Mammoth Posts Complete Geophysics Report From the Survey Performed on Its Tenoriba Project on Its Website, Report Illustrates Numerous Attractive Features at Depth
April 9, 2014 (Source: Marketwired) — Mammoth Resources Corp. (TSX VENTURE:MTH) has posted the complete geophysics report, with recommendations, various surface plans and geophysical survey cross sections from the Induced Polarization and Magnetic ground geophysics survey performed in late 2013. The company announced on January 16, 2014 the completion of the survey, which covered approximately one-third of the large 15 square kilometre target area of gold and silver mineralization at its Tenoriba Property, located in the prolific Sierra Madre precious metal belt in south western Chihuahua state, Mexico (refer to the company’s web site www.mammothresources.ca, for a detailed location map).
Thomas Atkins, President and CEO of Mammoth Resources commented on results from the survey, stating: “Initially, when the company received the written report and some surface plans discussing results of the geophysical survey, we were impressed by the number of targets identified by the survey. The coincidence of these geophysical targets with where we’d mapped attractive precious metal enriched rocks, with good assay results, was encouraging. Now, viewing the complete survey information, in particular the survey line cross sections, the company is very excited by the coincidence of these precious metal enriched rocks at surface and the extent to which we see these same features extending to depth in these sections. The extension of these features at depth was exactly what we’d hoped for from this survey. Our next steps are to design a drill program to test these features at depth. We anticipate a first phase drill program consisting of 15 to 20 drill holes totalling 2,500 to 3,000 metres and expect to report on the results of this planning and the nature of these targets in the coming weeks. The company has been seeking quotations for such a program and it’s likely no surprise that high drill rig availability offers terrific economies for drilling at this time. The company is also advancing the permitting process, including having consulted with those involved in the process at the state ministry office and is optimistic of receiving permits with little issue.”
Ground Induced Polarization / Magnetic Geophysical Survey:
The geophysical surveys were performed over three grids, each grid consisting of north-south oriented lines spaced at 100 metre intervals. Line lengths varied from 1.2 kilometres to 2.5 kilometres, often depending on topography and ease of access in which to conduct the ground survey. A total of 32.2 linear kilometres were surveyed. The complete report, including all maps, plans and sections available in the appendices section following the written report, is available on the company’s website, at: www.mammothresources.ca, Projects Section, Technical Reports.
Numerous cross sections, including: section 58400E in the El Moreno geophysical grid, section 59800E and 59900E in the Masuparia grid and sections 60500E and 61300E in the los Carneritos grid, which can be seen in the appendices section of the report, are good illustrations of intriguing geophysical features in particular in the Resistivity-True Depth interpretative section portion in these survey sections where such features are indicated as occurring near surface (where the company has mapped and sampled elevated precious metal values in attractive host rocks) and extending to depths greater than 100 metres.
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.
The company would also like to announce that it has issued to certain directors and officers of the company 379,000 stock options to purchase shares in the company exercisable at a price of $0.05 per share for a period of five years, pursuant to the rules of the company’s stock option plan.
About Mammoth Resources:
Mammoth Resources (TSX VENTURE:MTH) is a mineral exploration company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company has an option to acquire 100% in the Tenoriba Property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. The company continues to seek other option agreements in the Americas on other 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.
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.
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