To date, 5,072m of infill grade-control drilling has been completed in 115 diamond drill holes, with a key objective being to find the strike and dip extension of the near-surface and high-grade mineralisation.

"We are more than 70% complete with the infill drill programme at San Albino and the results have come in beyond our expectations. Specifically, the wide, multi-ounce intercepts within 20m from surface encountered in holes SA19-155 and SA19-207 are extraordinary," said CEO Akiba Leisman.

"Few openpit mines exist in the world today with grades such as these, and we are excited to see further results as we continue advancing the project into production for late summer next year."

Mako has a permit to build and operate a 500 tonnes per day openpit mine at San Albino with an inpit grade of 7.13g/t. The preliminary economic assessment outline annual production of 41,300oz of gold equivalent following a US$21.1 initial capital investment with an all-in sustaining cost of $395/oz.

Shares in Mako Mining are trading at C23c, valuing the company at $128 million.