MTH:CC - Mammoth Announces Results of Independent Drill Hole Spacing Analysis with Recommendations to Identify Initial Mineral Resource Estimate at Tenoriba Gold-Silver Property Mexico
(TheNewswire)
Toronto, Canada – TheNewswire - November 30, 2023 - Mammoth Resources Corp. (TSXV:MTH), (the “Company”, or “Mammoth”) is pleased to announce the results from an independent, third-partyexpert study of the Company’s relevant geological data to perform aDrill Hole Spacing Analysis (DHSA). The purpose of this study is toguide the design of future drilling to establish an Initial MineralResource Estimate at Mammoth’s 100% owned Tenoriba gold-silverexploration property in the Sierra Madre precious metal belt,Mexico.
The DHSA was performed by Mr. Fred Brown, M.Sc., P.Geo.of P&E Mining Consultants Inc. (P&E) and reviewed by EugenePuritch, P.Eng., FEC, CET, President of P&E and took into accounthistorical geological data, including data suppliedelectronically in the form of Excel spreadsheets, ASCII text files andpdf files containing all Mammoth drill hole data, in addition totopographic data and a series of interpreted cross-sections, a 2021Mammoth produced drilling report and the Company corporatepresentation in order to assist in determining a proposed drill holespacing P&E believe would be required to estimate an InferredMineral Resource at Tenoriba.
Based on the data supplied by Mammoth, P&E recommended a drillhole spacing for an Inferred Mineral Resource as follows in the threemain mineralized areas at Tenoriba (refer to Figure 1 -Drill Hole Collar Locations, Tenoriba Property Drilling andFigure 2 - Location Map, Tenoriba Property Drilling).
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El Moreno: 80 metres
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Masuparia: 40 metres
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Los Carneritos: 80 metres
Thomas Atkins, President and CEO ofMammoth Resources commented on the recommendations of the DHSA,stating : " Mammoth was successful in its 2021-22diamond drill program often intersecting multiple tens of metreintervals of potentially economical gold-silver mineralization withinthree large areas, each in excess of one kilometre in size locatedover a four-kilometre trend at Tenoriba. These encouraging drillresults, which follow up equally encouraging surface gold-silvermineralization and attractive geophysical features along the trend,segued to the logical next steps in the project’s development;defining an initial Mineral Resource Estimate at Tenoriba. We engagedthe expertise of P&E Mining Consultants Inc. to perform anindependent Drill Hole Spacing Analysis as a guide to future drillingto define this initial Mineral Resource Estimate at Tenoriba.
“Mammoth recently announcedencouraging results for the recovery of gold and silver via rapid golddissolution under cyanide leach bottle-roll tests, supportive ofemploying low-cost heap leaching to recover near-surface oxidized andtransition oxidized-sulphide precious metal at Tenoriba. With thisDrill Hole Spacing Analysis, the Mammoth geological team will nowstudy the lay-out of drill holes to achieve an initial MineralResource Estimate at Tenoriba, considering drill hole locations andcosts to determine the most optimal sequencing-phasing of drilling tooptimize investment as Mammoth moves towards defining this initialMineral Resource.
“We look forward to reporting onadditional metallurgical testing, drill layout utilizing this DrillHole Spacing Analysis as a guide, the drill program budget and sharingthe team’s determination of an Exploration Target, utilizingestimates derived from historical drilling, which we’re confidentwill illustrate the potential for a compelling return on investmentfor the next stages of development at Tenoriba.”
Drill Hole Spacing Analysis:
Mammoth Resources Corp. requested that P&E provide a DHSA of theTenoriba Project in order to define the drill spacing required for anInferred Mineral Resource.
Data was supplied electronically in the form of Excel spreadsheets,ASCII text files and pdf files. The supplied drill hole databasecontains collar, survey, assay, Iron Oxide and Silica tables.Lithological data are included in the assay table. In addition,topographic data and a series of interpreted cross-sections wereprovided. Also available is a 2021 technical report, a corporatepresentation dated November 11, 2021, and an internal drilling reportdated January 16, 2021.
Industry standard validation checks were carried out on theclient-supplied database. The database was validated by checking forinconsistencies in naming conventions or analytical units, duplicateentries, interval, length or distance values less than or equal tozero, blank or zero-value assay results, out-of-sequence intervals,intervals or distances greater than the reported drill hole length. Afew issues were identified with the database and corrected by Mammoth.
As a test of the geological continuity, a simplified geological modelwas generated based on drill hole logging only and checked against thesupplied interpreted cross-sections. The resulting simplified modelsuggests a reasonably continuous geology, with the exception of themore complex porphyritic dacite composition breccia/block and ash flowunit.
Based on the client-supplied data the recommended drill hole spacingfor an Inferred Mineral Resource at Tenoriba is as follows:
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El Moreno: 80 metres
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Masuparia: 40 metres
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Los Carneritos: 80 metres
Mammoth has posted to its website (“Projects”, “TechnicalReports” section) both the DHSA report produced by P&E and aninternal report which summarizes the recently announced results onmetallurgical testing of samples collected in the Carneritos area atTenoriba (refer to press release dated November 9, 2023).
In other news, the Company would like to report that Sandra Evans, CFOof Mammoth has left the Company. The role of CFO will be assumed, onan interim basis by Thomas Atkins, President and CEO of Mammoth,supported by the Company Audit Committee and guided by an independentProfessional Accountant.
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”, press releases spanning the period November 18, 2021 toDecember 15, 2022.
Qualified Person(s)/CompetentPerson(s) (QP/QC):
The DHSA was performed by Fred Brown, M.Sc., P.Geo., RM-SME of P&E MiningConsultants Inc., a professional geologist with over 30 yearsexperience in operational management, feasibility studies, duediligence audits, mine evaluation, exploration, proficient withmultiple software platforms, geological information systems, spatialanalysis and deposit modeling of mineral resources in alluvial,open-pit and underground operations throughout the world. By virtue ofhis education and years of geological experience, Mr. Brown is a QP/CPregarding gold, silver, platinum group element, base metals,molybdenum, diamonds, industrial minerals and other commodities andhas authored numerous National Instrument 43-101 and SK-1300 TechnicalReports as a Qualified Person.
The DHSA performed by Mr. Brown was reviewed by EugenePuritch, P.Eng., FEC, CET, President of P-E Mining Consultants Inc., aprofessional mining engineer licenced in five Canadian provinces with40 years experience in engineering and operations of open-pit andunderground mines throughout the world. Mr. Puritch specializes ingeological modeling and mine design and has extensive experience inthe use of Gemcom, Whittle, and AutoCad software packages applied togold, silver, base metal, platinum group element and iron deposits. Byvirtue of his education and years of engineering experience, Mr.Puritch is a QP/CP regarding gold, silver, base metal, platinum groupelement and iron deposits and has co-authored more than 400 NI 43-101technical reports as a Qualified Person.
Richard Simpson, P.Geo., Vice-President Exploration forMammoth Resources Corp. is Mammoth's QP/QC under National Instrument43-101 by virtue of his professional designation, university degreeand years of work experience as a geologist and is responsible for andhas reviewed all technical data in this release (refer to Mammoth’swebsite “Projects”, “Qualified Person” section for Mr.Simpson’s qualifications).
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 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 - Drill Hole CollarLocations, Tenoriba Property Drilling
Figure 2 - Location Map, TenoribaProperty Drilling
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