MMMRF - Mammoth Provides Update on Activities at its Tenoriba Gold Property Mexico
(TheNewswire)
Toronto, Canada - TheNewswire - October 19, 2020 - Mammoth Resources Corp.(TSXV:MTH) (OTC:MMMRF) , (the"Company", or "Mammoth") ispleased to provide an update on its activities related to thetransfer of operatorship and 100 percent ownership of the Tenoribagold-silver project located in the Sierra Madre precious metal belt,southwestern Chihuahua State, Mexico. Following the notice givenMammoth by Minera Centerra S.A. de C.V., the Mexican subsidiarycompany of Centerra Gold Inc. (collectively "Centerra"),whereby Mammoth announced on September 22, 2020 that Centerra wasceasing exploration activities in Mexico, including at Tenoriba,Mammoth has been active transferring project information and surfaceaccess agreements to Mammoth. Activities since the date of theCenterra notice include: (1) travel to Mexico to attend a technicalreview of exploration activities and data produced by Centerra duringits 21 months operating the option agreement and the transfer of thisdata to Mammoth; and (2) reintroduce ourselves tocommunity members and assure voting members of influence within theejido and executive/administrators that Mammoth was now managingagreements and activities at Tenoriba following Centerra's departure,that current agreements would be honoured going forward and requiretransferring to Mammoth. Mammoth also initiated discussions to extendthese agreements for a two-year period thereby facilitating surfaceaccess for a significant future drill program.
Thomas Atkins, President and CEO ofMammoth commented on Centerra ceasing exploration activities inMexico, stating: "Travelling back to the project area, myself and RichardSimpson, V.P. Exploration at Mammoth received a warm welcome afterbeing absent the region the past 20 months. It was terrific seeingfriends and acquaintances and discussing plans and the importance ofour working together going forward for our mutual benefits. I feelconfident this message of cooperation was well understood and embracedand we look forward to returning again shortly as we act on some ofour plans to advance Tenoriba to a significant drill program, mostlikely as soon as we're able in early 2021. We're in frequent contactwith the contractor responsible for the drill permit application andhave been told that permit approval is advancing well and we'reputting into place other activities to have Mammoth in the bestposition possible to have a number of drill targets testing numerousareas over the five-kilometre strike length of mineralization atTenoriba. As we continue to advance these activities, we'll makefurther announcements to ensure shareholders are apprised of thesesteps towards commencement of drilling."
Tenoriba Technical Review:
The owner of a diamond drilling company and a third-party geologistaccompanied Mammoth V. P. Exploration, Richard Simpson to Centerra'sMexican office where a meeting was held to review Centerra'sactivities during its period working at Tenoriba. Thomas Atkins,President and CEO of Mammoth attended this meeting via conferencelink. A number of observations, recommendations and conclusions werepresented and all Centerra data was transferred to Mammoth. Mammothwill over the next couple of weeks integrate Centerra's work-data withits own and from this integration and review Mammoth will makerecommendations on any additional work which may be deemed appropriateprior to targeting drill locations and the commencement of drilling.The Company expects to announce the results of this review and itsrecommendations for any future work and timing of any such activitiesin the next couple of weeks.
Please refer to the " Projects " section, " Maps, Images and Photos " subsection of the Companywebsite: http://www.mammothresources.ca/s/ProjectImages.asp ,for some slides of Mammoth's trip into the project area, including some course gold samples panned from a location just below the El Moreno area atTenoriba.
Community Consultations:
Following the technical meeting Simpson and the third-party geologisttravelled to Chihuahua city where they met Atkins and the Tenoribaproject community relations manager. All four participants travelledto the project area to meet with community members andassure these community members, ejido voting members of influence andexecutive/administrators of the ejidos that Mammoth was now managingagreements and activities at Tenoriba following Centerra's departure,that current agreements would be honoured going forward and requiretransferring to Mammoth. Mammoth also initiated discussions to extendthese agreements for a two-year period. Mammoth met with members ofboth ejidos (community groups) and the district President. A warmwelcome was received and discussions have led to meetings and datesbeing set in the near future for voting on the transfer and extensionof surface access agreements, with the intention that extensions tosurface access agreements will be in place before year end.
Please refer to the " Projects " section, " Maps, Images and Photos " subsection of the Companywebsite: http://www.mammothresources.ca/s/ProjectImages.asp ,for some slides of Mammoth's trip into the project area, includingpictures of various meetings held with community members.
Mammoth looks forward to providing additional information on itsactivities at Tenoriba as it prepares the project for a significantdrill program to commence as early as its able in 2021.
About Mammoth Resources:
Mammoth Resources (TSX-V: MTH) is a precious metal mineral explorationCompany focused on acquiring and defining precious metal resources inMexico and other attractive mining friendly jurisdictions in theAmericas. The Company holds a 100% interest (subject to a 2% netsmelter royalty purchasable anytime within two years from commencementof commercial production for US$1.5 million) in the 5,333hectareTenoriba gold property located in the Sierra Madre Precious Metal Beltin southwestern Chihuahua State, Mexico. Mammoth is seeking otheropportunities to option exploration projects in the Americas onproperties it deems to host above average potential for economicconcentrations of precious metals 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 may contain or refer toforward-looking information. All information other than statements ofhistorical fact that address activities, events or developments thatthe Company believes, expects or anticipates will or may occur in thefuture are forward-looking statements; examples include the listing ofits shares on a stock exchange and establishing mineral resources.These forward-looking statements are subject to a variety of risks anduncertainties beyond the Company's ability to control or predict thatmay cause actual events or results to differ materially from thosediscussed in such forward-looking statements. Any forward-lookingstatement speaks only as of the date on which it is made and, exceptas may be required by applicable securities laws, the Companydisclaims any intent or obligation to update any forward-lookingstatement, whether as a result of new information, future events orresults 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.
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