TORONTO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Mammoth Resources Corp. (MTH.V), (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.
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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.