|July 19, 2018|
Mammoth Intersects Multiple Gold Intersections Totalling 61.5 Metres In Step-Out Drill Hole At Its Tenoriba Precious Metal Property, Mexico
|Toronto, Canada (July 19, 2018) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company") is pleased to announce results from diamond drill holes TEN 17-09 and TEN 17-10 on its Tenoriba precious metal property in the Sierra Madre region of southwestern Chihuahua State, Mexico. |
Results are for two step-out holes in the Masuparia area, in the central portion of the 6 km long trend of gold mineralization on the property. These diamond drill holes test 100 metres to the north (TEN 17-09) and 50 metres to the south and west (TEN 17-10), respectively of prior program drill hole TDH-07 which assayed 2.01 grams per tonne ("g/t") gold equivalent ("gold Eq") over 47.0 metres ("m") within the possible intersection of two mineralized controls, one oriented north-northwest and the other northwest. These intersections occur within a larger approximate one-kilometre diameter area of ubiquitous gold mineralization in surface chip and channel samples and multi-metre intersections of gold grading up to 10's of grams per tonne ("g/t") gold equivalent ("gold Eq"), including drill hole TDH-07 and a 41.0 m intersection grading 0.92 g/t gold Eq in drill hole TDH-11 and a 23.5 m intersection grading 1.32 g/t gold Eq in TEN 17-05.
Results are shown in the table below. Drill hole surface locations, a summary table of the assay results from the ten drill holes along this trend in the Masuparia area and drill cross sections illustrating the location and depth of the mineralized intervals relative to geophysical and topographic features are available on the Company's website under the 'Projects' section; 'Maps, Images and Photographs' dated July 18, 2018.
Thomas Atkins, President and CEO of Mammoth commented on these results stating: "Although we haven't figured out all the controls to mineralization in this central area, as evidenced by the weaker assay results in hole TEN 17-09, drill hole TEN 17-10 continued to add a total of 61.5 metres of potentially economical gold in what is an approximate one-kilometre, northwest trend of mineralization in this area.
"Hole TEN 17-10 intersected two three metre intersections grading 0.72 and 1.99 gram per tonne gold equivalent plus two lengthy intersections of 22.5 and 24.0 metres grading 0.40 and 0.36 grams per tonne gold equivalent, respectively.
"At this time it's uncertain whether mineralization in ten holes drilled along this one-kilometre northwest trend is geologically controlled or is being defined by the location of the drill holes intersecting gold along the trend. Irrespective of geological or drill control, ten drill holes over a one kilometer area is quite impressive and is made more impressive by some of the intervals and grades intersected among these ten holes, including: 47.0 metres grading 2.01 grams per tonne gold equivalent in TDH-07 and 23.5 metres grading 1.32 grams per tonne gold equivalent in TEN 17-05."
* Gold Equivalent where silver grade is converted to gold grade at 75 g/t Ag = 1 g/t Au and 15.3 lbs Cu = 1.0 g/t Au.
Lengths shown are core lengths versus perpendicular true length of mineralized intersections.
Drill Hole TEN 17-09
Drill hole TEN 17-09 is located 100 m north of hole TEN 17-05 which assayed 0.63 g/t gold Eq over 27.0 m and 1.32 g/t gold Eq over 23.5 m. It appears the north-northwest trending Metalito structure was intercepted from 66.50 to 71.0 m, a 3.0 m portion of which averaged 0.42 g/t gold Eq. It is possible this structure pinches in this area or has been displaced due to faulting (refer to the Company's website for a surface map illustrating the surface collar location and a section illustrating the angle and depth of the drill hole under the 'Projects' section; 'Maps, Images and Photographs' dated the date of this press release). Further exploration, possibly with the assistance of surface geophysics oriented perpendicular to the strike of the Metalito structure may assist in better understanding the location and dimensions of controls to mineralization in this area. Although the structure is narrower in this drill hole and is absent the mineralized pyrite stringers which carried gold in other intersections along this structure, the structure remains open towards the north for at least an additional 400 metres, as evidenced by surface mapping and sampling.
Drill Hole TEN 17-10
Drill hole TEN17-10 targeted the intersection between the south-southeast extension of the Metalito structure and the southeastern extension of the same northwest trending feature targeted in drill hole TEN 17-09 (above), 50 metres south of drill hole TDH-07 and drill hole TEN17-04 (refer to the Company's website for a surface map illustrating the surface collar location and a section illustrating the angle and depth of the drill hole under the 'Projects' section; 'Maps, Images and Photographs' dated the date of this press release). The hole intercepted two 3.0 m, 0.72 and 1.99 g/t gold Eq intersections plus two lengthy 22.5 and 24.0 m intersections with an average grade of 0.40 and 0.36 g/t gold Eq, respectively. Gold was associated both with and without mineralized pyrite stringers occurring in some cases over as much as 30 m of core.
The Company believes this junction area of the Metalito and east-west structure has good potential to build a gold resource with additional in-fill drilling. In addition, hole TEN17-10 ended (from 207.80 to 243.85 m depth) in what appears to be a potassic altered, magnetic feldspar porphyry intrusive. Company geologists believe that the intersection of this unit opens the possibility of a gold-copper porphyry target at depth.
Other Corporate News
The Company has settled debts totaling $92,000 owed to the President and CEO (this debt is not an accrual), via the issuance of 1,8400,000 common shares of the Company. The debt settlement is subject to final TSX-V approval. The securities to be issued are subject to a hold period of four months from the date of issuance.
The Company also wishes to clarify its press release dated March 31, 2017. The press release referenced the closing of a non-brokered private placement for gross proceeds of $226,000. In the press release the Company announced it had paid a finder's fee of $3,600 in cash and issued 45,000 common shares. It in fact paid $3,600 in cash and issued 45,000 warrants exercisable at $0.12 until September 18, 2018.
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. Please refer to the Company's website under the "Projects" section for a description of the Company's complete QA/QC procedures.
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., or contact Thomas Atkins, President and CEO at:416 509-4326
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. 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. Please refer to the Company's website at the following link: http://www.mammothresources.ca/s/FAQ.asp to review the Company's complete forward looking statement.
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