Toronto, Canada (October 10, 2013) - Mammoth Resources Corp. (TSX-V: MTH) is pleased to announce grab sample assay results for its most recent and its seventh exploration campaign on the company's Tenoriba Property, located in the prolific Sierra Madre precious metal belt in south western Chihuahua state, Mexico (refer to the company's web site www.mammothresources.ca, for a detailed location map).
Of 66 surface rock samples collected during this campaign in which company geologists continued to map and sample various areas at Tenoriba, 59 percent of all samples collected assayed greater than 0.3 grams per tonne gold equivalent (taking into account a silver : gold ratio of 50:1) and in two instances samples assayed in excess of 10 gpt.
Highlights from the sampling are summarized below and referenced in Table 1- Sample Results.
Cerro Colorado Area:
- 15.24 gpt gold equivalent with 7.00 gpt gold and 412.0 gpt silver from a grab sample;
- 9.72 gpt gold equivalent with 9.39 gpt gold and 16.7 gpt silver over a 1.0 metre channel sample;
- 6.23 gpt gold equivalent with 5.49 gpt gold and 37.1 gpt silver over a 1.1 metre channel sample;
- 4.07 gpt gold equivalent with 3.49 gpt gold and 29.2 gpt silver over a 1.5 metre channel sample.
Los Carneritos Area:
- 13.05 gpt gold equivalent with 5.97 gpt gold and 354.0 gpt silver from a grab sample;
- 5.81 gpt gold equivalent with 5.06 gpt gold and 37.3 gpt silver over a 1.2 metre channel sample;
- 4.33 gpt gold equivalent with 3.56 gpt gold and 38.6 gpt silver over a 1.2 metre channel sample.
Thomas Atkins, President and CEO of Mammoth Resources commented on these results, stating: "The Cerro Colorado area is located approximately half a kilometre west of the area in which we'd previously been performing most of our mapping and sampling. What is of particular interest at Cerro Colorado is the field crew was able to trench across some of the highly silicified structures which assayed an average of 4.52 grams per tonne gold equivalent over a width of 4.1 metres in one trench while another assayed an average 1.75 grams per tonne gold over 6.0 metres. These are a continuation of terrific grades we've achieved elsewhere over 15 square kilometres of the project and in particular, these results occur over good intersection widths. With the recent results from bottle roll tests indicating this material could be amenable to heap leach extraction of gold, values like this are very encouraging."
Los Carneritos Area:
At the Los Carneritos target area the presence of silicified volcanic, chaotic breccia with local vuggy silica has been further extended an additional 200 meters to the southwest of the area previously sampled by Mammoth geologists, giving a total strike length of this structure of almost two kilometres by 800 metres, with favourable host rock (chaotic breccia) plus alternation (silica, Dickite). Sample results continue to return highly anomalous values of gold and silver (greater than 0.30 gpt gold equivalent) (refer to figure 1). In addition three samples (sample numbers 330489, 330490 and 330491) of the four samples taken in highly argillized volcanic tuff interstratified with the volcanic, chaotic breccia returned gold values of from 0.095 to 0.151 gpt gold (these samples are not reported in Table 1. Such values illustrate that these highly argillized felsic tuffs are not sterile and could still host at depth a mineralized vuggy silica body related to a feeder zone or a late enriched structure.
Cerro Colorado Area:
At the Cerro Colorado area two hand-dug trenches exposed highly silicified volcanic rocks with vuggy silica texture. Samples of these trenches returned highly anomalous assay results (refer to the table below). These trenches are from an approximate 50 square metre area where previous surface samples had returned various results assaying greater than 1.0 gpt gold (refer to Figure 1 - Sample Location Map, Tenoriba Project, Mexico, Seventh Exploration Campaign).
|Average Gold Equivalent
|(from -- to)||(metres)||(gpt)||(gpt)||(gpt)|
|1||330624 - 330626||4.1||3.90||31.2||4.52|
In addition, west of Cerro Colorado sample 330641 returned 9.39 gpt gold and 16.7 gpt silver over 1.0 metre. What is unique about this sample is that it occurred within a tourmaline bearing granodiorite breccia within what is interpreted as the contact between younger volcanic units and the older granodiorite. Mineralization of this type is different from the epithermal high sulphidation model that company geologists have seen in other areas of the property. However, a high sulphidation model is frequently reported to host a sterile tourmaline alteration zone distal from the vuggy silica mineralized core. Either way, this sample and area will be further investigated when company geologists return to the field to further map and sample the property.
Sample 330633 returned 7.0 gpt gold and 412 gpt silver from a large sub in-place highly silicified float - sub crop located approximately 140 metres northwest of a series of small artisanal pits where local artisanal miners are reported to pan for free gold from dirt and highly argillized young felsic volcanic soil. This area also warrants further investigation.
To date mapping and sampling has covered no more than 60 percent of the 8,100 hectares contained within the property concessions.
Company staff recently mobilized to site after a period of inactivity during the later portion of July, all of August and a portion of September due to intense rain in the Sierra region. Since mobilizing, activities have included the re-opening of the field camp, road repair due to the heavy rain and establishing a grid for a ground-based geophysical survey. It is the company's intention to engage a contract geophysics firm to conduct a ground Induced Polarization (IP) and Magnetometer (Mag) geophysical survey over select areas of the property. The company is hopeful that readings from this survey will assist company geologists in better interpreting at depth the extent and orientation of mineralized features observed at surface. It is hoped that with a better sense of the extent and orientation of such features at depth geologists will be able to improve the targeting of drill holes to test these features at depth.
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, including the BCSC edits. Samples referenced in this press release were prepared and analyzed by ALS CHEMEX in their facilities in Mexico and Canada, respectively or IPL Inspectorate in their facilities in Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kilograms of material. Gold 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 one percent copper, lead and zinc were re-analyzed using ore grade detection limits.
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.
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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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