Mammoth Provides Year-End Update ON Activities at Its Tenoriba GOLD-Silver Property, Mexico
Exchange Tower
410 - 150 York Street
Toronto, Ontario
M5H 3S5 Canada
www.mammothresources.ca
FOR IMMEDIATE RELEASE: December 23, 2022 No. 09/22
MAMMOTH PROVIDES YEAR-END UPDATE ON ACTIVITIES
AT ITS TENORIBA GOLD-SILVER PROPERTY, MEXICO
Toronto, Canada (December 23, 2022) - Mammoth Resources Corp. (TSX-V: MTH), (the “Company”, or
“Mammoth”) is pleased to provide an update on ongoing activities at its Tenoriba gold-silver exploration
property in the Sierra Madre precious metal belt, Mexico. The Mammoth team would also like to take this
opportunity to extend their gratitude to shareholders and stakeholders for their support during the year and to
wish them happy holidays / felices fiestas together with their warmest wishes that 2023 bring good health,
happiness, and prosperity!
Only last week, the Company reported results from the final six drill holes of a 27-hole diamond drill program
for a total of 3,244.25 metres (m) in 27 holes, bringing the total number of holes drilled on the property to 55
holes totaling 8,518.25 m testing five target zones, within three project areas; El Moreno, Masuparia and
Carneritos, targets within these project areas which measure from hundreds of metres 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.
Mammoth is now in the process of advancing additional studies based on the results of these 27 drill holes,
including preliminary metallurgical testing utilizing material from holes drilled in the Carneritos area of the
property and the assessment by a third party resource modelling expert on the recommended drill spacing
enabling the calculation of a maiden mineral resource at Tenoriba and is in the process of drafting a technical
report, to be posted on the Company website, describing findings, conclusions and recommendations for
future work a result of these exploration activities.
Thomas Atkins, President and CEO of Mammoth commented on the 2022 drill program, stating:
"The Mammoth team is very pleased with the frequency at which drilling intersected impressive, often
multi-tens of metre intervals of potentially economical gold-silver mineralization among the 27 holes
drilled in the recent campaign. The objective of this drilling was to test resistivity and chargeability
features evident from the induced polarization geophysics survey combined with features within the
magnetic geophysics, at depth, over the four-kilometre trend of surface gold-silver mineralization at
Tenoriba.
“Mammoth drilled these areas, often stepping-out hundreds of metres from prior drilling, as it tested the
boundaries to mineralization at depth over these large target areas intersecting potentially economical
gold-silver mineralization in almost 90 percent of the holes drilled in this program. The success of this
drilling has enabled Mammoth to identify large areas measuring hundreds of metres up to over a
kilometre in size, with grades in this drilling comparable to multi-million ounce High Sulphidation mines
currently being mined by major mining companies in the same Sierra Madre district in Mexico as
Mammoth’s Tenoriba project.
Mammoth looks forward to results from the additional technical work being performed which follows up
on the results from this drilling, as we continue to advance the project towards a maiden mineral
resource.”
Refer to Figure 1 - Location Map, Tenoriba Property Drilling, 2021-22 (drill holes TEN 21-01 to 21-27)
for the locations of all the 2021-22 program drill holes plus all historical drill holes on the Tenoriba
property. Highlight intervals, among the 27 drill holes drilled in the three project areas during the recent
program, are presented in the following table.
Project
Hole
Weighted
Average
Gold
Weighted
Average
Silver
Weighted
Average
Copper
Weighted
Average
Gold
Equivalent*
Area Number From To Total Grade Grade Grade Grade
(m) (m) (m) (g/t) (g/t) (%) (g/t)
Carneritos TEN 21-01 7.5 45.0 37.5 0.31 17.1 0.53
TEN 21-03 0.0 43.5 43.5 0.54 3.6 0.59
TEN 21-12 4.5 51.0 46.5 0.45 5.1 0.51
TEN 21-15 24.0 54.0 30.0 0.52 8.4 0.63
TEN 21-16 0.0 12.0 12.0 0.60 0.7 0.61
(plus) 24.0 102.2 85.7 0.44 2.3 0.47
TEN 21-17 0.0 33.0 33.0 0.60 2.8 0.64
TEN 21-18 0.0 81.0 81.0 0.45 2.2 0.48
(including) 36.0 48.0 12.0 1.03 2.9 1.07
TEN 21-19 3.0 13.7 10.6 1.14 17.9 1.38
TEN 21-21 0.0 48.0 48.0 1.11 7.4 1.21
(including) 0.0 15.0 15.0 1.58 2.9 1.62
Masuparia TEN 21-06 0.0 18.0 18.0 1.21 1.5 1.23
TEN 21-24 54.0 91.5 39.0 1.14 5.4 1.22
(and) 130.5 172.5 42.0 0.46 2.2 0.48
Moreno TEN 21-13 0.0 37.5 37.5 0.98 15.1 1.18
(including) 10.5 28.5 18.0 1.13 21.4 0.55 2.34
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 drill set-up location options can challenge this objective. Intervals shown are core lengths versus
perpendicular, true widths of these mineralized features.
Ongoing Activities:
Having concluded the drilling and receiving all the results from core sampling, Mammoth is investigating
the metallurgical characteristics, including bottle-roll tests of drill core sample material from oxide,
transition, and sulfide zone intervals from the Carneritos area of the project. The objective of these
bottle-roll tests is to determine the recovery of gold from these zones, under cyanide leach. Prior bottle-
roll tests were conducted on oxide and transition zone core sample material within the central
Masuparia area with recoveries of gold in excess of 90 percent in less than 24 hours under cyanide
leach. High gold recoveries from this testing bodes well for the recovery of gold from these zones under
cyanide leach as would be utilized in a heap leach gold recovery mine.
In addition to the bottle-roll tests, Mammoth has had its drill database assessed by a mineral resource
modelling expert to determine the required drill spacing between holes in the three project areas, to
define a maiden mineral resource at Tenoriba.
Mammoth is in the process of drafting a technical report summarizing all historical work performed at
Tenoriba and details from the recent 27-hole drill program, including results from the bottle-roll test work
of samples from the Carneritos area and the assessment of drill hole spacing required to identify a
maiden mineral resource within each of the three project areas at Tenoriba. Once completed this report
will be posted on Mammoth’s website.
Finally, the Company has begun to consult with representatives of the two communities (ejidos) upon
which the Tenoriba mineral concessions exist with the objective of attaining an additional two-year
surface access agreement. Tenoriba is currently permitted for 320 drill sites within the 5,333 hectares
comprising Mammoth’s 100 percent owned Tenoriba concessions, of which only 27 drill sites have been
commissioned.
It is Mammoth’s intention that upon completion of the bottle-roll tests, the determination of
recommended drill hole spacing to enable defining a maiden mineral resource and upon having
received an additional two-year surface access agreement, that Mammoth geologists will begin
preparations, including detailed mapping to best locate drill locations and construct any drill pads
required in preparation for the next phase of drilling which may enable the maiden mineral resource at
Tenoriba.
Mammoth looks forward to reporting on these activities in the weeks ahead.
The Company would also like to announce the issuance of 2,206,000 common share stock options to
directors, officers and contract employees of the Company, exercisable at a price of $0.05 per common
share and following the terms of the Company’s Stock Option Plan. The Company last issued incentive
stock options to directors, officers and contractors of the Company in early 2021. 940,000 options under
this issuance replace options issued in 2017 to officers and directors of the Company which, following
the terms of the Company’s Stock Option Plan, have expired during the year.
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, 2021-22 (drill holes TEN 21-01 to TEN 21-27)