Mammoth Samples Up to 26.1 Grams Per Tonne Gold at Its Tenoriba Project, Mexico
22 Mayo 2013 - 1:45PM
Marketwired Canada
Mammoth Resources Corp. (TSX VENTURE:MTH) is pleased to report assay results for
its most recent and fourth 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 the company's fourth exploration campaign mapping and sampling 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 and 50 gpt silver, including the following highlight sample
results.
Carneritos Area:
-- 26.10 gpt gold and 121.0 gpt silver in a grab sample;
-- 6.41 gpt gold and 34.0 gpt silver over a 1.0 metre channel sample; and
-- 5.48 gpt gold and 34.3 gpt silver over a 1.0 metre channel sample.
El Moreno Area:
-- 13.00 gpt gold and 17.1 gpt silver over a 1.0 metre channel sample;
-- 12.95 gpt gold and 7.1 gpt silver over a 1.0 metre channel sample;
-- 9.79 gpt gold and 6.8 gpt silver over a 1.0 metre channel sample; and
-- 9.19 gpt gold and 8.9 gpt silver over a 1.5 metre channel sample.
Mammoth President and CEO, Thomas Atkins, commented on the results from this
fourth exploration campaign stating: "Of approximately 400 samples collected and
assayed to-date at Tenoriba, the company has returned fantastic results. At the
Los Carneritos Area where vuggy silica and brecciated volcanic rocks have been
observed in surface outcrops over an approximate 1.5 by 0.75 kilometre area 74%
of 146 samples have returned grades of gold in excess of 0.3 grams per tonne
gold equivalent with results assaying as high as 26.1 grams per tonne gold in a
grab sample from the area. Los Carneritos, together with the El Moreno Area and
the area previously explored by Masuparia Gold in 2007 and 2008, combined
measure 15 square kilometres of anomalous mineralization which remains open in
all directions. Detailed surface mapping and sampling over these areas and along
strike continues on the property. Bottle roll testing of core samples to further
confirm the extent to which gold in these samples is amenable to heap leaching
has also begun and the company looks forward to reporting on results from these
activities in the coming weeks."
Los Carneritos Area:
At Carneritos, sampling during the fourth exploration campaign continued to
return consistently anomalous results. Of the 31 samples sent for assay from
this area in the fourth exploration campaign 84 percent returned values greater
than 0.3 gpt gold equivalent (1:50 gold : silver ratio for equivalent
calculation purposes). The best sample lines across outcrop are summarized in
Table 1 - Channel Sample Lines, Carneritos Area. Many of these samples and
sample lines could be extended by additional sampling (refer to Image 1 - Sample
Location Map and Assay Results, Fourth Campaign, Tenoriba Project, Mexico).
Recent sampling extended the Carnetitos Area toward the south-southwest for
approximately an additional 350 metres. This area which exhibits on surface
favourable alteration characteristics (highly silicified and with vuggy silica
together with dickite and kaolinite clays) and consistent anomalous assay
results (greater than 0.3 gpt gold equivalent) now covers an area measuring 1.5
by 0.6 kilometres and is open in all directions (refer to Image 2 - Photo of
Vuggy Silica Sample).
Table 1 - Channel Sample Lines, Carneritos Area.
----------------------------------------------------------------------------
Average Average Gold
Average Silver Equivalent
Line From - To Gold Grade Grade Grade
Number (sample no.) Width (m) (gpt) (gpt) (gpt)
----------------------------------------------------------------------------
1 330404-405 3.0 0.63 2.85 0.68
----------------------------------------------------------------------------
2 330406-408 2.8 5.03 28.79 5.61
----------------------------------------------------------------------------
3 330410-411 2.0 0.41 15.65 0.72
----------------------------------------------------------------------------
4 330412-413 1.7 0.17 8.07 0.33
----------------------------------------------------------------------------
5 330414-420 7.8 0.58 3.06 0.64
----------------------------------------------------------------------------
330427, 433 &
6 435 3.8 2.00 8.70 2.20
----------------------------------------------------------------------------
Of a total of 146 samples assayed to date from Carneritos, 74%, or 115 samples
have assayed greater than 0.3 gpt gold equivalent (Mammoth has determined to use
results greater than 0.3 gpt gold equivalent as highly anomalous results for the
purposes of reporting) and have a weighted average grade of 1.56 gpt gold
equivalent (weighted for length of sample). The average silver to gold ratio of
these samples is approximately 13:1 silver to gold (refer to Table 2 - Samples
Grading Above 0.3 gpt Gold Equivalent, Fourth Exploration Campaign).
El Moreno Area:
At El Moreno during the fourth exploration campaign 44 channel samples collected
within the main historic artisanal mine workings returned various anomalous
assay results, the best of these results including: 13.0 gpt gold and 17.1 gpt
silver and 12.95 gpt gold and 7.1 gpt silver over 1.0 metre each. Of a total of
148 samples assayed to date from El Moreno, 41%, or 56 samples have assayed
greater than 0.3 gpt gold equivalent and have a weighted average grade of 2.55
gpt gold equivalent. The average silver to gold ratio of these samples is
approximately 15:1 silver to gold (refer to Table 2 - Summary of Samples Grading
Greater Than 0.3 gpt Gold Equivalent).
Masuparia Area:
At the area previously explored by Masuparia Gold Corp., of a total of only 28
samples assayed to date (there is less outcrop in this area however there is an
abundance of vuggy silica and silicified float), 61%, or 17 samples have assayed
greater than 0.3 gpt gold equivalent and have a weighted average grade of 2.59
gpt gold equivalent. The average silver to gold ratio of these samples is
approximately 10:1 silver to gold.
Detailed geology and assay result maps are being prepared for the Los Carneritos
and El Moreno Areas and should be available in the coming weeks illustrating
mapped details and the distribution of the assay results in more details.
Other Corporate Matters:
The company would also like to announce the approval by its board of directors
of an advance notice policy (the "Policy") of which the purpose is to: (i)
facilitate an orderly and efficient annual general or, where the need arises,
special meeting, process; (ii) ensure that all shareholders receive adequate
notice of the director nominations and sufficient information regarding all
director nominees; and (iii) allow shareholders to register an informed vote
after having been afforded reasonable time for appropriate deliberation.
The Policy, among other things, includes a provision that requires advance
notice to Mammoth in certain circumstances where nominations of persons for
election to the board of directors are made by shareholders of the company. The
Policy fixes a deadline by which director nominations must be submitted to the
company prior to any annual or special meeting of shareholders and sets forth
the information that must be included in the notice to the company for the
notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the company must be
made not less than 30 days nor more than 65 days prior to the date of the annual
meeting, provided, however, that in the event that the annual meeting is to be
held on a date that is less than 50 days after the date on which the first
public announcement of the date of the annual meeting was made, notice may be
made not later than the close of business on the 10th day following such public
announcement.
In the case of a special meeting of shareholders, which is not also an annual
meeting, called for the purpose of electing directors (whether or not called for
other purposes), notice to the company must be made not later than the close of
business on the 15th day following the day on which the first public
announcement of the date of the special meeting was made.
The Policy is in effect as at the date of this news release. Pursuant to the
terms of the Policy, the company will seek shareholder ratification of the
Policy at its annual general and special meeting of shareholders scheduled for
June 18, 2013. If the Policy is not confirmed at the meeting, the Policy will
terminate and be of no further force and effect following the termination of the
annual general and special meeting. The full text of the Policy is available
under the Company's profile at www.sedar.com or upon request by contacting the
Company's Corporate Secretary, Errol Farr at (416) 479-0887.
The Company also announces that, subject to the approval of the TSX Venture
Exchange, an aggregate of 1,410,000 stock options for the purchase of an
aggregate of 1,410,000 common shares of the Company having an exercise price of
$0.25 per common share held by insiders of the Company have been re-priced to
the exercise price of $0.10 per common share. This re-pricing is being
undertaken as a means to provide some potential compensation to directors who
are assisting the company without payment and employees of the company who are
working at reduced salaries relative to the terms of their employment
agreements. As required by the policies of the Exchange, all re-priced options
are subject to disinterested shareholder approval at the Meeting. All other
terms of the stock options, including the option term, remain the same. None of
the re-priced options may be exercised prior to receipt of Exchange and
disinterested shareholder approval.
Mammoth would also like to announce that following completion of the phase 1
exploration program on the Urique project held under option with Yale Resources
Ltd., the company has decided to no longer proceed with this option and has
advised Yale of the same. Instead the company will focus all of its resources on
the exploration and development of the Tenoriba Project.
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
Urique property and is responsible for any technical data mentioned in this news
release. Samples 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.
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 the images and table associated with this press release, please visit
the following links:
http://media3.marketwire.com/docs/MTHImage1.pdf
http://media3.marketwire.com/docs/MTHImage2.pdf
http://media3.marketwire.com/docs/MTHtable2.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Mammoth Resources Corp.
Thomas Atkins
President & CEO
tom@mammothresources.ca
www.mammothresources.ca
Mammoth Resources (TSXV:MTH)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Mammoth Resources (TSXV:MTH)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
