Mako Mining Intersects 18.34 g/t Au over 4.2 m Estimated True Width, 48 m Below Surface, Extending El Golfo Strike Length to 630 m and Announces Receipt of Underground Mining Permit at Las Conchitas
Mako Bolsters Nicaragua Production Profile with New Underground Permit while El Golfo Exploration Hits High-Grade Continuity
The news release dated January 6, 2026, reports two primary developments at Mako’s Nicaraguan operations: - Exploration Success at El Golfo: Drilling has intersected high-grade gold mineralization, specifically 18.34 g/t Au over 4.2m Estimated True Width (ETW) only 48m below surface in hole EJ25-24. This extends the El Golfo strike length to 630m and a down-dip of 305m, remaining open in all directions. - Underground Mining Permit: The company received an environmental permit modification for the Las Conchitas deposit. This allows for the development of two underground adits with a planned production rate of 150-250 tonnes per day (tpd) over an initial six-year mine life. This will augment existing open-pit operations.
- Operational Growth: The receipt of the underground permit is a material milestone that transitions Las Conchitas from purely open-pit to a hybrid operation. This allows Mako to target higher-grade veins that were previously inaccessible, likely improving the blended head grade.
- Exploration De-risking: The El Golfo results (18.34 g/t Au over 4.2m) are consistent with high-grade results seen earlier in 2025 (e.g., May 2025: 39.15 g/t over 5.9m). Extending the strike to 630m suggests that El Golfo could eventually provide a satellite feed to the San Albino mill, which currently has excess capacity (operating at ~600 tpd vs. 500 tpd nameplate).
- Synergy: El Golfo is located only 1km southwest of Las Conchitas, meaning infrastructure and processing logistics are already largely in place.
Mako Mining is a gold producer with a primary focus on the San Albino-Murra district in Nicaragua. - San Albino (Nicaragua): A high-grade open-pit mine that achieved commercial production in 2021. It serves as the hub for the Las Conchitas and El Golfo satellite deposits. - Moss Mine (Arizona): Acquired in early 2025; a heap leach operation currently being optimized and ramped up to steady-state production. - Eagle Mountain (Guyana): A development-stage project with a PEA indicating a US$292M NPV. - Mt. Hamilton (Nevada): Pending acquisition; adds US-based gold-silver production and tungsten optionality.