MTH:CC - Mammoth Reports 85.7 Metres Grading 0.47 g/t Gold Equivalent from Diamond Drilling at its Tenoriba Gold-Silver Property Mexico

(TheNewswire)

Toronto, Canada – TheNewswire - July 13, 2022 - Mammoth Resources Corp.(TSXV:MTH), (OTC:MMMRF), (the “Company”, or “Mammoth”) is pleased to provide results from an additional four drill holes fromits diamond drilling program at its 100% owned Tenoriba gold-silverproperty located in the prolific Sierra Madre precious metal belt,Mexico.

The drill program is designed to test up to five targetzones which measure from hundreds of metres (m) to over one kilometre(km) in strike 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(please refer to the descriptions of target zones in the press releasedated July 22, 2021).

An additional four diamond drill holes have been completed for a totalof 320.7 m bringing the total reported to date to 2,234.6 m in 17holes. Refer to Figure 1 -Location Map, Tenoriba PropertyDrilling, 2021-22 (drill holes TEN 21-01 to 21-27). Asummary of potentially economical intervals from the four drill holesfrom this press release are as follows.

Thomas Atkins, President and CEO ofMammoth commented on the most recent drill results, stating: "We keep intersecting someimpressive intervals in our drilling. Both extensive interval lengths,as evidenced by nearly 90 metres grading almost 0.5 grams per tonnegold equivalent in gold and silver in hole TEN 21-16 in the Carneritosarea, plus some higher-grade intersections of over a gram per tonnegold equivalent over shorter interval lengths, in these and otherholes among those reported in this press release. The intervallengths, gold grades and taking into account they’re intersectingpredominantly oxidized rock over large target areas, thesecharacteristics all continue to favour a bulk, open pit mining andheap leach gold extraction operation, which is what we’d hoped forfrom this drilling.

“The success of this drilling isenabling Mammoth to block off areas hundreds of metres up to over akilometre in size via significant step-outs from sparce historicaldrilling. Grades in this drilling are comparable to multi-millionounce deposits currently being mined or under development by majormining companies in the same district as Mammoth’s Tenoriba project,in Mexico. Even though we’re often drilling with step-outs of up toa couple of hundred to as much as 700 metres from any prior drilling,we’re intersecting potentially economical open pit, heap leach,gold-silver mineralization, occasionally with copper, in almost 90percent of the holes we’re drilling; an exceptional successrate.

“The drill contractor concludeddrilling activities at Tenoriba in late April and core was logged andsamples shipped for analysis following this period. There’s been ahiatus in reporting drill results. Results have been arriving from thelab, however as our small field team was equally focused on completingthe logging and sampling of core while coordinating the demobilizationof camp and equipment as the project area enters the rainy season, theteam taking some well deserved rest after 8 months in the field, plusthe entire corporate team occupied on the annual corporate audit,these activities and results arriving from the lab have led to somedelays in this reporting and we hope to be reporting on the remainingten drill holes from the recent drill program in the coming weeks.”

Richard Simpson, Mammoth’s VicePresident Exploration further commented on these results,stating: “ With these results, drilling has returnedto the large Carneritos area where we previously only had drilled atotal of seven drill holes. Hole TEN 21-16, in particular, illustratethe continued potential in this large target area wherein weintersected potentially economical gold-silver mineralization overalmost 90 metres."

“Mammoth geologists areparticularly excited by the mineral potential at Carneritos. The HighSulphidation target area at Carneritos is similar, if not larger thanthat hosting million ounce plus reserves at the Mulatos, La India andEl Sauzal mines in the same Sierra Madre belt as Mammoth's Tenoribaproject.

“Abundant surface gold-silvermineralization occurs within a large 1,400 metre long by at least 400metre wide area typified by advanced argillic altered outcrops ofdacite porphyry and associated breccias with alteration assemblages ofkaolinite, abundant dickite, silica and vuggy silica. These alteredvolcanic rocks coincide with a geophysical magnetic low. The mag lowis believed to be the result of the destruction of magnetic mineralsby intense mineralizing hydrothermal fluids, the same fluidsresponsible for the alteration assemblages. These combined featuresare common within High Sulphidation altered volcanic rocks, typical ofa collapsed volcanic dome."

The drill results from this release compliment drillintervals from the following ten previously released drillholes.

Notes: GoldEquivalent where silver grade isconverted to gold grade at 75 g/t silver = 1 g/t gold = 13.0 lbscopper.

Mammoth attempts to drill as nearperpendicular as believed to be the orientation of mineralized controlfeatures, however drill set-up location options can challenge thisobjective. Intervals shown are core lengths versus perpendicular, truewidths of these mineralized features.

Drill Hole Description:

Mammoth has initiallydrilled 2 to 4 holes at significant, up to 250 m drill spacings,within each target area then moved to another target area to drill asimilar number of holes (please refer to press release dated July 22,2021 for target zones). Company geologists were waiting the resultsfrom the initial 2 to 4 drill holes in a target area prior toreturning to the area to follow up drilling of these areas based onthe results from the initial holes. Where mineralized intervals areintersected in the initial sequence of drilling, or where holes failto encounter mineralization as suggested by the data, any follow updrilling will be based on field assessments combined with surfacegeology, sampling and geophysics data to assist in defining additionaldrill collar locations with the aim of assisting in more clearlyunderstanding and testing the controls and continuity to gold-silvermineralization.

Hole TEN 21-14 was collared in the Moreno target areawith the objective of testing a similar Carneritos-like epithermalHigh Sulphidation (HS) precious metal mineralized system and a highresistivity feature identified in the 3D geophysical modelling whichcoincides on surface to the mapped altered volcanic breccia. Holes TEN21-15 through TEN 21-17 were collared in the Carneritos target areawhere abundant surface gold-silver mineralization occurs within alarge 1,400 metre long by at least 400 metre wide area typified byadvanced argillic altered outcrops of dacite porphyry and associatedbreccias with alteration assemblages of kaolinite, abundant dickite,silica and vuggy silica. These altered volcanic rocks coincide with ageophysical magnetic low. The magnetic low is believed to be theresult of the destruction of magnetic minerals by intense mineralizinghydrothermal fluids, the same fluids responsible for the alterationassemblages. These combined features are common within HighSulphidation (HS) altered volcanic rocks, typical of a collapsedvolcanic dome.

Drill Hole TEN 21-14

The hole was collared in the Moreno target area, over asimilar Carneritos-like epithermal HS precious metal mineralizedsystem. The hole was drilled to a depth of 67.1 m of a planned 100.0 m at 70 degreesdecline/dip, azimuth 90 degrees and was collared approximately 130 m west-northwest of hole TEN 21-11, 107 mnorthwest of hole TEN 21-13 and 105 m southeast of historic hole TEN17-03.

The hole was drilled to test the altered andmineralized epithermal dacite porphyry dome present at the Morenotarget area. It was testing a shallow high resistivity anomalyidentified by the 3D geophysical modelling and an associated lowmagnetic anomaly which both coincides on surface with the alteredoutcropping silica and dickite containing volcanic breccia. Drill holeTEN 21-11 returned two significant gold Eq intervals, including 6.0 mgrading 0.25 g/t gold Eq and 15.0 m grading 0.37 g/t gold Eq. Hole TEN21-03 returned 43.5 m grading 0.59 g/t gold Eq. Hole TEN 21-13intercepted 37.5 m grading 1.18 g/t gold Eq.

The first 9.0 m of hole TEN 21-14 was highly weatheredand contained alternating oxide and non-oxidized intervals ofmoderately silicified volcanic breccia with dickite infillingirregular fractures, followed toa depth of 48.5 m by generally weaklysilicified and locally minor irregular black sulfide filling fracturesin lithic volcanic tuff. From 48.5 m to the bottom of the hole at 67.1m moderately to strongly silicified dacitic feldspar phyric unit ispresent with 5 to 7% disseminated pyrite and 2 to 3% black sulfidestringers. In the last 1.1 m the core cut highly broken materialindicative of having cut a fault which resulted in the drill rodssticking and the core barrel was lost. Aside from the losses due tothe drill rods being lost to the fault, the hole was a success inidentifying the source of the resistivity anomaly, although themineralized interval in this particular hole was lower grade. Thesilica/dickite alteration present along the hole explains the targetedhigh resistivity anomaly. The area appears to be affected by latefaults and needs further modeling and drilling to evaluate the impactof the faulting in the area.

Drill Hole TEN 21-15

The hole was collared in the epithermal HS gold-silver mineralizedsystem in the Carneritos area. The hole was drilled to a depth of 84.4m of a planned 100 m at 65 degrees decline/dip, azimuth 185 degreesand was collared approximately 135 m west-southwest of hole TEN21-04.

Hole TEN 21-15 was drilled to expand the southwestern boundary of themapped area of the HS mineralizing system at Carneritos over alteredand mineralized outcrops/sub-crops of dacitic volcanic breccia onsurface and a combined low IP geophysical resistivity andchargeability features with low magnetic features identified from the2021 infill geophysics survey. The target also coincides with numerousanomalous gold in soil and rock chip samples and the nearest holeTEN21-04 returned 19.5 m grading 0.63 g/t gold equivalent (Eq).

The first 64.4 m of hole TEN 21-15 is generally highly oxidized andfrequently highly fractured. The first 53.65 m, where the core ispreserved is weakly to moderately silicified volcanic breccia followedby weakly silicified and argillized dacitic feldspar phyric unit tothe end of the hole at 85.40 m of which the interval from 58.50 to64.40 m is highly oxidized. Refer to Figure 2 - Drill Section, Drill Hole TEN 21-15 (lookingeast). Potential exists for additional mineralization at depth to theeast-southeast of hole TEN 21-15 where rocks typical of the area aremapped and elevated gold in soil values occur. Drilling in 50 to 100 mstep-outs to the east-southeast of hole TEN 21-15 is recommended withthe objective of continuing to test the southwest limit of theCarneritos target area.

Drill Hole TEN 21-16

The hole was collared in the epithermal HS gold-silver mineralizedsystem in the Carneritos area. The hole was drilled to a depth of102.2 m of a planned 100 m at 70 degrees decline/dip, azimuth 360degrees and was collared approximately 45 m northeast of hole TEN21-03and 175 m east-northeast of hole TEN21-04.

Similar to hole TEN 21-15, hole TEN 21-16 was drilled to expand thedepth potential of the mapped outcrops/sub-crops of dacitic volcanicbreccia on surface of the HS mineralizing system at Carneritos, whichcombine with low IP geophysical resistive and chargeable features andlow magnetic features identified from the 2021 infill geophysicssurvey. The target also coincides with numerous anomalous gold in soiland rock chip samples and holes TEN 21-03 and TEN 21-04 which returned43.5 m grading 0.59 g/t gold Eq and 19.5 m grading 0.63 g/t gold Eq,respectively.

The hole intercepted a dacitic porphyry unit and associated variablyaltered/weathered breccia from surface to the bottom of the hole. Thefirst 44.05 m is weathered and oxidized. From 44.05 to 94.15 m theunit is predominantly brecciated, generally having undergone moderatesilica alteration interspersed with short intervals of increased tostrong silica alteration. From 94.15 m the silica alteration is weakto non-existent. Refer to Figure3 - Drill Section, Drill Hole TEN 21-16 (looking east)

The hole was a successful in intersecting the low resistivity, lowchargeability feature observed in the 3D geophysics modelling. Thisfeature coincides with the weathered, oxidized dacite porphyry down to44.05 m core depth which is variably mineralized from surface to thebottom of the hole. Drilling in 50 to 100 m step-outs to the north ofhole TEN 21-16 is recommended with the objective of continuing to testthe northern limit of the Carneritos target area and in particular a110 m north step out where vuggy silica float returned 0.64 g/t goldand 10.2 g/t silver.

Drill Hole TEN 21-17

The hole was collared in the epithermal HS gold-silver mineralizedsystem in the Carneritos area with the aim of testing mineralizationat depth, including a geophysical resistivity anomaly at depths of asmuch as 250 m. The hole was drilled to a depth of 66.0 m of a planned250 m at 80 degrees decline/dip, azimuth 360 degrees. The hole wascollared approximately 80 m north of hole TEN 21-03 and 70 m northeastof hole TEN 21-16. The hole failed to reach its targeted depth of 250m due to poor ground conditions and the risk of losing drill rods dueto their tightening within this poor ground.

The hole was drilled to test continuity of mineralization at depth ofaltered mineralized dacitic porphyry - breccias present on surface andtesting a buried sub-vertical resistive feature identified by the 3Dgeophysical modelling. Neighbouring holes TEN 21-03 returned 43.5 mgrading 0.59 g/t gold Eq and hole TEN 21-16 returned 12.0 m grading0.81 g/t gold Eq plus 85.0 m grading 0.47 g/t gold Eq, including 3.7 mgrading 1.57 g/t gold Eq.

From surface to 16.3 m hole TEN 21-17 intercepted highly weatheredargillized and oxidized lithic tuff, followed by the dacite feldsparporphyritic unit until the end of the hole at 66.0 m. From 45.8 to60.2 m the core is highly argillized and oxidized with weak silicaand/or dickite. Despite not reaching its intended depth, the hole wasa success in that it intercepted 33.0 m of potentially economicalgold-silver mineralization in altered dacitic porphyry with style ofmineralization and alteration consistent with the Carneritos HSvolcanic dome target. The hole failed to reach the deeper resistivityanomaly which was part of the drill target and as such this featureremains to be tested. Follow up drilling should include an approximate120 m northeast step out of hole TEN 21-17 to continuing to test thenortheast limit of the Carneritos target area and fill the approximate190 m gap between hole TEN 21-17 and TEN 21-12 along this northeastorientation where a moderately to locally, highly silicified brecciaoutcrop zone returned numerous rock chip samples grading above 1.0 g/tgold, the best of which assayed 6.41 g/t gold and 24 g/t silver over1.0 m.

Qualified Person / QualityControls:

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 norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.

Forward Looking Information: This newsrelease may contain or refer to forward-looking information. Allinformation other than statements of historical fact that addressactivities, events or developments that the Company believes, expectsor anticipates will or may occur in the future are forward-lookingstatements; examples include the listing of its shares on a stockexchange and establishing mineral resources. These forward-lookingstatements are subject to a variety of risks and uncertainties beyondthe Company's ability to control or predict that may cause actualevents or 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.

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

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Figure 2 - DrillSection, Drill Hole TEN 21-15 (looking east)

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Figure 3 - DrillSection, Drill Hole TEN 21-16 (looking east)

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Figure 4 - DrillSection, Drill Hole TEN 21-17 (looking east)

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