VANCOUVER, BC, Jan. 6, 2023
/CNW/ - Black Mammoth Metals Corporation (TSXV: BMM)
(OTC: LQRCF) ("Black Mammoth" or the "Company") is pleased
to announce that through a series of transactions ending on
December 29, 2022, Mr. Peter Spina acquired ownership of 1,516,700
common shares ("Common Shares") of Black Mammoth Metals Corp.
("Black Mammoth") through the facilities of the TSX Venture
Exchange representing approximately 10.2% of the total issued and
outstanding common shares of Black Mammoth as of December 29, 2022. As a result of these
transactions, Mr. Spina held, as of December
29, 2022, an aggregate of 1,516,700 common shares of Black
Mammoth and rights to acquire an additional 960,000 common shares
of Black Mammoth upon the exercise of convertible securities
(collectively, the "Convertible Securities"). In the event
that the Convertible Securities are fully exercised, the holdings
of Mr. Spina represent a total of 2,476,700 common shares of Black
Mammoth, or approximately 15.64% of all issued and outstanding
common shares as of December 29,
2022, calculated on a partially diluted basis assuming the
exercise of the Convertible Securities only.
The Units were acquired by Mr. Spina for investment purposes.
Mr. Spina has a long-term view of the investment and may acquire
additional securities of the Company including on the open market
or through private acquisitions or may sell securities of the
Company including on the open market or through private
dispositions in the future depending on market conditions,
reformulation of plans and/or other relevant factors. A copy of the
Early Warning Report filed with the applicable securities
regulators regarding the above acquisition is available on SEDAR
(www.sedar.com).
Happy Cat Property Update:
The Company is currently interpreting the results from the
property-wide gravity survey at Happy Cat property conducted in
September and October 2022. The
Company has also acquired additional historical drill hole data
situated towards the Eastern boundary of the Property in
December 2022. The gravity survey,
historical drill hole data, recent UAV magnetic survey along with
all the existing property data will be used to prioritize targets
for drill testing.
About Mr. Peter Spina:
Peter Spina has been investing in
junior precious metals and resource companies since the mid-1990s.
With over 25 years of experience seeking opportunities in this
sector, Mr. Spina currently devotes much of his time researching
and investing in gold and silver exploration & mining companies
with a primary focus on micro-caps opportunities. Mr. Spina is the
founder and president of GoldSeek.com, a precious metals news and
information website since 1995.
About Black Mammoth Metals Corporation:
Black Mammoth has 14,876,871 shares issued and outstanding,
19,771,871 shares fully diluted.
The Company has recently completed a gravity survey and a UAV
magnetic survey at its 100% owned, 1213 hectare (2997 acre) Happy
Cat gold Property, in southern Ravenswood Mining District,
Lander County, Nevada. Numerous
magnetic anomalies indicative of intrusive rocks that appear to
occupy indicated N and NW trending high angle faults with the most
significant magnetic anomalies located at fault intersections.
Faulting on the Property is of similar orientation and age to
ore-controlling faults occurring at Carlin-type gold deposits elsewhere in
northern Nevada.
Black Mammoth has a 100% interest, subject to underlying
royalties, in the Blanco Creek gold property in the Elk Creek
Mining District, central Idaho
which hosts three historic underground mines along 3550 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 1.7 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 14th,
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.
Mark J. Abrams, CPG #11451,
Non-Independent Qualified Person as defined by NI 43-101 and
Director of Black Mammoth has approved the technical information
contained in this news release.
On behalf of the board,
"Dustin Henderson"
Dustin Henderson, BBA
President & CEO
Website: www.blackmammothmetals.com
"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." This press release contains
forward-looking statements and forward-looking information
(collectively, "forward looking statements") within the meaning of
applicable Canadian and United
States securities laws. All statements, other than
statements of historical fact, included herein, including
statements regarding the anticipated content, commencement,
duration and cost of exploration programs, anticipated exploration
program results, the discovery and delineation of mineral
deposits/resources/reserves, the timing of the receipt of assay
results, the visual continuity of certain mineralized intervals and
business and financing plans and trends, the potentially open
nature of the mineralized zones on the property and the potential
for future discoveries of additional mineralization on the property
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 those related to weather, equipment
and staff availability; performance of third parties; timing of
receipt of assay results from third party analytical facilities;
risks related to the exploration stage of the Company's projects;
market fluctuations in prices for securities of exploration stage
companies and in commodity prices; and uncertainties about the
availability of additional financing; risks related to the
Company's ability to identify one or more economic deposits on the
properties, and variations in the nature, quality and quantity of
any mineral deposits that may be located on the properties; risks
related to the Company's ability to obtain any necessary permits,
consents or authorizations required for its activities on the
properties; and risks related to the Company's ability to produce
minerals from the properties successfully or profitably. 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.sedar.com and readers are
urged to review these materials, including the latest technical
reports filed with respect to the Company's mineral
properties.
SOURCE Black Mammoth Metals Corp