No.25-02
BMM: TSX-V
VANCOUVER, BC, Jan. 7, 2025
/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 a mineral lease purchase agreement (the "Agreement") dated
January 3, 2025, with TUVERA
Exploration Inc. (formerly ARNEVUT Resources Inc.) (the "Vendor")
to acquire a 100% interest in 8 leased patented claims (the
"Leases"). The Company has also recently staked 89 federal
unpatented lode claims.
Claims:
The patented and unpatented claims total approximately 710
contiguous hectares (1756 acres) and is called the Coleman Canyon
Gold property, formerly the Island Mountain property ("Coleman
Canyon" or the "Property") located in Elko County, NE
Nevada, at the NE extent of the Jerritt Canyon Trend.
Mineralization:
- Gold resource modelling was performed after the 2013 drilling
season to incorporate all drilling up to that point (the "Resource
Model").
- All known gold and silver mineralization are in the oxide
zone.
- An interim NI 43-101 technical report was completed in 2015
(the "Technical Report").
- Gold mineralization in the indicated and inferred categories
estimated in the Technical Report (the "Mineralization") is
significant.
- The Resource Model in addition to the Mineralization, the
geochemical data and the geophysical data suggest that the
Mineralization has the potential to expand significantly.
- Silver mineralization, once fully modelled, will add to that
overall potential. The silver–gold ratio is approximately 3 to
1.
- Extensive jasperoid zones along the carbonate rock contact and
distal to the modeled intrusion may indicate a potential
Carlin-type gold deposit at depth
(see Figure 1), while strongly brecciated quartz veins in a shear
zone provide the potential for a high-grade orogenic gold system
within the district (see Figure 2).
Black Mammoth is not treating the Mineralization as current
mineral resources. A qualified person will have to perform
sufficient work to verify and update the Resource Model so that all
mineralization factors can be evaluated. The Technical Report will
need to be revised to bring it into full compliance before being
released along with its resource estimation. A qualified person has
not yet determined the extent of what work needs to be done to
upgrade or verify the Mineralization at Coleman Canyon as current
mineral resources or mineral reserves. The existence of the
Technical Report, along with the Resource Model is relevant for
historical completeness, but should not be relied on.
Figure 1 – Structurally-controlled jasperoids
along the carbonate rock contact and distal to the modeled
intrusion (looking east).
Figure 2 – Brecciated and iron-oxide-cemented
quartz veining in shear zone.
Permitting status:
There is an existing Plan of Operations (the "Permit") for
drilling a total of 19 holes at Coleman Canyon. The drill holes are
intended to provide infill of previous drilling and known
mineralization and to test the outer limits of mineralization on
the northern side of the Property. The Permit was approved in 2020
by the Nevada Bureau of Mining Reclamation and the U.S.
Forest Service and may now need to
be updated.
Geology:
The majority of the known gold and silver mineralization is
hosted by sedimentary and meta-sedimentary rocks surrounding a
central intrusive stock. Mineralization in the sedimentary units is
restricted to calcareous beds of the Hammond Canyon Formation and
parts of the overlying Poorman Creek Formation, in keeping with a
"proximal Carlin" deposit model.
These units have been pushed up during emplacement of the intrusive
so that the units dip away from the intrusive on all sides,
flattening with distance from the intrusive. Mineralization appears
to be controlled by bedding and partly by structural features,
including faults and fracturing interpreted to have provided
pathways for mineralizing fluids. There is also vein mineralization
in the intrusive stock.
Sulphide mineralization is anticipated to exist because of
similar geology to other intrusions and Carlin-style deposits in
the Jerritt Canyon Trend.
Historic production:
There is a large mined-out placer deposit immediately downstream
from the intrusion. This placer, known as the "Gold Creek Placer,"
was one of the largest wet placers in Nevada, along Coleman Creek and Gold Creek,
producing approximately 40,000 oz gold from the 1890s through
1960s.
A number of historic mines were developed along the border zone
between the intrusive and sedimentary units both in Coleman Canyon
and Hammond Canyon, the drainages bordering the intrusive on the
southwest and northeast respectively, with production amounts from
these mines unknown.
Past drilling:
Drilling at the Coleman Canyon property has been performed
intermittently since the early 1980s. Drilling campaigns include
operators: BHP, Aur Resources, Cordex Exploration, Western
States Minerals, Kennecott Exploration, Gateway Gold and TUVERA
Exploration with over 300 reverse circulation and core holes
completed for a total of over 55,000m. Most core boxes and chip trays from the
recent drilling programs have been preserved and are in storage
along with the assay rejects and pulps.
Most past drilling was performed in the sedimentary units on the
west side of the property, in the west end of the intrusive, and in
the sedimentary units around the intrusive on the south and
southeast sides. Because of the clustered nature of drilling
in the 2000s, the known Mineralization has a "string-of-pearls"
pattern in parts of the Resource Model. Infill drilling in
2012-2013 started to tie these clusters together in the western
half of the Property and expanded Mineralization to the northwest.
Further infill drilling will be needed to test between existing
clusters and to test the continuity and lateral extent of
Mineralization around the south and east sides of the intrusive.
Nearly all known Mineralization is open laterally within the
sedimentary units and is potentially open vertically both in the
deeper oxide zone and into the sulfide zone. Possible extension
of the intrusive and mineralized sedimentary units to the south,
southeast, and east within the Coleman Canyon claims area is
suggested by past geophysical work.
Acquisition terms:
Under the terms of the Agreement, Antelope Creek has acquired a
100% interest in the Leases from the Vendor in addition to
acquiring the Vendor's extensive Property data, including drill
core and RC chips in storage, in exchange for a 1% NSR royalty
which covers the unpatented claims that the Company has staked.
The Leases have annual payments that total approximately
$35,500 USD and have a 3% NSR
royalty, in favor of their underlying owners. The Leases include
mineral rights, surface rights and any water rights that the
underlying owners may have. The Leases, signed in 2010 for an
initial term of 20 years, can be extended for an additional 20
years under certain conditions. The Company understands that the
Lease payments are in arrears but that the Leases are still in
force.
There are no payments, work commitment amounts, finder's fees or
share compensation in connection with Coleman Canyon
acquisition.
About Black Mammoth Metals Corporation:
In 2024, Black Mammoth Metals acquired a 100% interest in:
- Leadore Silver-Lead property, Lemhi County, ID,
- East Reveille Gold property, Nye County, NV,
- America Mine Gold
property, San Bernardino,
CA,
- Quito Gold property, Lander
County, NV
- South Ravenswood District, Lander County NV,
- Callaghan Gold District, 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 drill approximately 1500m
in January 2025 to further understand
the structure and stratigraphy. The required permit and bond are in
place.
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
Website: www.blackmammothmetals.com
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