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Toronto, Canada – TheNewswire – (May 15, 2024) – Mammoth Resources Corp. (TSX-V: MTH), (the “Company”, or “Mammoth”) is pleased to announce the results from an internal study performed by Company geologists which identified a target for further exploration (“Exploration Target”, “Target”) at Mammoth’s 100% owned Tenoriba gold-silver exploration property in the Sierra Madre precious metal belt, Mexico. The study was performed under the guidelines of National Instrument 43-101, section 2.3 (2), including: the range of the quantity and grade of the Exploration Target among mixed oxidized-sulfide/transition zone mineralization and sulfide hosted gold-silver mineralization at Tenoriba. The report, available on Mammoth’s website; Projects section, under Technical Reports. describes the basis upon which this Exploration Target has been determined. It should be noted that in accordance with NI 43-101 this Target is conceptual in nature and therefore it is uncertain whether further exploration will result in this Target being delineated.
The range of Exploration Targets is illustrated in the following table.
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Exploration Target – All Three Areas, All Three Phases of Drilling |
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OXIDE-MIXED |
SULFIDE |
COMBINED* |
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Total Surface Area (square m) |
1,200,819 |
1,200,819 |
1,200,819 |
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Total Calculated Tonnage (tonnes) |
53,269,759 |
42,850,160 |
96,119,919 |
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Weighted Average Grade (gold equivalent) |
0.59 |
0.64 |
0.61 |
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TOTAL CALCULATED GOLD EQ OUNCES* |
1,005,953 |
878,229 |
1,878,127 |
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TOTAL ADJUSTED GOLD EQ OUNCES* (90%) |
917,219 |
769,959 |
1,687,178 |
Note: * Sum of Oxide-Mixed plus Sulfide mineralization
“Beyond the large 1.8 million gold equivalent target, I’m especially encouraged by the potential that more than 800,000 gold equivalent ounces could exist in the shallow Oxide-Mixed horizon in Carneritos. This near-surface horizon has the potential to be delineated over two phases of what should be a relatively low-cost program of only 59, approximately 50 metre deep drill holes in the first phase, at the recommended 80 metre drill spacing. It’s within this Oxide-Mixed mineralization that our preliminary metallurgical work suggests excellent recoveries that have the potential to be amenable to low-cost heap leach gold recovery.
“Our immediate plans are to obtain quotes from drill contractors to further evaluate the cost of the first phase of shallow drilling focused on delineating the first 500,000 gold equivalent ounce Inferred resource target at Carneritos. Based on past costs, I feel confident that we can drill this shallow horizon at a very compelling cost relative to the opportunity of defining this mineral resource. I believe success at Carneritos can translate to additional successes in further defining a large mineral resource at Tenoriba. Mammoth looks forward to reporting on the cost estimates for the resource delineation drilling in the near future”
Richard Simpson, Vice President Exploration of Mammoth Resources further commented on Mammoth’s Exploration Target, stating: “Following the success of the 2021-22 drill program in delineating the boundaries to the three large areas of gold-silver mineralization at Tenoriba, we recognized that the next step in the advancement of Tenoriba was to define a maiden Inferred mineral resource. This study acts as a guide in determining the risk-reward to further investment at Tenoriba to define this resource.
“We initially began looking at a global, oxidized-mixed oxidized/sulfide domain together with all sulfide mineralized intervals in determining the Exploration Target. It too was a large number of gold equivalent ounces. However, when we saw the high recoveries of gold-silver in the near surface, oxidized-mixed oxidized/sulfide material from the preliminary bottle roll tests, we felt it would be better to separate mineralization into the two domains. We believe there’s excellent potential to define a sizeable mineral resource in low-cost, near-surface drilling of the oxidized horizon, especially in our initial phase drilling at Carneritos.”
Reliance on Information – Methodology for Determining the Exploration Target:
The Exploration Target has been determined…
Read More: Mammoth Announces Greater than One Million Ounce Gold Equivalent Target for