Mammoth Receives Additional Drill Permit Expanding Area to be Drilled at its Tenoriba Gold-Silver Property, Mexico

2021-12-02 / @thenewswire

(TheNewswire)

Toronto, Canada - TheNewswire - December 2, 2021 - Mammoth Resources Corp. (TSXV:MTH) (OTC:MMMRF), (the “Company”, or “Mammoth”) is pleased to announce that the Mexican environment ministry; Secretaría del Medio Ambiente y Recursos Naturales (SEMARNAT) has approved Mammoth’s application for an additional drill permit which allows for an additional up to 182 drill sites and covers all of the approximately 6-kilometre (km) generally east–west trend of surface gold-silver mineralization sampled on Mammoth’s 100% owned Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt, Mexico.

Previously Mammoth had announced the transfer of the Centerra Gold Corp. initiated drill permit for 139 drill locations covering approximately half of the surface mineralized trend at Tenoriba to Mammoth (refer to press release dated January 6, 2021). It was this permit upon which Mammoth has been conducting its recently announced drilling. 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 this entire approximately 6-km trend.

Thomas Atkins, President and CEO of Mammoth commented on the receipt of this drill permit, stating: “It would be incorrect to give the impression that Mammoth is at this time preparing to drill 321 drill locations. In applying for this additional permit, the study and submission costs of which are essentially similar whether applying for 50 or 182 additional locations, we wanted to have the flexibility in the coverage of drill hole locations and expanse of the large surface mineralized trend and as such we applied for the number of holes we did. The drill program currently underway will soon be shifting drilling into portions of these newly permitted areas, both further west and east of what had previously been permitted by Centerra with the permit transferred to Mammoth following Centerra’s decision to exit Mexico in September 2020 and returning 100 percent of Tenoriba project to Mammoth.

“Mammoth’s objective is to test various anomalously mineralized zones identified from thousands of surface soil samples, hundreds of chip and channel samples, 26 prior drill holes and Induced Polarization-Magnetometer geophysics surveys all of which have been integrated into a 3-dimensional model of target zones at Tenoriba over 4 kilometres with select data over up to 6 kilometres of this same trend. Mammoth looks forward to continued reporting on results from this drill program in the weeks and months ahead.”

The drill program is designed to test up to five target zones which measure from hundreds of metres (m) 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.