Mako Mining – Q2 Operations Review, Las Conchitas Exploration Update, EIA Approval, And Goldsource Mines Acquired
Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to unpack a few recent news releases on the key takeaways from the Q2 2024 operations at the San Albino Mine in Nicaragua, a recap of recent exploration results from Las Conchitas, the approval of their Environmental Impact Assessment in Nicaragua, and the completion of the acquisition of Goldsource Mines in Guyana.
We start off with the key takeaways from the Q2 operations update, with another record quarter from its San Albino Gold Mine, which is the 3rd year of production results since declaring commercial production on July 1st, 2021.
Q2 2024 Operational Highlights:
- Record 59,549 tonnes mined containing 14,855 ounces of gold ("oz Au") at an average grade of 7.76 grams per tonne gold ("g/t Au") and 20,970 ounces of silver ("oz Ag") of 10.95 grams per tonne silver ("g/t Ag")
- 52,681 tonnes milled containing 14,888 oz Au at an average grade of 8.79 g/t Au and 19,953 oz Ag at 11.78 g/t Ag
- 12,206 oz Au recovered and 12,313 oz Au sold during the quarter
- Delivered 40,500 oz of silver on the Sailfish Silver Loan for a total of US$ 1.1 million during Q2 2024
- NCIB share repurchases of CAD$3.4 million shares equating to 1 million shares at an average price of CAD$3.38 /share in Q2 2024
- Exploration Expenses of US$ 1.6 million in Q2 2024
- Cash Balance of aprox. US$ 6.7 million and Gold in Sales Receivable of US$3.2 million as of June 30th, 2024, an increase of US$ 2.4 million from Q1 2024
Then we get an update on this year’s ongoing exploration strategy at San Albino, Las Conchitas, and other regional targets. We noted a recent new release from July 10th highlighting the recent exploration results from the ongoing reverse circulation (RC) expansion drill program, from 3 of the 4 principal zones within the southern portion of Las Conchitas: El Limon, Mango and Las Dolores.
Las Dolores Highlights:
- 37.80 g/t Au and 50.0 g/t Ag over 3.0m - (2.8m Estimated True Width -ETW)
- 34.10 g/t Au and 29.4 g/t Ag over 1.0m - (0.9m ETW)
- 16.77 g/t Au and 32.5 g/t Ag over 2.0m - (2.0m ETW)
- 16.56 g/t Au and 12.8 g/t Ag over 2.0m - (1.9m ETW)
El Limon and Mango Highlights:
- 11.25 g/t Au and 18.3 g/t Ag over 3.0m - (3.0m ETW)
- 9.83 g/t Au and 20.4 g/t Ag over 4.0m - (4.0m ETW)
We wrap up reviewing that the Las Conchitas EIA was recently approved and certified, although the Company continued to operate as usual with the bulk sample permit obtained last year. Exploration has ramped up at site, as noted by these first results, but there will be many more expansion drill results that get released to the market as the assays come in over the next 2 months. Cash is building on the balance sheet as the company prepare to begin advancing the newly acquired Eagle Mountain Gold Project in Guyana.
If you have any further questions for Akiba regarding Mako Mining, then please email me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.
Click here for a summary of the recent news out of Mako Mining.
