|September 21, 2017|
MAMMOTH RESOURCES REPORTS AVERAGE 0.77 GRAMS PER TONNE GOLD EQUIVALENT OVER A TOTAL OF 129 METRES IN SURFACE CHANNEL SAMPLING PROGRAM AT ITS TENORIBA PRECIOUS METAL PROPERTY, MEXICO
|Toronto, Canada (September 21, 2017) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company") is pleased to announce results from the final 2 surface channels cut and sampled at its Tenoriba precious metal property in Chihuahua State, Mexico and average grade of the various channels cut during this program. The most recent results are from the Los Carneritos and the Cerro Colorado areas, two gold-silver mineralized areas at Tenoriba separated approximately 5 kilometres one from the other (refer to Figure 1 - Tenoriba Channel Location Map), results of which are shown in Table 1 - Channel Sample Results and are summarized in the table below (most recent results shown in bold text), together with previously reported results from this program. A more detailed image of Carneritos 6 trench location can be seen in Figure 3 - Los Carneritos Channel Location Map in the press release dated August 22, 2017. |
The average grade of the channel samples cut was 0.77 grams/tonne (g/t) gold equivalent (assuming a silver : gold ratio of 75 : 1) over a total of 129.0 metres cut at 12 locations over more than a 5 kilometre strike length throughout the 15 square kilometre area of precious metal mineralization at Tenoriba, after withholding two low grade channels; Carneritos 5 (11.9 metres grading on average 0.08 g/t gold equivalent) and Masuparia 3 (12.0 metres grading on average 0.12 g/t gold equivalent).
Thomas Atkins, President and CEO of Mammoth commented on the channel sample results stating: "With all 14 channel sample results reported we're pleased to be able to report an average grade of 0.77 grams per tonne gold equivalent over 129 metres of channel sampling in 12 of the 14 channels. Two low grade channels were discarded from this averaging while the 12 channels remaining were distributed over more than a 5 kilometre strike length within the 15 square kilometre area of precious metal mineralization at Tenoriba. These are excellent results with lengthy channels separated from one another by hundreds of metres with an average precious metal grade as much as 80% above the reserve grade of profitable open pit heap leach mines currently operating in Mexico. Based on these results, and results from other prior surface work, the company is well underway to prioritizing diamond drill targets for a drill program planned for later this year. While the company had previously planned to drill approximately 15 holes totaling 2,500 metres, given the current relatively weak share price it now plans a smaller, initial program with a capital raise of approximately half of its prior objective. Mammoth expects to announce its various drill targets in a press release and summary internal report in the coming weeks prior to the initiation of the drill program."
The Company announced earlier this year its plans to embark on a program of infill PIMA sampling, drill road construction and channel sampling to better define drill targets which followed prior surface sampling and an IP and Magnetometer geophysics survey over a prospective 15 square kilometre area at Tenoriba. Mammoth has sampled gold ubiquitously over the property reporting results as high as 74 g/ and in numerous intersections in 15 prior drill holes, the highest grade of which was 45.6 g/t gold over 1.9 metres of drill core. The Company cut 14 channels totaling almost 200 metres in length (samples below 0.18 g/t gold equivalent at either end of a channel were discarded as being below a potentially reasonable economic cut-off level based on resource cut-off grades of open pit heap leach mines in Mexico) with 139 samples from this program analyzed for gold, silver and multi-elements in the Cerro Colorado, El Moreno, Masuparia and Los Carneritos areas on the property (refer to Figure 1 - Channel Sample Location Map).
Results from this channel sampling program correspond well with geophysical features extending at depth below these channel samples and this correlation will be used to assist in locating attractive drill targets with the objective of extending surface results at depth and potentially begin to build a mineral resource at Tenoriba.
Channel Width (m)
True Width (m)
Average Gold Grade (g/t)
Silver Grade (g/t) Weighted Average Gold Equivalent*
El Moreno 1 330732 to 330740 13.6 11.5 0.64 2.5 0.67
El Moreno 2 330789 to 330800 16.5 16.0 0.38 4.3 0.44
El Moreno 3 330656 to 330659 6.0 5.0 0.28 0.6 0.29
El Moreno 4 330685 to 330673 12.0 11.0 0.23 9.7 0.36
Carneritos 1 330743 to 330750 & 330754 to 330756 15.7 15.5 0.99 6.1 1.07
Carneritos 2 330757 to 330761 7.4 7.0 1.28 8.2 1.36
Carneritos 3 330762 to 330770 13.5 13.5 1.50 3.4 1.55
Carneritos 4 330695 to 330700 & 330801
10.0 10.0 0.42 7.2 0.51
Carneritos 5 330802 to 330811 11.9 11.9 0.05 0.01 0.08
Carneritos 6 330812 to 330816 6.2 6.2 0.88 4.4 0.94
Masuparia 1 330677 to 330685 13.1 13.1 0.66 0.9 0.67
Masuparia 2 330689 to 330694 6.4 6.4 0.47 10.0 0.61
Masuparia 3 330819 to 330826 12.0 9.7 0.11 1.0 0.12
Cerro Colorado 330827 to 330831 6.8 6.4 0.54 1.9 0.57
TOTAL LENGTH: 151.1 WEIGHTED AVERAGE GRADE: 0.66
Any gold samples assaying greater than 10 g/t gold were reduced ("cut") to 10 gpt gold in any averaging.
* Gold Equivalent wherein silver grade is converted to gold grade at 75 g/t silver = 1 g/t gold.
Qualified Person / Quality Controls:
Richard Simpson, P.Geo., Vice-President Exploration for Mammoth Resources Corp. is Mammoth's Qualified Person, according to National Instrument 43-101, for the Tenoriba property and is responsible for and has reviewed any technical data mentioned in this news release. Samples referenced in this press release were prepared and analyzed by ALS CHEMEX in their facilities in Mexico and Canada, respectively. Samples generally consisted of over a minimum of 2 kilograms of material. Gold and silver analyses were performed by 30 gram fire assay with an Atomic Absorption finish. Silver, copper, lead and zinc were analyzed as part of a multi-element ICP package using an aqua regia digestion. Over limit samples with greater than 1% Cu, Pb and Zn were re-analyzed using ore grade detection limits. Blank and duplicate samples were inserted randomly at approximately every 20 samples.
About Mammoth Resources:
Mammoth Resources Corp. (TSX-V: MTH) is a mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company has an option to acquire 100% of the Tenoriba Property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. The Company continues to seek other option agreements in the Americas on other properties it deems to host above average potential for economic concentrations of precious metals mineralization.
To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at: www.mammothresources.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.
Table 1 - Channel Sample Results
(g/t) Silver Grade
(g/t) Gold Equivalent Grade
(g/t) Weighted Gold
330812 Carneritos 6 0.85 0.23 8.40 0.33 0.29
330813 " 1.50 0.14 0.60 0.16 0.23
330814 " 1.50 2.92 9.70 3.11 4.60
330815 " 0.80 0.60 3.40 0.63 0.52
330816 " 1.50 0.11 1.00 0.13 0.19
Total 6.15 0.94
True Width 6.15
330827 Cerro Colorado 1.50 0.33 6.30 0.42 0.58
330828 " 1.50 0.35 3.60 0.40 0.58
330829 " 1.50 0.47 0.75 0.48 0.72
330830 " 1.50 1.14 1.65 1.16 1.73
330831 " 0.80 0.29 0.72 0.30 0.25
True Width 6.40
Figure 1 - Tenoriba Channel Location Map
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