Black Mammoth Metals Announces Shares for Debt and Options Grant BMM: TSX-V
Black Mammoth Metals Announces Shares for
Debt and Options Grant
BMM: TSX-V
VANCOUVER, BC
,
Jan. 19, 2024
/CNW/ -
Black Mammoth Metals Corporation
(TSXV: BMM)
(OTC: LQRCF)
("Black Mammoth" or the "Company")
is pleased to announce that it has
arranged to settle outstanding debt owed to certain arm's length and non-arm's length creditors by
issuing an aggregate of 1,240,000 common shares at a deemed price of
$0.12
per share. The
amount of the indebtedness to be settled by this transaction totals
$148,800
CAD. The common
shares issued in connection with this debt settlement will be subject to a hold period of four months
from the date of issuance.
The Company has also granted incentive stock options to its independent directors and a consultant
to purchase an aggregate of up to 297,000 common shares at a price of
$0.12
per share for a 5-
year period, in accordance with its Stock Option Plan. The options will vest 30% after year one,
30% after year two and 40% after year three.
These transactions are subject to approval of the TSX Venture Exchange.
About Black Mammoth Metals Corporation:
Aside from the recently proposed acquisition of IDA Mining, 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, 1213 hectare (2997 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 3550 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 1.7 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
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.
SOURCE
Black Mammoth Metals Corp
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/January2024/19/c5475.html
%SEDAR: 00022389E
For further information:
Black Mammoth Metals Corporation, Phone: 604 347 9101, Email:
[email protected], Website: www.blackmammothmetals.com
CO: Black Mammoth Metals Corp
CNW 09:00e 19-JAN-24