MAMMOTH RESOURCES CORP. : http://www.mammothresources.ca/ : QwikReport

News Releases

#June 16, 2020
MAMMOTH RESOURCES ANNOUNCES CLOSING OF $167,475 PRIVATE PLACEMENT

 Toronto, Canada (June 16, 2020) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of up to 4,035,715 shares (the "Common Shares") issued at a price of $0.035 per Common Share for total gross proceeds of $141,250, and that due to demand for this Private Placement the size was increased to 4,785,000 Common Shares issued at a price of $0.035 per Common Share for total gross proceeds of $167,475. Proceeds from this financing will be used for working capital purposes, including corporate development expenses.

The Private Placement was conducted in reliance upon British Columbia Instrument 45-534 (the "Instrument"), which permits an issuer to distribute securities to its existing shareholders, subject to the terms of the instrument. The TSX Venture Exchange has granted approval for this Private Placement and the increase in amount to 4,785,000 Common Shares or total gross proceeds of $167,475. The securities issued pursuant to the Private Placement will be subject to a four-month hold period. Finders' fees of $1,400.00 in cash representing less than 1.0% of the gross proceeds were paid on this Private Placement.

About Mammoth Resources:

Mammoth Resources (TSX-V: MTH) is a precious metal mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company holds a 100% interest (subject to a 2% net smelter royalty purchasable anytime within two years from commencement of commercial production for US$1.5 million) in the 5,333 hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. The Tenoriba property is under option to Centerra Gold Inc. which can earn up to a 70% interest in Tenoriba upon spending a total of US$9.9 million (C$13.5 million) on exploration activities on Tenoriba and payments to Mammoth of US$900,000 (C$1.2 million) to be expended over a maximum seven-year period, expenditures which can be accelerated at Centerra's discretion. Mammoth is seeking other opportunities to option exploration projects in the Americas on 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.
 
#May 29, 2020
MAMMOTH TO INCREASE AMOUNT OF RECENTLY ANNOUNCED PRIVATE PLACEMENT

 Toronto, Canada (May 29, 2020) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is pleased to announce that following investor enthusiasm for its recently announced private placement (refer to press release from earlier today), the Company is increasing the size of the private placement by $10,000 for a total of up to 4,035,715 shares issued at a price of $0.035 per share for total gross proceeds of $141,250.

This Private Placement is conducted in reliance upon British Columbia Instrument 45-534 (the "Instrument"), which permits an issuer to distribute securities to its existing shareholders, subject to the terms of the instrument. The Company has set May 27, 2020, as the record date for the purpose of determining existing shareholders of the Company who are entitled to purchase shares under the Private Placement. This exemption was not available to shareholders resident in Ontario or Newfoundland, or jurisdictions outside of Canada. The Company may combine the offering under the instrument with other available prospectus exemptions, including sales to accredited investors.

The Private Placement is subject to TSX Venture Exchange Policy 4.1 wherein Temporary Relief of $0.05 Minimum Pricing Requirement in response to the COVID-19 pandemic has been utilized and is subject to TSX approval. Securities issued under this Private Placement will be subject to a four-month hold period. The company may pay finders' fees of cash and/or securities on a portion of the Private Placement.

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 including exploration plans for 2020 on the property. 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 Company's website at the following link: http://www.mammothresources.ca/s/FAQ.asp to review the Company's complete forward looking statement.
 
#May 29, 2020
MAMMOTH PROVIDES UPDATE ON EXPLORATION ACTIVITIES AT ITS TENORIBA GOLD PROPERTY, ANNOUNCES PRIVATE PLACEMENT FINANCING AND ADVISES EMPLOYING OSC FILING EXEMPTION

 Toronto, Canada (May 29, 2020) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is pleased to announce that following a suspension of exploration activities due to COVID-19 related social restrictions, Centerra Gold Inc. ("Centerra") personnel have returned to Mammoth's Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico. Mammoth would also like to announce a non brokered private placement (the "Private Placement") of up to 3,700,000 shares at an offering price based on the 10-day volume weighted average share price of $0.035 per share. The Company would also like to advise that as granted by OSC, Instrument 51-502 regarding a Temporary Exemption (the "Exemption") to Certain Corporate Finance Requirements a result of the coronavirus disease and resulting social restrictions, that the board of directors of Mammoth has found it prudent for the health and safety of its employees to seek a 45-day extension to the filing of its year-end financial statements as granted by this Exemption.

Tenoriba Exploration:

Following the notice of the Mexican government in late March regarding travel and social restriction measures in response to the threat of the spread of the COVID-19, work ceased on the Tenoriba project. Certain of these restrictions have recently been lifted and Centerra personnel, following all government work guidelines have returned to the project with the intention of recommencing the first half 2020 program of detailed structural, lithologic and alteration mapping and sampling. As results become available from this work Mammoth looks forward to reporting on these results.

Private Placement:

Mammoth would like to announce a non brokered private placement (the "Private Placement") of up to 3,750,000 shares at an offering price based on the 10-day volume weighted average share price of $0.035 per share, for gross proceeds of up to $131,250. Proceeds from this financing are to be used for working capital purposes, including corporate development expenses. Mammoth last completed a capital raise in December 2017.

This Private Placement is conducted in reliance upon British Columbia Instrument 45-534 (the "Instrument"), which permits an issuer to distribute securities to its existing shareholders, subject to the terms of the instrument. The Company has set May 27, 2020, as the record date for the purpose of determining existing shareholders of the Company who are entitled to purchase shares under the Private Placement. This exemption was not available to shareholders resident in Ontario or Newfoundland, or jurisdictions outside of Canada. The Company may combine the offering under the instrument with other available prospectus exemptions, including sales to accredited investors.

The Private Placement is subject to TSX Venture Exchange Policy 4.1 wherein Temporary Relief of $0.05 Minimum Pricing Requirement in response to the COVID-19 pandemic has been utilized. Securities issued under this Private Placement will be subject to a four-month hold period. The company may pay finders' fees of cash and/or securities on a portion of the Private Placement.
Anyone interested in this private placement is encouraged to contact Thomas Atkins at the contact details provided at the bottom of this release.

OSC Instrument 51-502, Temporary Exemption:

The COVID-19 pandemic is creating unprecedented challenges to the global economy and capital markets. Mammoth's board of directors and management are taking all necessary precautions to ensure the health of its employees and best manage the short-term challenges to the business.

On March 18, 2020, Canadian securities regulatory authorities issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic. As such the Ontario Securities Commission has enacted Ontario Instrument 51-502 Temporary Exemption (the "Exemption") from Certain Corporate Finance Requirements ("Instrument 51-502"). Mammoth would like to inform shareholders that due to the various social restrictions resulting from measures taken by governments in Canada and Mexico, and administrative challenges associated with these social restrictions, the company finds it prudent to employ this Exemption, Instrument 51-502 which enables Mammoth exemptive relief to delay the filing of its audited annual financial statements, the accompanying management's discussion and analysis, as well as the associated CEO and CFO certifications for the year ended January 31, 2019, due June 1, 2020.

In seeking this Exemption, the Company would like to advise that to the best of its knowledge there are no material developments that have not been disclosed and that effective June 1, 2020 (the date upon which the Exemption takes effect), management and other insiders are subject to an insider trading black-out that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in multiple jurisdictions, during this Exemption period.

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 including exploration plans for 2020 on the property. 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 Company's website at the following link: http://www.mammothresources.ca/s/FAQ.asp to review the Company's complete forward looking statement.
 
#February 27, 2020
EXPLORATION ACTIVITIES TO RECOMMENCE AT MAMMOTH'S TENORIBA GOLD PROPERTY, MEXICO

 Toronto, Canada (February 27, 2020) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is pleased to announce that Centerra Gold Inc. ("Centerra") has extended its option into 2020 to explore Mammoth's Tenoriba precious metal, gold-silver property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico under the terms of the Agreement previously announced on December 20, 2018. Under the terms of the Agreement, Centerra has the option to acquire up to a 70% interest in the Tenoriba property by, among other thing incurring exploration expenditures of US$9 million over a 7-year period. In order to keep the Agreement effective, Centerra is obligated to, among other things, incur expenditures totalling US$1.5 million prior the end of 2020, of which approximately US$500,000 was reported spent in 2019.

Centerra is expecting to recommence exploration activities on Tenoriba in March with plans for the first half 2020 to include detailed structural, lithologic and alteration mapping and sampling at Tenoriba while it advances a drill permit application. Second half 2020 exploration activities are expected to be defined following compilation of the results from work accomplished during the first half of the year and receipt of permits. Mammoth intends to communicate results from this work once these results become available.

Thomas Atkins, President and CEO of Mammoth commented on activities at Tenoriba, stating: "Mammoth believes it's a significant vote of confidence on the mineral potential at Tenoriba that Centerra, with its experience in geological systems similar to those which host gold at Tenoriba, has elected to continue with the Tenoriba option in 2020. At this time Centerra is establishing logistics for geological, community relations and security personnel to return to the project and is expected to recommence exploration activities in the near future. Mammoth looks forward to reporting on results from these activities as they advance."

In other news, as of early 2020 Mammoth made its final option payment to the property owner of three of the four mineral concessions that comprise the Tenoriba property concessions (the fourth concession was registered by Mammoth and is 100 percent owned by Mammoth). As a result of this payment Mammoth is now a 100 percent owner of all four of the Tenoriba concessions, the three optioned concessions still subject to a 2 percent net smelter royalty which can be purchased for US$1.5 million at anytime up to two years from the commencement of commercial production from these three concessions.

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 including exploration plans for 2020 on the property. 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.
 
#December 06, 2019
MAMMOTH PROVIDES UPDATE ON ACTIVITIES AT ITS TENORIBA GOLD PROPERTY, MEXICO

 Toronto, Canada (December 6, 2019) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") would like to provide an update on exploration activities at its Tenoriba precious metal, gold-silver property located in the prolific Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico.

Mammoth announced on December 20, 2018, that it and Centerra Gold Inc. (Centerra) had reached an agreement to option Mammoth's Tenoriba property to Centerra whereby Centerra acting as Operator of the property can earn up to a 70% interest in the Tenoriba property upon total project expenditures of US$9.9 million (C$12.0 million) and payments to Mammoth of US$900,000 (C$1.2 million) to be expended over a maximum seven-year period, expenditure amounts which can be accelerated depending on exploration success. During the option earn-in period, Centerra will act as operator and be responsible for developing and performing exploration programs.

On February 26, 2019 Mammoth provided an update press release on early activities at the property in which it described how Mammoth and Centerra personnel met at Centerra's office in Mexico in late January 2019 to plan and set a budget for the upcoming exploration program. In early February Mammoth and Centerra exploration team members kicked off activities at Tenoriba arriving onsite with its exploration team, including Centerra geologists and consulting geologists to Centerra with specific experience and expertise in High Sulphidation (HS) systems. From February through the end of April various logistical and geological support and exploration activities took place on the property while from March through early June and then recommencing in late October Centerra was engaged in community relations activities to secure new surface access agreements with two communities ("ejidos") upon which the Tenoriba property resides.

Thomas Atkins, President and CEO of Mammoth commented on activities at Tenoriba, stating: "It's likely been a frustrating time for Mammoth shareholders the past months there being no news on activities at the Tenoriba property. This lack of news was a result of ongoing community consultation activities between Centerra and primarily one of two ejidos that oversee surface access to the property, including Centerra's four-month absence from mid-June until mid-October the area when it became apparent that the lack of a surface access agreement, combined with the rainy season in the area, would restrict its planned exploration program. In early August, the one ejido from which a small number of community members had concerns, having performed some of its own due diligence and no doubt as a result of Centerra's earlier community consultation efforts and Mammoth's history in the area, gained enhanced comfort on the possible benefits of mineral exploration to the community and region and an improved understanding of how environmental disturbances can be managed and mitigated to reduce the impact on their community controlled land. Members of this one ejido met in early August with concerned citizens from a community closest to the property who were strongly in support of the project and then later, in early September voted in favour of granting surface access to Centerra. Centerra returned to the area in mid-October to renew its consultation efforts with the objective of formalizing surface access agreements with both of the two ejidos and the re-initiation of exploration activities on the property as soon as possible. Two additional meetings are scheduled this year to advance this process with the two ejidos."

Logistical and Geological Support Activities:
  • Local field accommodations, banking, core/sample transport, local sourcing of various consumables and field supplies were established and all historic geological data was loaded into composite geological data sections for Centerra's review and interpretation, orthophoto imagery and contoured topography of the property and surrounding areas was completed and a three dimensional model of the downhole drill data and surface data was begun.
  • An environmental consulting firm was contacted to conclude Mammoth's previous drill permit and begin the process of applying for a new drill permit to build drill access roads and drill pads prior to any additional drilling.
  • Restoration and expansion of the onsite core shed was completed and maintenance of the property access road began.
Geological Activities:
  • Detailed diamond drill core review, initial field confirmation mapping and sampling focused on tracing structures and alteration with rock chip samples collected for identification of alteration clay minerals in an attempt to assist in interpreting the alteration facies and controls to mineralization on the property.
  • Geophysical data was reinterpreted with the inclusion of all surface data, including drawing/interpreting geophysical sections from the raw geophysical data at angles (north-easterly oriented sections from north-south performed survey lines-sections) to the original sections.
  • Drill core from numerous holes from the historic drilling were relogged with particular attention to the locations and orientation of structures within the path of the hole as a means to locate and orient control structures to mineralization observed on surface.
  • Assay of the non-assayed sections of the historic drill core and assay of the two final holes drilled on-site.

Summary of Initial Observations:

  • Much of the gold mineralization on the property is associated with approximately 4 to 6 kilometres of east, north-easterly striking advanced argillic, argillic and occasionally vuggy silica altered volcanic and volcanic breccias with local associations of north-westerly and north-easterly oriented control structures to gold mineralization.
  • Centerra's re-processing of the geophysics cross sections and creation of various north-easterly oriented long sections identified associations between geophysical resistive lows and drilled gold intercepts. The targets revealed in the resistivity geophysical sections indicate there are much larger potential untested, buried targets than those previously drill tested. Centerra planned to cross verify and expand with its field mapping results, a planned 30 kilometres of new geophysical lines oriented in a northeast direction to cover approximately 3 kilometres of the up to 6-kilometre strike length of gold mineralized and hydrothermally altered rocks mapped and sampled on the property by Mammoth.
  • A large, seven-element geochemical anomaly was noted by Centerra in the soil sampling in the eastern portion of the property area. The upper and central elevations of this anomaly contain abundant low temperature elements while the lower elevations begin to expose gold. Centerra geologists believe the observed zonation among these elements may imply there is potential for more gold below the barren quartz cap and that this anomaly is larger in comparison to some of the other shallow anomalies with gold intercepts present in the previously drilled areas on the property. A second anomaly to the north of this area outcrops from beneath the post-mineral volcanic cover at the edge of the soil sample grid. Geophysics has not covered either of these areas to date and Centerra believes these areas are good geophysics target areas.
  • A plot of Terraspec alteration clay facies sampled on the property produces a map showing similar features to that of a typical High Sulphidation model including zonation of clay alteration minerals a product of the intrusion of potentially, and in many cases sampled, precious metal bearing high temperature hydrothermal solutions at the time of deposition of precious metal mineralization.

Community Consultation:

Field activities generally advanced as intended to the end of April when Mammoth's previous two-year surface access agreements concluded with the two ejidos that oversee surface access upon which the Tenoriba property resides. Centerra successfully secured the support of one of the two ejidos for a new surface access agreement (the agreement remains to be finalized), however a small number of community members of the second of the two ejidos had concerns regarding the impact and disturbances associated with exploration activities. A number of community consultation meetings were held with members of this ejido during Centerra's field rotations into the area commencing mid March through mid June, however Centerra was unable to reach an agreement with this one ejido. In late July with the arrival of the rainy season in the region, Centerra elected to curtail field activities as the heavy rain during this period would challenge their performing planned exploration activities. Although absent from the area Centerra attempted to maintained contact with the executives of the two ejidos. In Centerra's absence, it's understood that ejido community members of this one, as yet confirmed surface access ejido, met in early August and it was noted from this meeting that the ejido was in favour of Centerra returning to formalize a surface access agreement. It's further reported that during an ejido meeting held in early September, where more than 100 voting ejido members were in attendance, a vote was taken on allowing mineral exploration on portions of the ejido territory occupied by the Tenoriba property with all but two members in attendance voting in favour. Although this vote wasn't binding and no agreement was at that time confirmed, it appears a positive step in this process. It's worth noting that it required six months of community consultation for Mammoth to arrive at its first two-year agreement for surface access at Tenoriba and then in 2017 it required four months of consultation efforts to arrive at its second two-year surface access agreement with this same ejido. In late October Centerra personnel returned to the Tenoriba area and recommenced community consultation activities with the objective of arriving at surface access agreements with both ejidos. Additional meetings between Centerra and the two ejidos are scheduled in December with the objective of Centerra advancing surface access agreements with the two ejidos governing surface access on the Tenoriba property. Despite some positive indications, there are no assurances at this time that surface access agreements will be finalized on terms acceptable to all parties and in a timely manner.

Mammoth Seeking Additional Exploration Properties:

In addition to Mammoth working with Centerra attempting to advance community consultation efforts to secure surface access at Tenoriba, company management has also been engaging with numerous individuals and companies in search of additional exploration stage precious metal properties located in Mexico and in southwestern United States. Although no guarantees can be made regarding securing additional properties, management remains optimistic it can arrive at terms with these entities to option additional attractive precious metal exploration opportunities in the future.

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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