Reporting the results of 16 drill holes, the company said it intercepted stacked high-grade intervals starting near surface, extending the down-dip projection of the Bayacun zone and the up-dip projection of the Mango zone. Highlights included 0.8m grading 50.1 grams per tonne of gold and 40.6g/t of silver 3m from surface.

"The next focus of our exploration campaign will be drilling in between zones to determine if they link up," said Mako Mining CEO Akiba Leisman.

"The presence of stacked zones/veins at Las Conchitas is consistent with the mineralisation encountered at San Albino, which bodes well for defining a larger economic pit shell as we advance the target toward a maiden resource."

The drill programme at Las Conchitas aims to delineate a near surface, shallow dipping, high-grade maiden resource estimate. Since 2019, Mako has completed 125 shallow diamond drill holes for 10,484m within the Bayacun zone, within a total of 21,065m in 258 holes at Las Conchitas. Las Conchitas is about 2.5km from San Albino, where Mako is building a gold mine which is due to commence production early in 2021.

Shares in Mako Mining are trading at C33c, valuing the company at $216 million.