The La Segoviana concession covers an area of 3,845.80ha (approximately 38.5km2)
Canada-based gold mining firm Mako Mining has further expanded its mineral concessions in Nicaragua.
The company, through its wholly-owned subsidiary Nicoz Resources, has been granted a new concession called La Segoviana by Nicaraguan Ministry of Mines and Energy (MEM).
Located adjacent to the north and northwest of Mako’s San Albino-Murra concession in Nueva Segovia, the La Segoviana concession covers an area of 3,845.80ha (approximately 38.5km2).
Dating back to the pre-Columbian and Spanish colonial times, the area has a long history of mining with many workings.
According to Mako, in the mid 1800’s to early 1900’s, historical mining and production took place in this area. Some of the veins outcropping on the concession were developed by artisanal miners (mostly underground).
The area has no evidence of large-scale mining activities or underground workings.
The La Segoviana concession is valid for period of 25 years
The new concession is valid for a span of 25 years, until 12 March 2045 and allows for both exploration and exploitation.
Currently, Mako holds 100% of four mineral concessions in Nueva Segovia for a combined land package of nearly 18,817ha(188km2)
Mako CEO Akiba Leisman said: “In a time of severe operational stress across our entire industry due to the COVID-19 global pandemic, being granted this additional concession demonstrates Mako’s commitment to Nicaragua for many years to come.
“Our first objective is to use the remaining financial resources we currently have to finish construction of San Albino and to continue a targeted exploration campaign at Las Conchitas to the south.
“However, once cash flow from the mine begins, we aim to aggressively explore our now 188 square kilometer land package.”
Mako’s geologists have indicated 16 prospects congregated around four historical workings namely Mina San Cristobal, Los Encinos, Mina America and Mina Plata during preliminary due diligence of the La Segoviana concession.
The company plans to send an exploration crew to the new concession, to execute both a reconnaissance examination of the newly acquired exploration area and to carry out a preliminary sampling of mineral prospects in order to define areas suitable for further exploration.
Mako is developing its high-grade San Albino gold project in Nueva Segovia, Nicaragua.