Black Mammoth Metals Arranges $2,800,000 Private Placement
No.24-9 BMM: TSX-V NEWS RELEASE
Black Mammoth Metals Arranges $2,800,000 Private Placement
Vancouver, B.C., May 10, 2024. Black Mammoth Metals Corporation (TSX-V: BMM / OTC: LQRCF) (“Black Mammoth” or the “Company”) is pleased to announce that it intends to raise gross proceeds of up to $2,800,000 by way of a private placement (the “Offering”) of up to 5,600,000 common shares of the Company at a price of $0.50 per Unit (the “Units”), initiated by price reservation. Each Unit consists of one common share of the Company and one-half common share purchase warrant (a “Warrant”), with each Warrant exercisable into one common share of the Company for a period of 2 years from the issue date at an exercise price of $0.75. The Units will be subject to a four‐month hold period from the date of closing. The Company intends on using the proceeds of the Offering for its Happy Cat & Quito properties in Nevada, its America Mine property in California, its non-core exploration interests, to eliminate long-term debt, general working capital and for potential acquisitions. The Offering is subject to the approval of the TSX‐V. The Company also continues to acquire non-core exploration interests in the western US, by purchase and by staking. The Quito transaction, in the Company’s news release dated March 28, 2024, was determined to be an Exempt transaction as per TSX-V Policy 5.3 (3.1).
About Black Mammoth Metals Corporation:
Aside from the recent acquisitions of IDA Mining for the America Mine property & the Quito property, 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, 1,213 hectare (2,997 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 3,550 | |
| 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 1.70 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
Black Mammoth Metals Corporation
Phone: 604 347 9101 Email: [email protected] Website: www.blackmammothmetals.com
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.