Black Mammoth Metals Options Callaghan Gold Property in Central Nevada No.24-12 BMM: TSX-V
Black Mammoth Metals Options Callaghan
Gold Property in Central Nevada
No.24-12
BMM: TSX-V
VANCOUVER, BC
,
Aug. 2, 2024
/CNW/ -
Black Mammoth Metals Corporation
(TSXV: BMM)
(OTC: LQRCF)
("Black Mammoth" or the "Company")
is pleased to announce that Antelope
Creek Gold Corporation ("Antelope Creek"), a wholly owned subsidiary of Black Mammoth, has
entered into an option agreement (the "Option Agreement") dated July 17, 2024, with a private
vendor (the "Vendor") to earn a 100% interest in the Callaghan gold property (the "Callaghan
Property" or the "Property"), located 24 kms NE of
Austin, Nevada
(see fig.1). The Company has
completed a sampling program and due diligence work and has expanded the Callaghan Property
through additional staking, completed on
July 31, 2024
.
The Callaghan Property now consists of 45 Federal lode mining claims (930 acres, 376 hectares) on
BLM land and is situated on the eastern flank of the northern Toiyabe Range,
Lander County,
Nevada
. It is located along the 120-kilometer
Austin
-
Tonopah
trend of gold occurrences, deposits
and mines that include
Quito
,
Round Mountain
, and Northumberland, and is considered prospective
for
Carlin
-type gold mineralization. The Company's
Quito
property is a past-producing mine on this
trend.
The Callaghan Property is located within an erosional window (the Callaghan Window) that
exposes highly prospective Lower Plate Paleozoic sedimentary rocks, which on the Property
have been strongly altered by gold, arsenic, antimony and mercury-bearing hydrothermal
fluids. The Callaghan Property contains near-surface gold mineralization in several historic
drill holes at the Cottonwood Canyon area, with historic reports estimating approximately
50,000 oz @ 0.5 g/t, hosted in Upper Plate Paleozoic sedimentary rocks.
Black Mammoth has not independently confirmed the historical estimate of mineralization
at the Cottonwood Canyon area.
Black Mammoth is not treating the historical estimate of
mineralization as current mineral resources or as historic resources, and a qualified person
has not done sufficient work to classify the historical estimate of mineralization as current
mineral resources or as historic resources. A qualified person has not yet determined what
work needs to be done to upgrade or verify the historical estimate of mineralization as
current mineral resources or as historic resources. The historical estimate of mineralization
is relevant for historical completeness but should not be relied on.
Drill Target Areas:
Rast
The Rast area has been the focus of widely spaced, and mostly shallow, historic drilling over an
area largely covered by shallow alluvium. Holes intersected strong pathfinder elements and sporadic
gold intercepts; however, important geochemical, structural, and stratigraphic data from these holes
indicates that the potential of this area remains largely untested. Drilling in the Rast area has
demonstrated the presence of anomalous gold in decalcified Lower Plate carbonate host rocks.
Shallow trenches expose strongly silicified and clay-altered Orovician-age carbonate rocks (hosts at
the Company's nearby
Quito
property and elsewhere). A 300 meter long, open-ended, easterly
trending gold-arsenic-antimony soil anomaly is present to the east of the historic Rast mercury mine.
In addition, Lower Plate rocks with intense alteration consistent with
Carlin
-type gold systems are
present at surface approximately 800 meters to the northwest of the historic Rast mine. The Rast
area has three target areas where there are anomalous soils at the intersection of Lower Plate
carbonate host rocks below the Roberts Mountains Thrust and NW normal faults.
Cottonwood Canyon
At the Cottonwood Canyon area, historic drilling has focused on near-surface, open-pit type gold
mineralization hosted in Upper Plate rocks. The Cottonwood gold mineralization may represent a
leakage anomaly above a more significant target area located in favourable Lower Plate rocks at
depth and is at the intersection of a NW mineralized fault, a NE fault with jasperoid, and the Roberts
Mountains Thrust.
Exploration History:
Since the mid-1970s, several exploration companies have drilled over 80 holes in the Rast-
Cottonwood area.
Kerr McGee
drilled 37 holes in the Cottonwood area in the early 1980's, roughly
outlining gold mineralization in Upper Plate rocks. Most recently, during 2010-2011,
Miranda Gold
and
Kinross
conducted limited drill programs in the Cottonwood target area. The Rast area, which
includes the historic mercury mine, has approximately 35 holes drilled since the 1980s. Past
exploration work in addition to drilling on the Property includes surface mapping, rock-chip sampling,
airborne magnetics, gravity, and soil sampling.
Acquisition Terms (in USD):
Under the terms of the Option Agreement, Antelope Creek may purchase a 100% interest in
the Callaghan property by making an aggregate of
$1,235,000
in cash payments in
accordance with the following schedule:
Cash Payment Payment Date Status
$20,000
10 days of Effective Date paid
$10,000
1
st
anniversary -
$15,000
2
nd
anniversary -
$20,000
3
rd
and 4
th
anniversary -
$25,000
5
th
through 10
th
anniversary -
$1,000,000
11th anniversary -
$1,235,000
Total
Retained Royalty
1% NSR on all claims payable to the Vendor within the area of interest.
There are no work commitment amounts, finder's fees or share compensation in connection with the
Option Agreement.
Figure 1 - Location of the Callaghan Property, Central Nevada. (CNW Group/Black Mammoth Metals
Corp)
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.
About Black Mammoth Metals Corporation:
In 2024, Black Mammoth Metals has acquired a 100% interest in the
America Mine gold property
,
San Bernardino, CA & the
Quito
gold property
,
Lander County, NV.
At the Company's 100% owned, 1,213 hectare (2,997 acre)
Happy Cat gold property
,
Lander
County, NV
, an approximate 4 square kilometre area is identified as being hydrothermally altered.
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 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.
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/August2024/02/c3619.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 02-AUG-24