Mammoth Adds Additional Drill Contractor for its Ongoing Drill Program at its Tenoriba Gold-Silver Property, Mexico

2022-01-12 / @thenewswire

(TheNewswire)

Toronto, Canada – TheNewswire - January 12, 2022 - Mammoth Resources Corp. (TSXV:MTH), (OTC:MMMRF) (the “Company”, or “Mammoth”) is pleased to provide an update on diamond drill exploration activities at its 100% owned Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt, Mexico.

Following a break for the Christmas/New Year holiday period the drill contractors have returned to the project and earlier this week recommenced drilling. As of mid December 2021, there are now two drill contractors drilling at Tenoriba. Mammoth contacted various drill contractors in late September 2021 to supplement the initial contractor which mobilized drill equipment and crews to Tenoriba in mid-August 2021. Following six weeks of drilling and despite the challenges of a heavy rainy season, Mammoth took the decision to approach other drill contractors to provide some additional support in the execution of the drill program as the initial selected contactor was unable to sustain either water supply, or mechanical availability of the two drill rigs initially mobilized to Tenoriba. Of the various drill contractors contacted only one was able to commit to Tenoriba in a reasonable time. In early October this contractor performed a site visit to enable quoting on the program, terms were agreed soon thereafter however due to various Covid-19 related supply challenges in procuring certain materials and consumables, equipment and crew didn’t mobilize to site until early December. A single drill hole was completed by this additional contactor prior to the holiday break. It has been agreed with the initial drill contractor that no payment will be made on the mobilization nor demobilization of the second drill rig that failed to perform consistently while at Tenoriba.

On December 2, 2021, Mammoth announced the granting of an additional drill permit to cover an additional 183 drill hole locations in portions of Tenoriba not covered in a prior drill permit application grant. Mammoth had been conducting recently announced drilling under this earlier permit. This additional drill permit expands upon this initial permit both in size of the area to be drilled, plus brings the total number of permitted drill hole locations to 321 over the entire approximately 6-km trend of surface gold-silver mineralization sampled in thousands of soil, chip and channel samples at Tenoriba.

Core samples for an additional 4 drill holes completed prior to the holiday break are at the assay laboratory with the last samples delivered to the laboratory just prior to the holiday. These additional 4 drill holes are targeting extensions to prior mineralization at the central - Masuparia area of the project where a number of prior drill holes intercepted tens of metres (m) of potentially economical gold equivalent (gold Eq), gold-silver mineralization - where silver is converted to gold at 75 grams per tonne (g/t) silver equals one g/t gold, over an approximate 200 m strike length at vertical depths of less than 100 m, including:

TDH - 07 grading 2.17 g/t gold Eq over 47 m,
TDH - 11 grading 0.92 g/t gold Eq over 41 m,
TDH - 14 grading 0.69 g/t gold Eq over 40 m,
TEN 17 - 04 grading 0.63 g/t gold Eq over 45 m, and
TEN 17 - 05 grading 1.32 g/t gold Eq over 23 m.

Thomas Atkins, President and CEO of Mammoth commented on the addition of the new drill contractor, stating: “Six weeks from the date upon which our originally selected drill contractor mobilized its drill rigs to Tenoriba, and despite challenges due to unusually heavy rain during the rainy season, it became apparent to us that we were unlikely to get the levels of production we’d hoped would be achieved based on the performance we’d seen up to that time by this contractor. As a result, we took the decision in late September to reach out to various other drill contractors to supplement equipment and personnel to enhance drill production. Although we made initial contact with various contractors in early October and following a site visit soon thereafter and our agreeing to contact bid terms by mid October, it wasn’t until early December that drill equipment and crew were mobilized to Tenoriba and were set up to drill. Although only having drilled for a couple of weeks in December prior to the holiday break, the new contractor has to date performed well, which with the original contractor should reinforce drill production over the coming months of 2022.

“An additional four holes have been drilled in the central - Masuparia area of Tenoriba, following up from four holes drilled in the eastern - Carneritos area of the four-kilometre trend of surface mineralization to be drill tested as part of this program. Results are beginning to trickle in from these additional four holes and we hope to be able to announce these results shortly.

“Drilling will soon move to the western - El Moreno area of the project, which following our completing three to five holes at Moreno we intend to return to Carneritos to follow up on the initial four holes drilled as part of this program.”

The 2021 - 2022 drill program is designed to test up to five target zones which measure from hundreds of metres to over one kilometre (km) in strike length along a 4 km, east-west trend of gold-silver mineralization identified in 3-dimensional (3D) modelling incorporating data from over 3,000 soil, chip and channel samples, 26 prior diamond drill holes, geological and structural mapping and the potential continuity at depth of surface mineralization as indicated by an Induced Polarization/Magnetometer (IP/Mag) geophysical survey (please refer to the descriptions of target zones in press releases dated July 22, 2021). Beyond this 4 km trend select data (surface soil and chip samples and Magnetometer geophysics) exists which provide information upon which additional targets may be developed.

About Mammoth Resources:

Mammoth Resources (TSX-V: MTH) is a precious metal mineral exploration Company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company holds a 100% interest (subject to a 2% net smelter royalty purchasable anytime within two years from commencement of commercial production for US$1.5 million) in the 5,333-hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. Mammoth is seeking other opportunities to option exploration projects in the Americas on properties it deems to host above average potential for economic concentrations of precious metals mineralization.

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at: www.mammothresources.ca., or contact Thomas Atkins, President and CEO at: 416 509-4326.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.