BMM: TSX-V
VANCOUVER, BC, Nov. 25, 2020 /CNW/ - Black Mammoth Metals
Corporation (TSXV: BMM) (OTC: LQRCF) ("Black Mammoth"
or the "Company") is pleased to announce Antelope Creek
Gold Corporation ("Antelope Creek Gold"), a wholly owned subsidiary
of Black Mammoth Metals Corporation, has entered into an Assignment
and Assumption Agreement dated November 20,
2020 with IDA Gold Corporation ("IDA") pursuant to which IDA
has assigned, and Antelope Creek Gold has assumed, 100% of the
rights, title and obligations of the Assignee for the acquisition
of the Happy Cat Gold Property ("Happy Cat" or the "Property")
located in central Nevada. The
acquisition is subject to regulatory approval.
The Happy Cat Property is located in undulating low-lying
country in the central Shoshone Range, with year round road access
15 miles NW of Austin,
Lander County and consists of 13
Bureau of Land Management ("BLM") mining claims totalling
approximately 267.8 acres (108.4 hectares). There is an active
Notice Level exploration permit issued by the BLM Battle Mountain
District Office and a reclamation bond in place.
Past exploration carried out by IDA and a prior operator,
including RC drilling, trenching, auger drilling and sampling, have
identified two styles of gold mineralization on the Property. Both
styles of mineralization are of interest.
Geology and Mineralization:
The first style of gold
mineralization is widespread and occurs in an unconformity exposed
at the surface that lies at the basel contact of Tertiary volcanic
rocks within a 600-metre diameter circular area. Gold anomalies in
the unconformity horizon have been defined by RC drilling,
trenching, auger drilling, and soil sampling methods. Assay results
from auger samples collected within the circular area show
anomalous gold values.
Preliminary metallurgical work, including a 240 kg and a 287 kg
sample taken by IDA in 2014 from the near surface anomaly and
tested by a third party engineering firm using an iCON gravity
concentrator and a Deister concentrating table, suggests that the
near surface gold anomaly is amenable to gravity separation with no
crushing required and with no chemicals required. iCON gravity
concentrators use a centrifugal field to concentrate all heavy
minerals including very fine free gold.
This testing recovered visible particulate gold along with fine
gold down to 21.2 microns and suggests the near surface materials
may exhibit a nugget effect making estimation of accurate grades
& recovery rates with small volume samples
problematic.
"The Company intends to
sample and test utilizing larger volume samples and metallic
screening analysis while further defining the anomaly in an effort
to generate reliable data sufficient for reporting
purposes as there may be an
opportunity to conduct a bulk sampling operation.," stated
Dustin Henderson, President and CEO
of Black Mammoth.
Pursuant to recently revised Nevada Statutes, through the
Division of Environmental Protection, permitting efforts for bulk
sampling are greatly reduced for operations that don't require the
crushing of ore and don't require the use of chemicals except for
any approved flocculants.
No clear source of the gold anomaly has been identified, but may
be similar to other recently discovered mineralized areas at
Tertiary unconformities elsewhere in the Great Basin such as
Liberty Gold's Goldstrike Deposit
where Carlin type mineralizing
fluids traveled along the unconformity contact. Gold mineralized
scree samples taken from within the gold anomaly and the west dip
of the anomaly, suggests that the source of the gold may be
close-by, and possibly under a fringe of barren gravel and
colluvium to the west. Further exploration, which may include an
aeromagnetic survey, grid drilling and trenching, is a
priority.
The unconformity in this area marks the boundary between the
Tertiary volcanic rocks which are composed of thick andesite flows
and a mix of volcanoclastic flows, with lessor shale, argillites,
cherts and tuffaceous debris flow horizons. Underlying the
unconformity are Orovician sedimentary rocks composed siltstone,
quartzite, cherts and minor limestone which form the lower plate of
the unconformity. The sedimentary package also includes minor
amounts of intermediate composition volcanic rocks. The volcanic
rocks are often carbonate flooded and often altered to limonitic
clay.
The gold mineralization in the unconformity was likely deposited
concurrently with the formation of the unconformity as gold is
found in the tuffaceous material that overlies the Ordovician
sedimentary rock package. The gold occurs in clayey grey-brown soil
with a high heavy mineral content.
The second style of gold mineralization was noted in historic RC
drill holes on the Property, but assay certificates have not been
located for verification of assay results. The mineralization in
these holes is As, Sb +/- Hg rich and related to structurally
controlled zones of limonitic alteration in NW trending SW dipping
Vinini Formation.
No lower plate rocks are exposed on the Property, nor
intersected in drilling, but they outcrop on the Campbell Trust
Claims, one mile to the east. The package of rocks and alteration
in the anomaly area is similar to that at the Carlin type Tempo Prospect (unverified, non NI
43-101 compliant 100,000 oz Au resource) 2.3 miles SE.
Acquisition terms:
Black Mammoth will own 100% of the
Property subject to a 2.75% NSR in favour of IDA. There is no work
commitment required. Black Mammoth will reimburse IDA for Property
related costs incurred totalling $60,000
USD payable 6 months from the TSX-V approval date of the
Property transaction. These related costs include: staking &
holding costs, GIS mapping, auger drilling, sampling & assays,
metallurgy work, gravity separation testing, and the biology &
cultural surveys. The acquisition is considered a related party
transaction as Black Mammoth and IDA have two directors in common.
Mineralization hosted on adjacent and/or nearby properties is
not necessarily indicative of mineralization hosted on the
Company's property.
Black Mammoth has 11,081,871 shares issued and outstanding,
11,556,871 fully diluted.
Mark J. Abrams, CPG,
Non-Independent Qualified Person as defined by NI 43-101 and
Director of Black Mammoth prepared and approved the technical
information contained in this news release.
About Black Mammoth Metals Corporation:
Along with the Company's newly acquired Happy Cat Gold Property,
Black Mammoth has a 100% interest, subject to underlying royalties,
in the Blanco Creek gold property in central Idaho which hosts three historic underground
mines along 3550 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 1.7 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
14th, 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.
On behalf of the board,
"Dustin Henderson"
Dustin Henderson, BBA
President, CEO and Corporate Secretary
"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." This press release contains
forward-looking statements and forward-looking information
(collectively, "forward looking statements") within the meaning of
applicable Canadian and United
States securities laws. All statements, other than
statements of historical fact, included herein, including
statements regarding the anticipated content, commencement,
duration and cost of exploration programs, anticipated exploration
program results, the discovery and delineation of mineral
deposits/resources/reserves, the timing of the receipt of assay
results, the visual continuity of certain mineralized intervals and
business and financing plans and trends, the potentially open
nature of the mineralized zones on the property and the potential
for future discoveries of additional mineralization on the property
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 those related to weather, equipment
and staff availability; performance of third parties; timing of
receipt of assay results from third party analytical facilities;
risks related to the exploration stage of the Company's projects;
market fluctuations in prices for securities of exploration stage
companies and in commodity prices; and uncertainties about the
availability of additional financing; risks related to the
Company's ability to identify one or more economic deposits on the
properties, and variations in the nature, quality and quantity of
any mineral deposits that may be located on the properties; risks
related to the Company's ability to obtain any necessary permits,
consents or authorizations required for its activities on the
properties; and risks related to the Company's ability to produce
minerals from the properties successfully or profitably. Trading in
the securities of the Company should be considered highly
speculative. All of the Company's public disclosure filings may be
accessed
via www.sedar.com and readers
are urged to review these materials, including the latest technical
reports filed with respect to the Company's mineral
properties.
SOURCE Black Mammoth Metals Corp