|By Marketwired .||
|February 28, 2014 10:08 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/28/14 -- Mammoth Resources Corp. (TSX VENTURE: MTH) is pleased to announce results from its recently completed, detailed mapping and sampling program (five by five metre grid spacing) at five select, large outcrops (measuring tens of square metres) located within the Los Carneritos target area (as recommended in the company's recently posted Technical Report - refer to the company's web site, "Projects" section, "Technical Reports"). Rocks sampled in these five areas included highly silicified, felsic volcanic and chaotic volcanic breccias with patches of vuggy silica which returned numerous high gold grades, including one exceptional sample, sample number 330952 which assayed 73.4 grams per tonne (g/t) gold from what is being called Draw Point 4 within the Carneritos area (refer to Technical Reports within the Projects section of the company's web site at www.mammothresources.ca for a summary report on this program, including a table of complete assay results plus the various sample location maps listed below. Figure 1 - Draw Point Location Map, Carneritos Area, Tenoriba Project is both available in the report and attached to this press release).
Beyond this announcement of recent results, the company would also like to invite interested investors to visit the company at the Toronto Prospectors and Developers Convention. We're located at Booth 2906 (sharing with Anaconda Mining) from Sunday, March 2nd through Wednesday, March 5th.
The purpose of the grid sampling program was to take somewhat random (random with regard to any specific geological features or controls) samples within these large outcrops where previously controlled sampling (of specific geological features) had returned highly anomalous gold and silver assay values. Depending on the average of the values obtained from sampling, a determination would be made as to whether such outcrops could facilitate potentially attractive gold grades to justify additional cyanide leach testing via collection of a composite of these samples which would then be sent for bottle roll tests to determine leach time, recoveries, cyanide consumption and acidity among other measures. The company is sufficiently satisfied that the results from this program together with previous results from sampling within these areas, excluding the influence of exceptional assay results such as sample 330952, warrant further bottle roll testing to understand the leach dynamics of this surface material (refer to Table 1 - Summary Table of Assay Results, Carneritos Draw Points, Tenoriba Property).
Thomas Atkins, President and CEO of Mammoth Resources commented on these results, stating: "Sample 330952 is incredible! This sample, like numerous other high grade samples assayed from the property, continues to demonstrate that there's a lot of gold in this system. Beyond this highlight sample there are also numerous samples which assay greater than one gram per tonne gold within these large surface outcrops. We did this sampling to determine whether a more random five by five metre sampling grid would enable us to generate average assay grades equal to, or above, 0.4 grams per tonne gold. We've been able to do this in all five areas. The next step is to make some composites of these areas and through advanced bottle roll testing, determine such composite's leach characteristics. With encouraging results from this work, which we expect to receive based on positive results from previous testing, we intend to then perform column tests of this material to better understand characteristics of this material on an actual heap leach pad. If both these tests prove successful, we'll consider the benefits of then attempting an actual small scale heap leach test."
Table 1 - Summary Table of Assay Results, Carneritos Draw Points, Tenoriba Property
------------------------------------------------------------------------- Gold Silver Worksite Grade Grade (g/t) (g/t) AVERAGE OF ALL DRAW POINT 1 RESULTS 0.52 3.06 AVERAGE OF ALL DRAW POINT 2 RESULTS 1.06 14.47 AVERAGE OF ALL DRAW POINT 3 RESULTS 1.80 9.64 AVERAGE OF ALL DRAW POINT 4 RESULTS 0.41 2.21 AVERAGE OF ALL DRAW POINT 5 RESULTS 1.61 7.73 -------------------------------------------------------------------------
Discussion on Sampling Program and Results
After reviewing the surface sample results of the 2012 -13 surface mapping and sampling campaign conducted by Mammoth Resources Corp., five areas were selected for further detailed grid sampling. The 2012 -13 surface mapping and sampling returned consistent assay results well above 0.5 g/t gold equivalent (in the calculation of what Mammoth is referring to as "gold equivalent, the value of silver in the sample is divided by 50 and then added to the gold grade) and were generally hosted by altered volcanic breccias (silica alteration with presence of dickite and kaolinite clay alteration minerals). These outcropping and sub-cropping rocks cover tens of square metres and depending on the results of this sampling and further testing, could represent future extraction points for a small scale pilot heap leach test operation (refer to Table 2 - Table of Complete Assay Results, Carneritos Draw Points, Tenoriba Property for results from the 2012-13 sampling campaign and this recent grid sampling program).
The grid sampling was performed over a five metre by five metre grid covering five different "draw point" targets within the larger Los Carneritos target area on the Tenoriba property (refer to Figure 1 - Draw Point Location Map, Tenoriba Property). Sampling was performed in two phases: November 13 through 17, 2013 wherein 75 rock chip, panels and composite grab samples over the areas of abundant silica float were collected over draw point 1 and 4; and December 10 through 20, 2013 wherein 152 rock chip, panels and composite grab samples, plus 8 duplicate samples from draw point number 1 were collected. A total of 127 samples, including samples analysed as part of the QA/QC protocols were analysed.
Overall the regular layout of the grid sampling illustrated that the strong silica alteration associated with earlier sampling is patchier in these areas than had previously been observed. Nevertheless, the sampling also confirmed that the less silicified and moderately argilized the rocks, when associated with dickite and kaolinite in a host, volcanic breccia, is also anomalous in gold and silver.
Observations of individual draw points are as follows:
Draw point 1. -- The 50 grid samples (samples 330901-950) averaged 0.33 g/t gold and 2.05 g/t silver, which when combined with prior samples from this same area, the average is 0.52 g/t gold and 3.06 g/t silver. The silica alteration, which is believed to be the main control to mineralization, is much more patchy than previously noted in this area. It is more consistent in the southern part of the grid sampling, over an area approximately 12 by 20 metres. Regardless of the intensity of the silica alteration 72 percent of the samples collected from this area have returned values greater than 0.1 g/t gold equivalent (refer to Figure 2 - Sample Map, Draw Point 1, Tenoriba Property and Table 2 - Table of Complete Assay Results, Carneritos Draw Points, Tenoriba Property). -- Samples 330 series, numbers, 197, 210, 901, 916 and 927 from this area assayed 3.84, 2.17, 1.52, 1.49 and 1.39 g/t gold, respectively. -- The 8 duplicate samples returned an average of 0.41 g/t gold and 2.84 g/t silver. The difference between the duplicates and the earlier grid sampling could be explained by what is clearly a nugget effect of gold mineralization, the same effect that would result in a sample assay of 73.4 g/t gold in draw point 4. Draw Point 2. -- The 19 grid samples returned an average of 1.02 g/t gold and 11.51 g/t silver, which is much more in line with the 14 prior samples from the 2012-13 mapping and sampling program. Combined sampling from the two programs averaged 1.06 g/t gold and 14.47 g/t silver (refer to Figure 3 - Sample Map, Draw Point 2 and 3, Tenoriba Property and Table 2 - Table of Complete Assay Results, Carneritos Draw Points, Tenoriba Property). -- Samples 330 series, numbers 186, 187, 226, 856 and 865 from this area assayed 3.50, 5.10, 2.12, 9.64 and 2.27 g/t gold, respectively. -- Approximately 70 metres to the northwest of this sample area, five samples taken over a moderately to strongly silicified outcrop also returned 0.38 g/t gold, 4.70 g/t silver. This could represent an additional draw point. Draw point 3. -- The 13 samples returned an average of 1.09 g/t gold and 5.43 g/t silver. Combined sampling from the two programs averaged 1.80 g/t gold and 9.64 g/t silver (refer to Figure 3 - Sample Map, Draw Point 2 and 3, Tenoriba Property and Table 2 - Table of Complete Assay Results, Carneritos Draw Points, Tenoriba Property). -- Samples 330 series, numbers 406, 407, 408, 871 and 880 from this area assayed 6.41, 5.48, 2.75, 4.84 and 3.72 g/t gold, respectively. Draw point 4. -- The 24 samples, excluding the extremely high grade sample number 330952 which assayed 73.40 g/t gold, averaged 0.38 g/t gold and 2.03 g/t silver. Combined sampling from the two programs averaged 0.41 g/t gold and 2.21 g/t silver (refer to Figure 4 - Sample Map, Draw Point 4, Tenoriba Property and Table 2 - Table of Complete Assay Results, Carneritos Draw Points, Tenoriba Property). -- Samples 330 series, numbers 415, 952 and 967 from this area assayed 0.87, 73.40 and 0.81 g/t gold, respectively. Draw point 5. -- This draw point is a series of large mineralized and silicified blocks present in an area of approximately 10 by 10 metres in area over a small ridge. The previous sampling had returned numerous samples greater than 1.0 g/t gold equivalent. In an attempt to extend this area, five additional samples were taken over an area of sub-cropping moderately silicified float. Grid samples from this area averaged 0.44 g/t gold and 8.30 g/t silver. Combined sampling from the two programs averaged 1.61 g/t gold and 7.73 g/t silver (refer to Figure 5 - Sample Map, Draw Point 5, Tenoriba Property and Table 2 - Table of Complete Assay Results, Carneritos Draw Points, Tenoriba Property). -- Samples 330 series, numbers 581, 583, 584, 586 and 897 from this area assayed 1.84, 2.75, 3.47, 3.78 and 0.87 g/t gold, respectively.
The cost of the field work and sample analysis for the first phase of this program (grid sampling) was approximately $10,000. The cost of the second phase of this work, the advanced bottle roll testing, is estimated at CDN$15,000. The cost of the column test phase of this recommendation is also estimated at approximately CDN$15,000.
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 Samples generally consisted of 1-3 kilograms of material. Gold and silver analyses were performed by 30 gram fire assay with an Atomic Absorption finish.
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 - Draw Point Location Map, Carneritos Area, Tenoriba Project, please visit the following link: http://media3.marketwire.com/docs/FIG1MTH.pdf.
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