CORRECTION FROM SOURCE: Mammoth Samples Up to 13.6 Grams Per Tonne Gold Equivalent at Its Tenoriba Project, Mexico
August 08 2013 - 4:16PM
Marketwired Canada
This document corrects and replaces the release issued on August 08, 2013 at
12:16 ET. The changes occurred in the second paragraph.
Mammoth Resources Corp. (TSX VENTURE:MTH) is pleased to report assay results for
its most recent and its sixth exploration campaign on the company's 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).
Surface rock samples taken during this campaign in which company geologists
continued to map and sample various areas at Tenoriba continue to return
encouraging highly anomalous channel samples and the occasional grab sample
which in many instances assay in excess of 10 grams per tonne (gpt) gold
equivalent (taking into account a silver : gold ratio of 50:1), including the
following highlight sample results. (Note: The Company cautions that grab
samples are selective by nature and are not necessarily representative of the
grade of the mineralized zone being sampled.)
Cerro Colorado Area:
-- 10.85 gpt gold equivalent with 4.03 gpt gold and 341.0 gpt silver over a
1.5 metre chip sample;
-- 10.38 gpt gold equivalent with 0.06 gpt gold and 516.0 gpt silver over a
1.0 metre chip sample;
-- 6.60 gpt gold equivalent with 5.17 gpt gold and 71.3 gpt silver over a
1.2 metre chip l sample;
Mina La Quemada:
-- 13.56 gpt gold equivalent with 4.24 gpt gold and 466.0 gpt silver in a
grab sample;
-- 12.27 gpt gold equivalent with 6.39 gpt gold and 294.0 gpt silver over a
1.0 metre chip sample;
Carneritos Area:
-- 6.38 gpt gold equivalent with 5.42 gpt gold and 48.1 gpt silver over a
1.0 metre chip sample;
Mammoth President and CEO, Thomas Atkins, commented on the results from this
sixth exploration campaign stating: "Of 112 samples collected and assayed in
this campaign from Los Carneritos to the east and almost 5 kilometres west at
Cerro Colorado, 54 assayed above 0.3 grams per tonne gold equivalent with a
number of intersections above 10 grams per tonne gold equivalent. The
relationship between hydrothermal alteration clay minerals such as Dickite and
anomalous precious metal mineralization is indisputable and we're now beginning
to gain some sense of the structural features on the property which we also
believe to be controlling mineralization at Tenoriba. Company field staff are
now in the field laying-out a grid for potential PIMA (clay) analysis to better
map trends in the alteration clays and/or to facilitate a geophysical survey
later this year to assist in better identifying drill targets. We are also
awaiting results from bottle roll type tests of core samples to further confirm
the extent to which gold in these samples is amenable to heap leaching. The
company looks forward to reporting on results from these activities in the
coming weeks."
Los Carneritos Area:
The geology verification work during this period has confirmed that the geology
at Carneritos consists of altered (silica, argillic altered rocks with dickite)
volcanic breccias and epiclastic units inter-bedded with strongly to moderately
argillic altered felsic volcanic tuff. The stratigraphy is affected by near
perpendicular sets of northwest and northeast striking, normal faults which
appear to rotate and move around the stratigraphy. The best alteration (silica,
vuggy silica with dickite) and associated gold and silver mineralization are
found at the junction of these fault systems hosted by the volcanic breccias and
epiclastic units (refer to Figure 2 - Carenitos Sample and Structural
Interpretation Map, Tenoriba Project, Mexico). Sampling continues to return
highly anomalous assay values. Of the 35 samples collected in the area in this
campaign 74 percent returned values greater than 0.3 gpt gold equivalent.
Of particular interest in this campaign's work were samples 330470 and 330579
(0.659 gpt gold equivalent and 0.421 gpt gold equivalent, respectively), taken
in the moderately to strongly argillized felsic volcanic located at the base of
previously sampled gold bearing, highly silicified volcanic breccia (refer to
Table 2 - Samples Grading Above 0.3 gpt Gold Equivalent, Tenoriba Project,
Mexico, Sixth Exploration Campaign). These samples, although not of very high
grade, none-the-less show the presence of gold and silver, possibly indicating
that the hydrothermal event that altered this felsic tuff is mineralized and
thereby having implications for these highly altered tuffs to host at depth a
vuggy silica body below the chaotic volcanic breccia as part of a sequence of
hydrothermal breccias- epiclastics and layered tuffs.
Cero Colorado Area:
Mapping west of Cerro Colorado identified a granodioritic intrusive in contact
with younger Tertiary volcanic units. Locally the contact between these units is
brecciated, pyritized and weakly silicified. Four hand dug trenches (total 21
linear metres) were excavated over a small hill side (maximum area 50 x 50
metres) that exhibit vuggy and strong silica altered angular floats and
sub-crops. Two of the trenches reached the altered silicified bedrock. A third
trench also reached bedrock but does not exhibit the strong silica alteration.
The best results included a 1.5 metre chip sample number 330558 grading 4.03 gpt
gold and 341 gpt silver, plus a grab sample number 330554 grading 100.0 gpt
silver.
Nine samples were also collected on surface and within the underground workings
at the small Emilio mine working west of the summit of Cerro Colorado. Of these
nine samples a few returned attractively anomalous values, the best being a 1.0
metre sample from surface, sample number 330509 grading 0.5 gpt gold and 15.8
gpt silver. The best result from within the workings graded 0.33 gpt gold and
3.5 gpt silver over 1.2 metres. The small Emilio mine is hosted by Granodiorite
and located near the contact zone with the upper volcanic.
Mina La Quemada:
One other area sampled in this campaign was the Quemada polymetalic (gold,
silver, zinc, lead and copper), ephithermal vein system which has returned
highly anomalous results (refer to Table 1) from two small mine workings. These
are located south of the Tenoriba River approximately two kilometres south of
Los Carneritos area. These less than 1.5 metre wide veins are northeast to
northwest trending, generally steeply to moderately dipping and are hosted by
fresh to weakly altered (silica & argillic alteration) granodiorite. These veins
represent a different style of mineralization than the other targets identified
on the property to date and are the first samples with such high polymetallic
values encountered to date on the property.
Table 1
Sample Sample
Number Method Width Gold Silver Copper Lead Zinc
(m) (gpt) (gpt) (%) (%) (%)
330471 Dump 0.0 4.24 466.0 0.332 5.370 19.000
330510 Chip 0.6 3.73 167.0 0.057 0.562 0.391
330511 Chip 0.8 1.03 35.4 0.115 0.391 0.109
330512 Chip 1.0 6.39 294.0 0.116 0.556 0.010
330513 Chip 1.1 0.69 43.2 0.051 0.436 0.061
330514 Chip 0.5 0.36 14.7 0.027 0.018 0.060
330515 Chip 1.5 0.10 9.0 0.047 0.210 0.080
Refer to Figure 1 - Sample Location Map, Tenoriba Project, Mexico, Sixth
Exploration Campaign, and Table 2 - Samples Grading Above 0.3 gpt Gold
Equivalent, Tenoriba Project, Mexico, Sixth Exploration Campaign for sample
location and assay results.
BCSC Review of Corporate Presentation:
As a result of a review by the British Colombia Securities Commission ("BCSC"),
the company has been asked to clarify certain disclosure in its corporate
presentation posted on the company web site and which has since been removed and
an edited version of the presentation re-posted. Specifically, the BCSC has
requested that wherein the company made reference on a slide in the presentation
to the potential valuation increase that could arise in the company's share
price, relative to the valuation of two TSX listed companies with projects in
Mexico with NI 43-101 resources, if the company's Tenoriba project were to host
a quantity of mineral resources. The BCSC advised the company that NI 43-101
restricts disclosure of quantities and grades of a deposit that is not a mineral
resource or reserve, and only allows disclosure of ranges of quantity and grade
for a potential exploration target if there is a valid basis and if the
disclosure includes prominent mandatory cautionary language. The company's
disclosure in its June 2013 Corporate Presentation did not comply with these
requirements and the company retracts all prior disclosure of hypothetical
quantities and gold grades and would like to confirm that the company has no
current or historical resource estimates of the size and grade ranges at
Tenoriba. In the event that the company receives an initial material mineral
resource estimate, it will promptly disclose such results and file supporting
technical information.
In the same corporate presentation drill intersections noted do not represent
true thickness, but rather core length intersections. True thickness is not
known at this time as the company does not have sufficient confidence in the
angle of the mineralized structures intersected by this drilling relative to the
angle of the holes intersecting such mineralization. It is possible that true
thickness could be less than the reported core-length intervals.
In the cautionary language at the beginning of this Corporate Presentation
reference was erroneously made to a September 2011 technical report that
supports information in the Corporate Presentation. There is no such technical
report and the erroneous language has been corrected.
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.
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, including the BCSC edits. Samples referenced in
this press release were prepared and analyzed by ALS CHEMEX in their facilities
in Mexico and Canada, respectively or IPL Inspectorate in their facilities in
Mexico and Vancouver, respectively. Samples generally consisted of 1-3 kilograms
of material. Gold analyses were performed by 30 gram fire assay with an Atomic
Absorption finish. Silver, copper, lead and zinc were analyzed as part of a
multi-element ICP package using an aqua regia digestion. Over limit samples with
greater than one percent copper, lead and zinc were re-analyzed using ore grade
detection limits.
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.
To see Figure 1- Sample Location Map, Tenoriba Project, Mexico, Sixth
Exploration Campaign, please select the following link:
http://media3.marketwire.com/docs/808mth_1.jpg
To see Figure 2- Carenitos Sample and Structural Interpretation Map, Tenoriba
Project, Mexico, please select the following link:
http://media3.marketwire.com/docs/808mth_2.jpg
Table 1 - Samples Grading Above 0.3 gpt Gold Equivalent, Tenoriba Project,
Mexico, Sixth
Exploration Campaign.
Sample Gold
Sample Worksite Width Method Gold Silver Equivalent
----------------------------------------------------------------------------
(m) (gpt) (gpt) (gpt)
330590 Carneritos 1.00 chip 5.420 48.1 6.382
330586 Carneritos 0.75 chip 3.780 8.1 3.942
330584 Carneritos 1.10 chip 3.470 3.3 3.536
330583 Carneritos 1.00 chip 2.750 6.9 2.888
330582 Carneritos 0.90 chip 2.220 4.4 2.308
330581 Carneritos 1.70 chip 1.835 8.1 1.997
330593 Carneritos 2.00 chip 1.605 9.9 1.803
330589 Carneritos 1.00 chip 1.570 4.7 1.664
330591 Carneritos 1.10 chip 1.365 10.5 1.575
330585 Carneritos 1.50 chip 1.430 4.4 1.518
330578 Carneritos 1.50 chip 1.070 12.0 1.310
330587 Carneritos 1.60 chip 0.669 23.8 1.145
330569 Carneritos 1.50 chip 0.952 8.7 1.126
330571 Carneritos 1.50 chip 0.995 3.4 1.063
330588 Carneritos 1.00 chip 0.792 4.5 0.882
330573 Carneritos 2.00 chip 0.558 11.4 0.786
330574 Carneritos 1.00 chip 0.577 10.0 0.777
330470 Carneritos grab 0.005 32.7 0.659
330565 Carneritos 1.10 chip 0.597 2.1 0.639
330465 Carneritos grab 0.008 27.5 0.558
330572 Carneritos 1.95 chip 0.369 7.1 0.511
330592 Carneritos 1.50 chip 0.427 3.6 0.499
330579 Carneritos 1.20 chip 0.369 2.6 0.421
330469 Carneritos 1.00 chip 0.307 3.7 0.381
330577 Carneritos 1.10 chip 0.271 4.2 0.355
330567 Carneritos 1.00 chip 0.313 0.2 0.317
330576 Carneritos 1.50 chip 0.237 2.3 0.283
Cerro
330558 Colorado 1.50 chip 4.030 341.0 10.850
Cerro
330532 Colorado 1.00 chip 0.058 516.0 10.378
Cerro
330534 Colorado 1.20 chip 5.170 71.3 6.596
Cerro
330533 Colorado 1.00 chip 4.480 32.2 5.124
Cerro
330539 Colorado 1.20 chip 3.890 51.2 4.914
Cerro
330536 Colorado 1.10 chip 2.800 50.3 3.806
Cerro
330541 Colorado 2.30 chip 1.610 21.5 2.040
Cerro
330554 Colorado grab 0.003 100.0 2.003
Cerro
330540 Colorado 3.00 chip 1.420 18.8 1.796
Cerro
330561 Colorado grab 0.141 77.6 1.693
Cerro
330562 Colorado 1.20 chip 0.475 47.3 1.421
Cerro
330535 Colorado 1.30 chip 0.853 13.2 1.117
Cerro
330556 Colorado 2.50 chip 0.206 17.1 0.548
Cerro
330555 Colorado 1.20 chip 0.231 7.4 0.379
Emilio's
330509 Oldworking 1.00 chip 0.497 15.8 0.813
Emilio's
330504 Oldworking 1.50 chip 0.175 22.1 0.617
Emilio's
330505 Oldworking 1.20 chip 0.249 14.0 0.529
Emilio's
330507 Oldworking 1.20 chip 0.329 3.5 0.399
Emilio's
330508 Oldworking 1.20 chip 0.294 1.7 0.328
Emilio's
330506 Oldworking 1.20 chip 0.197 5.2 0.301
Mina La
330471 Quemada grab 4.240 466.0 13.560
Mina La
330512 Quemada 1.00 chip 6.390 294.0 12.270
Mina La
330510 Quemada 0.60 chip 3.730 167.0 7.070
Mina La
330511 Quemada 0.80 chip 1.025 35.4 1.733
Mina La
330513 Quemada 1.10 chip 0.689 43.2 1.553
FOR FURTHER INFORMATION PLEASE CONTACT:
Mammoth Resources Corp.
Thomas Atkins
President & CEO
tom@mammothresources.ca
www.mammothresources.ca
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