Mammoth Reports Follow up Drill Targeting at Its Tenoriba GOLD-Silver Property, Mexico and Provides Project Update

Exchange Tower

410 - 150 York Street

Toronto, Ontario

M5H 3S5 Canada

www.mammothresources.ca

FOR IMMEDIATE RELEASE: July 22, 2021 No. 16/21

MAMMOTH REPORTS FOLLOW UP DRILL TARGETING AT ITS

TENORIBA GOLD-SILVER PROPERTY, MEXICO AND

PROVIDES PROJECT UPDATE

Toronto, Canada (July 22, 2021) - Mammoth Resources Corp. (TSX-V: MTH), (the “Company”, or

“Mammoth”) is pleased to provide an update on its drill targeting activities¸ recent field activities and

timing to commence drilling at its 100% owned Tenoriba gold-silver property located in the prolific Sierra

Madre precious metal belt, Mexico. The Company has extended drill targets an additional 1.7 kilometres

(km), for a total of over 4.0 km from its previously announced initial 2.4 km of the 3-dimensional (3D)

modelling of its infill, Induced Polarization/Magnetometer (IP/Mag) geophysical survey.

The 3D modelling shows drill target opportunities in five areas (TA-1 to TA-5) plus enhanced areas (TA-

3(a) and (b)) within larger target areas over this greater than 4.0 km trend of surface gold-silver

mineralization at Tenoriba. The most recent drill targeting has added the TA-5 target, an 800 metre (m)

to 1.2 km trend within the El Moreno area. Mammoth drilled four holes in this area in 2018, testing only

200 m of IP/Mag geophysics surveyed in three geophysical lines spaced at 100 m intervals along the

east-west trend. Of these four holes, two intersected compelling intervals of gold-silver and copper

mineralization, including:

 Hole TEN 17- 01 - 40 m grading 0.79 grams per tonne (g/t) gold equivalent (Au Eq wherein

silver is converted to gold at ratio of 75 g/t silver = 1 g/t gold), and

 Hole TEN 17- 02 - 7.2 m grading 3.6% copper plus 0.68 g/t Au Eq.

It was at El Moreno where coarse gold nuggets were recently panned. This target area remains open to

the west beyond the limits of the IP geophysics survey.

Recent work also extended the TA-3(b) target area 500 m further east in the Carneritos East area. The

Carneritos East target area remains open further east beyond the limits of the IP geophysical survey.

For the location of these target areas please refer to Figure 1 – “ Location Map - Drill Target Areas,

Tenoriba Project (over colour contoured Total Magnetic Intensity - 50 metre survey depth) ”, wherein the

combination of anomalously high IP-geophysical resistivity, chargeability and low magnetic relief (colour

contoured base map, green-blue is low magnetic relief) are observed over the entire >4 km area of infill

IP geophysics and almost 6 km of Mag geophysics and occur in combination with anomalous gold in

soil, rock chip and drill hole intervals. Please refer to the Description of Target Areas , below in this

press release and in the initial drill targeting press release dated May 13, 2021, wherein geophysical

characteristics are discussed in the context of their application to the hydrothermal system at Tenoriba

and other gold-silver mineralized features.

Thomas Atkins, President and CEO of Mammoth commented on the drill targets stating: "We

continue to be pleased with what we’re seeing in the combination of attractive geological features

coincident with surface gold-silver sample values and prior drill intervals with indications of potential

extensions at depth to these features in the geophysics over the four kilometres of 3D drill target

modelling. Within this four-kilometre trend of Induced Polarization and Magnetometer geophysics we've

identified five significant trends stretching from hundreds of metres up to 2.4 kilometres. Targets TA-5

and TA-3(b), are the product of the most recent modelling and occur on the eastern and western ends

of the four-kilometre surveyed trend. Both of these targets remain open beyond the survey limits to the

east and west, respectively.”

Regarding recent field activities and timing to commence drilling, Mr. Atkins went on to state:

"Mammoth’s geologists have been on the ground at Tenoriba the past three weeks performing final

confirmation mapping and identified locations to set up drills to test targets identified from the 3D

modelling. Communications with the drill contractor have confirmed a plan to mobilize two drill rigs and

equipment to site commencing early August with drilling targeted to commence mid August. The drill

contractor spent the past month performing maintenance on two drill rigs and assembling materials and

ancillary equipment in preparation for Mammoth’s drill program which is expected to continue until the

end of the year, if not beyond. Regarding the timing to commence drilling, it should be noted that less

than a month ago brush fires were sweeping through the region as the dry season came to its end and

the area is now being inundated by heavy seasonal rain. Mammoth is grateful for the rain, especially

after a relatively dry second half 2020 and first half 2021, as it provides the source of water for drilling.

Heavy seasonal rain normally begins to taper into September and it should be noted that unusually

heavy rain in August could delay the ability to mobilize drill equipment, however any such delays aren’t

expected to be significant. The Company intends to provide updates as these activities advance."

Description of Target Areas:

As part of its first quarter 2021 surface exploration program, Mammoth completed detailed mapping and

expanded soil sampling with an infill IP/Mag geophysical survey and 3D drill target modelling. The

IP/Mag infill geophysical survey was designed to cover most of the 60% of the 6 km trend of surface

mineralization not previously covered by the Company’s earlier 2013 IP/Mag survey. This work follows up

on activities performed by Centerra Gold during its 21 months on Mammoth’s Tenoriba property

(Centerra notified Mammoth it was ceasing its exploration activities in Mexico in September 2020,

returning 100% of the Tenoriba property to Mammoth - refer to press release dated September 22,

2020) and based on the recommendations, following a review by Drs. Ressel and Christensen of

MDA/RESPEC consulting. The MDA/RESPEC study included a review of all historical data from

exploration activities at Tenoriba, including mapping and sampling over 3,000 surface soil and rock

samples and 26 drill holes totalling almost 5,000 m sporadically testing mineralization along 4 km of the

6 km trend of known gold-silver mineralization. The report concluded that “Tenoriba is a high-quality

early to mid-stage exploration project with potential to host an economic high-sulfidation epithermal

deposit” (refer to press release dated February 18, 2021 and Mammoth’s website:

www.mammothresources.ca/s/TechReports.asp.). Drill target areas are defined by a combination of the

following features:

 Total of almost 3,000 gold in soil samples covering over 7 km of the mineralized trend - highest

grade sample assaying 6.3 grams per tonne (g/t) in soil (refer to press release dated April 15,

2021).

 Surface rock chip and occasional grab samples which total over 750 samples covering an east-

west, 6 km trend of surface gold-silver mineralization - highest grade sample assaying 74 g/t gold.

 A total of 151 m along 14 cut surface channels - best interval totalling 13.5 m grading 1.5 g/t

gold

 Ubiquitous artisanal mine workings over the 7 km trend of surface mineralization.

 Prior diamond drilling in 26 holes sporadically testing approximately 4 km of the surface

mineralized trend - refer to Figure 1 - Location Map - Drill Target Areas, Tenoriba Project (over

colour contoured Total Magnetic Intensity - 50 metre survey depth), including 25 m grading 4.0 g/t

gold equivalent (silver converted to gold whereby 75 g/t silver = 1.0 g/t gold) and 127 m grading 0.5

g/t gold equivalent.

 High IP-resistivity areas, indicative of presence of highly resistive hydrothermally emplaced silica,

including vuggy silica, high IP-chargeability areas, indicative of potential gold-silver mineralizing

sulphides and areas of low magnetic relief, potentially indicating hydrothermal destruction of

magnetic minerals.

 Anomalous ISM (Illite Spectral Maturity) samples, wherein the hydrothermal destruction of certain

minerals within the rocks at Tenoriba have been altered in such a manner that they have produced

certain clay minerals of which various types (dickite, pyrophyllite, alunite) are indicative of high

temperature alteration and assist in vectoring to the most active areas of the hydrothermal system

at Tenoriba.

3D modelling of the IP geophysical data covering >4 km of the mineralized trend at Tenoriba was

recently reported (refer to press release dated June 17, 2021). Mammoth worked closely with Intelligent

Exploration (IE) geophysicists to integrate the IP/Mag geophysical data with surface and drill data into a

3D model to assist in identifying attractive drill targets where potential continuity of surface gold-silver

mineralization may continue at depth. IE is a geophysical consultancy of highly experienced

geophysicists, with years of experience on a variety of deposit types, employing the most advanced

geophysical techniques to enhance the geophysical evaluation of mineral deposits.

Qualified Persons:

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. The IP/Mag survey was

conducted by Géophysique TMC (TMC) of Val d’Or Quebec, contracted by Mammoth from TMC’s

Mexico office. Dr. Chris Hale, P. Geo. and John Gilliatt, P. Geo. are the principal geophysicists at

Intelligent Exploration. Dr. Hale has 45 years of mineral exploration experience. John Gilliatt holds a

BSc in Geophysics from the University of Alberta. He is also registered as a P.Geoph. (Alberta) and has

over 30 years of mineral exploration experience.

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 - Drill Target Areas, Tenoriba Project (over colour contoured Total Magnetic Intensity - 50 metre survey depth)