MTH:CC - Mammoth Announces Gold Recoveries of up to 90% from Bottle Roll Tests on Material from Large Carneritos Area on its Tenoriba Gold-Silver Property Mexico

(TheNewswire)

Toronto, Canada – TheNewswire - November 09, 2023 - Mammoth Resources Corp. (TSXV:MTH), (the “Company”, or “Mammoth”) is pleased to announce results frombottle roll tests performed on three composite samples of materialcollected from assay reject samples of drill holes from the largeCarneritos area from 2021-22 drill campaign. Gold recoveries in two bottle roll tests aregreater than 90% for the oxidized material samples and 74% for asingle mixed oxidized-sulfide/transition zone sample from Carneritos.Silver recoveries are greater than 58% for the oxidized samples and64% for the mixed oxidized-sulfide/transition zone sample. Themajority of the gold and silver leaches within the first 12 hours of atotal of a 96-hour bottle roll test.

Thomas Atkins, President and CEO ofMammoth Resources commented on these results, stating : " The Mammothteam is excited and encouraged by these terrific results! These areexcellent recoveries in these zones which comprise the near surfacemineralization at Tenoriba and therefore would be the first to bemined should the project go into production. We had similargold-silver recoveries in samples collected from material fromhistorical drilling in the large 1,200 by 250 metre Masuparia area.That the Carneritos area measures approximately 1,500 by 500 metresand that we’re getting such high gold-silver recoveries in both theoxidized level and the mixed oxidized-sulfide transition zone levelbodes well for potential gold-silver recoveries by low-cost, heapleach technology in what could potentially be a significant, nearsurface gold-silver bearing, oxidized and mixed oxidized-sulfidetransition zone mineral resource at Tenoriba.

“Based on these results Mammothhas already graduated to testing a coarser fraction of this samematerial for added confidence in the recovery of gold and silver inthese zones and is also investigating recoveries in the sulfide zonewhich lies at depth, below the oxidized and mixed zones.

“As part of Mammoth’s efforts tobetter understand the target mineral resource at Tenoriba and itsrecovery potential, during the past months since the conclusion of the2022 drilling and receipt of all assay results, Mammoth’s technicalteam has been investigating a combination of metal recoveries andresource target potential and expects to have further announcements on this work over the comingweeks.

“Mammoth believes it is importantto establish the scope of economic potential at Tenoriba in order tovalidate and justify strong leverage to exploration success for itsshareholders. Preliminary results and estimates from this work, aresuggesting that once this work is completed, the results willdemonstrate future drilling with excellent leverage to costeffectively identify a sizable, potentially economical precious metalresource. ”

Cyanide Bottle Roll Test Results,Conclusions and Recommendations for Future Work:

The selection of samples for cyanide bottle roll tests wereprioritized based upon the extent to which they would: (1) provide agood distribution over the extent of the Carneritos area as it hadbeen defined by geological mapping, sampling, geophysics and drilling,(2) comprise, what was observed through drill core logging, to be bothoxidized (samples B and C) and mixed oxidized-sulfide/transition zonemineralized intervals (sample A), and (3) the composite of suchsamples would comprise an average grade, as best could be achieved bysample collection means, to approximate the current weighted averagegrade of all mineralized drill hole intervals from all 57 historicaldrill holes at Tenoriba, which approximates 0.65 g/t gold equivalent(gold with silver wherein silver is converted to a gold equivalent ata gold : silver ratio of 1 : 75) utilizing a 0.18 g/t gold cut-offgrade for assembling potentially economical intervals of open pitmineable and heap leach recoverable precious metals at Carneritos

Of the 559 coarse rejects which existed from the 2021-22 drill coresampling within the Carneritos area, 125 samples were selected to formsix composite samples. Three of these samples were sent to SGSlaboratory in Durango, Mexico where under the direction of Mr. GermanAlarcon, Metallurgist for SGS, three individual, 96-hour cyanidebottle roll tests were performed with measurements of gold and silverdissolution taken initially after two hours, and thereafter every sixhours, until 96 hours of samples under agitation passed. The otherthree samples were sent to Dr. Efren Perez in Hermosillo, Sonora forheavy mineral concentration and microscopic study of mineralogy,especially to attempt to observe the nature of gold’s occurrencewithin these sample composites. In a second phase sampling, fiveadditional individual samples from half split diamond core were sentto Dr, Perez for similar microscope study. Both Mr. Alarcon and Dr.Perez are Qualified Persons under NI 43-101 by virtue of their sciencedegrees and years of relevant experience.

Results of the cyanide bottle roll tests are illustrated in Table 1 -Dissolution Kinetics and Results. Gold dissolution (amount of golddissolved/potentially recoverable relative to the assayed grade) fromthe oxidized material at Carneritos (Samples B and C) is very rapid at92% and 88% dissolution in the first 12 hours, respectively whileafter 96 hours reached 94% and 91%, respectively. The silverdissolution is also very rapid and reaches approximately 55% for bothsamples in the first 12 hours and 59% for both samples after 96 hours.

Results of the cyanide bottle roll tests for mixedoxidized-sulfide/transition material (Sample A) is also very rapidwith 72% of the total gold dissolved in the first 12 hours while 75%gold dissolution occurs in 96 hours. The total silver dissolution forsample A is also very rapid at 61% dissolved in the first 12 hours andreached 64% dissolution after 96 hours.

Table 1 - Dissolution Kinetics andResults:

(hours under agitation and resultant percentdissolved (recoverable) gold (Au) and silver (Ag)

Based on results from this work, and to further enhanceconfidence in the gold and silver dissolution and potential recoveryof oxidized and mixed oxidized-sulfide material at Carneritos,additional metallurgical test work is recommended and should include:(1) additional bottle roll tests utilizing coarser granulometrymaterial, and (2) sulfide bearing gold and silver core intervalsshould also be tested. Following successful dissolution of gold andsilver in coarser granulometry material (moving towards 3/8-inchdiameter material), further testing of similar granulometry materialshould be studied by cyanide column leach tests. Following initialtesting, sulfide bearing gold and silver core intervals should also betested by various granulometry bottle roll tests and if warrantedfollowed by column testing. These tests would further validate anddetermine the metallurgical recoveries of gold by heap leaching.

Based on the success from these initial bottle roll tests, Mammoth hascommenced testing a coarser fraction of the oxidized and mixedoxidized-sulfide zone material and preliminary tests of a sulfidesample and looks forward to reporting on these results in the nearfuture.

Mammoth intends to post to its website (“Projects”, “TechnicalReports” section) in the coming days a technical report detailingthis metallurgical study.

Quality Assurance and Quality Control(QA/QC):

Samples were selected from sample rejects of drill corerecovered by Mammoth Resources personnel from Australian LaboratoryServices (ALS) preparation laboratory, Chihuahua where they hadoriginally been prepared for drill core assay analysis of drill holesdrilled within the Carneritos area of the Tenoriba property during the2021-2022 diamond drilling program. Drill core assay results, plusQuality Assurance/Quality Control (QA/QC) measure were previouslyreported in various press releases (refer to Mammoth Resources websitepress releases spanning the period November 18, 2021 to December 15,2022).

The selection of the samples to be analyzed were prioritized basedupon the extent to which they would: (1) provide a good distributionover the extent of the Carneritos area as it had been defined bygeological mapping, sampling, geophysics and drilling; (2) comprise,what was observed through drill core logging, to be both oxidized(samples B and C) and mixed oxidized-sulfide/transition zonemineralized intervals (sample A); and (3) the composite of suchsamples would comprise an average grade, as best could be achieved bysample collection means, to approximate the current weighted averagegrade of all mineralized drill hole intervals from all 57 historicaldrill holes at Tenoriba, which approximates 0.65 g/t gold equivalent(gold with silver wherein silver is converted to a gold equivalent ata gold : silver ratio of 1 : 75) utilizing a 0.18 g/t gold cut-offgrade for assembling potentially economical intervals of open pitmineable and heap leach recoverable precious metals at Carneritos.

Coarse reject samples from the 2021-2022 drill program,which assayed greater than 0.1 g/t gold, are stored in 54 nylon ricebags sealed with plastic tie wraps and kept under lock and key in astorage room located at the ranch of Rodolfo Chavez outside ofChihuahua City, Mexico (Rodolfo Chavez is one of the original ownersof the Tenoriba property from which Mammoth Resources optioned theproperty in 2012).

Of the 559 coarse rejects which existed from the 2021-22 drill coresampling within the Carneritos area, 125 samples were selected to formsix composite samples of which three of these samples were sent to SGSlaboratory in Durango for a 96-hour cyanide bottle roll test. Theother 3 samples were sent to Dr. Efren Perez in Hermosillo, Sonora forheavy mineral concentration and microscopic study of mineragraphy inan attempt to observe the nature of gold’s occurrence within thesesample composites. In a second phase sampling, five additionalindividual samples from half split diamond core were sent to Dr.Perez.

Sample selection and preparation for cyanide bottle roll testing wasperformed by Mammoths personnel under the supervision of RichardSimpson at the Chavez ranch outside of Chihuahua city, Chihuahua,Mexico. After mixing/blending material from each individual samplereject on a clean, plastic tarp, approximately 275 grams of materialwas selected and composited into three samples and shipped in threeplastic rice bags sealed by tie wraps from Chihuahua city by bus toSGS laboratory in Durango city, Durango, Mexico. At the SGS laboratorythe samples were dried, homogenized using a riffle splitter and toconfirm the head grade for the tests, the samples were fire assayedfor gold and silver (Au-AA finish and Ag-gravimetric finish) plusassayed by ICP for 32 multi-elements. Following confirmation ofsuitable grade approximating the weighted average from all historicaldrilling at Tenoriba, 2 kg were crushed so greater then 60% of thematerial pass through minus 200 size mesh of which a 1 kg sample wasselected for the 96-hour bottle roll test. SGS lab QA/QC procedureswere performed which includes check assays for gold and silver.

Qualified Person / Quality Controls:

Richard Simpson, P.Geo., Vice-PresidentExploration for Mammoth Resources Corp. is Mammoth's Qualified Personunder National Instrument 43-101 by virtue of his professionaldesignation, university degree and years of work experience as ageologist and is responsible for and has reviewed all technical datain this release (refer to Mammoth’s website “Projects”,“Qualified Person” section for Mr. Simpson’s qualifications).

German Alarcon, Metallurgist for SGS de Mexico S.A deC.V. is an experienced metallurgist. Mr. Alarcon graduated in 2007from the Faculty of Chemistry at the Universidad del Estado deDurango, Mexico as an Ingeniero en Ciencias de los Materiales. Sincegraduating in 2007, Mr. Alarcon has worked as a metallurgist fornumerous reputable organizations, including Minerales y Minas deMexico and First Majestic Silver Corp. Since 2018 Mr. Alarcon has beenthe Metallurgical Laboratory Manager for SGS in Durango, Mexico. Mr.Alarcon is a Qualified Person under NI 43-101 by virtue of hisuniversity degree and years of experience as a metallurgist.

Dr. Efren Perez, PhDGeology, is a consulting geologist. From 1977 to2022 Dr. Perez was a professor of Economic Geology at the Universidadde Sonora, Mexico. Dr. Perez received his PhD in 2006 from theUniversidad de Mexico (UNAM). His post graduate studies are from theEcole Nacionale Superieure des Mines de Paris, France (1975-1976) andEcole Nationale Supérieure de Géologie Appliquée et de ProspectionMinière, Nancy, France (1977-1979). Dr. Perez is a Qualified Personunder NI 43-101 by virtue of his university degrees, academic studiesand years of experience as a professor of Economic Geology at theUniversidad de Sonora.

About Mammoth Resources:

Mammoth Resources (TSX-V: MTH) is a precious metalmineral exploration Company focused on acquiring and defining preciousmetal resources in Mexico and other attractive mining friendlyjurisdictions in the Americas. The Company holds a 100% interest(subject to a 2% net smelter royalty purchasable anytime within twoyears from commencement of commercial production for US$1.5 million)in the 5,333-hectare Tenoriba gold property located in the SierraMadre Precious Metal Belt in southwestern Chihuahua State, Mexico.Mammoth is seeking other opportunities to option exploration projectsin the Americas on properties it deems to host above average potentialfor economic concentrations of precious metalsmineralization.

To find out more about Mammoth Resources and to sign up to receivefuture press releases, please visit the company's website at: www.mammothresources.ca ., or contact Thomas Atkins, President andCEO at: 416 509-4326.

Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.

Forward Looking Information: This news release maycontain or refer to forward-looking information. All information otherthan statements of historical fact that address activities, events ordevelopments that the Company believes, expects or anticipates will ormay occur in the future are forward-looking statements; examplesinclude the listing of its shares on a stock exchange and establishingmineral resources. These forward-looking statements are subject to avariety of risks and uncertainties beyond the Company's ability tocontrol or predict that may cause actual events or results to differmaterially from those discussed in such forward-looking statements.Any forward-looking statement speaks only as of the date on which itis made and, except as may be required by applicable securities laws,the Company disclaims any intent or obligation to update anyforward-looking statement, whether as a result of new information,future events or results or otherwise. Although the Company believesthat the assumptions inherent in the forward-looking statements arereasonable, forward-looking statements are not guarantees of futureperformance and, accordingly, undue reliance should not be placed onthese forward-looking statements due to the inherent uncertaintytherein.

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