Diamond Drill Program From High Priority Targets
Mammoth Resources Corp. (MTH.V) announced a diamond drill program from 8 to 24 high priority targets planned to commence in November 2017 on itsTenoriba gold-silver property in Chihuahua State, Mexico.
Mammoth has targeted its drill holes based on what it believes is a compelling combination of: (1) surface geology, (2) trace element geochemistry, (3) gold bearing samples from chip and cut channels over a large 15 square kilometre area of gold mineralization, (4) PIMA sampling results indicating proximity to high temperature geothermal activity coincident with surface gold values, and (5) a ground Induced Polarization (IP) and Magnetometer (Mag) geophysics survey which illustrates attractive geophysical features at depth coincident with surface gold mineralization, artisanal workings and in some cases intersected at depth by a predecessor company’s drilling (the highest grade intersection consisting of 45.9 grams/tonne gold over 1.9 metres in drill hole 7 and the lengthiest drill hole consisting of 34.4 metres grading 1.03 grams/tonne gold in drill hole 11 and 66 metres grading 0.5 grams/tonne gold in drill hole 14) (for additional information on these results please feel free to reference the technical reports available on the Company’s website at the following link: http://www.mammothresources.ca/s/TechReports.asp.). Mammoth intends to post a technical report on its drill target selection at the same “Technical Reports” location on the website in the coming days. A number of these drill hole locations are discussed and illustrated in the following commentary.
Thomas Atkins, President and CEO of Mammoth commented on the drill targeting stating: “We’ve completed the consolidation of all surface results from the various exploration activities on the property. This work has enabled Mammoth to identify what we feel are the most compelling drill targets to test gold mineralization over an approximate 6 kilometre strike length of surface gold mineralization within the High Sulphidation, precious metal mineralizing system at Tenoriba.
A unique feature to some of the proposed targets is they occur as extensions or within geological features where prior drilling intersected gold over tens of metres. At the time of the earlier drilling, those undertaking this drilling didn’t have the benefit of the geophysics survey recently completed by Mammoth. The geophysics survey which covers half of the property gives information on the characteristics of the geology below surface in areas where favourable surface geology and hundreds of gold samples have been collected over a large 15 square kilometre area of mineralization, the highest grade of which assayed 74 grams/tonne gold, with another approximate 10 samples averaging from 10 to 47 grams/tonne gold
Mammoth believes there is excellent potential for success in the proposed drill program given the combination of the surface geology and gold values correlating with geophysical features at depth, and especially where earlier drilling intersected gold over tens of metres in similar geophysical features as those targeted in the Company’s proposed program.”
The Company plans to drill from 3 to 7 diamond drill holes in each of the El Moreno and Masuparia areas and from 5 to 10 drill holes in the Carneritos area for a total of from 8 to 24 high priority drill holes (refer to drill collar locations; black being top priority drill locations and grey additional high priority targets in Figure 1 - Surface Plan, Proposed Drill Collar Locations). The Tenoriba project is fully permitted with surface access agreements in place for the immediate commencement of drilling. Up to 60% of the cost of the proposed program (to a maximum of less than 10% of the outstanding shares of the company) may be paid for in shares of Mammoth, subject to TSX approval, to the drill contractor.
Petrographic analysis of gold at Tenoriba indicates its occurrence as free gold. Bottle roll testing on samples collected at various depths and grades from drill core from prior drilling resulted in 100% gold recovery in less than 24 hours to a vertical depth of 60 metres and recoveries of 65% to 70% in 72 hours to depths of 125 metres (the deepest depth available). As a result, it would appear possible that gold at Tenoriba may be recoverable by low cost heap leaching methods implying the potential that should an economic resource be discovered at Tenoriba this resource may be amenable to low cost open pit mining and heap leach gold recovery.
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