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

News Releases

#September 14, 2021
MAMMOTH COMMENCES DIAMOND DRILLING AT ITS TENORIBA GOLD-SILVER PROPERTY, MEXICO

 Toronto, Canada (September 14, 2021) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is pleased to announce the commencement of its diamond drilling program at its 100% owned Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt, Mexico. The drill program is testing up to five target zones which measure from hundreds to over a kilometre (km) in strike length along a 4 km, east-west trend of gold-silver mineralization identified in 3-dimensional (3D) modelling incorporating over 3,000 soil, chip and channel samples, 26 prior diamond drill holes, geological and structural mapping and the potential continuity at depth of surface mineralization as indicated by an Induced Polarization/Magnetometer (IP/Mag) geophysical survey (please refer to the descriptions of target zones in press releases dated July 22, 2021).

Thomas Atkins, President and CEO of Mammoth commented on the commencement of drilling stating: "Mobilizing the first drill rig began in early August according to plan with the second rig arriving late in the month. We knew mobilizing and establishing drill water supply lines to the rigs during the middle of the rainy season was going to be challenging. This challenge was measured against low shareholder support that the Company wait until October, when the rainy season normally ends, to begin this work.

"Like anywhere, it's impossible to predict the weather year-to-year. Last year in the Sierra, rain wasn't particularly heavy during this mid-year hurricane/rainy season. However, this year there's been a large amount of rain, including a recent deluge from Pacific hurricane Nora.

"Every time the project area receives heavy rain, we're having to repair washed-out access roads, the drillers have limited access to the drill rigs and have been challenged to set up and establish the drill water supply line to the second rig. Despite these challenges, when it's been dry the drillers have made sufficient progress such that one drill began drilling intermittently between periods of heavy rain in late August and the second rig is poised to begin drilling this week.

"We're hoping the drillers will continue to get some breaks in the weather that will allow drill production to be sustained as the rainy season tapers, this tapering expected to occur later this month and into October."

Two diamond drill rigs are on site with the objective of testing targets generated by the 3D modelling of surface and geophysical data. The Company intends to initially drill 2 - 4 holes within each target zone then move to another target zone to drill a similar number of holes. Company geologists will await the results from the earlier holes testing the earlier target zones prior to further follow up drilling of these areas. The initial holes, currently being drilled, are testing targets in the Carneritos area in the east of the 4 km trend.

Although it's difficult to accurately predict turnaround time at the laboratory given that whatever the current timeline may be, this may not be the timeline in the weeks ahead when Mammoth delivers its samples. This notwithstanding, the Company remains optimistic it will have some initial results to report from the first drill holes before the end of October. The Company will keep shareholders apprised of progress in the weeks ahead, including any additional weather-related delays and drill rig progress.

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 22, 2021
MAMMOTH REPORTS FOLLOW UP DRILL TARGETING AT ITS TENORIBA GOLD-SILVER PROPERTY, MEXICO AND PROVIDES PROJECT UPDATE

 

Toronto, Canada (July 22, 2021) - Mammoth Resources Corp. (TSX-V: MTH), (the “Company”, or “Mammoth”) is pleased to provide an update on its drill targeting activities¸ recent field activities and timing to commence drilling at its 100% owned Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt, Mexico. The Company has extended drill targets an additional 1.7 kilometres (km), for a total of over 4.0 km from its previously announced initial 2.4 km of the 3-dimensional (3D) modelling of its infill, Induced Polarization/Magnetometer (IP/Mag) geophysical survey.

The 3D modelling shows drill target opportunities in five areas (TA-1 to TA-5) plus enhanced areas (TA-3(a) and (b)) within larger target areas over this greater than 4.0 km trend of surface gold-silver mineralization at Tenoriba. The most recent drill targeting has added the TA-5 target, an 800 metre (m) to 1.2 km trend within the El Moreno area. Mammoth drilled four holes in this area in 2018, testing only 200 m of IP/Mag geophysics surveyed in three geophysical lines spaced at 100 m intervals along the east-west trend. Of these four holes, two intersected compelling intervals of gold-silver and copper mineralization, including:

  • Hole TEN 17- 01 - 40 m grading 0.79 grams per tonne (g/t) gold equivalent (Au Eq wherein silver is converted to gold at ratio of 75 g/t silver = 1 g/t gold), and
  • Hole TEN 17- 02 - 7.2 m grading 3.6% copper plus 0.68 g/t Au Eq.

It was at El Moreno where coarse gold nuggets were recently panned. This target area remains open to the west beyond the limits of the IP geophysics survey.

Recent work also extended the TA-3(b) target area 500 m further east in the Carneritos East area. The Carneritos East target area remains open further east beyond the limits of the IP geophysical survey.

For the location of these target areas please refer to Figure 1 -- “Location Map - Drill Target Areas, Tenoriba Project (over colour contoured Total Magnetic Intensity - 50 metre survey depth)”, wherein the combination of anomalously high IP-geophysical resistivity, chargeability and low magnetic relief (colour contoured base map, green-blue is low magnetic relief) are observed over the entire >4 km area of infill IP geophysics and almost 6 km of Mag geophysics and occur in combination with anomalous gold in soil, rock chip and drill hole intervals. Please refer to the Description of Target Areas, below in this press release and in the initial drill targeting press release dated May 13, 2021, wherein geophysical characteristics are discussed in the context of their application to the hydrothermal system at Tenoriba and other gold-silver mineralized features.

Thomas Atkins, President and CEO of Mammoth commented on the drill targets stating: "We continue to be pleased with what we’re seeing in the combination of attractive geological features coincident with surface gold-silver sample values and prior drill intervals with indications of potential extensions at depth to these features in the geophysics over the four kilometres of 3D drill target modelling. Within this four-kilometre trend of Induced Polarization and Magnetometer geophysics we've identified five significant trends stretching from hundreds of metres up to 2.4 kilometres. Targets TA-5 and TA-3(b), are the product of the most recent modelling and occur on the eastern and western ends of the four-kilometre surveyed trend. Both of these targets remain open beyond the survey limits to the east and west, respectively.”

Regarding recent field activities and timing to commence drilling, Mr. Atkins went on to state: "Mammoth’s geologists have been on the ground at Tenoriba the past three weeks performing final confirmation mapping and identified locations to set up drills to test targets identified from the 3D modelling. Communications with the drill contractor have confirmed a plan to mobilize two drill rigs and equipment to site commencing early August with drilling targeted to commence mid August. The drill contractor spent the past month performing maintenance on two drill rigs and assembling materials and ancillary equipment in preparation for Mammoth’s drill program which is expected to continue until the end of the year, if not beyond. Regarding the timing to commence drilling, it should be noted that less than a month ago brush fires were sweeping through the region as the dry season came to its end and the area is now being inundated by heavy seasonal rain. Mammoth is grateful for the rain, especially after a relatively dry second half 2020 and first half 2021, as it provides the source of water for drilling.  Heavy seasonal rain normally begins to taper into September and it should be noted that unusually heavy rain in August could delay the ability to mobilize drill equipment, however any such delays aren’t expected to be significant. The Company intends to provide updates as these activities advance."

Description of Target Areas:

As part of its first quarter 2021 surface exploration program, Mammoth completed detailed mapping and expanded soil sampling with an infill IP/Mag geophysical survey and 3D drill target modelling. The IP/Mag infill geophysical survey was designed to cover most of the 60% of the 6 km trend of surface mineralization not previously covered by the Company’s earlier 2013 IP/Mag survey. This work follows up on activities performed by Centerra Gold during its 21 months on Mammoth’s Tenoriba property (Centerra notified Mammoth it was ceasing its exploration activities in Mexico in September 2020, returning 100% of the Tenoriba property to Mammoth - refer to press release dated September 22, 2020) and based on the recommendations, following a review by Drs. Ressel and Christensen of MDA/RESPEC consulting. The MDA/RESPEC study included a review of all historical data from exploration activities at Tenoriba, including mapping and sampling over 3,000 surface soil and rock samples and 26 drill holes totalling almost 5,000 m sporadically testing mineralization along 4 km of the 6 km trend of known gold-silver mineralization. The report concluded that “Tenoriba is a high-quality early to mid-stage exploration project with potential to host an economic high-sulfidation epithermal deposit” (refer to press release dated February 18, 2021 and Mammoth’s website: www.mammothresources.ca/s/TechReports.asp.). Drill target areas are defined by a combination of the following features:

  • Total of almost 3,000 gold in soil samples covering over 7 km of the mineralized trend - highest grade sample assaying 6.3 grams per tonne (g/t) in soil (refer to press release dated April 15, 2021).
  • Surface rock chip and occasional grab samples which total over 750 samples covering an east-west, 6 km trend of surface gold-silver mineralization - highest grade sample assaying 74 g/t gold.
  • A total of 151 m along 14 cut surface channels - best interval totalling 13.5 m grading 1.5 g/t gold
  • Ubiquitous artisanal mine workings over the 7 km trend of surface mineralization.
  • Prior diamond drilling in 26 holes sporadically testing approximately 4 km of the surface mineralized trend - refer to Figure 1 - Location Map - Drill Target Areas, Tenoriba Project (over colour contoured Total Magnetic Intensity - 50 metre survey depth), including 25 m grading 4.0 g/t gold equivalent (silver converted to gold whereby 75 g/t silver = 1.0 g/t gold) and 127 m grading 0.5 g/t gold equivalent.
  • High IP-resistivity areas, indicative of presence of highly resistive hydrothermally emplaced silica, including vuggy silica, high IP-chargeability areas, indicative of potential gold-silver mineralizing sulphides and areas of low magnetic relief, potentially indicating hydrothermal destruction of magnetic minerals.
  • Anomalous ISM (Illite Spectral Maturity) samples, wherein the hydrothermal destruction of certain minerals within the rocks at Tenoriba have been altered in such a manner that they have produced certain clay minerals of which various types (dickite, pyrophyllite, alunite) are indicative of high temperature alteration and assist in vectoring to the most active areas of the hydrothermal system at Tenoriba.

3D modelling of the IP geophysical data covering >4 km of the mineralized trend at Tenoriba was recently reported (refer to press release dated June 17, 2021). Mammoth worked closely with Intelligent Exploration (IE) geophysicists to integrate the IP/Mag geophysical data with surface and drill data into a 3D model to assist in identifying attractive drill targets where potential continuity of surface gold-silver mineralization may continue at depth. IE is a geophysical consultancy of highly experienced geophysicists, with years of experience on a variety of deposit types, employing the most advanced geophysical techniques to enhance the geophysical evaluation of mineral deposits.

Qualified Persons:

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. The IP/Mag survey was conducted by Géophysique TMC (TMC) of Val d’Or Quebec, contracted by Mammoth from TMC’s Mexico office. Dr. Chris Hale, P. Geo.  and John Gilliatt, P. Geo. are the principal geophysicists at Intelligent Exploration. Dr. Hale has 45 years of mineral exploration experience. John Gilliatt holds a BSc in Geophysics from the University of Alberta. He is also registered as a P.Geoph. (Alberta) and has over 30 years of mineral exploration experience.

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.

Figure 1 - Location Map - Drill Target Areas, Tenoriba Project (over colour contoured Total Magnetic Intensity - 50 metre survey depth)

 
#June 17, 2021
MAMMOTH REPORTS ADDITIONAL 1.7 KILOMETRES OF 3D GEOPHYSICAL MODELLING AT ITS TENORIBA GOLD-SILVER PROPERTY, MEXICO

 

Toronto, Canada (June 17, 2021) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is pleased to provide results from an additional 1.7 kilometres (km) of the 3-dimensional (3D) drill target modelling from its infill, Induced Polarization/Magnetometer (IP/Mag) geophysical survey completed in the first quarter of this year at its 100% owned Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt, Mexico. This additional 3D modelling shows similar strong correlation between IP/Mag geophysical features and anomalous surface gold-in-soil, chip and channel samples together with numerous gold intervals in diamond drilling and extends these coincident features over this additional 1.7 km of a total of 4.0 km of IP/Mag coverage over a larger 6 km east-west trend of surface gold-silver mineralization at Tenoriba.

For illustrations of the results from this modelling please refer to Figure 1 to this press release - "Location Map of Area of 3D Interpreted Geophysical Survey", Tenoriba Project, Figure 2 - "Illustrative IP-Chargeability Surface Plan, Line 57900E to 61900E, Tenoriba Project (with anomalous gold-in-soil results)" and Figure 3 - "Illustrative 3D, IP-Chargeability Image, Section 61000E, Looking West, Carneritos Area, Tenoriba Project (with anomalous gold-in-soil results)".

To view an illustrative animation of the 3D modelling discussed in this press release showing IP-chargeability features coincident with anomalous gold-in-soil results, including the potential extension of these features east and west along the gold-silver mineralized trend, please refer to the Company's website: www.mammothresources.ca "Projects" section "Maps, Images and Photographs" section, under today's date.

Thomas Atkins, President and CEO of Mammoth commented on results from the geophysical modelling, stating: "A total of 4 kilometres along the mineralized trend at Tenoriba was covered by ground Induced Polarization geophysics and 6 kilometres of ground Magnetometer geophysics. The 3D modelling incorporates the 4 kilometres of Induced Polarization combining all surface and drill data showing strong correlation between extensive areas of chargeability and resistivity in the Induced Polarization geophysics with elevated gold and silver values in the surface and drill data.

"Beyond that there's so many attractive geophysical features correlating closely with gold-silver values on surface and in prior drill holes along this 4-kilometre trend of 3D modelling, what's equally exciting is that at both the eastern and western ends of the survey, attractive geophysical features remain strong. That the geophysics features remain strong at these boundaries and that surface gold-silver values continue beyond these limits suggests excellent opportunities to extend the potential mineralization that may be producing these surface and geophysical features beyond the 3D modelled, 4 kilometre trend.

"Having recently closed its $2.8 million private placement, Mammoth is keen to identify drill targets within this additional 1.7 kilometres for the total 4 kilometres of the trend and advance towards drilling these various targets. The drill contractor has begun preparations to mobilize drill equipment to site and we intend to illustrate additional drill targeting along the entire 4-kilometre trend with updates on both activities as we move towards commencing drilling in the weeks ahead."

As part of the first quarter 2021 surface exploration program Mammoth advanced detailed confirmation geological mapping and expanded sampling together with an infill IP/Mag geophysical survey and 3D drill target modelling. The IP/Mag infill geophysical survey covered an expanded 4-km trend of surface mineralization not previously covered by the Company's earlier 2013 IP/Mag survey. An additional 2-km of Mag geophysics was performed in addition to covering the 4-km trend of the IP survey. This work follows on activities performed by Centerra Gold during its 21 months on Mammoth's Tenoriba property (Centerra notified Mammoth it was ceasing its exploration activities in Mexico in September 2020, returning 100% of the Tenoriba property to Mammoth - refer to press release dated September 22, 2020) and based on the recommendations following a review by PhD geologists Drs. Ressel and Christensen of MDA/RESPEC consulting. The PhD study included a review of all historical data from exploration activities at Tenoriba, including mapping and sampling over 3,000 surface soil and rock samples and 26 drill holes totalling almost 5,000 metres (m) sporadically testing mineralization along 4 km of the 6 km trend of known gold-silver mineralization. The report concluded that "Tenoriba is a high-quality early to mid-stage exploration project with potential to host an economic high-sulfidation epithermal deposit" (refer to press release dated February 18, 2021 and Mammoth's website: www.mammothresources.ca/s/TechReports.asp.).

A total of 4.0 km of 3D modelling of the geophysical data is now complete. Mammoth is working with Intelligent Exploration (IE) geophysicists to identify drill targets along this 4 km trend employing 3D modelling technology encompassing a combination of the IP/Mag geophysical characteristics of the rocks in this area in combination with surface and drill data to assist in identifying attractive targets for the continuation of the surface gold-silver mineralization at depth. IE is a geophysical consultancy of highly experienced PhD and P.Geo geophysicists, with years of experience on a variety of deposit types, employing the most modern geophysical techniques to enhance the geophysical evaluation of mineral deposits.

Qualified Persons:

The IP/Mag survey was performed by Géophysique TMC (TMC) of Val d'Or Quebec, contracted by Mammoth from TMC's Mexico office. Chris Hale and John Gilliatt are the principal geophysicists at Intelligent Exploration. Dr. Chris Hale holds a BSc in Earth and Planetary Sciences from Erindale College, University of Toronto, a MA from the University of California and a PhD from the University of Toronto and has 45 years of mineral exploration experience. John Gilliatt holds a BSc in Geophysics from the University of Alberta and is registered as a P.Geoph. (Alberta) and has over 30 years of mineral exploration experience. Both partners hold P.Geo. registration in Ontario and are members of the Canadian Exploration Geophysical Society (KEGS). IE provides consulting services under a Certificate of Authorization from the APGO (Association of Professional Geoscientists of Ontario).

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.

Figure 1 - Location Map of Area of 3D Interpreted Geophysical Survey, Tenoriba Project

Figure 2 - Illustrative IP - Chargeability Surface Plan, Line 57900E to 61900E, Tenoriba Project
(with anomalous gold-in-soil results)

Figure 3 - Illustrative 3D, IP-Chargeability Image, Section 61000E, Looking West, Carneritos Area, Tenoriba Project
(with anomalous gold-in-soil results)

 
#June 09, 2021
MAMMOTH ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING OF UNITS FOR GROSS PROCEEDS OF $2.85 MILLION

 Toronto, Canada (June 9, 2021) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is pleased to announce closing its previously announced oversubscribed, non-brokered private placement financing of units (the "Private Placement") comprising up to 18,482,600 units (the "Units") at a price of $0.14 per Unit for gross proceeds of up to $2,587,564, this having been increased and Mammoth having been granted conditional approval by the TSX Venture Exchange (the "Exchange") to 20,349,965 Units for gross proceeds of $2,848,995. The expiry date on the four-month hold period for the securities issued under this private placement has been set as October 11, 2021. Upon providing this announcement the Company anticipates receiving final approval from the Exchange for closing this private placement.

Thomas Atkins, President and CEO of Mammoth commented on the closing and additional increase in the amount of the Private Placement, stating: "I'd previously announced that the placement had been greeted by overwhelming enthusiasm and demand, and that I'd tried to strike a balance between this demand, relative to dilution and Mammoth having access to the capital it required to advance exploration at Tenoriba. Overwhelming demand to participate in the placement continued following that announcement and upon further reflection among Mammoth's board it was decided to increase the amount of the placement by an additional $260,000. Even having increased the placement to this size, the Company was unable to meet demand, this being at least partially evident in the strength of the company's share price, it consistently exceeding the offering price, since our having announced the financing.

"Due to the time required to conclude this financing further advancements on the geophysical interpretation have been delayed, however we soon expect to complete this work. The remaining 3D geophysical modelling covers an additional approximately 1.5 kilometres for a total of over 4 kilometres of Induced Polarization geophysics and up to a total of 6 kilometres of Magnetometer geophysics. Once we've completed the 3D modelling, we'll turn our attention to additional drill targeting in areas covered by the additional geophysics. Drill targeting will be in combination with historical surface and drill data over the entire 6- kilometre trend of gold-silver mineralization. It's expected that news releases, reporting on the results of the remaining geophysics and drill targeting, will be issued in the coming weeks as we complete this work."

The Private Placement is subject to receipt of all required regulatory and Exchange approvals. 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 20,349,965 Units for gross proceeds of $2,848,995. The securities issued pursuant to the Private Placement will be subject to a four-month hold period. Finders' fees of $14,710.00 in cash were paid on this Private Placement.

Proceeds from this Private Placement will be used primarily to fund diamond drilling on the Company's 100% owned Tenoriba gold-silver, with copper high sulphidation project in the prolific Sierra Madre precious metal belt, Mexico. Logistical planning is already underway working towards the commencement of the drill program in the coming weeks. Mammoth looks forward to further announcements as these activities advance.

As previously announced each Unit of the Private Placement will consist of one common share of the Company (the "Common Share") and one share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one additional Common Share for a period of 18 months from closing of the Private Placement at a price of $0.21 and if commencing on the date that is four months after the closing date, the closing price of a Common Share on the Exchange is higher than $0.25 for 20 consecutive trading days, based on the volume weighted average price on daily closing, then on the date that is the 20th consecutive trading day (the "Acceleration Trigger Date") the expiry date of the Warrants will be accelerated to the date that is 30 business days after the Acceleration Trigger Date provided the Company, within three trading days following the Acceleration Trigger Date, issues a news release announcing the acceleration of the expiry date and delivers or sends by electronic transmission a copy of such news release to the Warrant holders.

The Company would also like to announce the issuance of 1,160,000 incentive options to executives and directors of the Company exercisable at the previous day closing share price of $0.17/share trading on the TSX Venture Exchange and an additional 300,000 options exercisable at the same price to contractors to the Company. The term of these options and their exercise are governed under the terms of the Company's Option Plan.

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.
 
#May 26, 2021
MAMMOTH INCREASES RECENTLY ANNOUNCED $2.0 MILLION PRIVATE PLACEMENT FINANCING

 Toronto, Canada (May 26, 2021) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company", or "Mammoth") is pleased to announce that its previously announced non brokered private placement financing (the "Private Placement") announced May 25, 2021, comprising up to 14,300,000 units (the "Units") at a price of $0.14 per Unit for gross proceeds of $2,002,000 has been enthusiastically subscribed by investors and as such the Company has decided it will increase the size of this private placement to up to 18,482,600 Units, at the same terms as previously announced, for gross proceeds of up to $2,587,564.

Thomas Atkins, President and CEO of Mammoth commented on the increase in the size of the Private Placement, stating: "With overwhelming enthusiasm and demand for this placement and after taking into account such demand the Company believes it's prudent to increase the amount of this issuance, under the same terms as the previously announced private placement. Mammoth believes this increase strikes a balance between dilution and having access to the capital to advance exploration at Tenoriba. Even having increased the placement to this size, the Company unfortunately cannot meet all demand. On behalf of the Company I apologize to those who would like to participate in this financing but due to timing of their orders relative to the high demand, and attempting to balance dilution with this demand, the Company is faced with the difficult decision of having to decline their interest."

Proceeds from this Private Placement will be used primarily to fund diamond drilling on the Company's 100% owned Tenoriba gold-silver, with copper high sulphidation project in the prolific Sierra Madre precious metal belt, Mexico. This drill program is planned to commence within weeks of the closing of this Private Placement.

This Private Placement is available to accredited investors. Securities issued under this Private Placement will be subject to a four-month hold period. In accordance with the requirements of the Investment Dealer Exemption, the Company confirms there is no material fact or material change related to the Company which has not been disclosed. The Private Placement is subject to receipt of all required regulatory and Exchange approvals. The Company may pay a finder's fees on a portion of the Private Placement in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

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.

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.

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.
 

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This page was created on Thu Sep 16, 2021 at 5:27:42 PM Pacific Time.