BMM: TSX-V
VANCOUVER, BC, Jan. 19,
2024 /CNW/ - Black Mammoth Metals
Corporation (TSXV: BMM) (OTC: LQRCF) ("Black Mammoth"
or the "Company") is pleased to announce that it has arranged
to settle outstanding debt owed to certain arm's length and
non-arm's length creditors by issuing an aggregate of 1,240,000
common shares at a deemed price of $0.12 per share. The amount of the indebtedness
to be settled by this transaction totals $148,800 CAD. The common shares issued in
connection with this debt settlement will be subject to a hold
period of four months from the date of issuance.
The Company has also granted incentive stock options to its
independent directors and a consultant to purchase an aggregate of
up to 297,000 common shares at a price of $0.12 per share for a 5-year period, in
accordance with its Stock Option Plan. The options will vest 30%
after year one, 30% after year two and 40% after year three.
These transactions are subject to approval of the TSX Venture
Exchange.
About Black Mammoth Metals
Corporation:
Aside from the recently proposed acquisition of IDA Mining, the
Company has completed a ground gravity survey that is now
modeled and interpreted in conjunction with the recent UAV magnetic
survey at its 100% owned, 1213 hectare (2997 acre) Happy
Cat gold property, in southern Ravenswood Mining District,
Lander County, Nevada.
An approximate 4 square kilometre area is identified as a
hydrothermally altered area. Structural modelling suggests the
density of the alteration and its' density contrast relative to the
host rock is typical to that of alteration zones present at other
Carlin-type deposits in northern
Nevada. The alteration encompasses
an area where northerly trending high angle faults intersect
indicated NW trending re-activated faults that are known to be of
age and orientation as ore-controlling faults occurring at other
Carlin-type deposits. The Company
intends to prioritize drill targets within the alteration area.
Black Mammoth also has a 100% interest, subject to underlying
royalties, in the Blanco Creek gold property in the Elk
Creek Mining District, central Idaho which hosts three historic underground
mines along 3550 meters (11,644 feet) of strike on the north-east
trending regional Blanco Shear Zone.
Exploration by two previous operators identified a geological
target for the Blanco Creek property in the order of 1.7 to 2.48
million tons, grading 0.20 to 0.33 oz/ton Au (1.54 to 2.24 million
tonnes, grading 6.85 to 11.31 g/tonne Au); see the Company's press
release dated February 14, 2017.
Black Mammoth cautions investors to note the potential
quantity and grade of the geological target are conceptual in
nature. A qualified person has not completed sufficient work to
classify the geological target as mineral resources as defined by
NI 43-101, and it is uncertain if future exploration will result in
the target being delineated as mineral resources.
Mark J. Abrams, CPG #11451, a
Qualified Person as defined under National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI
43-101") and director of Black Mammoth, has reviewed and
approved the technical content in this release. Historical
information contained in this news release cannot be relied upon as
Mr. Abrams, the Company's Qualified Person, has not prepared nor
verified the historical information.
On behalf of the board,
"Dustin Henderson"
Dustin Henderson, BBA
President & CEO
This press release contains forward-looking statements and
forward-looking information (collectively, "forward looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical fact, included
herein, including statements regarding the Company's completion of
the Transaction and related transactions are forward-looking
statements. Forward-looking statements are typically identified by
words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions or are those which, by their
nature, refer to future events. Although the Company believes that
such statements are reasonable, there can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. The Company cautions investors that any forward-looking
statements by the Company are not guarantees of future performance,
and that actual results may differ materially from those in
forward-looking statements. Important factors that could cause
actual events and results to differ materially from the Company's
expectations include that the requisite corporate and TSXV for the
Transaction may not be obtained; that the Company or IDA Mining, as
applicable, may be unable to satisfy any or all closing conditions
necessary for the completion of the Transaction; and other risks
that are customary to transactions of this nature. Trading in the
securities of the Company should be considered highly speculative.
All of the Company's public disclosure filings may be accessed
via www.sedarplus.ca and readers are urged
to review these materials, including the latest technical reports
filed with respect to the Company's mineral properties.
Neither 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.
SOURCE Black Mammoth Metals Corp