Q1 2024 Production and Financial Highlights
Record 67,961 tonnes mined containing 13,965 ounces of gold ('oz Au') at a blended grade of 6.39 grams per tonne gold ('g/t Au') and 15,718 ounces of silver ('oz Ag') at a grade of 7.19 grams per tonne silver ('g/t Ag')
o 25,374 tonnes mined containing 9,664 oz Au at 11.85 g/t Au and 9,919 oz Ag at 12.16 g/t Ag from diluted vein material
o 42,587 tonnes mined containing 4,301 oz Au at 3.14 g/t Au and 5,799 oz Ag at 4.24 g/t Ag from historical dump and other mineralized material above cutoff grade ('historical dump + other') 22.7:1 strip ratio 52,478 tonnes milled containing 12,266 oz Au at a blended grade of 7.27 g/t Au and 14,071 oz Ag at 8.34 g/t Ag 36% and 64% from diluted vein and historical dump and other, respectively 606 tonnes per day ('tpd') milled at 96% availability
Recoveries of 80.6% for gold in Q1 2024 150,744 tonnes in stockpile containing 12,465 oz Au at a blended grade of 2.57 g/t Au 10,070 oz Au Equiv. recovered and 9,332 oz Au. Equiv. sold during the quarter
Delivered 40,500 oz of silver on the Sailfish
Entered into an environmental settlement and release agreement with GR Silver comprising
Aprox.
Mining
The mine averaged 747 tpd of diluted vein and historical dump + other material in Q1 2024, which was by far the highest mining rate of mineralized material in the Company's history. This record came in a large part from a significant positive reconciliation of mineralized tonnes to the resource model. The strip ratio was 22.7:1 which included pre-stripping of the
The total production of diluted vein material in Q1 2024 came from 3 different zones; 39% of the total ounces were mined from the
Milling
All components of the 500 tpd gravity and carbon-in-leach processing plant have been fully operational since the beginning of
About Mako
Contact:
Tel: 917-558-5289
Email: aleisman@makominingcorp.com
Forward-Looking Information: Statements contained herein, other than historical fact, 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 that Q1, 2024 detailed operating costs and financial results will be available by the end of this month; the additional optimizations noted may improve recoveries further and that the Company can operate San Albino profitably in order to fund exploration of prospective targets on its district-scale land package. 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's debt repayments and payables, royalties and taxes and cash balance are preliminary in nature and have not been audited by a third party; that the Company is not successful in operating San Albino profitably and/or funding its exploration of prospectus targets on its district-scale land package; 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.sedarplus.ca. 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 expectations regarding the Company's Q1 2024 production results at San Albino gold 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.
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