within LC-South area. The drilling results are highlighted by hole LC20-175 (Mango Zone), which had multiple intersections including 34.51 g/t Au and 42.4 g/t Ag over 1.0 m (true width), at a vertical depth of 97 m and collared approximately 25 m down dip to the west from hole LC20-157, which also intersected multiple mineralized intervals (see table below). These results further expand a known area of high-grade mineralization.

LC20-198, was drilled to test the down dip extension of the high-grade mineralization within the Mango zone, where it intersected an interval of 82.29 g/t Au and 30.2 g/t Ag over 0.5 m (true width) at 59.5 m from surface (see attached cross section). Originally this high-grade zone was intersected by drill hole LC19-70 (approximately 110 m to the southeast), which recorded the highest gold grade drilled to date of 376.49 g/t Au and 103.0 g.t Ag over 1 m (see press release on May 6, 2019).

Drill hole LC20-323, tested a surface exposure of the Las Dolores Zone and intersected, at only one meter below surface, an interval of 7.39 g/t Au and 23.6 g/t Ag over 3.0 m (2.5 m true width). Approximately 100 m to the northwest, drill hole LC21-333 intersected an interval 52 m from the surface of 9.13 g/t Au and 8.8 g/t Ag over 2.0 m (1.8 m true width), confirming a down dip extension of high-grade mineralization.

Hole LC20-323 is important because it intersected a relatively intact vein and extended the strike of Las Dolores to the northeast where previous drilling had indicated a zone of heavily disturbed and highly brecciated mineralization that is generally associated with the presence of lower grade mineralization. Furthermore, after updating the geological model it appears that Las Dolores may continue 850 m to the northeast, connecting it to the Cruz Grande Zone, where hole CG18-24 previously intersected 23.63 g/t Au over 5.65 m (see press release dated December 5, 2018) and the strike remains open to the northeast. The Company plans to drill in between these two intercepts to confirm the modelling of this area later this year (see attached long section).

La Segoviana

The current reconnaissance exploration program covers the northern portion of the La Segoviana Concession and includes geological mapping and sampling of exposed mineralized veins, local mine dumps and, where safely accessible, underground workings.

The primary goal of this initial exploration program was to collect key structural data of the mineralized veins, confirm the high-grade nature of gold mineralization and map historical surface and underground workings. This data will be used to prioritize targets for follow-up exploration and drilling.

Initial mapping and sampling at the La Segoviana Concession are confirming the existence of high-grade gold mineralization over a significant strike potential at four prospects including, La Reforma, El Silencio, San Luis-Caballo and Minas America; although, additional mapping is required to determine the true strike and dip of the individual veins. The prospects cover a linear distance of approximately 6 km.

Work to date confirms that the structural setting and style of mineralization found at La Segoviana is almost identical to San Albino and to the numerous other showings within all four of the Company's exploration and exploitation concessions. The gold mineralization occurs in fault-controlled quartz veins and occasionally in the immediate surrounding host rock which often contains several parallel gold-bearing veinlets. Veins are typically 1 m thick, with a NE-SW or N-S orientation and a shallow, 15-20 degrees dip. A total of 278 samples were collected from quartz veins exposed in prospects and historical workings, as well as historical dumps with gold assays up to 82.50 g/t Au.

The Environmental Impact Assessment required for the upcoming exploration program at La Segoviana is nearly completed and the permitting process has been initiated. The exploration permit for trenching and drilling on this 3,845.8 hectare (38.5 square km) concession is expected to be awarded by the end of the year.

La Reforma

La Reforma is situated approximately 1 km south from the northern boundary of the concession, approximately 20 km north of San Albino, and is comprised of nine historical adits or tunnels (one is collapsed), several shafts and small pit, dumps and a remnant of a historical mill. Additional mapping within the area identified a 6 m deep vertical shaft, situated approximately 150 m from a previously sampled tunnel (See May 3, 2021 press release) where channel sampling of a vein yielded 43.50 g/t Au and 40.3 g/t Ag over 1.0 m and 38.20 g/t Au and 33.1 g/t Ag over 1.0 m.

Four samples were collected from the newly discovered shaft with values of 18.10 g/t Au and 51.0 g/t Ag over 1.5 m, 40.20 g/t Au and 73.0 g/t Ag over 1.0 m, 65.10 g/t Au and 113.0 g/t Ag over 1.0 m and 82.50 g/t Au and 169.0 g/t Ag over 1.0 m. These samples indicate the potential extension of the structure over 150 m down dip.

El Silencio

The El Silencio prospect is situated at the northern boundary of the concession, approximately 21 km north of San Albino. The initial prospecting (see press release dated May 3, 2021) confirmed evidence of historical mining activities and traced more recent small-scale underground and surface workings done by locals. The initial sampling of the historical workings yielded results of 40.70 g/t Au and 16.1 g/t Ag over 1.0 m and 13.80 g/t Au and 11.7 g/t Ag over 1.0 m respectively. The follow up prospecting identified additional workings where sampling of a vein within Tunnel #2, returned values of up to 31.80 g/t Au and 36.0 g/t Ag over 1.5 m and 16.10 g/t Au and 14.8 g/t Ag over 1.2 m.

San Luis-Caballo

The prospect comprises two showings, San Luis and Caballo, which appear to be developed on the same structure as at the La Reforma prospect, for a total of 400 m strike length. Preliminary mapping and sampling indicate that this area has some of the most extensive historical workings on the La Segoviana concession. The workings mainly consist of narrow tunnels, limited in depth and excavated along the veins. Five historical adits, several pits and a shaft were located and sampled. Recent samples of the vein in Tunnel #1 yielded 19.40 g/t Au and 8.7 g/t Ag over 2.0 m, 15.80 g/t Au and 11.2 g/r Ag over 1.0 m, 16.50 g/t Au and 11.5 g/t Ag over 1.0 m, 15.40 g/t Au and 4.7 g/t Ag over 1.0 m, 18.20 g/t Au and 39.0 g/t Ag over 1.0 m and 10.90 g/t Au and 23.0 g/t Ag over 1.0 m respectively. Sampling of the Tunnel #3 also returned high grade values of up to 13.10 g/t Au and 10.7 g/t Ag over 1.5 m.

Minas America

Minas Americas is situated approximately 500 m south of the San Luis- Caballo prospect. This prospect covers an area of approximately 450 m by 450 m and comprises four prospects, Mina America, Valladares, San Cristobal and Estrellita, as well as numerous historical underground and surface workings. The area was first mined in the 1800's and more recently by local, small-scale miners using manual mining methods. The Company recently conducted sampling within the area, which yielded 19.80 g/t Au and 72.0 g/t Ag over 1.4 m in the Cut #2 (Mina America), and sampling at the San Cristobal prospect of 11.40 g/t Au and 71.0 g/t Ag over 1.3 m and 29.80 g/t Au and 29.0 g/t Ag over 1.0 m.

The mineralized intervals shown above utilize a 1.0 g/t gold cut-off grade with not more than 1.1 meter of internal dilution. *Widths are reported as drill core lengths. **Indicates use of metallic screening method for assays. ***True width is estimated from interpreted sections. In addition to the drill holes presented in the table above, the following drill holes returned only anomalous values: LC19-136, LC20-153, LC20-158, LC20-174, LC20-191, LC20-193, LC20-204, LC20-209, LC20-228, LC20-244, LC20-248, LC20-265, LC20-316, LC20-317, LC20-319, LC20-321, LC20-322, LC20-329, LC20-330, LC20-331, LC21-334, LC21-335, LC21-337, LC21-341, LC21-345, LC21-347, LC21-348, LC21-352, LC21-355, LC21-356, LC21-357, LC21-358, LC21-372 to LC21-376, LC21-380, LC21-381, LC21-383, LC21-385 to LC21-387, LC21-389 to LC21-394, LC21-396, LC21-397, LC21-401 and LC21-403 to LC21-405. In addition to the drill holes presented in the table above, the following drill holes returned no significant values: LC19-137, LC20-151 LC20-275, LC20-320, LC20-324, LC20-325, LC20-332, LC21-338, LC21-340, LC21-342, LC21-343, LC21-346, LC21-349, LC21-350, LC21-351, LC21-354, LC21-359, LC21-361 to LC21-371, LC21-377 to LC21-379 and LC21-395.

Sampling, Assaying, QA/QC and Data Verification

Channel samples are continuous chip samples collected perpendicular to the structures in order to approximate true width of the veins. Dump samples are approximately 2-kilogram samples collected from the surface of dumps developed from previous mining activities. Care was taken to collect samples that are representative of the material on a specific dump.

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. In order to test for the potential presence of coarse gold in a certain sample, the Company has used 500-gram metallic screened gold assays for analyzing samples from mineralized veins and samples immediately above and below drilled veins. This method, which analyzes a larger sample, can be more precise in high-grade vein systems containing coarse gold. All reported drill results in this press release using the metallic screening method are indicated. 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. No top cut has been applied to the reported assay results.

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 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 plans and certain expectations and assumptions, including statements under the heading "Las Conchitas Highlights" and "Las Conchitas" with respect to lateral continuity of the mineralization, the potential of the Bayacun zone to connect with the Las Dolores zone, the size of the strike and dip of the Las Conchitas area, the Company's drilling plans for Las Conchitas and the size and direction of the Las Dolores zone; the grade and characteristics of the four prospects at La Segoviana; the Company's plans for drilling, mapping and exploration at La Segoviana; statements with respect to the timing of the Environmental Impact Assessment required for the upcoming exploration program at La Segoviana and receipt of the exploration permit for trenching and drilling on the concession; the characteristics of the San Luis and Caballo prospects; developing a resource at Las Conchitas to double the size of its operations, and proving that the Company has an orogenic gold mining district in Nicaragua; and being able to collect key structural data of the mineralized veins, confirm the high-grade nature of gold mineralization and map historical surface and underground workings, and to be able to use the data to prioritize targets for follow-up exploration and drilling. 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 statements with respect to the Las Conchitas characteristics, size and dip are inaccurate; the Company not being able to complete its drilling plans at Las Conchitas; the Company not being able to complete plans for drilling, mapping and exploration at La Segoviana; the Company not being able to complete the Environmental Impact Assessment required for the upcoming exploration program at La Segoviana or receive the exploration permit for trenching and drilling on the concession on the timing described herein or at all; the characteristics of the San Luis and Caballo prospects being inaccurate; the Company does not continue to find positive results from its reconnaissance exploration program and proposed follow-up exploration on the concessions; that further exploration and assays 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 Las Conchitas concession, the La Segoviana Concession, the other exploration prospects discussed herein 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.