Toronto, Canada - TheNewswire - October 19, 2020 - Mammoth Resources Corp. (TSXV:MTH) (OTC:MMMRF) , (the "Company", or "Mammoth") is pleased to provide an update on its activities related to the transfer of operatorship and 100 percent ownership of the Tenoriba gold-silver project located in the Sierra Madre precious metal belt, southwestern Chihuahua State, Mexico. Following the notice given Mammoth by Minera Centerra S.A. de C.V., the Mexican subsidiary company of Centerra Gold Inc. (collectively "Centerra"), whereby Mammoth announced on September 22, 2020 that Centerra was ceasing exploration activities in Mexico, including at Tenoriba, Mammoth has been active transferring project information and surface access agreements to Mammoth. Activities since the date of the Centerra notice include: (1) travel to Mexico to attend a technical review of exploration activities and data produced by Centerra during its 21 months operating the option agreement and the transfer of this data to Mammoth; and (2) reintroduce ourselves to community members and assure voting members of influence within the ejido and executive/administrators that Mammoth was now managing agreements and activities at Tenoriba following Centerra's departure, that current agreements would be honoured going forward and require transferring to Mammoth. Mammoth also initiated discussions to extend these agreements for a two-year period thereby facilitating surface access for a significant future drill program.
Thomas Atkins, President and CEO of Mammoth commented on Centerra ceasing exploration activities in Mexico, stating: "Travelling back to the project area, myself and Richard Simpson, V.P. Exploration at Mammoth received a warm welcome after being absent the region the past 20 months. It was terrific seeing friends and acquaintances and discussing plans and the importance of our working together going forward for our mutual benefits. I feel confident this message of cooperation was well understood and embraced and we look forward to returning again shortly as we act on some of our plans to advance Tenoriba to a significant drill program, most likely as soon as we're able in early 2021. We're in frequent contact with the contractor responsible for the drill permit application and have been told that permit approval is advancing well and we're putting into place other activities to have Mammoth in the best position possible to have a number of drill targets testing numerous areas over the five-kilometre strike length of mineralization at Tenoriba. As we continue to advance these activities, we'll make further announcements to ensure shareholders are apprised of these steps towards commencement of drilling."
Tenoriba Technical Review:
The owner of a diamond drilling company and a third-party geologist accompanied Mammoth V. P. Exploration, Richard Simpson to Centerra's Mexican office where a meeting was held to review Centerra's activities during its period working at Tenoriba. Thomas Atkins, President and CEO of Mammoth attended this meeting via conference link. A number of observations, recommendations and conclusions were presented and all Centerra data was transferred to Mammoth. Mammoth will over the next couple of weeks integrate Centerra's work-data with its own and from this integration and review Mammoth will make recommendations on any additional work which may be deemed appropriate prior to targeting drill locations and the commencement of drilling. The Company expects to announce the results of this review and its recommendations for any future work and timing of any such activities in the next couple of weeks.
Please refer to the " Projects " section, " Maps, Images and Photos " subsection of the Company website: Projects/Images , for some slides of Mammoth's trip into the project area, including some course gold samples panned from a location just below the El Moreno area at Tenoriba.
Following the technical meeting Simpson and the third-party geologist travelled to Chihuahua city where they met Atkins and the Tenoriba project community relations manager. All four participants travelled to the project area to meet with community members and assure these community members, ejido voting members of influence and executive/administrators of the ejidos that Mammoth was now managing agreements and activities at Tenoriba following Centerra's departure, that current agreements would be honoured going forward and require transferring to Mammoth. Mammoth also initiated discussions to extend these agreements for a two-year period. Mammoth met with members of both ejidos (community groups) and the district President. A warm welcome was received and discussions have led to meetings and dates being set in the near future for voting on the transfer and extension of surface access agreements, with the intention that extensions to surface access agreements will be in place before year end.
Please refer to the " Projects " section, " Maps, Images and Photos " subsection of the Company website: Projects/Images , for some slides of Mammoth's trip into the project area, including pictures of various meetings held with community members.
Mammoth looks forward to providing additional information on its activities at Tenoriba as it prepares the project for a significant drill program to commence as early as its able in 2021.
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 5,333hectare 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.
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