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

News Releases

#September 22, 2020
Mammoth Provides Update On Exploration Activities At Its Tenoriba Gold Property, Announces Partner Centerra Gold Ceasing Exploration Activities In Mexico

 

Toronto, Canada (September 22, 2020) - Mammoth Resources Corp. (TSX-V: MTH), (the “Company”, or “Mammoth”) announces that it has received notification from Minera Centerra S.A. de C.V., the subsidiary company of Centerra Gold Inc. (collectively “Centerra”), with which Mammoth signed an option agreement to explore Mammoth’s 100% owned Tenoriba gold-silver exploration project located in southwestern Chihuahua State, Mexico, that Centerra has made the decision to cease exploration activities in Mexico, including at Tenoriba. In a conference call wherein Mammoth was informed of Centerra’s decision to cease exploration activities, Centerra expressed their enthusiasm for drilling the Tenoriba project. Furthermore, in the notice letter to Mammoth advising of this decision Centerra noted that the decision to cease exploration was “no reflection upon any of the exploration properties it was involved in, including the Tenoriba property”. In mid-August Centerra filed an application for permission to drill up to 139 drill locations at Tenoriba and a response/approval of this permit application is expected within weeks. Under the terms of the Agreement between Mammoth and Centerra there will be a 60-day period from notice to termination of the Agreement.

Thomas Atkins, President and CEO of Mammoth commented on Centerra ceasing exploration activities in Mexico, stating: “Mammoth receiving notice that Centerra was ceasing its activities at Tenoriba came as quite a surprise, especially so close to when we believed they would receive approval of their drill permit application and after making numerous preparations to begin drilling, including having had two drill contractors prepare to bid on the program. Mammoth has reviewed more than 30 exploration properties over the past six months looking for an opportunity to option a property where it could advance its own exploration efforts. Now, in addition to Mammoth continuing this search, Tenoriba is returning to the Company as a large, previously drilled gold-silver exploration property that has undergone the scrutiny of a senior company review leading to preparations for the commencement of a significant drill program.”

Tenoriba Exploration Highlights:

  • Flagship gold-silver advanced stage exploration project in the prolific Sierra Madre precious metal producing region.
  • Large 15 square km - 5 km x 3 km footprint of ubiquitous gold-silver mineralization in what has all the characteristics of a High Sulphidation -- Porphyry precious metal system, remains open along strike.
  • Highest gold and silver values sampled graded 74 grams/tonne (g/t) gold and 62 g/t silver.
  • Various targets over 4 km of the mineralized trend tested by 26 diamond drill holes of which 18 drill holes host tens of metres (m) of potentially economical gold-silver mineralization; drill intersections assayed grading up to 45.9 g/t gold over 1.9 m with lower grades over longer intersection widths, including 2.3 g/t gold over 43.0 m and up to 0.5 g/t gold over 126.8 m.
  • Mineralization appears amenable to low-cost open pit mining and heap leaching processing.
  • Drill ready with permit for up to 139 drill holes covering a 2.25 km x 1.25 km area submitted for approval.
  • Centerra, during its 21 months optioning the project has spent almost C$1.2 million at Tenoriba, with total prior direct project exploration spending at Tenoriba exceeding C$4 million.

Recent Activities at Tenoriba:

Over the past six months in preparation for drilling, activities at Tenoriba included:

  • Extensive surface lithological and structural mapping and sampling (137 samples collected and analysed by Centerra in addition to the more than 650 samples collected and analyzed by Mammoth) and drill core mapping and sampling (including Terraspec alteration clay analysis) by Centerra geologists.
  • Reinterpretation of the geophysical data from the Mammoth 2015 IP-Mag geophysics survey.
  • Drill hole targeting, including the creation of numerous cross sections consolidating surface, drill core and geophysical information.
  • Submitted an application for a drill permit for up to 139 drill locations covering a 2.25 km x 1.25 km area of the property.
  • Two drill contractors were preparing bids on the Centerra drill program. 

Steps Forward for Mammoth:

Numerous options are currently under consideration in order to advance Tenoriba following Centerra’s notice and taking into account the project’s advanced stage of drill program readiness, these activities include:

  • Review with Centerra geologists their drill targeting assessment, including review of its reinterpretation of the geophysical data, structural and lithological mapping, surface and drill hole sample results and the sections produced from this work.
  • Consult with the two communities (ejidos) that oversee and had granted surface access at Tenoriba regarding continuation of surface access.
  • Potentially commission an independent third party with in-depth experience of High Sulphidation-Porphyry mineralogical systems similar to Tenoriba to review the geological data set and make recommendations for the next phase of exploration.
  • Explore optioning Tenoriba to another well capitalized mining/mineral exploration company.
  • Reach out to individual investors, resource investment funds and royalty companies to source the capital to enable Mammoth to advance its initial assessment of drill targets at Tenoriba, including those identified by Centerra, following up on potentially economic intersections from prior drilling at Tenoriba and/or targets recommended by the aforementioned experienced third party technical review and based on these targets determine the feasibility and source the funds required to advance drilling.
  • Merge Mammoth with another junior exploration company whereby the combination of companies creates enhanced exposure and attractiveness to raise the funds required to advance exploration at Tenoriba.

On the opportunities for Mammoth and Tenoriba, Thomas Atkins, President and CEO of Mammoth stated: “I’d be surprised if there are many exploration companies with a small $2 million market value which hold a 100 percent interest in a 5,000 hectare gold-silver exploration property where mineralization is sampled ubiquitously over a large 15 square kilometre area, has undergone two prior successful drill programs and a senior company review leading to the intention to drill over 100 drill targets, and is imminently drill ready. The more Mammoth explored Tenoriba the more excited we became of its potential and this potential attracted a large cap company which was prepared to spend up to C$13 million to earn a 70 percent interest. Mammoth is excited to again have 100 percent of Tenoriba and the numerous opportunities to advance the project’s future development.”

Mammoth intends to provide updates as it makes progress advancing various activities to move the Tenoriba project forward.

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. 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. 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.

 
#July 16, 2020
MAMMOTH ANNOUNCES LIFTING OF MANAGEMENT CEASE TRADE ORDER AND ISSUANCE OF SHARES FOR DEBT AND INCENTIVE OPTIONS

 Toronto, Canada (July 16, 2020) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") would like to announce that following the filing yesterday of its audited year-end January 31, 2020 financial statements and MD&A, such delay in filing which occurred under the exemption granted on March 18, 2020 by Canadian securities regulatory authorities which provided 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; Ontario Securities Commission Instrument 51-502 Temporary Exemption, that following this filing, the previous voluntary Management Cease Trade Order originally announced on May 29, 2020, has been lifted regarding the filing of these year-end audited statements. The Company has yet to file its first quarter 2020 financial statements and MD&A which were due on June 30, 2020. Mammoth is expecting to file these statements shortly. The Company is relying on the Instrument 51-502 Temporary Exemption in the filing of the first quarter statements.

Mammoth would also like to announce that the Company has applied to the TSX Venture Exchange (the "Exchange") to issue 2,503,000 common shares of the Company to settle a total of $87,605.00 in related party and third party debts. Common shares for this debt are being exchanged at the same $0.035 per common share price as the recently announced private placement which closed on June 16, 2020 with the issuance of 4,785,000 common shares for gross proceeds of $167,475. The shares for debt are being issued under the terms of the Exchange Bulletin dated April 8, 2020: Temporary Relief of $0.05 Minimum Pricing Requirement, wherein the Exchange provided notice it was undertaking measures in response to the COVID-19 pandemic, including temporary relief from certain minimum pricing requirements. Under the Temporary Relief Bulletin, the minimum deemed price at which debt may be converted into Listed Shares is revised from $0.05 to $0.01 in certain circumstances where the Market Price of an Issuer's Listed Shares is not greater than $0.05. Mammoth relied on this same Temporary Relief in the pricing of its recent private placement. Total Mammoth Common Shares outstanding following the issuance of the proposed shares for debt will total 39,874,788.

The Company would also like to announce the issuance of 1,047,500 common share stock options to directors and officers of the Company, exercisable at a price of $0.05 per common share and following the terms of the Company's Stock Option Plan. The Company last issued incentive stock options to directors and officers of the Company in early 2018.

Both the issuance of shares for debt and the issuance of options are subject to final Exchange approval.

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.

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.
 
#June 30, 2020
MAMMOTH RESOURCES PROVIDES UPDATE ON MCTO

 Toronto, Canada (June 30, 2020) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") would like to remind shareholders of the granting of a Management Cease Trade Order ("MCTO") previously announced on May 29, 2020, such MCTO being a result of OSC Instrument 51-502, Temporary Exemption due to COVID-19 pandemic 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. 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 found 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 and that these filings are expected to be completed within the 45 day period, July 15, 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.

During this MCTO all management, officers and directors of the Company will be prohibited from trading in the Company's shares pursuant to the Company's black-out procedures.

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.
 
#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.
 

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