Toronto, Ontario - September 21, 2017 (Newsfile Corp.) (Investorideas.com Newswire) Mammoth Resources Corp. (TSXV: MTH), (the "Company") is pleased to announce results from the final 2 surface channels cut and sampled at its Tenoriba precious metal property in Chihuahua State, Mexico and average grade of the various channels cut during this program. The most recent results are from the Los Carneritos and the Cerro Colorado areas, two gold-silver mineralized areas at Tenoriba separated approximately 5 kilometres one from the other (refer to Figure 1 - Tenoriba Channel Location Map), results of which are shown in Table 1 - Channel Sample Results and are summarized in the table below (most recent results shown in bold text), together with previously reported results from this program. A more detailed image of Carneritos 6 trench location can be seen in Figure 3 - Los Carneritos Channel Location Map in the press release dated August 22, 2017.
The average grade of the channel samples cut was 0.77 grams/tonne (g/t) gold equivalent (assuming a silver : gold ratio of 75 : 1) over a total of 129.0 metres cut at 12 locations over more than a 5 kilometre strike length throughout the 15 square kilometre area of precious metal mineralization at Tenoriba, after withholding two low grade channels; Carneritos 5 (11.9 metres grading on average 0.08 g/t gold equivalent) and Masuparia 3 (12.0 metres grading on average 0.12 g/t gold equivalent).
Thomas Atkins, President and CEO of Mammoth commented on the channel sample results stating: "With all 14 channel sample results reported we're pleased to be able to report an average grade of 0.77 grams per tonne gold equivalent over 129 metres of channel sampling in 12 of the 14 channels. Two low grade channels were discarded from this averaging while the 12 channels remaining were distributed over more than a 5 kilometre strike length within the 15 square kilometre area of precious metal mineralization at Tenoriba. These are excellent results with lengthy channels separated from one another by hundreds of metres with an average precious metal grade as much as 80% above the reserve grade of profitable open pit heap leach mines currently operating in Mexico. Based on these results, and results from other prior surface work, the company is well underway to prioritizing diamond drill targets for a drill program planned for later this year. While the company had previously planned to drill approximately 15 holes totaling 2,500 metres, given the current relatively weak share price it now plans a smaller, initial program with a capital raise of approximately half of its prior objective. Mammoth expects to announce its various drill targets in a press release and summary internal report in the coming weeks prior to the initiation of the drill program."
The Company announced earlier this year its plans to embark on a program of infill PIMA sampling, drill road construction and channel sampling to better define drill targets which followed prior surface sampling and an IP and Magnetometer geophysics survey over a prospective 15 square kilometre area at Tenoriba. Mammoth has sampled gold ubiquitously over the property reporting results as high as 74 g/ and in numerous intersections in 15 prior drill holes, the highest grade of which was 45.6 g/t gold over 1.9 metres of drill core. The Company cut 14 channels totaling almost 200 metres in length (samples below 0.18 g/t gold equivalent at either end of a channel were discarded as being below a potentially reasonable economic cut-off level based on resource cut-off grades of open pit heap leach mines in Mexico) with 139 samples from this program analyzed for gold, silver and multi-elements in the Cerro Colorado, El Moreno, Masuparia and Los Carneritos areas on the property (refer to Figure 1 - Channel Sample Location Map).
Results from this channel sampling program correspond well with geophysical features extending at depth below these channel samples and this correlation will be used to assist in locating attractive drill targets with the objective of extending surface results at depth and potentially begin to build a mineral resource at Tenoriba.
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