CEO.CA Chairman's Briefing

(TheNewswire)

Toronto, Canada – TheNewswire – April 7, 2022 - Mammoth Resources Corp. (TSXV:MTH), (OTC:MMMRF) (the “Company”, or “Mammoth”) is pleased to provide results from an additional three drill holes from its diamond drilling program at its 100% owned Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt, Mexico.

The drill program is designed to test up to five target zones which measure from hundreds of metres (m) to over one kilometre (km) in strike length along a 4 km, east-west trend of gold-silver mineralization identified in 3-dimensional (3D) modelling incorporating data from over 3,000 soil, chip and channel samples, 26 prior diamond drill holes, geological and structural mapping and the potential continuity at depth of surface mineralization as indicated by an Induced Polarization/Magnetometer (IP/Mag) geophysical survey (please refer to the descriptions of target zones in the press release dated July 22, 2021).

An additional three diamond drill holes have been completed for a total of 539.75 m bringing the total reported to date to 1,535.25 m in 10 holes. The first four holes reported tested the TA-2 target in the Carneritos area of the project (refer to press release dated November 18, 2021, Figure 1 and Figure 2) while an additional three holes tested the TA-3(a) target in the central Masuparia area of the project, approximately 700 m from the closest Carneritos area drilling (refer to press release dated March 3, 2022, Figure 1 and Figure 2). A summary of potentially economical intervals from the three drill holes from this press release are as follows (refer to Figure 1 - Location Map, Location Map, Tenoriba Property Drilling, 2022 (drill holes TEN 21-01 to 21-14) and Figure 2 - Location Map, El Moreno Area, Tenoriba Property Drilling, 2022 (drill holes TEN 21-10, 11, 13 and 14).

The drill holes from this release compliment drill intervals from the following seven previously released drill holes.

Notes:         Gold Equivalent where silver grade is converted to gold grade at 75 g/t silver = 1 g/t gold = 13.0 lbs copper.

Mammoth attempts to drill as near perpendicular as believed to be the orientation of mineralized control features, however lengths shown are core lengths versus perpendicular, true widths of these mineralized features.

Thomas Atkins, President and CEO of Mammoth commented on the most recent drill results, stating: "I made reference in the last press release, issued just over a month ago, how we believed there was always the potential to intersect higher grade mineralization as had recently been intersected in hole 21-06 in the Masuparia area and here we are again seeing the same higher grade intervals over tens of metres in the Moreno area with hole 21-13. Combined with gold-silver, as we’ve seen before in the Moreno area, this mineralization also contains copper.

“I’m pleased that we can move to another target area hundreds of metres from the earlier reported drilling and continue to intersect potentially economical gold-silver with copper grades over lengthy, tens of metre intervals at generally shallow depths over this large four-kilometre trend of known surface mineralization.

“The combination of both these higher-grade intervals with more modest grade intervals over tens of metres within this large area of mineralization and kilometres of strike length, characterized by geological features typical to large High Sulphidation precious metal systems give the potential to build a substantial mineral resource. I look forward to reporting on additional results in the coming weeks.”

Richard Simpson, Mammoth’s Vice President Exploration further commented on these results, stating: “Based on the type of alteration and the gold-silver-copper grades present in these early holes into the El Moreno target area one can conclude that the El Moreno target area, mapped as containing volcanic breccia and dacitic porphyry, is clearly associated to a High Sulfidation mineralization system and warrants further modeling and drilling to evaluate its economic gold-silver-copper potential.”

Drill Hole Description:

As previously discussed, Mammoth intends to initially drill 2 to 4 holes within each target zone then move to another target zone to drill a similar number of holes (please refer to press release dated July 22, 2021 for target zones). Company geologists intend to await the results from the initial 2 to 4 drill holes in a target area prior to returning to the area to follow up drilling of these areas. Where mineralized intervals are intersected in the initial sequence of drilling, or where holes fail to encounter mineralization as suggested by the data, follow up drilling will be based on field assessments combined with surface geology, sampling and geophysics data to assist in defining follow up drill collar locations with the aim of assisting in more clearly understanding and testing the controls and continuity to gold-silver mineralization.

Hole TEN 21-07 was collared in the Masuparia target area with the objective of testing an interpreted north-south trending structural corridor which may have been a control to wide mineralized intercepts in historic drill hole TDH-11. Holes TEN 21-10 and 21-13 were drilled in the El Moreno target area where prior drilling consisted of only four prior holes testing attractive surface gold samples in chip, channel and soil samples and IP/Mag geophysics on only three geophysical lines covering only 200 m of the mineralized trend strike length. The early 2021 infill geophysics survey expanded on the original survey and assisted in enhanced targeting in this area in what has been defined as the TA-5 target.

Drill Hole TEN 21-07

The hole was collared in the Masuparia target area, it was drilled to a depth of 189.0 m of a planned 200 m depth at 60 degrees decline/dip, azimuth 90 degrees and was collared approximately 80 m south of historic hole TDH-11. The drill hole was collared to test an interpreted north-south trending structural corridor which could be part of the mineralization controls of the wide mineralized intercepts of historic hole TDH-11.

Historic drill hole TDH-11 returned five mineralized intervals of potentially economical gold-silver beginning at a core length of 4.0 m and ending at a length of 188.7 m, including 26.7 m interval grading 0.66 g/t gold equivalent (Eq) followed by 41.0 m interval grading 0.92 g Eq.

Drill hole TEN 21-07 intercepted from surface to 91.5 m core length a lithic crystal tuff of which the first 28.0 m were weathered and oxidized and followed to the end of the hole at 189.0 m by a fine grain possibly intrusive unit with chloritized and calcified feldspar phenocryst relics and chlorite/ magnetite alteration assemblage in the ground mass. The mineralized intervals encountered appear controlled by the presence of minor irregular fractures filed by black sulfides and failed to reproduce the grades and interval widths encountered in TDH-11. Based on the results of this drill hole it would appear that either the interpreted north-south structural corridor does not exist at this location or does not have consistent grade distribution. It should also be noted that the type of controls to possible mineralization – the black sulfides and alteration are most likely proximal to a porphyry mineralizing system and not typical to the core of a High Sulfidation mineralization system. Future drilling in this area will be dependent upon receiving the remaining results from the 2021-22 program and possible follow up surface geological mapping and review of such mapping with results from the geophysical survey.

Drill Hole TEN 21-10

The hole was collared in the Moreno target area, it was drilled to a depth of 244.0 m of a planned 250 m at 55 degrees decline/dip, azimuth 330 degrees and although collared only approximately 6.0 m west of hole TEN17-03, the azimuth (direction) of the drill was aimed at testing extensions up to 35 m west of that tested in hole TEN17-03. The drill hole was collared to test the interpreted F1, north-east fault as identified in the 3D geophysical interpretation and the approximate 35 m southwest step out of hole TEN 17-03.

Historic drill hole TEN 17-03 returned 7.2 m grading 4.34 g/t gold Eq, including 3.59% copper.  

Drill hole TEN 21-10 intercepted from surface to 74.1 m a lithic crystal tuff followed by dickite altered volcanic breccia down to 100.1 m and a dacitic feldspar phyric unit down to 120.7 m. Both these units contain minor black sulfide in irregular stringers. In addition, the volcanic breccia exhibit minor disseminated tourmaline, dickite alteration and pyrite stringers.  From 120.7 m to the bottom of the hole at 244.0 m a lithic volcanic tuff was intercepted with various 0.25 g/t gold Eq mineralized intervals from 200.0 m to 213 m core length.

Beyond the highlighted mineralized intervals, anomalous copper of approximately 0.10 to 0.12 percent copper occurred at core lengths of 94.0 to 95.5 m and 143.5 to 145.0 m. The last approximate 10.0 m coincide with a fault gouge rich grinded core interval; which coincides with the interpretation of the F1 fault. As the fault interval was not mineralized it is interpreted to be late, post mineralization event fault. The mineralized intercept of hole TEN21-10 appears to coincide and extend toward the southwest the mineralization present in hole TEN21-03 although at a lower trade.

The hole was successful in identifying the F1 interpreted fault. The hole did extend the intercepted gold with silver and copper of historic hole Ten 17-03 although where gold-silver grades were equally low as in historic hole TEN 17-03 and intervals in the hole did assay for copper, thereby illustrating the continuity of copper mineralization in the Moreno area and did extend the mineralization control and alteration (silica/dickite) of hole TEN 17-03, copper grades intercepted in hole Ten 21-10 were lower than in TEN 17-03. No additional drill holes are recommended to test the F1 fault as this appears to be post the mineralizing event at Moreno. Future drilling in this area will be dependent upon receiving the remaining results from the 2021-22 program and possible follow up surface geological mapping based on the results from this drilling and review of such mapping with results from the geophysical survey.

Drill Hole TEN 21-13

The hole was collared in the Moreno target area, it was drilled to a depth of 106.75 m of a planned 100.0 m at 80 degrees decline/dip, azimuth 360 degrees and was collared approximately 215 m southeast of historic hole TEN 17-03 (described in discussion of hole TEN 21-10, above).

Drill hole TEN 21-13 was testing a shallow, near surface high resistivity anomaly identified in the 2021 3D geophysical survey modelling which coincides with the altered, outcropping volcanic breccia containing abundant silica and dickite. The hole intercepted from 0.0 to 33.45 m highly silicified volcanic breccia with abundant dickite filled fractures. The first 8.5 m are highly weathered and oxidized, followed by what appears an oxide-sulphide transition zone down to 30.0 m core length. Moderately to strongly silicified lithic-crystal volcanic tuff with dickite stringers is present from 33.45 to 61.0 m core length, followed by a weakly to moderately silicified dacitic feldspar phyric unit to the end of the hole at 106.75 m.

The hole was a successful in testing gold-silver with copper mineralized in association with silica-dickite clay alteration in the volcanic breccia present on surface. This unit coincides with the interpreted high resistivity anomaly from the 3D geophysics modelling. The moderate to strong silica alteration present in the various units intercepted along the hole clearly coincide with the high resistive anomaly targeted of which there remains significant scope for expanding the area of mineralization.

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.

Samples referenced in this press release were prepared and analyzed by ALS laboratories (ALS) in their facilities in Mexico and Canada, respectively. Samples generally consisted of a minimum of 2 kilograms of material. Drill core is mostly HQ diameter core with minor lengths of NQ diameter core. Core is sawn in half with a rock saw with one half used for sample analysis purposes. Where samples are taken these are most often 1.5 metres in length, only in poor recovery sections do they exceed this length, with rare exceptions exceeding a maximum of 4.5 metres in length. Samples are collected with sample ticket and deposited into plastic sample bags sealed with nylon zip lock ties, then loaded into grain sacs similarly sealed with a nylon zip lock tie prior to transport by Mammoth personnel to ALS’s facility in Chihuahua, Mexico for sample preparation. Gold and silver analyses are performed in ALS’s facility in Canada via a 30-gram fire assay with an atomic absorption finish. Silver, copper, lead and zinc are analyzed as part of a multi-element ICP package using a 4-acid digestion. Any over limit samples with greater than one percent copper, lead and zinc are re-analyzed using ore grade detection limits. Blank and duplicate samples are inserted randomly at approximately every 15 samples.

About Mammoth Resources:

Mammoth Resources (TSX-V: MTH) is a precious metal mineral exploration Company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company holds a 100% interest (subject to a 2% net smelter royalty purchasable anytime within two years from commencement of commercial production for US$1.5 million) in the 5,333-hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. Mammoth is seeking other opportunities to option exploration projects in the Americas on properties it deems to host above average potential for economic concentrations of precious metals mineralization. 

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. 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.

Figure 1 - Location Map, Tenoriba Property Drilling, 2022 (drill holes TEN 21-01 to 21-14)

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Figure 2 - Location Map, El Moreno Area, Tenoriba Property Drilling, 2022 (drill holes TEN 21-10, 11, 13 and 14)

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