MTH:CC - Mammoth Provides Year-End Update on Activities at its Tenoriba Gold-Silver Property Mexico

(TheNewswire)

Toronto, Canada – TheNewswire - December 23 ,2022 - Mammoth Resources Corp. (TSXV:MTH), (the “Company”, or “Mammoth”) is pleased to provide an update on ongoing activitiesat its Tenoriba gold-silver exploration property in the Sierra Madreprecious metal belt, Mexico. The Mammoth team would also like to takethis opportunity to extend their gratitude to shareholders andstakeholders for their support during the year and to wish them happyholidays / felices fiestas together with their warmest wishes that2023 bring good health, happiness, and prosperity!

Only last week, the Company reported results from thefinal six drill holes of a 27-hole diamond drill program for a totalof 3,244.25 metres (m) in 27 holes , bringing thetotal number of holes drilled on the property to 55 holes totaling8,518.25 m testing five target zones, within three project areas; ElMoreno, Masuparia and Carneritos, targets within these project areaswhich measure from hundreds of metres to over one kilometre (km) instrike length along a 4 km, east-west trend of gold-silvermineralization identified in 3-dimensional (3D) modellingincorporating data from over 3,000 soil, chip and channel samples, 26prior diamond drill holes, geological and structural mapping, and thepotential continuity at depth of surface mineralization as indicatedby an Induced Polarization/Magnetometer (IP/Mag) geophysical survey.

Mammoth is now in the process of advancing additionalstudies based on the results of these 27 drill holes, includingpreliminary metallurgical testing utilizing material from holesdrilled in the Carneritos area of the property and the assessment by athird party resource modelling expert on the recommended drill spacingenabling the calculation of a maiden mineral resource at Tenoriba andis in the process of drafting a technical report, to be posted on theCompany website, describing findings, conclusions and recommendationsfor future work a result of these exploration activities.

Thomas Atkins, President and CEO ofMammoth commented on the 2022 drill program, stating: "The Mammoth team is very pleasedwith the frequency at which drilling intersected impressive, oftenmulti-tens of metre intervals of potentially economical gold-silvermineralization among the 27 holes drilled in the recent campaign. Theobjective of this drilling was to test resistivity and chargeabilityfeatures evident from the induced polarization geophysics surveycombined with features within the magnetic geophysics, at depth, overthe four-kilometre trend of surface gold-silver mineralization atTenoriba.

“Mammoth drilled these areas,often stepping-out hundreds of metres from prior drilling, as ittested the boundaries to mineralization at depth over these largetarget areas intersecting potentially economical gold-silvermineralization in almost 90 percent of the holes drilled in thisprogram. The success of this drilling has enabled Mammoth to identifylarge areas measuring hundreds of metres up to over a kilometre insize, with grades in this drilling comparable to multi-million ounceHigh Sulphidation mines currently being mined by major miningcompanies in the same Sierra Madre district in Mexico as Mammoth’sTenoriba project.

Mammoth looks forward to resultsfrom the additional technical work being performed which follows up onthe results from this drilling, as we continue to advance the projecttowards a maiden mineral resource.”

Refer to Figure1 - Location Map, Tenoriba Property Drilling, 2021-22 (drill holes TEN 21-01 to21-27) for the locations of all the 2021-22 program drill holes plusall historical drill holes on the Tenoriba property. Highlight intervals, among the 27 drill holes drilledin the three project areas during the recent program, are presented inthe following table.

Notes: * Gold Equivalent where silver grade is converted to gold grade at 75 g/tsilver = 1 g/t gold = 13.0 lbs copper.

Mammoth attempts to drill as near perpendicular asbelieved to be the orientation of mineralized control features,however drill set-up location options can challenge this objective.Intervals shown are core lengths versus perpendicular, true widths ofthese mineralized features.

Ongoing Activities:

Having concluded thedrilling and receiving all the results from core sampling, Mammoth isinvestigating the metallurgical characteristics, including bottle-rolltests of drill core sample material from oxide, transition, andsulfide zone intervals from the Carneritos area of the project. Theobjective of these bottle-roll tests is to determine the recovery ofgold from these zones, under cyanide leach. Prior bottle-roll testswere conducted on oxide and transition zone core sample materialwithin the central Masuparia area with recoveries of gold in excess of90 percent in less than 24 hours under cyanide leach. High goldrecoveries from this testing bodes well for the recovery of gold fromthese zones under cyanide leach as would be utilized in a heap leachgold recovery mine.

In addition to the bottle-roll tests, Mammoth has hadits drill database assessed by a mineral resource modelling expert todetermine the required drill spacing between holes in the threeproject areas, to define a maiden mineral resource at Tenoriba.

Mammoth is in the process of drafting a technicalreport summarizing all historical work performed at Tenoriba anddetails from the recent 27-hole drill program, including results fromthe bottle-roll test work of samples from the Carneritos area and theassessment of drill hole spacing required to identify a maiden mineralresource within each of the three project areas at Tenoriba. Oncecompleted this report will be posted on Mammoth’s website.

Finally, the Company has begun to consult withrepresentatives of the two communities (ejidos) upon which theTenoriba mineral concessions exist with the objective of attaining anadditional two-year surface access agreement. Tenoriba is currentlypermitted for 320 drill sites within the 5,333 hectares comprisingMammoth’s 100 percent owned Tenoriba concessions, of which only 27drill sites have been commissioned.

It is Mammoth’s intention that upon completion of thebottle-roll tests, the determination of recommended drill hole spacingto enable defining a maiden mineral resource and upon having receivedan additional two-year surface access agreement, that Mammothgeologists will begin preparations, including detailed mapping to bestlocate drill locations and construct any drill pads required inpreparation for the next phase of drilling which may enable the maidenmineral resource at Tenoriba.

Mammoth looks forward to reporting on these activitiesin the weeks ahead.

The Company would also like to announce the issuance of 2,206,000common share stock options to directors, officers and contractemployees of the Company, exercisable at a price of $0.05 per commonshare and following the terms of the Company’s Stock Option Plan.The Company last issued incentive stock options to directors, officersand contractors of the Company in early 2021. 940,000 options underthis issuance replace options issued in 2017 to officers and directorsof the Company which, following the terms of the Company’s StockOption Plan, have expired during the year.

Qualified Person / Quality Controls:

Richard Simpson, P.Geo., Vice-President Exploration forMammoth Resources Corp. is Mammoth's Qualified Person, according toNational Instrument 43-101 for the Tenoriba property and isresponsible for and has reviewed any technical data mentioned in thisnews release.

Samples referenced in this press release were preparedand analyzed by ALS laboratories (ALS) in their facilities in Mexicoand Canada, respectively. Samples generally consisted of a minimum of2 kilograms of material. Drill core is mostly HQ diameter core withminor lengths of NQ diameter core. Core is sawn in half with a rocksaw with one half used for sample analysis purposes. Where samples aretaken these are most often 1.5 metres in length, only in poor recoverysections do they exceed this length, with rare exceptions exceeding amaximum of 4.5 metres in length. Samples are collected with sampleticket and deposited into plastic sample bags sealed with nylon ziplock ties, then loaded into grain sacs similarly sealed with a nylonzip lock tie prior to transport by Mammoth personnel to ALS’sfacility in Chihuahua, Mexico for sample preparation. Gold and silveranalyses are performed in ALS’s facility in Canada via a 30-gramfire assay with an atomic absorption finish. Silver, copper, lead andzinc are analyzed as part of a multi-element ICP package using a4-acid digestion. Any over limit samples with greater than one percentcopper, lead and zinc are re-analyzed using ore grade detectionlimits. Blank and duplicate samples are inserted randomly atapproximately every 15 samples.

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.

Figure 1 - LocationMap, Tenoriba Property Drilling, 2021-22 (drill holes TEN 21-01 to TEN21-27)

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