Canadian Mining Journal


GOLD: Mako progresses definition drill program at San Albino

Construction at San Albino Credit: Mako

Construction at San Albino Credit: Mako

NICARAGUA – Mako Mining has released the results of 12 holes completed as part of the company’s definition drill program around the West Pit area at its San Albino gold project, 173 km north of the capital city of Managua.

Several of the reported intervals fall outside of the pit limits defined in the company’s 2015 preliminary economic assessment (PEA) for the project, which is currently in construction.

Drill highlights include 5 metres of 21.61 g/t gold and 41.9 g/t silver, at approximately 64 metres below surface and 4 metres below the 2015 West Pit limit, as well as 4.3 metres of 5.37 g/t gold and 20.3 g/t silver, at 85 metres below the surface and 34.4 metres below the PEA West Pit boundary.

In the release, Akiba Leisman, the company’s CEO, indicated that these latest intercepts will be included in an updated resource estimate for San Albino, which remains on track for delivery later this quarter.

The results from four additional holes suggest that the San Albino zone is 20 metres closer to surface than previously projected.

The 2015 PEA outlined a 500 tonne-per-day staged open pit to underground operation at an initial capital cost of $21.1 million, producing an average of 41,300 oz. payable gold-equivalent oz. annually at all-in gold-equivalent sustaining costs of $395 per oz. The associated net present value estimate for the project, at a 5% discount rate, came in at US$173.9 million, with a 1.7-year payback period.

Mine construction is over 70% complete at San Albino with the first gold pour currently expected in January 2021.

Indicated pit-constrained resources at San Albino stand at in 656,000 tonnes grading 7.13 g/t gold for a total of 150,400 oz. with additional inferred pit-constrained resources of 880,000 tonnes at 6.78 g/t gold totaling 192,000 oz. The resources are derived using a 0.75 g/t gold-equivalent cut-off grade.

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