|January 16, 2019|
Mammoth Posts Technical Report On 2017-18 Diamond Drilling Program On Its Website With Recommendations For Follow Up Drilling
|Toronto, Canada (January 16, 2019) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") would like to announce that it has posted an internal company technical report describing and summarizing activities, results, conclusions and recommendations for future work based on its 2017 - 2018 diamond drill program in which it drilled 13 holes for a total of 2,700 metres at its Tenoriba precious metal property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico.|
Mammoth announced on December 20, 2018, it and Centerra Gold Inc. (Centerra) having reached an agreement to option Tenoriba to Centerra whereby Centerra can earn up to a 70% interest in Tenoriba upon total project expenditures of US$9.0 million over a seven-year period, expenditure amounts which can be accelerated depending on exploration success. The results of the 2017 - 2018 diamond drill program plus all other technical information stemming from exploration activities at Tenoriba have been shared with Centerra and Mammoth and Centerra technical personnel are expected to meet in the coming days to share perspectives on future exploration activities as they formulate the initial phases of the 2019 exploration program at Tenoriba.
Thomas Atkins, President and CEO of Mammoth commented on the report and the upcoming exploration program, stating: "Our optimistic outlook on the potential at Tenoriba are heightened following the recent drill program and the encouraging results obtained from that work. We see potential for both typical High Sulphidation gold-silver mineralization at Tenoriba, similar to what has been intersected in more than a dozen drill holes over a four kilometre strike length of ubiquitous surface gold and silver mineralization, plus there appears strong signs from drill intersections in the western end of the property, which lies as much as 600 metres topographically and stratigraphically deeper in the system, to host a Porphyry-style mineralized deposit. Porphyry- style mineralization is the root of High Sulphidation mineralizing systems and so these two styles at Tenoriba would not be unexpected.
We're excited about the upcoming exploration season to be advanced by Centerra at Tenoriba and look forward to the commencement of activities once we've had the opportunity to coordinate program plans, expected to be determined in the coming days."
Conclusions from the internal company report as drafted by Richard Simpson, Mammoth's Vice President and Qualified Person, include:
The Company would also like to announce that the Company's Board of Directors has granted approval to issue a total of 865,000 stock options to management, officers and directors of the Company and an independent third party consultant to the Company as part of Mammoth's annual option grant, such options to be issued at an exercise price of $0.06 per share, the equivalent of the 10-day volume weighted average share price of the Company's shares traded on the TSX-V exchange as of close of business on January 15, 2019. Options are granted subject to the terms of the Company's Stock Option Plan.
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.
You can view the Previous News Releases item: Mon Jan 14, 2019, MAMMOTH POSTS NEW CORPORATE PRESENTATION. MAMMOTH TO ATTEND VRIC, BOOTH 1035
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