Mako Gold : High-Grade Gold from Drilling at Tchaga and Gogbala Projects

Published: 2022-01-17 16:35:08 ET MKG.AX

ASX ANNOUNCEMENT

18 JANUARY 2022 ASX:MKG

For personal use only

EXTENSIONAL DRILLING AT TCHAGA & GOGBALA

DELIVERS FURTHER HIGH-GRADE GOLD

HIGHLIGHTS

o NARC558DD: 1.2m at 7.44g/t Au from 203.5m

1 Previously reported in ASX release dated 9 August 2021

Mako Gold Ltd

ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000

T +61 7 3076 0727 E [email protected] makogold.com.au

For personal use only

Mako's Managing Director, Peter Ledwidge commented:

"We are very pleased with the ongoing outstanding results from our drilling programs at both the Gogbala and Tchaga prospects at Napié. We are highly encouraged by the drill results which will add potential ounces to the upcoming maiden Mineral Resource Estimate (MRE) scheduled for H1CY22.

Tchaga drilling has focussed on extensional drilling which will bolster the MRE, while Gogbala drilling is testing new targets as well as extensional drilling to increase the size of the upcoming MRE. Drilling on both Tchaga and Gogbala resumed on 4 January after a short break for the holiday season. We look forward to providing further results as assays are received."

Mako Gold Limited ("Mako" or "the Company"; ASX:MKG) is pleased to advise that it has received assay results from 32 reverse circulation (RC) and diamond drilling (DD) holes from the 10,000m drilling program at the Gogbala Prospect, and 7 RC/DD holes from the ongoing 10,000m drilling program at the Tchaga Prospect, at the Company's flagship Napié Project in Côte d'Ivoire. Gogbala and Tchaga are located on a +23km soil anomaly and coincident 30km-long Napié Fault (Figure 4).

HIGH-GRADE GOLD INTERCEPTED AT GOGBALA

Results are reported from 32 RC/DD holes of the current 10,000m drill program (Figure 1). Several high-gradeintervals were intersected with 20 holes intersecting significant mineralisation including 9m at 3.77g/t Au in NARC579, 6m at 5.37g/t Au in NARC569 which include 3m at 9.61g/t Au, and 1m at 28.93g/t Au in NARC584.

The best results were returned from extensional drilling along strike or below previous positive drill intersects, which extends the mineralised zones. Extensional drilling is ongoing to follow up on these and other previous results.

It is noteworthy that some IP chargeability anomalies were also tested with the hopes of intersecting pyrite- associated gold. No significant results were returned from those targets (southern fences of holes in Figure 1). This in no way reduces the prospectivity of the Gogbala Prospect proximal to the D1 Napié fault and +40 ppb soil anomaly where wide and high-grade gold intercepts have been consistently returned. Further drilling is planned to extend the fences SE into the soil anomaly.

Current drill results confirm the similarities with the Tchaga Prospect which hosts stacked high-gradegold lodes and increases the Company's confidence as Mako advances Gogbala towards a maiden MRE.

Intervals above 0.5g/t Au cut-off are reported in Appendix 1. A map of the Gogbala drill hole locations is shown in Appendix 2.

Select previous and new drill results are included in Figure 1 and Figure 2.

Mako Gold Ltd

ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000

T +61 7 3076 0727 E [email protected] makogold.com.au

For personal use only

Figure 1: Gogbala - Select new (yellow) and previous (white) gold intercepts on IP geophysics

Mako Gold Ltd

ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000

T +61 7 3076 0727 E [email protected] makogold.com.au

For personal use only

Select significant results from previous drilling at Gogbala1 include:

Figure 2: Section AB looking northeast with new (yellow) and previous (white) gold intercepts

1 Refer to ASX announcements dated 9 July 2018, 13 March 2019, 15 March 2021, 9 September 2021, 6 October 2021, and 3 November 2021

Mako Gold Ltd

ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000

T +61 7 3076 0727 E [email protected] makogold.com.au

For personal use only

TCHAGA DRILL RESULTS

Results have been received from 7 RC/DD holes from Tchaga. Four of the seven holes intersected significant mineralisation. The holes were designed as part of the ongoing extensional drilling program to extend mineralisation at Tchaga (Figure 3).

Hole NARC467DD returned 5.8m at 6.96g/t Au including 1m at 34.62g/t Au in the diamond extension of the previously reported RC portion of the hole which intersected 26m at 1.01g/t Au. A dedicated DD rig is currently drilling to test mineralisation at depth.

Figure 3: Tchaga Prospect - Select new (yellow) and previous (white) gold intercepts

Intervals above 0.5g/t Au cut-off are reported in Appendix 2.

A map of the Tchaga drill hole locations is shown in Appendix 3.

Mako Gold Ltd

ASX: MKG

Office address Level 6, 144 Edward Street Brisbane, Queensland, 4000

T +61 7 3076 0727 E [email protected] makogold.com.au

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Disclaimer

Mako Gold Ltd. published this content on 17 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 21:34:09 UTC.