Mammoth Receives Drill Quote Illustrating Low US$1.50 Per Gold Equivalent Ounce Cost to Drill 1.8 Million Ounce Exploration Target at its Tenoriba, Gold-Silver Property, Mexico

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[{"type":"text","content":"Mammoth Receives Drill Quote Illustrating Low US$1.50 Per Gold Equivalent Ounce Cost to Drill 1.8 Million Ounce Exploration Target at its Tenoriba, Gold-Silver Property, Mexico\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Toronto, Canada –\n \n\n\n\n TheNewswire -\n \n\n\n September 11, 2024\n \n\n\n - Mammoth Resources Corp. (TSX-V: MTH),\n(the “Company”,\n \n\n\n\n or\n \n\n\n\n “Mammoth”)\n \n\n\n is pleased\n \n\n\n\n to announce that based on\nquotes received from various drill contractors, the Company sees a\ncompelling cost to success leverage opportunity in the previously\ndetermined 1.8 million ounce gold equivalent (\"gold\nEq\")(silver is converted to gold equivalent at ratio of 75 silver\nto one gold) Exploration Target relative to the quoted cost of\ndrilling the Target (refer to press release dated May 15, 2024 for\ndescription of the Exploration Target) at its Tenoriba gold-silver\nexploration property in the Sierra Madre precious metal belt,\nMexico.\n \n\n\n\n Based on the most competitive of the quotes received,\nan all inclusive cost of US$272/metre (m) drilled (drilling costs are\nquoted in US$ in Mexico), or at todays US:Canadian exchange rate;\nC$362/m is estimated. This quote includes drilling contractor and\nconsumables costs, access road maintenance, drill pad construction,\ndrill water supply, camp and equipment, all geological staffing plus\nsample collection, preparation and analysis, estimates of community\ncosts and includes a 15% contingency on quoted cost.\n \n\n\n\n Based on the recently announced Exploration Target (the\n\"Target\") and the three phases of drilling to define this\nTarget, the first phase of drilling in the Carneritos area, consisting\nof 60 drill holes to depths of approximately 50 m for a total of 3,000\nm drilling, would cost as little as US$816,000/C$1,100,000 to define\nthe initial surface to\n \n\n\n\n shallow depth, oxidized/transition zone (Oxide-Mixed)\nresource\n \n\n with a\n \n\n Target of 530,688 gold Eq\nounces\n \n\n , or a\n \n\n cost of US$1.54/C$2.07 per gold Eq\nounce\n \n\n . Refer to Table 2. Quoted Drill Cost per\nTarget Gold Equivalent Ounce Drilling - Phase One and Two Drilling for\nthe cost of drilling the first two of three phases of drilling\nrelative to the Exploration Target in each of the three mineraliz...

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