|By Marketwired .||
|January 16, 2014 02:09 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/16/14 -- Mammoth Resources Corp. (TSX VENTURE: MTH) is pleased to report the results of a pole-dipole induced polarization (IP) and magnetic ground geophysics survey at its Tenoriba property located in the state of Chihuahua, Mexico. The magnetic survey has assisted in confirming the presence of east-west, east northeast and locally northwest trending structures (faults) which Mammoth geologists based on their mapping and sampling work has identified as controls for gold-silver mineralization. The IP survey also assisted in identifying these same structures with strike lengths of greater than 100 metres up to as much as 600 metres and in most cases these remain open beyond these lengths. A few of these structures are closely associated to artisanal mine workings (e.g. at El Moreno). These IP axes once more appear to confirm at depth the same features as were identified by company geologists mapping & sampling gold-silver mineralization and alteration controls on surface. Areas of specific interest are identified in Figure 1, Tenoriba Geophysics Survey Results, Zones A, B and C. Additional areas of interest are similarly identified on this figure between and to the north and south of these zones.
Thomas Atkins, President and CEO of Mammoth commented on the results from the geophysics survey stating: "We initiated the geophysics survey on approximately half of the large 15 square kilometre anomalous gold in soil area in which our mapping and sampling produced numerous attractive gold and silver assay values. We're very pleased with these results. The geophysics has illustrated strong correlation at depth with alteration and mineralized features mapped on surface which are prime drill targets. Beyond the specific targets identified in the survey, there is a large 1.2 kilometre long area between the El Moreno and Masuparia grid that has not yet been surveyed, which may be the continuity of features observed at El Moreno and Masuparia. We also have yet to survey the Cerro Colorado area to the west of El Moreno. The next logical step in the development of the property is to drill test targets from this survey. Drilling will validate geophysics as a tool to assist us in identifying mineralized zones, the nature and extent of mineralization at these targets prior to additional geophysics being performed to cover the remainder of the property. We plan to initiate steps to advance this first phase drill program in the coming weeks. As we embark on this drilling it is important to remember that Masuparia Gold Corp. in 2008 drilled blind, targeting only surface features, and yet reported attractive results in 10 of 15 drill holes."
Mr. Atkins, will be attending the Cambridge House Vancouver Resource Investment Conference January 19th - 20th occupying booth no. 1811. Mr. Atkins looks forward to meeting investors and discussing these results at the conference.
Review of Results from the Geophysics Survey
The geophysical surveys were carried out by Geofisica TMC S.A. de C.V. of Mazatlan, Sinaloa, Mexico from October 8 through November 14, 2013. The surveys were performed over three grids, each grid consisting of north-south oriented lines spaced at 100 metre intervals. Line lengths varied from 1.2 kilometres to 2.5 kilometres often depending on topography and ease of access to survey. A total of 32.2 linear kilometres were surveyed. Lectures (reading sites) were taken at every 50 metres along the lines for the IP survey and the magnetic survey was performed by continuous GPS lectures. The IP pole-dipole configuration selected for the survey produces an approximate maximum survey depth of 250 metres. The target areas covered were El Moreno (3 lines), Masuparia grid (7 lines) and Los Carneritos (10 lines) (refer to Figure 1, Tenoriba Geophysics Survey Results).
Mammoth personnel are currently reviewing the interpretation of the survey results performed by Joel Simard (Geofisica TMC's contract geophysicist) and his recommendations. It is expected that targets for drill testing will be selected after this detailed review and a subsequent surface verification. It is worth noting that Masuparia Gold Corp., in 2008 drilled 15 diamond drill holes testing an approximate 1.5 by 1.5 kilometre area in the centre of a 15 square kilometre anomalous gold in soil area. Masuparia reported results from 10 of the 15 holes drilled, with all 10 holes having intersections grading greater than 0.5 grams per tonne (gpt) gold, of which the highest grade intersection was in drill hole TDH-07 grading 45.90 gpt gold over 1.9 metres and of which the thickest intersection was TDH-14 grading 0.5 gpt gold over 66.0 metres (refer to press release available on SEDAR, Masuparia Gold Corp., June 30, 2008).
The 'total field' and 'reduced to poles' magnetic survey interpretations exhibit distinct magnetic domains which are interpreted to be delimited by east northeast and east-west structures (faults). In addition, the first vertical derivative confirmed the presence of east-west, east northeast and locally northwest trending structures, which the company's mapping and sampling has identified as gold-silver mineralized and alteration controls (silica, dickite alteration clay). The strongest anomalies (AM-8, 9, 10 and 11 - refer to Figure 1) are located to the south of Masuparia and Los Carneritos grid and appear related to the contact of the monzonite and diorite intrusives. In the northern part of Los Carneritos the anomalies have wavelengths indicative of a shallow source and clearly mimic the shape of the mapped strata-bound chaotic volcanic breccias which to date are the best host rock for gold-silver mineralization and altered volcanics (vuggy silica, silica, dickite alteration clay) on the property.
Similar to the magnetic survey results, east northeast and northwest and minor northeast IP axes (anomalous chargeability and/or resistivity survey results) can be clearly interpreted. These anomalies range from less than 100 metres up to 600 metres in strike length and in most case remain open along strike. The orientations of these IP axes are consistent with the gold-silver mineralized and altered volcanics (vuggy silica, silica, dickite alteration clay) mapped and sampled by company geologists from surface and in some case could be lithological in origin. A few of the IP axes are closely associated to artisanal mine workings (e.g. El Moreno). These IP axes confirm our surface mapping and sampling where gold and silver values in excess of 0.3 gpt gold have been encountered in highly altered volcanic rocks. The chargeability can be associated to the presence of sulfides and the resistivity to the degree of silica alteration, both of which may be indicative of gold-silver, precious metal mineralization. The strongest chargeability IP axes are located in the southern parts of the Masuparia and Los Carneritos grids most likely reflective of the contact with the monzonite-diorite composition intrusive (one of the possible sources of the gold-silver observed in other areas of the property), observed in this area.
The next step in the development of the property is to drill test targets from this survey. Drilling should help validate observed features from the geophysics survey and assist in validating the geophysics as a tool to assist in identifying mineralized zones as well as demonstrating the precious metal composition of these targets. We plan to initiate steps to advance this drill program in the coming weeks.
Mammoth would like to report the issuance of 279,000 options exercisable at $0.05/share to certain insiders of the company under the terms of the Company's option plan.
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.
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.
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 view "Figure 1. Tenoriba Geophysics Survey Results", please visit the following link: http://media3.marketwire.com/docs/922486.jpg.
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