Makara Provides Drill Update on Rude Creek Gold Project, Yukon
VANCOUVER, September 17, 2020 - Makara Mining Corp. (CSE:MAKA)(FSE:MK0)(OTC PINK:MAKAF) ("Makara" or the "Company") is pleased to provide an update on the Company's ongoing drill program at its Rude Creek Gold Project ("Rude Creek" or the "Project"), in the White Gold region of the Yukon, Canada.
The drill program is focused on portion of the NE soil anomaly, which measures 1,000m by 1,600m in size. The program is progressing well and a total of 11 reverse-circulation ("RC") holes (totalling approximately 1,100 metres) have been completed to date. The remaining 9 RC holes (totalling approximately 900 metres) from the 20-hole program are expected to be completed over the next 10-14 days. Geological logging of RC chips is anticipated to begin over the next week.
Of the nine holes completed to date, two of the holes tested directly above and below last year's standout hole (ROY-RC-19-09) which intersected a new zone of 9.15m of 1.42 g/t gold and 19.5 g/t silver. Four additional holes were drilled from a drill pad located 50m along trend to the southeast. These four holes were oriented approximately north, south, east and west, in order to test not only the main north-west trend, but also gold-bearing veins which may be oriented perpendicular to the main trend. Four more holes were drilled from a pad located another 50m to the southeast (with similar azimuths as above). The easterly-dipping hole on this pad was testing a soil anomaly with especially high gold-in-soil values (514 ppb, 207ppb and 612ppb gold) over a distance of 50m. The last hole completed to date is east-dipping on a drill pad located another 50m to the southeast, testing the highest soil value on the entire NE anomaly (1,167 ppb gold).
We expect assay results from the above drilling by mid-late October, depending on laboratory capacity and turn-around times. Samples are being prepared in Whitehorse and will be sent for analysis at Bureau Veritas in Vancouver.
Grant Hendrickson, President and CEO, stated: "Our entire team has done an excellent job initiating a start to our drill program and we look forward to completing the 2,000-meter drill program in the next two weeks. I am very pleased with the progress made to date. We continue to work safely and productively, observing the protocols set out in our COVID-19 safety procedures."
Background on Rude Creek
Rude Creek is situated 12 kms southeast of the very large tonnage Casino copper-gold deposit, owned by Western Copper and Gold. The Casino deposit is being seriously considered for large-scale development. Newmont's sizeable Coffee orogenic gold deposit is located 45 kms to the northwest of Rude Creek. The Coffee Creek and Casino projects, together with the Rude Creek and other interesting gold projects in the area, are all contributing to the White Gold and Dawson Range gold belts becoming one of the most rapidly evolving regions of the Yukon.
The potential quantity and grade of mineralization described herein is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Technical information in this news release has been approved by Grant Hendrickson, P.Geo. and ‘Qualified Person' as defined under Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About the Company
Makara Mining Corp. (CSE: MAKA; FSE: MK0; OTC: MAKAF) is a mineral exploration company focused on the acquisition, exploration and development of gold properties. The Company is based in Vancouver, B.C. and holds options over the Rude Creek Property and Idaho Creek Property located in the Yukon, the Kenora Gold Property located in Northwestern Ontario and the Davis and Paradise Valley claims located in Nevada. Additional information about the Company is available at www.makaramining.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Director and Chief Executive Officer
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, and statements respecting the expected timing of completion of the RC drilling program and the expected timing of the assay results therefrom are "forward-looking statements". Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE: Makara Mining Corp.
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