Toronto, Canada (July 13, 2017) - Mammoth Resources Corp. (TSX-V: MTH), (the "Company") is pleased to announce additional results from its surface channel sampling program, including a high grade intersection assaying 36.5 grams per tonne ("g/t") gold on the Los Carneritos area, Carneritos Channel 3 and follow-up PIMA alteration clay analysis from the Cerro Colorado area on its Tenoriba precious metal property in Chihuahua State, Mexico. The Company had announced earlier this year a program of infill PIMA sampling, drill road construction and channel sampling to better define drill targets following up on prior surface sampling and an IP and Magnetometer geophysics survey over the prospective 15 square kilometre area of the Tenoriba property where the company has sampled ubiquitous gold assaying as high as 75 g/t. The Company has completed 14 channels totaling approximately 198 metres and collected 139 samples for gold, silver and multi-element analysis in the Cerro Colorado, El Moreno, Masuparia and Los Carneritos areas on the property (refer to Figure 1 - Channel Sample Location Map). In addition the Company collected an additional 31 samples every 100 metres from three lines of approximately 1.8 kilometres in length, spaced every 250 metres within the Cerro Colorado area of the property for X-ray spectrometer analysis of alteration clays as part of a PIMA sampling/analysis program (refer to Figure 2 - PIMA Sample Location Map). Results from Carneritos channel 3 are summarized below:
|Weighted Average Gold Grade
|Weighted Average Silver Grade
|Weighted Average Gold Equivalent* Grade
|Carneritos 3||330762 to 330770||13.50||13.50||1.50||3.4||1.55|
Any gold samples assaying greater than 10 g/t gold were reduced ("cut") to 10 gpt gold in any averaging.
* Gold Equivalent wherein silver grade is converted to gold grade at 75 g/t silver = 1 g/t gold.
Thomas Atkins, President and CEO of Mammoth commented on the channel sample results stating: "Results from Carneritos channel sample 3, where all channels in the program are being cut where sufficient outcrop exists to enable multi-metre channels, is located approximately 450 metres north-northeast of the recently reported results from channel samples 1 and 2 at Carneritos which assayed over 50 feet grading 1.07 g/t gold and 23 feet grading 1.36 g/t gold, respectively. We're very encouraged to see this 450 metre extension of potentially economic results in this sampling at Carneritos and the continuation of higher grade shoots grading over a couple of grams per tonne gold to as high as the 36.5 g/t gold sample collected at Carneritos 3. The infill PIMA sampling and analysis done at Cerro Colorado showed an abundance of higher temperature ISM index clays that act as an indication of close proximity to a high temperature hydrothermal source of potential mineralization and extends the approximate 5 kilometre trend of mineralization, within the 15 square kilometer trend at Tenoriba, approximately one kilometer further to the west."
The infill PIMA sampling program identified high ISM indices over much of the three new lines sampled. These high ISM indices clays (greater than 1.0) indicate proximity to a high temperature hydrothermal source similar to other areas on the property where gold mineralization has been associated with high ISM indices alteration clays. Cerro Colorado is approximately one kilometre west, southwest of previously identified areas of gold mineralization on the property. As seen in Figure 1, Mammoth has collected a single channel sample at Cerro Colorado (collection of a single continuous channel was restricted at Cerro Colorado due to the extent to which large continuous outcrop areas are available) and plans on reporting on the results from this channel in the coming weeks once results become available.
Results from this channel sampling program correspond well with geophysical features extending at depth with these surface channel samples assisting to confirm attractive drill targets with such drilling aimed at extending the results achieved from these channel samples at depth and potentially begin to build a mineral resource at Tenoriba. Mammoth plans to cut and sample additional channels and expects to report on these over the coming weeks. Results from this trenching will be incorporated into other surface and geophysical data to finalize drill hole locations for a diamond drill program expected to commence shortly after the completion of the drill road construction and this trenching/channel sampling program.
Qualified Person / Quality Controls:
Richard Simpson, P.Geo., Vice-President Exploration for Mammoth Resources Corp. is Mammoth's Qualified Person, according to National Instrument 43-101, for the Tenoriba property and is responsible for and has reviewed any technical data mentioned in this news release. Samples referenced in this press release were prepared and analyzed by ALS CHEMEX in their facilities in Mexico and Canada, respectively. Samples generally consisted of over a minimum of 2 kilograms of material. Gold and silver analyses were performed by 30 gram fire assay with an Atomic Absorption finish. Silver, copper, lead and zinc were analyzed as part of a multi-element ICP package using an aqua regia digestion. Over limit samples with greater than 1% Cu, Pb and Zn were re-analyzed using ore grade detection limits. Blank and duplicate samples were inserted randomly at approximately every 20 samples.
About Mammoth Resources:
Mammoth Resources Corp. (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% of 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.
Table 1 - Channel Sample Results
|Gold Equivalent Grade
Weighted Gold Equivalent Grade
|330762||Los Carneritos 3||1.50||1.04||0.70||1.05||1.57|
* Cut from 36.5 g/t gold to 10.0 g/t gold
Figure 1 - Channel Sample Location Map
Figure 2 - PIMA Sample Location Map (with additional lines at Cerro Colorado)