|December 05, 2018|
MAMMOTH PROVIDES CORPORATE UPDATE ON EXPLORATION ACTIVITIES AT THE TENORIBA PROJECT
Toronto, Canada (December 5, 2018) - Mammoth Resources Corp. (TSX-V: MTH), (the “Company”) is pleased to provide an update on activities at its Tenoriba gold-silver-copper exploration property in the Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico, including: 2017-18 Exploration Program Summary, Highlight Results, Conclusions and Opportunities, and Recommendations for Future Work.
2017-18 Exploration Program Summary
Company geologists vacated the property in late June until early October of this year during what is traditionally the annual rainy season in the area following a lengthy period of exploration from late 2017 through the first half of 2018. Mammoth geologists returned to the property in October to sample gaps in the drill core between intervals of reported mineralization which had not previously been sampled and to perform maintenance on roads in and around the project area following the seasonal rains.
During the 2017-18 diamond drill program Mammoth drilled, logged and sampled 13 diamond drill holes for a total of 2,705 metres (m) testing to maximum vertical depths of 200 m numerous targets based on geophysical features, surface geology, presence of gold, and intriguing geochemistry. The area mapped, sampled and analysed for gold consists of an approximate 5 kilometres (km) west, south west - east, northeast strike length and potentially economical grades of gold-silver were intersected over metres to many tens of metres in 9 of 11 holes reported, two holes are yet to report results (please refer to table of all reported drilling posted on the Company’s web site at:
The Induced Polarization (IP) and Magnetic (Mag) geophysics survey covered approximately 40 percent of this area. Diamond drilling was targeted at confirming whether geophysics could be a useful tool in targeting features at depth which were responsible for the surface gold mineralization. In this extent the drill program was very successful.
Thomas Atkins, President and CEO of Mammoth commented on the results from drilling, stating: “We’ve always been impressed and intrigued by the sheer dimensions of the gold-silver footprint at Tenoriba, one that measures about 15 square kilometres and still remains open to the east and west.
“Given we intersected potentially economical values of gold-silver in 9 of 11 drill holes from this campaign and that 7 of these holes tested areas over one kilometre to the east and west of the area previously drilled, illustrates the vast potential of the deposit.
“Another intriguing feature from this drilling is the evidence we obtained suggesting rocks intersected in drilling in the western portion of the area of surface mineralization are deeper in a High Sulphidation -- Porphyry system as evidenced by numerous compelling features in the drill core in holes drilled in this area. This western portion of the property is an area in which the geophysics survey, which was so productive in identifying targets in this drill program, only covered a mere 200 metres of an approximate 2 kilometres of mineralized strike length. We’re looking forward to covering the remaining 60 percent of the property not yet having been surveyed with geophysics and testing targets in this western portion of the property for gold-silver-copper Porphyry potential.”
Some highlight, illustrative drill intersections from each project area include the following:
In the Central project area:
In the El Moreno project area (located approximately 1.5 km west of the Central project area):
In the Carneritos project area (stretching as much as 1.2 km east of the Central project area):
A location map illustrating surface geology, mineralization, drill hole locations and including the location of a longitudinal section line drawn through the deposit is posted on the Company’s web site at:
The Ministry of Mining (Direccion General de Minas), Mexico granted the Company the license for the Mapy 3 concession consisting of 1,850 hectares adjacent and directly east of the Mapy and Mapy 2 concessions and which captures the potential eastern extension of mineralization observed to continue to the east of the Carneritos area.
Mammoth has also been involved since the middle of the year in numerous corporate development initiatives regarding the Tenoriba project towards a possible transaction to assist in advancing exploration at Tenoriba.
Conclusions and Opportunities
Based on the results obtained from this program Mammoth has concluded, and believe the following opportunities exist on the property:
Recommendations for Future Work
Based on the results obtained from the recent drill program and the conclusions and opportunities which have stemmed from these results, the following is recommended for future work:
The Company looks forward to reporting on progress towards achieving the recommended work program in the weeks ahead.
Mammoth would also like to confirm that on October 16, 2018, following an initial press release announcement on July 10th, the Company issued 1,840,000 common shares at a deemed issuance price of $0.05/share to settle a non-accruing debt to the President and CEO of the Company. The Company would also like to announce that it has requested approval to issue an additional 2,414,000 common shares of Mammoth at a deemed issuance price of $0.05/share to settle amounts owed two third party creditors. The issuance of these shares are subject to TSX Venture Exchange approval.
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. Gold Equivalent is calculated where the silver grade is converted to a gold grade at 75 g/t Ag = 1 g/t Au and 15.3 lbs Cu = 1.0 g/t Au. All drill lengths reported are core lengths versus perpendicular true length of mineralized intersections.
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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