Mammoth Provides Update On Exploration Activities At Its Tenoriba Precious Metal Project, Mexico
26 February 2019 - 11:30PM
Mammoth Resources Corp. (TSX-V: MTH), (the
“Company”, or
“Mammoth”) is please to
provide an update on exploration activities at its Tenoriba
precious metal, gold-silver property located in the prolific Sierra
Madre precious metal belt in southwestern Chihuahua State,
Mexico.
Mammoth announced on December 20, 2018, that it
and Centerra Gold Inc. (Centerra) had reached an agreement to
option Tenoriba to Centerra whereby Centerra can earn up to a 70%
interest in Tenoriba upon total project expenditures and payments
of US$9.9 million (approximately C$13.0 million) to be expended
over a maximum seven-year period, expenditure amounts which can be
accelerated depending on exploration success. On January 20, 2019
Mammoth and Centerra personnel met at Centerra’s exploration office
in Mexico to plan the 2019 exploration program and soon thereafter
Mammoth’s Vice President Exploration and Centerra exploration team
mobilized to the project area, secured accommodations, began
community consultations and introductions and began an initial
mapping, sampling and diamond drill core review. Of note, during
the early days of the commencement of this work the project was
visited by a team of Centerra and consultants to Centerra
geologists with specific experience and expertise in High
Sulphidation (HS) systems as a first stage review of opportunities
and geological potential at Tenoriba.
Early activities since mobilizing to Tenoriba
include review and the analysis of infill drill core intervals and
samples from an additional two drill holes not yet analyzed from
the Mammoth 2017-18, 13-hole diamond drill program. Work has also
begun on the initial stages of the Centerra-Mammoth 2019 field
exploration program, to include:
- Continue to map and sample project
areas previously mapped and sampled by Mammoth along with infill
and extensions to these areas. The purpose of this work is
two-fold. First, to enhance Centerra geologists’ knowledge of
Tenoriba geology. Secondly, through this mapping and sampling
enhance the understanding of the geological features relevant to
gold-silver mineralization at Tenoriba taking into account
Centerra’s expertise in such mineralogical systems, Mammoth’s prior
work, including knowledge gained by Mammoth having drilled various
surface and geological features and the results obtained from this
drilling.
- Using Centerra personnel, equipment
and expertise, perform a ground Induced Polarization (IP) and
Magnetometer (Mag) geophysical survey over a combination of the 40%
of the mineralized trend already covered by the Mammoth IP-Mag
survey, however in the Centerra survey employing a different,
potentially higher resolution technique to enhance certain features
observed in the Mammoth survey, possibly re-orient the direction of
certain geophysical lines to test additional features and coverage
over portions of the 60% of the mineralized trend not yet covered
by any IP-Mag geophysics.
- Following this work and results
attained, Centerra is expecting to drill test any combination of
extensions to attractive intercepts from the Mammoth 2017-18
diamond drill program and new targets generated by the
aforementioned mapping, sampling and geophysics survey.
Thomas Atkins, President and CEO of
Mammoth commented on the commencement of exploration activities at
Tenoriba, stating: “I was very pleased to see, only a week
into the new year that Centerra and Mammoth were already
coordinating activities to meet and plan the 2019 field exploration
program and that geologists for both companies were in the field
before month’s end. There’s a lot of work to be done for a new crew
to hit the ground on a new project, however Centerra was quick to
get their team in gear and in the field. I was equally impressed
that members of Centerra’s senior, geological team of advanced
experience and knowledge in High Sulphidation precious metal
mineral systems and a highly experienced consulting geologist to
Centerra were also on-site, reviewing project data, drill core,
walking the ground and making contributions to the development of
the 2019 exploration program. From Mammoth’s perspective a project
with the large gold-silver mineralized footprint of Tenoriba
benefits enormously from any revisions and enhancements of
exploration efforts, techniques and analysis by additional
geologists, especially those with many years of experience in these
types of mineral systems. We look forward to reporting on results
from this work in the weeks and months ahead leading to additional
drill testing of targets later this year.”
Mammoth President and CEO, Thomas
Atkins, also a Director of Transition Metals Corp. (XTM),
will be at the XTM booth, number 2126 in the
Investor Exchange section of the Prospectors and Developers
Association Conference (PDAC) in Toronto from
Sunday, March 3rd to Wednesday, March 6th and can
be contacted there if a meeting is desired.
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., or contact
Thomas Atkins, President and CEO at: 416 509-4326.
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. 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.
Please refer to the Company’s website at the following link:
http://www.mammothresources.ca/s/FAQ.asp to review the Company’s
complete forward looking statement.
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