For the period ending 30 September 2021

Mako Gold Limited ("Mako" or "the Company"; ASX:MKG) is pleased to present its Quarterly Activities Report for the period ending 30 September 2021. Activities are reported for corporate matters and exploration at the Company's flagship Napié Project("Napié") and the Korhogo Projectin Côte d'Ivoire (Figure
1).

HIGHLIGHTS
  • Ongoing 10,000m drill program at the Gogbala Prospect intersects best drill results to date and confirm similarities to Tchaga Prospect. Notable results include:
    • 20m at 3.41g/t Au from 19m; including
      • 1m at 6.70g/t Au from 22m and 2m at 14.12g/t Au from 37m
    • 35m at 1.72/t Au from 43m; including
      • 2m at 7.91g/t Au from 44m; and 6m at 3.93g/t Au from 64m
    • 7m at 6.70g/t Au from 6m; including
      • 3m at 10.61g/t Au from 6m
    • 23m at 1.81g/t Au from 19m; including
      • 1m at 5.73g/t Au from 24m; 1m at 5.41g/t Au from 28m; and 4m at 3.05g/t Au from 36m
    • 20m at 1.92g/t Au from 33m; including
      • 2m at 4.90g/t Au from 35m; 1m at 9.64g/t Au from 43m; and 1m at 6.78g/t Au from 52m
    • 8m at 4.29g/t Au from 82m; including
      • 3m at 8.45g/t Au from 86m
    • 3m at 9.41g/t Au from 117m; including
      • 2m at 13.03g/t Au from 118m
    • 8m at 2.87g/t Au from 49m; including
      • 1m at 11.13g/t Au from 53m
    • 9m at 2.52g/t Au from 55m; including
      • 1m at 11.84g/t Au from 55m
    • 11m at 1.56g/t Au from 77m; including
      • 1m at 4.27g/t Au from 77m and 1m at 8.60g/t Au from 87m
  • Results from Gogbala drilling to be included in upcoming Maiden Resource Estimate and confirm potential for major high-grade gold system similar to Tchaga
  • Ongoing 10,000m drill program at the Tchaga Prospect intersects highest grade ever of 1m at 174.6g/t Au. Notable results include:
    • 10m at 18.98g/t Au from 7m; including
      • 1m at 174.6g/t Au from 14m
    • 2m at 24.06g/t Au from 112m; including
      • 1m at 40.32g/t Au from 113m
    • 29m at 1.44g/t Au from 62m; including
      • 5m at 3.16g/t Au from 68m
    • 36m averaging 1.11g/t Au intersected over multiple zones from 40m; including
      • 10m at 1.92g/t Au from 40m
    • 26m averaging 1.01g/t Au intersected over multiple zones from 92m; including
      • 9m at 1.09g/t Au from 100m; and 5m at 2.55g/t Au from 113m
  • Assay turn-around times returned to 3-4 weeks following Mako's strategy of utilising two assay laboratories
  • Strategic $10M Placement with cornerstone support of $6.3M received from high quality North American and European strategic investors including Dundee Goodman Merchant Partners, DELPHI, and Sparta AG
  • 45,000m drill program commenced on the Company's projects in Côte d'Ivoire, with temporary pause due to wet season and drilling to recommence shortly
  • Mako received US$700,000 (c. A$945,000) from Nordgold following completion of sale agreement of Niou Project in Burkina Faso  Strong cash balance of $11.8M gives runway for aggressive exploration

During and subsequent to the reporting period 6,752m in 55 reverse circulation (RC) holes and 724m in 7 diamond drill (DD) holes were drilled for a total of 7,476m on the Napié Project

Figure 1: Napié and Korhogo projects - Côte d'Ivoire


Read the full report here.

MKG:AU

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