MMMRF - Mammoth Reports Initial Drill Targeting at its Tenoriba Gold-Silver Property Mexico

(TheNewswire)

Toronto, Canada – TheNewswire - May 13, 2021 - Mammoth Resources Corp.(TSXV:MTH), (OTC:MMMRF), (the “Company”, or “Mammoth”) is pleased to provide an update on its drill targetingactivities, the combination of results from the recently announcedinitial 2.4 kilometres (km) of the 3-dimensional (3D) drilltarget modelling from its infill, InducedPolarization/Magnetometer (IP/Mag) geophysical survey recentlycompleted at its 100% owned Tenoriba gold-silver property located inthe prolific Sierra Madre precious metal belt, Mexico.

This 3D modelling shows drill targetopportunities in at least 4 areas (TA-1 to TA-4) plus enhanced areas(TA-3(a) and (b)) within larger target areas. These target areassuggest attractive geophysical features at depths of up to 200 metres(m) and often occur within, and along trend from gold-silvermineralized intervals in prior drilling and coincides with surfacegold-silver mineralization in over 3,000 combined soil and rock chipand channel samples. These target areas extend over 100’s of metres(TA-4) potentially up to the full 2.4 km of the surveyed and modelledinterval (TA-3).

For the location of these target areas please refer to Figure 1 – “ Location Map - Drill Target Areas , Tenoriba Project (over Magnetic geophysics colour contouring -50 metre survey depth) .” wherein the combination of anomalouslyhigh IP-geophysical resistivity (anomalously high resistivity areascross hatched), chargeability (anomalously high chargeability areascross hatched) and low magnetic geophysical features (colour contouredbase map, green-blue is low magnetic) are observed from the recentinfill geophysics program, in combination with anomalous gold in soil,rock chip and drill hole intervals (please refer to the General Description of TargetAreas , below in this press release wherein the indications ofthese geophysical characteristics are discussed in the context oftheir application to the hydrothermal system at Tenoriba and othergold-silver mineralized features).

To view illustrative cross sections cutting two ofthese target areas, please refer to Figure 2 –“ Illustrative 3D, IP -Resistivity Image - Section 261200E, Looking West, TenoribaProject. ” and Figure 3 – “ Illustrative3D, IP - Resistivity Image - Section 260000E, Looking West, TenoribaProject. ” wherein thecombination of gold-silver mineralization can be seen in the surfaceimaging in relation to the geophysical features at depth. Thesesections were selected as they are areas in which prior drillingintersected potentially economical drill intervals and upon which fromFigure 1 the lateral extent of these geophysical features are traced.The lateral extent of these features can also be seen in the animated passage through the 3D modelling showing IP-chargeabilityfeatures coincident with anomalous gold-in-soil results (refer to theCompany’s website: http://www.mammothresources.ca/i/maps_figures/2021-04-22-MTH-View-From-SE.GIF .to view this animation passing east to west, and http://www.mammothresources.ca/i/maps_figures/2021-04-22-MTH-SW2.gif .to view this animation passing south to north (also in the“Projects” section “Maps, Images and Photographs” section,dated April 22, 2021 on the Company website).

Thomas Atkins, President and CEO ofMammoth commented on the drill target areas identified from this 3Dmodelling, stating: "We're very pleased to see such acompelling combination of so many coincident indications of mineralpotential in the numerous, extensive trends we see over this initial2.4 kilometres of 3D drill target modelling. Within this initial 2.4kilometres alone we've identified four significant trends stretchingfrom hundreds of metres in one instance, to the entire 2.4 kilometresin another. What’s more, a number of these areas remain open to theeast and west along the trend of mineralization in areas where we'reonly now completing our 3D modelling of the same, recently completedinfill geophysical survey.

"It’s impossible to show 3D modelling in a 2D press release.However, from the work we’ve performed it's apparent in all of thetarget areas identified we have a strong correlation between elevatedchargeability and resistivity geophysical features often combined oradjacent to low magnetic geophysical features. The high chargeabilityand resistivity features tend to point to areas of potentialmineralizing hydrothermal activity, while the low magnetic featurespoint to areas of potential depletion of magnetic minerals a result ofhydrothermal destruction by the heat source responsible for themineralizing system at Tenoriba. These geophysical characteristics aremade even more compelling where, in two areas prior drillingintersected potentially economical gold-silver grades over tens ofmetres, and these target areas remain open along trend where anabundance of surface gold-silver occurs in soil, chip and channelsampling.

"Next steps in this drill location targeting will be tocomplete the combined surface, drill and 3D geophysical modelling overthe remaining approximate two kilometres of the infill geophysicalsurveyed area and then to perform this same targeting exercise overthis area. From this modelling and target area generative work finaldrill location selection, for what we hope to be up to a 50-holediamond drill program, will be assessed in the field for the bestaccessible drill sites. Mammoth intends to drill these targets with aportable drill rig which facilitates relatively easy drill rig access.Drilling within this 2.4-kilometre area is fully permitted and surfaceaccess permits exist for what is expected to be the duration of thisinitially planned, up to 50-hole program."

Description of Target Areas:

Mammoth is selecting drill targets based on a number ofcriteria available as a product of its field activities mapping,sampling, performing geophysics and drilling at Tenoriba over a 7 kmtrend of gold-silver and copper mineralization. The Company isplanning to drill up to 50 drill holes in an upcoming explorationprogram to test target areas over this trend with the intention tospecifically spot drill holes following field verification of locationand surrounding surface attributes. Initially Mammoth envisagesdrilling an initial 2 to 4 holes in each target area and uponcompletion of these initial holes in each area, logging and samplingthese holes while another target area is drilled in order to determinethe results of these initial 2 to 4 holes prior to returning tofurther test each individual area. 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 dispersed over approximately 4 km of thesurface mineralized trend – refer to Figure 1 - Location Map - Drill TargetAreas ,Tenoriba Project (overMagnetic geophysics colour contouring), including 25 m grading 4.0 g/tgold equivalent (silver converted to gold whereby 75 g/t silver = 1.0g/t gold) and 127 m grading 0.5 g/t gold equivalent

• - High IP-resistivity areas potentially indicative ofpresence of highly resistive hydrothermally emplaced silica, includingVuggy silica, high IP-chargeability areaspotentially indicative of gold-silver and/or gold-silver mineralizingsulphides and low magnetic areas potentially indicative ofheat destruction of magnetic minerals due to the heat sourceresponsible for the hydrothermal the mineralization atTenoriba.

• - Anomalous ISM (Index of Smectite 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.

Target Area 1:

This target area appears to extend for at least 1 kmeast-west and open further to the west. This target area ischaracterized by a combination of:

1. 1) presence of silicified volcanic breccia hostrocks,

2. 2) high IP- resistivity andchargeability features,

3. 3) is near a geophysical magneticlow adjacent to magnetic high, potentially indicating proximity tohydrothermal heat source, and

4. 4) numerous gold-silvermineralized artisanal workings.

Target Area 2:

This target area appears to extend for at least 1 kmeast-west in a northeast-southwest trend and is open to the east. Thistarget area is characterized by a combination of:

1. 1) follow up on successfuldrilling at TEN17-06 - 127 m grading 0.52 g/t gold equivalent(including 7.2 g/t silver), which may not have intersected the bestgeophysical features now evident in this area.

2. 2) Very good surface geology andsurface gold-silver samples (rock and soil samples) with presence ofsilicified volcanic breccia host rocks to the east,

3. 3) high IP-chargeability open tothe east and weak but anomalous IP-resistivity geophysical features,

4. 4) is near a geophysical magneticlow adjacent to magnetic high, potentially indicating proximity tohydrothermal heat source, and

5. 5) association with attractive ISManomalous features further supporting thesis of proximity tohydrothermal heat source.

Target Area 3:

This large target area has the potential to extend forthe entire 2.4 km area of modelling and is open to the east and westbeyond the modelled area. Within this larger overall trend thereappears areas of heightened concentration of attractive attributes,including prior diamond drill results. Broken into its smallersub-areas, this target area is characterized by:

Area 3(a) extending 1.5 km east-west:

1. 1) Many high grade to highlyanomalous prior drill results, including: TDH-07 assaying 4.0g/t gold equivalent (with 6.8 g/t silver) over 25 m, TDH-11 assaying 0.9g/t gold over 41 m, TDH-15 assaying 0.7 g/t gold equivalent (with4.6 g/t silver) over 12 m, TDH-04 assaying 0.8 g/t gold over 18 m, and TEN17-05 assaying 1.3 g/t gold over 23 msporadically testing a 500 m interval within this target area and opento the south, east and west,

2. 2) Numerous very high gold in soilsamples with sporadic anomalous rock chip samples,

3. 3) high IP- resistivity andchargeability features,

4. 4) follows the north flank of amagnetic low potentially indicating proximity to hydrothermal heatsource, and

5. 5) association with attractive ISManomalous features further supporting thesis of proximity tohydrothermal heat source.

Area 3(b) extending 0.4 km east-west and open to the east:

1. 1) Numerous high gold in soilsamples with sporadic anomalous rock chip samples,

2. 2) high IP- resistivity andchargeability geophysical features,

3. 3) combination of magnetic low andhigh features with IP-resistivity and chargeability indicatingproximity to hydrothermal heat source, and

4. 4) associated with attractive ISManomalous features further supporting thesis of proximity tohydrothermal heat source.

Target Area 4:

This area extends for 0.3 km and is open to the east.It is characterized by numerous artisanal workings and highIP-resistivity and chargeability geophysical features. This areahasn’t undergone as much study as other areas, however thegeophysical features remain open to the east and should undergofurther evaluation once the geophysical modelling, currently underway,is extended further east.

As part of its first quarter 2021 surface exploration program Mammothcompleted detailed confirmation geological mapping and expanded soilsampling with an infill IP/Mag geophysical survey and 3D drill targetmodelling. The IP/Mag infill geophysical survey isdesigned to cover most of the 60% of the 6-kilometre trend of surfacemineralization not previously covered by the Company’s earlier 2013IP/Mag survey. This work follows up on activities performed byCenterra Gold during its 21 months on Mammoth’s Tenoriba property(Centerra notified Mammoth it was ceasing its exploration activitiesin Mexico in September 2020, returning 100% of the Tenoriba propertyto Mammoth - refer to press releasedated September 22, 2020) and based on the recommendations, followinga review by PhD geologists Drs. Ressel and Christensen of MDA/RESPECconsulting. The PhD study included a review of all historical datafrom exploration activities at Tenoriba, including mapping andsampling over 3,000 surface soil and rock samples and 26 drill holestotalling almost 5,000 metres (m) sporadically testing mineralizationalong 4 km of the 6 km trend of known gold-silver mineralization. Thereport concluded that “Tenoriba is a high-quality early to mid-stageexploration project with potential to host an economichigh-sulfidation epithermal deposit” (refer to press release datedFebruary 18, 2021 and Mammoth’s website: www.mammothresources.ca/s/TechReports.asp .) .

A total of 2.4 km of 3D modelling of the geophysical data is nowcomplete. Mammoth is working closely with Intelligent Exploration (IE)geophysicists to model the IP/Mag geophysical characteristics of therocks in this area employing 3D modelling to integrate a combinationof surface and drill data to assist in identifying attractive targetsto identify the continuity of surface gold-silver mineralization atdepth. IE is a geophysical consultancy of highly experienced PhD andP.Geo geophysicists, with years of experience on a variety of deposittypes, employing the most modern geophysical techniques to enhance thegeophysical evaluation of mineral deposits.

QualifiedPersons:

The IP/Mag survey was conducted byGéophysique TMC (TMC) of Val d’Or Quebec, contracted by Mammothfrom TMC’s Mexico office. Chris Hale and John Gilliatt are theprincipal geophysicists at Intelligent Exploration. Dr. Chris Haleholds a BSc in Earth and Planetary Sciences from Erindale College,University of Toronto, a MA from the University of California and aPhD from the University of Toronto and has 45 years of mineralexploration experience. John Gilliatt holds a BSc in Geophysics fromthe University of Alberta and is registered as a P.Geoph. (Alberta)and has over 30 years of mineral exploration experience. Both partnershold P.Geo. registration in Ontario and are members of the CanadianExploration Geophysical Society (KEGS). IE provides consultingservices under a Certificate of Authorization from the APGO(Association of Professional Geoscientists of Ontario).

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, 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 - Drill Target Areas , Tenoriba Project (over Magnetic geophysics colour contouring -50 metre survey depth)

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Figure 2 - Illustrative 3D, IP -Resistivity Image - Section 261200E, Looking West, TenoribaProject.

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Figure 3 - Illustrative 3D, IP -Resistivity Image - Section 260000E, Looking West, TenoribaProject.

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