MMMRF - Mammoth Reports Follow Up Drill Targeting at its Tenoriba Gold-Silver Property Mexico and Provides Project Update

(TheNewswire)

Toronto, Canada - TheNewswire - July 22, 2021 - Mammoth Resources Corp.(TSXV:MTH) (OTC:MMMRF) , (the “Company”, or “Mammoth”) is pleased to provide an update on its drill targetingactivities¸ recent field activities and timing to commence drillingat its 100% owned Tenoriba gold-silver property located in theprolific Sierra Madre precious metal belt, Mexico. The Company hasextended drill targets an additional 1.7 kilometres (km), for a totalof over 4.0 km from its previously announced initial 2.4 km of the 3-dimensional (3D) modelling of its infill,Induced Polarization/Magnetometer (IP/Mag) geophysical survey.

The 3D modelling shows drill target opportunities in five areas (TA-1to TA-5) plus enhanced areas (TA-3(a) and (b)) within larger targetareas over this greater than 4.0 km trend of surface gold-silvermineralization at Tenoriba. The most recent drill targeting has addedthe TA-5 target, an 800 metre (m) to 1.2 km trend within the El Morenoarea. Mammoth drilled four holes in this area in 2018, testing only200 m of IP/Mag geophysics surveyed in three geophysical lines spacedat 100 m intervals along the east-west trend. Of these four holes, twointersected compelling intervals of gold-silver and coppermineralization, including:

• - Hole TEN 17- 01 - 40 m grading 0.79 grams per tonne (g/t) goldequivalent (Au Eq wherein silver is converted to gold at ratio of 75g/t silver = 1 g/t gold), and

• - Hole TEN 17- 02 - 7.2 m grading 3.6% copper plus 0.68 g/t Au Eq.

It was at El Moreno where coarse gold nuggets were recently panned.This target area remains open to the west beyond the limits of the IPgeophysics survey.

Recent work also extended the TA-3(b) target area 500 m further eastin the Carneritos East area. The Carneritos East target area remainsopen further east beyond the limits of the IP geophysical survey.

For the location of these target areas please refer to Figure 1 – “ Location Map - Drill Target Areas , Tenoriba Project ( over colourcontoured Total Magnetic Intensity - 50 metre survey depth ) ”, wherein the combination of anomalouslyhigh IP-geophysical resistivity, chargeability and low magnetic relief(colour contoured base map, green-blue is low magnetic relief) areobserved over the entire >4 km area of infill IP geophysics andalmost 6 km of Mag geophysics and occur in combination with anomalousgold in soil, rock chip and drill hole intervals. Please refer tothe Description of TargetAreas , below in this press release and in the initial drilltargeting press release dated May 13, 2021, wherein geophysicalcharacteristics are discussed in the context of their application tothe hydrothermal system at Tenoriba and other gold-silver mineralizedfeatures.

Thomas Atkins, President and CEO ofMammoth commented on the drill targets stating : "Wecontinue to be pleased with what we’re seeing in the combination ofattractive geological features coincident with surface gold-silversample values and prior drill intervals with indications of potentialextensions at depth to these features in the geophysics over the fourkilometres of 3D drill target modelling. Within this four-kilometretrend of Induced Polarization and Magnetometer geophysics we'veidentified five significant trends stretching from hundreds of metresup to 2.4 kilometres. Targets TA-5 and TA-3(b), are the product of themost recent modelling and occur on the eastern and western ends of thefour-kilometre surveyed trend. Both of these targets remain openbeyond the survey limits to the east and west, respectively.”

Regarding recent field activities andtiming to commence drilling, Mr. Atkins went on to state: "Mammoth’s geologists have been on the ground at Tenoriba thepast three weeks performing final confirmation mapping and identifiedlocations to set up drills to test targets identified from the 3Dmodelling. Communications with the drill contractor have confirmed aplan to mobilize two drill rigs and equipment to site commencing earlyAugust with drilling targeted to commence mid August. The drillcontractor spent the past month performing maintenance on two drillrigs and assembling materials and ancillary equipment in preparationfor Mammoth’s drill program which is expected to continue until theend of the year, if not beyond. Regarding the timing to commencedrilling, it should be noted that less than a month ago brush fireswere sweeping through the region as the dry season came to its end andthe area is now being inundated by heavy seasonal rain. Mammoth isgrateful for the rain, especially after a relatively dry second half2020 and first half 2021, as it provides the source of water fordrilling.  Heavy seasonal rain normally begins to taper intoSeptember and it should be noted that unusually heavy rain in Augustcould delay the ability to mobilize drill equipment, however any suchdelays aren’t expected to be significant. The Company intends toprovide updates as these activities advance."

Description of Target Areas:

As part of its first quarter 2021 surface exploration program, Mammothcompleted detailed mapping and expanded soil sampling with an infillIP/Mag geophysical survey and 3D drill target modelling. The IP/Mag infill geophysical survey was designed to covermost of the 60% of the 6 km trend of surface mineralization notpreviously covered by the Company’s earlier 2013 IP/Mag survey. This work follows up on activities performed by Centerra Goldduring its 21 months on Mammoth’s Tenoriba property (Centerranotified Mammoth it was ceasing its exploration activities in Mexicoin September 2020, returning 100% of the Tenoriba property to Mammoth- refer to press release dated September 22, 2020) and based on therecommendations, following a review by Drs. Ressel and Christensen ofMDA/RESPEC consulting. The MDA/RESPEC study included a review of allhistorical data from exploration activities at Tenoriba, includingmapping and sampling over 3,000 surface soil and rock samples and 26drill holes totalling almost 5,000 m sporadically testingmineralization along 4 km of the 6 km trend of known gold-silvermineralization. The report concluded that “Tenoriba is ahigh-quality early to mid-stage exploration project with potential tohost an economic high-sulfidation epithermal deposit” (refer topress release dated February 18, 2021 and Mammoth’swebsite: www.mammothresources.ca/s/TechReports.asp .) . Drill target areas are defined by acombination of the following features :

• - Total of almost 3,000 gold in soilsamples covering over 7 km of the mineralizedtrend - highest grade sample assaying 6.3 grams per tonne (g/t) insoil (refer to press release dated April 15, 2021).

• - Surface rock chip and occasionalgrab samples which total over 750 samplescovering an east-west, 6 km trend of surface gold-silvermineralization - highest grade sample assaying 74 g/t gold.

• - A total of 151 m along 14 cutsurface channels - best interval totalling 13.5m grading 1.5 g/t gold

• - Ubiquitous artisanal mineworkings over the 7 km trend of surfacemineralization.

• - Prior diamond drilling in 26holes sporadically testing approximately 4 km ofthe surface mineralized trend - refer to Figure 1 - Location Map - DrillTarget Areas , TenoribaProject (over colourcontoured Total Magnetic Intensity - 50 metre survey depth), including25 m grading 4.0 g/t gold equivalent (silver converted to gold whereby75 g/t silver = 1.0 g/t gold) and 127 m grading 0.5 g/t goldequivalent.

• - High IP-resistivity areas, indicative of presenceof highly resistive hydrothermally emplaced silica, including vuggysilica, high IP-chargeability areas, indicative ofpotential gold-silver mineralizing sulphides and areas of low magnetic relief, potentially indicating hydrothermal destruction ofmagnetic minerals.

• - Anomalous ISM (Illite Spectral Maturity) samples, wherein the hydrothermaldestruction of certain minerals within the rocks at Tenoriba have beenaltered in such a manner that they have produced certain clay mineralsof which various types (dickite, pyrophyllite, alunite) are indicativeof high temperature alteration and assist in vectoring to the mostactive areas of the hydrothermal system at Tenoriba.

3D modelling of the IP geophysical data covering >4 km of themineralized trend at Tenoriba was recently reported (refer to pressrelease dated June 17, 2021). Mammoth worked closely with IntelligentExploration (IE) geophysicists to integrate the IP/Mag geophysicaldata with surface and drill data into a 3D model to assist inidentifying attractive drill targets where potential continuity ofsurface gold-silver mineralization may continue at depth. IE is ageophysical consultancy of highly experienced geophysicists, withyears of experience on a variety of deposit types, employing the mostadvanced geophysical techniques to enhance the geophysical evaluationof mineral deposits.

QualifiedPersons:

Richard Simpson, P.Geo., Vice-PresidentExploration for Mammoth Resources Corp. is Mammoth's Qualified Person,according to National Instrument 43-101 for the Tenoriba property andis responsible for and has reviewed any technical data mentioned inthis news release. The IP/Mag survey was conducted by Géophysique TMC(TMC) of Val d’Or Quebec, contracted by Mammoth from TMC’s Mexicooffice. Dr. Chris Hale, P. Geo.  and John Gilliatt, P. Geo. are theprincipal geophysicists at Intelligent Exploration. Dr. Hale has 45years of mineral exploration experience. John Gilliatt holds a BSc inGeophysics from the University of Alberta. He is also registered as aP.Geoph. (Alberta) and has over 30 years of mineral explorationexperience.

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 - Drill Target Areas , Tenoriba Project (over colour contoured Total MagneticIntensity - 50 metre survey depth)

Click Image To View Full Size

Copyright (c) 2021 TheNewswire - All rights reserved.