Black Mammoth Metals Corporation Logo (CNW Group/Black Mammoth Metals Corp)
No.24-17 BMM: TSX-V
VANCOUVER, BC, Nov. 19, 2024 /CNW/ - Black Mammoth Metals Corporation (TSXV: BMM) (OTC: LQRCF) ("Black Mammoth" or the "Company") is pleased to announce that on November 14, 2024 Antelope Creek Gold Corporation ("Antelope Creek"), a wholly owned subsidiary of Black Mammoth, has entered an agreement to purchase ("Agreement") the East Reveille Gold property ("East Reveille") with a private vendor ("Vendor") providing Antelope Creek with a 100% interest in East Reveille, Nye County, Nevada.
East Reveille is located 67 miles east of Tonopah and consists of 13 federal mining claims (108 hectares, 268 acres), administered by the Bureau of Land Management, covering the east side of the Reveille Mining District (see Figure 1). Historic drilling has discovered gold associated with rhyolite dikes and tuffs that contain anomalous arsenic and antimony mineralization like a Carlin-type gold system, as well as gold mineralization along the altered contact of silicified siltstone and limestone sequences (jasperoids) of the underlying Antelope Valley Formation. Significant molybdenum and copper geochemistry indicates an associated porphyry target. Gold mineralization occurs over an area of at least 2,400 meters (7,874 feet) by 1,200 meters (3,937 feet) with a vertical range of at least 300 meters (984 feet) in the Antelope Valley Formation, a known host for Carlin-type deposits. Large areas of jasperoid development have gold and arsenic values in altered carbonate sediments beneath overlying altered rhyolite tuffs (see Figure 2). Historical drill holes indicate thick zones of highly anomalous gold with higher grade gold intercepts of 7.62 meters (25 feet) of 0.9 g/t and 4.57 meters (15 feet) of 1.25 g/t.
As gold mineralization is associated with the rhyolites, the entire property can be considered prospective, prompting Black Mammoth Metals to plan detailed mapping and sampling of the rhyolite caprock to guide a new phase of drilling in 2025.
Acquisition Terms (in USD):
Under the terms of the Agreement, Antelope Creek may purchase East Reveille by making a cash payment of $75,000 (paid) at which time a 100% interest will automatically vest.
Upon the Company declaring a 43-101 compliant maiden resource at East Reveille, $75,000 will be payable within 30 days and another $75,000 will be payable within one year. These payments do not have an expiry date and will not apply to subsequent resources declared on the Property.
There are no retained royalties, work commitment amount, finder's fees or share compensation in connection with the Agreement.
Figure 1. Location of the East Reveille project in Nye County, Nevada. (CNW Group/Black Mammoth Metals Corp)
Figure 2. Silicified and gold-mineralized carbonates at East Reveille. (CNW Group/Black Mammoth Metals Corp)
About Black Mammoth Metals Corporation:
In 2024, Black Mammoth Metals has acquired a 100% interest in the America Mine gold property, San Bernardino, CA, theQuito gold property, Lander County, NV and has consolidated South Ravenswood and Callaghan gold Districts, also in Lander County NV.
At the Company's 100% owned, 1,213 hectare (2,997 acre) Happy Cat gold property, Lander County, NV, an approximate 4 square kilometre area is identified as being hydrothermally altered. Structural modelling suggests the density of the alteration and its' density contrast relative to the host rock is typical to that of alteration zones present at other Carlin-type deposits in northern Nevada. The alteration encompasses an area where northerly trending high-angle faults intersect indicated NW-trending re-activated faults that are known to be of age and orientation as ore-controlling faults occurring at other Carlin-type deposits. The Company intends to prioritize drill targets within the alteration area.
Black Mammoth also has a 100% interest in the Blanco Creek gold property in the Elk Creek Mining District, central Idaho, which hosts three historic underground mines along 3,550 meters (11,644 feet) of strike on the north-east trending regional Blanco Shear Zone. Exploration by two previous operators identified a geological target for the Blanco Creek property in the order of 1.70 to 2.48 million tons, grading 0.20 to 0.33 oz/ton Au (1.54 to 2.24 million tonnes, grading 6.85 to 11.31 g/tonne Au); see the Company's press release dated February 14, 2017.
Black Mammoth cautions investors to note the potential quantity and grade of the geological target are conceptual in nature. A qualified person has not completed sufficient work to classify the geological target as mineral resources as defined by NI 43-101, and it is uncertain if future exploration will result in the target being delineated as mineral resources.
Mark J. Abrams, CPG #11451, a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and director of Black Mammoth, has reviewed and approved the technical content in this release. Historical information contained in this news release cannot be relied upon as Mr. Abrams, the Company's Qualified Person, has not prepared or verified the historical information.
This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the Company's completion of the Transaction and related transactions are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include that the requisite corporate and TSXV for the Transaction may not be obtained; that the Company or IDA Mining, as applicable, may be unable to satisfy any or all closing conditions necessary for the completion of the Transaction; and other risks that are customary to transactions of this nature. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed viawww.sedarplus.caand readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.
Neither 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.
