VANCOUVER, British Columbia, May 02, 2022 (GLOBE NEWSWIRE) -- Mammoth Resources Corp. (TSXV:MTH), (OTCPink:MMMRF) provided results from an additional three drill holes from its diamond drilling program at its Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt, Mexico. The company holds a 100% interest in the 5,333-hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico, subject to a 2% net smelter royalty purchasable for US$1.5 million anytime within two years from commencement of commercial production.
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A total of 27 holes were drilled for a total of 3,240 metres, with 3 holes released today, 10 were previously released, with results from the remaining 14 holes expected to be released in the coming weeks. The drill program was designed to test up to five target zones which measure from hundreds of metres to over one kilometre in strike length along a 4 kilometre, east-west trend of gold-silver mineralization. The mineralization was previously 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 geophysical survey.
Highlights of today’s results include 46.5 metres grading 0.51 grams per tonne gold equivalent starting at just 4.5 metres downhole. Refer to video for table of results.
Thomas Atkins, President and CEO, stated: "With the exception of drill hole TEN 21-09, two of the three reported drill holes intersected tens of metres of potentially economical gold-silver mineralization. In particular, hole TEN 21-12 intersected 0.51 grams per tonne gold equivalent over an impressive 46.5 metres. These two drill holes, one each in the Moreno and Carneritos areas, are separated one from the other by over 2.5 kilometres. This distance serves to illustrate the large-scale potential of gold silver mineralization at Tenoriba. Hole TEN 21-09 which failed to intersect significant mineralization was collared 200 metres south of the intended TA-1 target due to the challenging topography nearer the target. The drill contractor recently concluded drilling activities at Tenoriba as the area hasn’t received any meaningful amounts of rainfall since late 2021 and water for drilling was becoming increasingly scarce.”
Richard Simpson, VP Exploration, added: “Although drill hole TEN 21-11 and 12 in the Moreno area didn’t report lengthy intervals of copper mineralization similar to hole TEN 21-13, in the case of TEN 21-11 and similar to hole TEN 21-10, there were a number of 1.5 metre sample intervals grading from 0.1 to 0.2 percent copper possibly indicative of a copper porphyry root to the higher elevation, High Sulphidation features observed in other locations at Tenoriba.”
Previous exploration activity on the property included the expenditure of $2.0 million during 2007-2008 by Masuparia Gold Corporation, the previous optioning party, including an initial 15 diamond drill holes totaling 2,566 metres and 2,586 geochemical soil and rock chip samples. Potentially economic grades over attractive widths were intersected in 10 of the 15 holes drilled.
As mentioned, the company expects to be reporting results from the remaining 14 holes in the coming weeks. The shares are trading at $0.05. For more information, please visit the company’s website, www.MammothResources.ca, contact Thomas Atkins, President & CEO, at 416-509-4326 or by email at firstname.lastname@example.org.
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