VANCOUVER, BC, Nov. 25,
2024 /CNW/ - Black Mammoth Metals
Corporation (TSXV: BMM) (OTC: LQRCF) ("Black Mammoth"
or the "Company") is pleased to announce silver, lead and gold
values from rock chip sampling at its Leadore Silver-Lead property
("Leadore") in Lemhi County,
Idaho. The new samples containing up to 2160 g/t (69.7 opt)
silver and over 20% lead are accompanied by gold grades ranging
from hundreds of ppb to 1 g/t (see Table 1). These samples confirm
historical mining and drilling data, and the Company plans to
evaluate the Property for a potentially larger and higher-grade
target.
Location:
The Leadore property with the
historical Leadville, Kimmel and Baby Joe mines is located in the
Junction Mining District in Lemhi
County and is situated along the southwestern base of the
Beaverhead Mountains, 80 kms SE of Salmon, Idaho (see Figure
1). Leadore has year-long access and is adjacent to a paved
highway.
Claims Position:
The Company has recently expanded the Leadore claims position through staking, now
totaling 74 Federal lode mining claims (1528 acres, 618 hectares
approximately). The claims in the area of known mineralization and
near the three historical mines are administered by the Bureau of
Land Management, with part of the current claims position
administered by the US Forest Service.
Past Operators:
The Leadville mine was
established in 1904, and the first recorded production was in 1907
when a high-grade shipment was made. The three mines were operated
intermittently and on a small scale until 1930. In 2012, an
operator drilled six core holes to confirm historic drill assays
and to test the size and extent of disseminated silver-lead
mineralization in the footwall of the Leadville fault. The drilling was successful
in achieving these goals and a new high-grade silver-lead
mineralized zone was discovered.
Mineralization:
The silver-lead mineralization appears to be associated with a
microbrecciated and sheared cataclastic granite porphyry along the
contact with the underlying carbonate rocks. It is believed that
the main mineralized zone remains open down-dip of this interpreted
shear zone with repeated mineralized parallel structures possible
along the range front.
Black Mammoth intends to conduct an Induced Polarization (IP)
survey in 2024 and additional sampling and mapping campaigns to
refine drill targets.
Acquisition Terms (in USD):
Black Mammoth optioned 11 federal mining claims (the "Option")
from a private vendor (the "Vendor") in April 2024, covering the area of known
mineralization around the three historical mines by making an
aggregate of $100,000 in cash
payments in accordance with the following schedule. The Option was
considered a non-core asset:
Cash
Payment
Payment
Date
Status
$10,000
at
signing
paid
$30,000
1st anniversary
-
$30,000
2nd anniversary
-
$30,000
3rd anniversary
-
$100,000 Total
There are no royalties, work commitment amounts, finder's fees
or share compensation in connection with the Option.
Sampling Program:
The sampling program consisted of 38 rock chip samples collected
and delivered to ALS Global in Elko,
NV during October 2024; and
analyzed using the following prep and analytical procedures as
described in the ALS Global 2024 price list: Prep 31Y, Au-ICP22
(Using a 50gram charge, FA ICP-AES finish), ME MS41 (Ultra Trace
ICP-MS). Over limit samples for Ag also were analyzed using
Ag-OG46 and Ag-GRA21(30gram charge FA-Gravimetric finish).
Over limit samples for Pb were analyzed using Pb-0G46.
About Black Mammoth Metals Corporation:
In 2024, Black Mammoth Metals acquired a 100% interest in:
- East Reveille Gold property, Nye County, NV,
- America Mine Gold
property, San Bernardino,
CA,
- Quito Gold property, Lander
County, NV
- South Ravenswood and Callaghan Gold districts, 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.
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 or
verified the historical information.
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