MTH:CC - Mammoth Provides Update on Exploration Activities at its Tenoriba Gold-Silver Property Mexico
(TheNewswire)
Toronto, Canada – TheNewswire - August31 , 2023 -Mammoth Resources Corp. (TSXV:MTH), (the “Company”, or “Mammoth”) is pleased to provide an update on ongoing explorationactivities at its Tenoriba gold-silver exploration property in the Sierra Madreprecious metal belt, Mexico .
During the past months Mammoth geologists andexecutives have been active in advancing various studies utilizinginformation attained from the 27-hole 2021-22 diamond drill programwhich tested various targets over a four kilometre (km), east-westtrend at its 100% owned Tenoriba gold-silver exploration property inthe Sierra Madre precious metal belt, Mexico. Recent drill data,together with all historic exploration data, including: mapping, morethan 1,000 surface chip, channel and soil samples, 26-holes from priordrilling combined with 27 holes from the 2021-22 drilling and thegeophysics studies have been analysed for several purposes whichassist in evaluating the future potential of the Tenoriba project.
The objective of this technical work is to enhance theconfidence in the quantity of precious metals contained within theTenoriba concessions and the processes by which these precious metalsmay be extracted from the mineralized rock at Tenoriba. Theseactivities include: (1) various phases of metallurgical testing,specifically of shallow, oxide material contained within the large 1.5km by 0.5 km Carneritos area (refer to press release dated December15, 2022 for complete assay results of 2021-22 drill program and drillhole locations, note preliminary metallurgical tests have already beenperformed on material from the Masuparia area of the property –press release dated September 26, 2013), to determine gold recoveriesfrom cyanide leaching for heap leach gold extraction-recovery; (2) ananalysis of all geological information, including drill data, by anindependent, third party mineral resource modelling expert with thepurpose of an independent appraisal of the distribution of drill holesrequired to bring the precious metal mineralization present atTenoriba into a maiden, NI 43-101 mineral resource; and (3) definingfuture drill hole locations upon which to achieve this mineralresource.
In addition to the geological activities, the Mammothteam have also been active in: (1) engaging the two communities(ejidos) in discussions regarding future surface access agreements asthese ejidos control the surface access which enable explorationactivities; (2) preparation and submission of a renewed drill permit;and (3) various corporate development activities, including hostingnumerous companies and independent and company geologists to visit theTenoriba project and assess Mammoth’s geological model.
Thomas Atkins, President and CEO ofMammoth commented on the various activities being advanced by theCompany, stating: "Several months have passed since our last press release. I appreciatethe patience and understanding of many of our shareholders duringthese challenging times in the resource sector. Although Mammoth hasnot announced exploration results these past months, the team remainsbusy advancing several cost-efficient initiatives which enhance ourconfidence in the economic potential of Tenoriba. We have taken thisapproach simply because we see many peers issuing shares at weakprices to advance exploration efforts with little, if any recognitionfor the results they achieve.”
Mammoth last raised $2.8 million inmid 2021. To date, the company has been successful stretching fundsfrom this 2021 financing while still having advanced a 27-hole, 3,244metre diamond drill program, servicing public company corporateexpenses and advancing numerous cost efficient, high value-addedexploration activities. These activities position the company tolaunch a resource definition drill program in what is hoped will beimproved capital markets where funds can be raised to advance thisprogram.”
“Based on some preliminary resultsand estimates from this work, I believe that when the work iscompleted, and capital markets are more receptive to such news, theresults of the work we are advancing will demonstrate future drillingwith the potential to cost effectively identify a sizable, potentiallyeconomical precious metal resource.
“The assessments currently beingadvanced simply assume a continuation of the results achieved in priordrilling whereupon we have been successful in intersecting potentiallyeconomical precious metal grades over 10’s of metres in over 80percent of the holes we have drilled, blocking-out three large targetareas for this gold-silver resource definition drilling.
“The work being performed willalso enable Mammoth to quickly reactivate exploration at Tenoriba suchthat we can begin to define this maiden precious metal resource andwhich we believe will still offer additional resource potential tofollow.”
Results of ShareholderMeeting:
In additional corporate news, yesterday Mammoth heldits shareholder’s meeting. The Company is pleased to report that allmatters before the meeting were voted in favour of the Company’sproposals, including: number of directors, the current suite ofdirectors, Company auditor and the Company’s option plan.
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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