MTH - Mammoth Announces Greater than One Million Ounce Gold Equivalent Target for Further Exploration at its Tenoriba Gold-Silver Property Mexico

(TheNewswire)

Toronto, Canada – TheNewswire - ( May 15, 2024 ) - Mammoth Resources Corp. (TSX-V: MTH),(the “Company”, or “Mammoth”) is pleased to announce the resultsfrom an internal study performed by Company geologists whichidentified a target for further exploration (“ Exploration Target ”, “Target”) at Mammoth’s 100% owned Tenoribagold-silver exploration property in the Sierra Madre precious metalbelt, Mexico. The study was performed under the guidelines of NationalInstrument 43-101, section 2.3 (2), including: the range of thequantity and grade of the Exploration Target among mixedoxidized-sulfide/transition zone mineralization and sulfide hostedgold-silver mineralization at Tenoriba. The report, available onMammoth’s website; Projects section, under Technical Reports .describes the basis upon which this Exploration Target has beendetermined. It should be noted that in accordance with NI 43-101 thisTarget is conceptual in nature and therefore it is uncertain whetherfurther exploration will result in this Target being delineated.

The range of Exploration Targets is illustrated in thefollowing table.

Note: * Sum of Oxide-Mixed plus Sulfide mineralization

ThomasAtkins, President and CEO of Mammoth Resources commented on theresults of Mammoth’s Exploration Target study, stating : “I’m verypleased with the results from this study. We always suspected therewas a sizable exploration target at Tenoriba given how frequentlywe’ve sampled gold-silver throughout the property. It’s beenrewarding to use our observations of surface geology and the availabledrill data to determine this potential target.

“Beyond the large 1.8 million goldequivalent target, I’m especially encouraged by the potential thatmore than 800,000 gold equivalent ounces could exist in the shallowOxide-Mixed horizon in Carneritos. This near-surface horizon has thepotential to be delineated over two phases of what should be arelatively low-cost program of only 59, approximately 50 metre deepdrill holes in the first phase, at the recommended 80 metre drillspacing. It’s within this Oxide-Mixed mineralization that ourpreliminary metallurgical work suggests excellent recoveries that havethe potential to be amenable to low-cost heap leach gold recovery.

“Our immediate plans are to obtainquotes from drill contractors to further evaluate the cost of thefirst phase of shallow drilling focused on delineating the first500,000 gold equivalent ounce Inferred resource target at Carneritos.Based on past costs, I feel confident that we can drill this shallowhorizon at a very compelling cost relative to the opportunity ofdefining this mineral resource. I believe success at Carneritos cantranslate to additional successes in further defining a large mineralresource at Tenoriba.  Mammoth looks forward to reporting on the costestimates for the resource delineation drilling in the nearfuture”

Richard Simpson, Vice PresidentExploration of Mammoth Resources further commented on Mammoth’sExploration Target, stating : “Following the success of the 2021-22drill program in delineating the boundaries to the three large areasof gold-silver mineralization at Tenoriba, we recognized that the next step in the advancement ofTenoriba was to define a maiden Inferred mineral resource. This studyacts as a guide in determining the risk-reward to further investmentat Tenoriba to define this resource.

“We initially began looking at aglobal, oxidized-mixed oxidized/sulfide domain together with allsulfide mineralized intervals in determining the Exploration Target.It too was a large number of gold equivalent ounces. However, when wesaw the high recoveries of gold-silver in the near surface,oxidized-mixed oxidized/sulfide material from the preliminary bottleroll tests, we felt it would be better to separate mineralization intothe two domains. We believe there’s excellent potential to define asizeable mineral resource in low-cost, near-surface drilling of theoxidized horizon, especially in our initial phase drilling atCarneritos.”

Reliance on Information - Methodologyfor Determining the Exploration Target :

The Exploration Target has been determined for each ofthe three gold-silver mineralized areas at Tenoriba that span a fourkilometre, east-west trend. From east to west the mineralized areasinclude; Carneritos, Masuparia and Moreno. Gold-silver mineralizationwithin these three areas is separated into two mineralized domains; asurface to shallow oxidized plus mixedoxidized-sulfide horizon/domain (“Oxide-Mixed) and independently adeeper sulfide horizon/domain (“Sulfide”) .Combining these two mineralized domains, the Exploration Target issuggested as a range of values based on; (1) 100% success in futureresource definition drilling in the three areas, and employing averagegrades and interval lengths from prior drilling, and (2) a reducedTarget based on an average 90% success in priordrilling across all areas (the drill weighted success of priordrilling), and which is also determined and utilized for each of thethree individual areas, similarly employing average grades andinterval lengths from prior drilling .

The upper range of the Exploration Target is based on100% success in future drilling and assumes similar averages of gradeand mineralized intervals. No allowance in the determination of theExploration Target has been given for expansions of the three knownareas of mineralization in additional areas at Tenoriba.

Thomas Atkins, further commented onthe study, stating : “It’s worth noting thatthis target for further exploration gives no merit to any additionalpotential outside of the three principal areas of recent exploration.Yet, outside of these areas, gold-silver mineralized is observed inartisanal workings, gold in soil and chip samples and geophysicalcharacteristics exist similar to areas where potentially economicalmineralization has been intersected in prior drilling. I think we’vebeen very pragmatic in relying on the data available and the successfrom prior drilling. Our estimates identified a very attractive targetand we've not tried to extend the target to consider potential beyondthe three principal areas of mineralization.”

The determination of the Exploration Target relies uponan abundance of geological data, including (1) surface geologicalmapping, (2) many hundreds of gold-silver soil, chip and channelsamples, (3) Terraspeck alteration clay sample analysis of surface anddrill core, (4) a three-dimensional interpretation of surfacegeophysical data, and (5) gold-silver values from 55 diamond drillholes. A drill plan, to determine an initial Inferred mineral resourcewithin this Target, follows the recommendations of an independentdrill hole spacing analysis. This analysis suggests a drill holespacing of 80 m between holes at the Carneritos and Moreno areas andspacing of 40 m at the Masuparia area.

The methodology employed to calculate the target forfurther exploration included the determination of: (1) the surfacearea of potentially economically mineralized material based onavailable surface geological, sample and drill data, (2) segregationof the target for further exploration into two mineralizedhorizons/domains; a mixed oxidized-sulfide/transition zone domain andseparately a sulfide domain, (3) estimated true width of drill coreintervals grading above a 0.18 g/t gold equivalent cut-off grade, (4)rock density, and (5) taking into account the success of priordrilling intersecting potentially economical gold-silver mineralizedintervals in each of the three target areas at Tenoriba. The targetfor further exploration was assigned a range based on two parameters;100% success in future drilling and this upper level reduced based on the success of prior drilling havingintersected potentially economical intervals of gold-silvermineralization.

Based on the historical geological data and themethodology employed, a range for the target for further explorationwas determined for each of the three target areas within the twomineralized horizons/domains. Combining the two domains, the targetfor further exploration at 100% success in future resource drilling,employing average grades and interval lengths from prior drilling was 96,119,919 tonnes at a gradeof 0.61 g/t gold equivalent totalling 1,871,624 gold equivalent ounces .The combined domain target for further exploration, based on anaverage 90% success in priordrilling across all areas, and employing averagegrades and interval lengths from prior drilling was 1,687,178 gold equivalentounces .

The Company recommends that based on the combination ofmany hundreds of gold-silver sample values observed on surface and indrill core within the three principal areas of mineralization atTenoriba, coupled with the high rates of gold-silverdissolution-recovery from the preliminary metallurgical tests and therange of values calculated for the Exploration Target, that resourcedefinition drilling to define an Inferred mineral resource followingthe recommended drill hole spacing, be advanced in the suggested threephases of drilling at Tenoriba.

Exploration Targets:

The suggested drilling to delineate a maiden Inferredmineral resource at Tenoriba, within the three target areas;Carneritos, Masuparia and Moreno are illustrated in Figure 1 -Location Map, Drill Hole Collar Locations, Exploration TargetDrilling, Tenoriba. Additional information and images on the Targetareas is available in the report on the Exploration Target study onMammoth’s website. The determination of the Exploration Targetrelied on prior drilling which intersected potentially economicalintervals of gold-silver mineralization within the designated surfaceareas.

Carneritos Area:

Prior drilling was 94%successful in encountering potential economical gold-silvermineralized intervals in historic drilling, with this ratio of successestablishing the lower range of the Target. The upper end of the rangeis based on 100% success in future resource definition drilling. Therange of the Target, in each of both the Oxide-Mixed and the Sulfidedomains over two phases of drilling and the resulting, combined Target is illustrated in Table 1. Exploration TargetCalculation Parameters - Phase 1 and Phase 2 Drilling, CarneritosArea.

Table 1. Exploration Target Calculation Parameters - Phase 1 and Phase2 Drilling, Carneritos Area.

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Masuparia Area:

Prior drilling was 72% successful in encounteringpotential economical gold-silver mineralized intervals in historicdrilling, with this ratio of success establishing the lower range ofthe Target while the upper end of the range is based on 100% successin future resource definition drilling. The range of the Target, ineach of both the Oxide-Mixed and the Sulfide domains over two phasesof drilling and the resulting, combined Target, are illustrated in Table 2. ExplorationTarget Calculation Parameters - Phase 2 and Phase 3 Drilling,Masuparia Area.

Table 2. ExplorationTarget Calculation Parameters - Phase 2 and Phase 3 Drilling,Masuparia Area.

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Moreno Area:

Prior drilling was 88% successful in encounteringpotential economical gold-silver mineralized intervals in historicdrilling, with this ratio of success establishing the lower range ofthe Target while the upper end of the range is based on 100% successin future resource definition drilling. The range of the Target, ineach of both the Oxide-Mixed and the Sulfide domains over two phasesof drilling and the resulting, combined Target, are illustrated inTable 3. Exploration Target Calculation Parameters - Phase 2 and Phase3 Drilling, Moreno Area.

Table 3. Exploration TargetCalculation Parameters - Phase 2 and Phase 3 Drilling, MorenoArea.

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Quality Assurance and Quality Control(QA/QC):

All data provided for this drill spacing studyfollowed QA/QC controls as outlined on the Mammoth Resources website,“News” and press releases spanning the period November 18, 2021 toDecember 15, 2022.

Qualified Person(s)/CompetentPerson(s) (QP/CP):

Richard Simpson, P.Geo., Vice-PresidentExploration for Mammoth Resources Corp. is Mammoth's QP/QC underNational Instrument 43-101 by virtue of his professional designation,university degree and years of work experience as a geologist and isresponsible for and has reviewed all technical data in this release(refer to Mammoth’s website “Projects”, “QualifiedPerson/Competent Person” section for Mr. Simpson’squalifications).

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 southwesternChihuahua State, Mexico. Mammoth is seeking other opportunities tooption exploration projects in the Americas on properties it deems tohost above average potential for economic concentrations of preciousmetals mineralization.

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 a result of new information, futureevents or results or otherwise. Although the Company believes that theassumptions inherent in the forward-looking statements are reasonable,forward-looking statements are not guarantees of future performanceand, accordingly, undue reliance should not be placed on theseforward-looking statements due to the inherent uncertaintytherein.

Figure 1 - Location Map, Drill Hole Collar Locations,Exploration Target Drilling, Tenoriba

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