No.24-12 BMM: TSX-V
VANCOUVER, BC, Aug. 2, 2024
/CNW/ - Black Mammoth Metals Corporation (TSXV: BMM)
(OTC: LQRCF) ("Black Mammoth" or the "Company") is pleased
to announce that Antelope Creek Gold Corporation ("Antelope
Creek"), a wholly owned subsidiary of Black Mammoth, has entered
into an option agreement (the "Option Agreement") dated July
17, 2024, with a private vendor (the "Vendor") to earn a 100%
interest in the Callaghan gold property (the "Callaghan Property"
or the "Property"), located 24 kms NE of Austin, Nevada (see fig.1). The Company has
completed a sampling program and due diligence work and has
expanded the Callaghan Property through additional staking,
completed on July 31, 2024.
The Callaghan Property now consists of 45 Federal lode mining
claims (930 acres, 376 hectares) on BLM land and is situated on the
eastern flank of the northern Toiyabe Range, Lander County, Nevada. It is located along the
120-kilometer Austin-Tonopah trend of gold occurrences, deposits
and mines that include Quito,
Round Mountain, and
Northumberland, and is considered prospective for Carlin-type gold mineralization. The Company's
Quito property is a past-producing
mine on this trend.
The Callaghan Property is located within an
erosional window (the Callaghan Window) that exposes highly
prospective Lower Plate Paleozoic sedimentary rocks, which on the
Property have been strongly altered by gold, arsenic, antimony and
mercury-bearing hydrothermal fluids. The Callaghan Property
contains near-surface gold mineralization in several historic drill
holes at the Cottonwood Canyon area, with historic reports
estimating approximately 50,000 oz @ 0.5 g/t, hosted in Upper Plate
Paleozoic sedimentary rocks.
Black Mammoth has not independently confirmed
the historical estimate of mineralization at the Cottonwood Canyon
area. Black Mammoth is not treating the historical
estimate of mineralization as current mineral resources or as
historic resources, and a qualified person has not done sufficient
work to classify the historical estimate of mineralization as
current mineral resources or as historic resources. A qualified
person has not yet determined what work needs to be done to upgrade
or verify the historical estimate of mineralization as current
mineral resources or as historic resources. The historical estimate
of mineralization is relevant for historical completeness but
should not be relied on.
Drill Target Areas:
Rast
The Rast area has been the focus of widely spaced, and mostly
shallow, historic drilling over an area largely covered by shallow
alluvium. Holes intersected strong pathfinder elements and sporadic
gold intercepts; however, important geochemical, structural, and
stratigraphic data from these holes indicates that the potential of
this area remains largely untested. Drilling in the Rast area has
demonstrated the presence of anomalous gold in decalcified Lower
Plate carbonate host rocks. Shallow trenches expose strongly
silicified and clay-altered Orovician-age carbonate rocks (hosts at
the Company's nearby Quito
property and elsewhere). A 300 meter long, open-ended, easterly
trending gold-arsenic-antimony soil anomaly is present to the east
of the historic Rast mercury mine. In addition, Lower Plate rocks
with intense alteration consistent with Carlin-type gold systems are present at
surface approximately 800 meters to the northwest of the historic
Rast mine. The Rast area has three target areas where there are
anomalous soils at the intersection of Lower Plate carbonate host
rocks below the Roberts Mountains Thrust and NW normal faults.
Cottonwood Canyon
At the Cottonwood Canyon area, historic drilling has focused on
near-surface, open-pit type gold mineralization hosted in Upper
Plate rocks. The Cottonwood gold mineralization may represent a
leakage anomaly above a more significant target area located in
favourable Lower Plate rocks at depth and is at the intersection of
a NW mineralized fault, a NE fault with jasperoid, and the Roberts
Mountains Thrust.
Exploration History:
Since the mid-1970s, several exploration companies have drilled
over 80 holes in the Rast-Cottonwood area. Kerr McGee drilled 37 holes in the Cottonwood
area in the early 1980's, roughly outlining gold mineralization in
Upper Plate rocks. Most recently, during 2010-2011, Miranda Gold and Kinross conducted limited drill programs in
the Cottonwood target area. The Rast area, which includes the
historic mercury mine, has approximately 35 holes drilled since the
1980s. Past exploration work in addition to drilling on the
Property includes surface mapping, rock-chip sampling, airborne
magnetics, gravity, and soil sampling.
Acquisition Terms (in USD):
Under the terms of the Option Agreement,
Antelope Creek may purchase a 100% interest in the Callaghan
property by making an aggregate of $1,235,000 in cash payments in accordance with
the following schedule:
Cash
Payment
Payment
Date
Status
$20,000
10 days of Effective Date paid
$10,000
1st anniversary
-
$15,000
2nd anniversary
-
$20,000
3rd and 4th anniversary
-
$25,000
5th through 10th anniversary
-
$1,000,000
11th
anniversary
-
$1,235,000 Total
Retained Royalty
1% NSR on all claims payable to the
Vendor within the area of interest.
There are no work commitment amounts, finder's fees or share
compensation in connection with the Option Agreement.
Mark J. Abrams, CPG #11451, a
Qualified Person as defined under National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI
43-101") and director of Black Mammoth, has reviewed and
approved the technical content in this release. Historical
information contained in this news release cannot be relied upon as
Mr. Abrams, the Company's Qualified Person, has not prepared nor
verified the historical information.
About Black Mammoth Metals Corporation:
In 2024, Black Mammoth Metals has acquired a 100% interest in
the America Mine gold property, San Bernardino,
CA & the Quito gold
property, Lander County,
NV.
At the Company's 100% owned, 1,213 hectare (2,997 acre) Happy
Cat gold property, Lander County,
NV, an approximate 4 square kilometre area is identified as
being hydrothermally altered. Structural modelling suggests the
density of the alteration and its' density contrast relative to the
host rock is typical to that of alteration zones present at other
Carlin-type deposits in northern
Nevada. The alteration encompasses
an area where northerly trending high-angle faults intersect
indicated NW-trending re-activated faults that are known to be of
age and orientation as ore-controlling faults occurring at other
Carlin-type deposits. The Company
intends to prioritize drill targets within the alteration area.
Black Mammoth also has a 100% interest in the Blanco Creek
gold property in the Elk Creek Mining District, central
Idaho, which hosts three historic
underground mines along 3,550 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
1.70 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 14,
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.
On behalf of the board,
"Dustin Henderson"
Dustin Henderson, BBA
President & CEO
This press release contains forward-looking statements and
forward-looking information (collectively, "forward looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical fact, included
herein, including statements regarding the Company's completion of
the Transaction and related transactions 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 that the requisite corporate and TSXV for the
Transaction may not be obtained; that the Company or IDA Mining, as
applicable, may be unable to satisfy any or all closing conditions
necessary for the completion of the Transaction; and other risks
that are customary to transactions of this nature. 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.sedarplus.ca and readers are urged
to review these materials, including the latest technical reports
filed with respect to the Company's mineral properties.
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.
SOURCE Black Mammoth Metals Corp