MMMRF - Mammoth Announces Results from Independent Geological Assessment of its Tenoriba Project Sierra Madre Mexico

(TheNewswire)

Toronto, Canada – TheNewswire - February 18, 2021 - Mammoth Resources Corp.(TSXV:MTH), (the “Company”, or “Mammoth”) is pleased to announce encouragingobservations, conclusions and recommendations from the independentgeological assessment of the Company’s Tenoriba, gold-silverproperty located in the prolific Sierra Madre precious metal belt,Mexico.

The independent assessment was performedby Drs. Michael Ressel and Odin Christensen of MDAAssociates (please refer to the “Qualified Persons” section ofthis release for Drs. Ressel and Christensen’s experience andqualifications). Dr. Ressel reviewed all historic geological datagenerated by all prior parties to the exploration at Tenoriba since2007, including Mammoth and most recently Centerra Gold, followed byfive days on site reviewing the project geology in surface outcropsand drill core and shared the findings of this work and collaboratedwith Dr, Christensen in drawing their collective observations,conclusions and recommendations. A copy of the report is available onthe Company’s web site: “PROJECTS” section, “TechnicalReports”, or at the following link: http://www.mammothresources.ca/s/TechReports.asp .

Among various observations from thisreport, it was stated that:

• - Epithermal deposits in the northernSierra Madre Occidental (“SMO”) are subdivided into two maintypes: low- to intermediate-sulfidation vein-dominated deposits, andless abundant high-sulfidation, replacement-type deposits. Thediscovery of significant high-sulfidation epithermal deposits (e.g.,Los Mulatos, El Sauzal, El Indio) in the early 2000s has spawned newinterest in exploration in the SMO.

• - Features of altered and mineralizedrocks at Tenoriba are consistent with a high-sulfidation epithermalstyle.

• - Mineralization at Tenoriba occurs in asouth-tilted sequence of intermediate lavas, flow breccias, poorlywelded ash-flow tuffs, and lesser volcaniclastic sedimentary rocksthat are correlated with the regional Lower Volcanic Series of Eoceneage and that gold mineralization at Tenoriba occurs near the angularunconformity between Lower and Upper Series volcanicunits.

• - Numerous epithermal deposits in the Sierra Madre Occidentaloccur in proximity to the regional unconformities developed betweenLower and Upper Series volcanic rocks, including the Mulatos and ElSauzal deposits, both large, economic, high-sulfidation depositssimilarly spatially and temporally related to Lower Series daciticdomes, and dome rocks host most of the ore in these deposits.

• - Tenoriba is a high-quality early tomid-stage exploration project with potential to host an economichigh-sulfidation epithermal deposit. Drill-ready targets are presentat Masuparia, Carneritos, and El Moreno based on abundant mapping,surface sampling, geophysical surveying, and historical drilling. TheCerro Colorado area to the west of El Moreno remains undrilled anddata for it are sparse. Cerro Colorado contains ledges of vuggy quartzwith surface geochemistry of up to a few grams Au per tonne inrock-chip samples but lacks systematic sampling and otherwork.

• - The authors recommend a thorough andconsistent exploration program over at least two years to evaluate themain prospect areas and also addresses areas that have to date seenlittle or no work, particularly to the east and west of the exploredareas.

Thomas Atkins, President and CEO ofMammoth commented on the report, stating: “Following Mammoth’s successful 2018drill program testing mineralization to depths of approximately 100metres sporadically along a 4 kilometre trend of surface gold-silvermineralization, it had been the company’s intention to have theproject reviewed by a qualified, experienced third party geologist toconfirm the nature of mineralization and to consider next steps inadvancing the project. Soon after completing the 2018 drilling, the company was innegotiations with Centerra Gold to option the project, an agreementwas concluded in late 2018 and Centerra, with its qualified,experienced geologists began exploring the project. As was reported inlate September 2020, Centerra decided to cease activities in Mexicoand returned 100 percent of Tenoriba to Mammoth just shy of theirbeginning to drill test up to 139 drill locations. Mammoth has allpermits in place to commence drilling having received the drill permitapproval and having negotiated two-year surface access agreements withthe two communities that govern surface access at Tenoriba. WithCenterra not advancing the project and it returning to Mammoth itseemed prudent that we conduct this independent, qualified andexperienced third-party review of Tenoriba prior to our furtheradvancing the project.

“I’m pleased that Drs. Resseland Christensen interpret Tenoriba to be a high sulphidation project,similar to Mammoth’s own interpretation, based on compelling sharedfeatures between Tenoriba and other economical high sulphidationprojects in the Sierra Madre. We’re encouraged by thisinterpretation, some of the findings and recommendations and lookforward to Mammoth’s geological team advancing exploration atTenoriba in close collaboration with Drs. Ressel andChristensen.”

Drs. Ressel and Christensen made anintriguing observation regarding the inversion of a stratigraphichorizon of rocks favourable to host gold-silver mineralization atTenoriba from prior mapping. Should this inverted stratigraphy provecorrect this could have significant positive implications as far asthe abundance and location of this favourable stratigraphy as a hostof gold-silver mineralization at Tenoriba.

Mammoth has already begun variousactivities to advance recommendations from this report,including:

• - Mapping and sample the north-facingexposures on the property to clarify this inverted stratigraphy.

• - Reassessing the historical inducedpolarization (“IP”) survey data at Carneritos with highlyexperienced geophysical consultants and perform in-fill IP and groundmagnetics geophysics in collaboration with these geophysicalconsultants to cover the 60% of the 6 kilometre mineralize trend notcovered by the initial survey.

• - Follow-up highly anomalous soils atlower elevations in tuffs and andesitic rocks which may reflect“leakage” into overlying units together with reconnaissancenorth-south soil lines from Cerro Colorado to El Moreno where suchsampling had not previously been performed and which may delineate newareas of targeted exploration.

• - Follow up on locally sourced coarsegold in the regolith at El Moreno.

The above activities together with thedrafting of sections, contour maps and a 3-dimensional model of thisgeologic, geochemical, and geophysical data are all recommended to beutilized to assess and rank target areas for the Company’s upcomingdrill program. Drilling is expected to commence around the end of thefirst quarter of this year, however it should be noted that the timingof the commencement of this program may be somewhat influenced byrecent COVID-19 related restrictions that are posing some challengesto the execution of the Company’s current explorationactivities.

QualifiedPersons:

Drs. Mike Ressel and Odin Christensen areemployed as Senior Geologist and Associate Geologist, respectively ofMine Development Associates (MDA), Reno Nevada, a division of RESPEC,a consultancy specializing in exploration and mining projectassessment, and resource estimation and development withcomprehensive, global scope covering early through advanced stages ofexploration covering all commodities and is particularly well knownfor its work on precious-metal deposits (epithermal, orogenic, andCarlin-type) throughout the Americas.

Dr. Ressel obtained his PhD from the University of Nevada, Reno, andis a fellow with the Society of Economic Geologists, and is an AIPGcertified professional geologist active in many professionalgeoscience and mining organizations. Before joining MDA in 2020, Dr.Ressel worked as an economic geologist for the Nevada Bureau of Mines,as an assistant professor Geology at the University of Nevada, Renowhere he led field-based studies, published several papers andgeologic maps focused on ore deposits and taught courses and advisedgraduate and undergraduate students in economic geology. Dr. Resselalso spent more than 15 years working in mining and exploration for anumber of companies, including as Chief Geologist North America forNewmont and in mine production and development as well as near-mineand generative exploration for Newmont, Kinross, and VictoriaResources on projects in the Great Basin, Alaska and other parts ofthe U.S., western Canada, Mexico, Africa, and Australia. Dr.Ressel’s experience spans deposit types ranging from epithermal,porphyry-skarn, orogenic, and Carlin-type.

Dr. Christensen holds a Bachelor’s Degree in Geologyfrom the University of Minnesota and a PhD in Geology from StanfordUniversity and is a AIPG certified professional geologist . Dr. Christensen has over 35 years of experience in themineral exploration and mining industry. Dr. Christensen has been aconsulting minerals exploration geologist with Hardrock MineralExploration Inc. of Colorado since 2003. He was previously withNewmont Mining Corporation for 21 years, including from 1985-1989 asExploration Manager for Newmont Exploration Ltd. and Carlin GoldMining Corp. in northeastern Nevada with responsibility forexploration and mine geology on the Carlin trend. From 1989 to 1991,Dr. Christensen was Vice President of Exploration for Newmont Gold andfrom 1991 to 2000 was appointed Chief Geologist for Newmont MiningCorp., with responsibility for technical oversight of Newmont’sworldwide exploration and mine geology programs. Dr. Christensen hasworked in 26 countries in Asia, Africa, Europe, North and SouthAmerica.

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 upto 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 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 eventsor results to differ materially from those discussed in suchforward-looking statements. Any forward-looking statement speaks onlyas of the date on which it is made and, except as may be required byapplicable securities laws, the Company disclaims any intent orobligation to update any forward-looking statement, whether as aresult of new information, future events or results or otherwise.Although the Company believes that the assumptions inherent in theforward-looking statements are reasonable, forward-looking statementsare not guarantees of future performance and, accordingly, unduereliance should not be placed on these forward-looking statements dueto the inherent uncertainty therein.

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