|Toronto, Canada (November 29, 2016) - Mammoth Resources Corp. (TSX-V: MTH), (the Company) is pleased to announce that it has been granted a four year extension to its drill permit to drill from up to 16 drill pad locations with an unlimited number of metres and holes to be drilled from these locations. The company had previously had a two year drill permit which expired this month and had applied for the extension in September in anticipation of its objective of drill testing numerous highly anomalous targets next year within a 15 square kilometre area on its Tenoriba High Sulphidation gold-silver property in the prolific Sierra Madre area of southwestern Chihuahua State, Mexico.
In other news, the company has recently received the results from its PIMA sampling program wherein it intended to perform a systematic PIMA, X-ray diffraction ground survey whereby company geologists would collect rock samples every 100 metres along lines oriented approximately north-south, spaced 500 metres apart and covering all of the 15 square kilometres are previously identified as highly anomalous in gold and silver through soil geochemical and channel-chip sampling, mapping and IP and Magnetometer ground geophysics. The company is analyzing the results from this program and is expected to release these results shortly. The company is also negotiating an extension to the surface access agreements with two ejidos that cover the project area, neither of which have yet expired and is optimistic of these extensions and is finalizing terms on a drill contract to drill test targets generated by this PIMA program and other work on the project, such contract to enable Mammoth to compensate the drill contractor half in cash and half in Mammoth shares.
Previous work at Tenoriba by Mammoth has included detailed mapping and sampling, and a magnetometer and Induced Polarization surface geophysics program over approximately half of the large 15 square kilometre area of mineralization. Sampling to date has resulted in over 250 gold samples ranging from 0.3 grams per tonne (gpt) gold to as high as 26.9 gpt gold in channel samples from 1.0 to 2.5 metres in length and occasional grab samples. These samples also host geochemical characteristics typical of HS systems, including elevated values of Antimony, Mercury and Arsenic associated with gold. Prior to Mammoth's involvement at Tenoriba the property was covered by a soil geochemical sampling program and a small portion of the property, comprising approximately 20% of the 4,200 hectares of the property, was drill tested with 15 diamond drill holes results of which were announced in June 2008. Highlight intersections from this drilling included gold values ranging from as high as 46.9 gpt gold over a 1.9 metre core length, 2.26 gpt gold over a 11.5 metre core length and 1.03 gpt gold over a 34.4 metre core length (the orientation of the geological features in which the good was sampled is unknown at this time). All results of sampling are available in a technical report dated February 20, 2014 on the Company's web site.
About Mammoth Resources:
Mammoth Resources (TSX-V: MTH) is a mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company has an option to acquire 100% in the Tenoriba Property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. The company continues to seek other option agreements in the Americas on other 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.
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.