Mammoth Resources Corp. (TSXV:MTH) is a gold-silver mineral exploration company focused on defining a mineral resource on their gold-silver exploration project located in the Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico. The Company has partnered with Centerra Gold Inc. (“Centerra”) (TSX:CG), which has the option to earn a 70 percent interest in the property provided they spend US$9 million (C$12.5 million) in exploration expenditures over a maximum seven year period.
The prolific Sierra Madre precious metal (gold-silver) belt has historically produced 80 million ounces of gold equivalent and is home to 40 million ounces of recent gold equivalent discoveries led by such well known companies as Pan American Silver Corp. (TSX:PAAS), Agnico Eagle Mines Ltd. (TSX:AEM) and Goldcorp Inc. (TSX:G) (currently being acquired by Newmont Mining (NYSE:NEM), among others.
In 2012, Mammoth signed an option to acquire 100% of the Tenoriba property and has spent US$3 million on exploration over the past five years. To date, the company has completed an extensive mapping and sampling program, 72 kilometres of IP-magnetic geophysics, systematic PIMA sampling, 151 metres of channel sampling and 2,500 metres of drilling in 13 drill holes. In addition, 2,600 metres of historical drilling in 15 drill holes was performed by a previous company in 2008, just prior to the global financial crisis.
Looking north across the river canyon that divides the mineralized area at Tenoriba in the north, sub horizontal volcanic tuff beds (oriented by yellow lines) are rotated and displaced by normal fault planes (red). Irrespective of location to the north of Tenoriba mineralization these same faults persist to Tenoriba and are one set of controls hosting elevated gold mineralization at Tenoriba.
Mammoth and Centerra are in the process of developing this season’s exploration program, which could include ground IP and magnetic surveys covering the remaining 60% of the property not yet covered, additional infill mapping and sampling a review of all historical data with the objective of defining drill targets to be drilled in 2019. The objective of this work is to define additional targets for a 2019 drill program planned to commence in the first half of the year. In the long-term, the two companies will be working towards completing a NI 43-101-compliant gold-silver mineral resource estimate and a preliminary economic assessment (PEA) for the property.
Mammoth’ management team has close to 100 years of combined industry experience. Heading the team is President and CEO Thomas Atkins, who has 30 years of experience as an exploration geologist, investment banker and corporate and investor relations executive for large international mining companies. Joining him is VP of Exploration Richard Simpson, who has 25 years of experience working as a project geologist and in project evaluation for major mining companies throughout the Americas.
- Flagship project located in the Sierra Madre gold belt, which has historically produced 80 million ounces of gold equivalent.
- 40 million ounces of gold equivalent resources have recently been discovered in the Sierra Madre gold belt by the likes of Pan American Silver, Agnico Eagle and Goldcorp, among others.
- Partnership in place with Centerra for the exploration and development of Tenoriba.
- Large 15 square kilometre footprint of ubiquitous gold-silver mineralization.
- Highest gold and silver values sampled on the property graded 74 g/t gold and 62 g/t silver.
- Mineralization appears amenable to low-cost open-pit mining and heap leach gold recovery.
- Working towards completing a mineral resource estimate and PEA.
- Experienced management team with close to 100 years of combined industry experience.