No.24-13
BMM: TSX-V
VANCOUVER, BC, Sept. 10,
2024 /CNW/ - Black Mammoth Metals
Corporation (TSXV: BMM) (OTC: LQRCF) ("Black Mammoth"
or the "Company") is pleased to announce that Antelope Creek
Gold Corporation ("Antelope Creek"), a wholly owned subsidiary of
Black Mammoth, has consolidated most of the prospective ground at
South Ravenswood ("Ravenswood") and at Callaghan, both Carlin- type gold districts located in central
Nevada, 30 kms NW of Austin and 24 kms NE of Austin respectively, which includes the
acquisition of a substantial related data package.
Antelope Creek has signed a binding letter of intent (the "LOI")
dated August 30, 2024 to acquire the
Raven property at Ravenswood from an arms-length vendor (the
"Vendor") consisting of 153 lode claims (3140 acres or 1270
hectares) and has staked 20 lode claims (413 acres or 167
hectares). Together with its' current claims, the Company's claims
position at Ravenswood is approximately 2650 hectares or 26.5
square kilometers, virtually all contiguous, subject to royalties
and to the signing of a final agreement with the Vendor.
Antelope Creek has acquired the Vendor's Callaghan property also
through the LOI consisting of 120 lode claims (2479 acres or 1003
hectares), has signed an option agreement (the "Option Agreement")
dated September 6, 2024 with Nevada
Select Royalty ("Nevada Select") to earn a 100% interest in the
Charlie property consisting of 10 lode claims (206 acres or 83
hectares) and has staked 17 lode claims (351 acres or 142
hectares). Together with its' current claims, the Company's claims
position at Callaghan is approximately 1604 hectares or 16 square
kilometers, also subject to royalties and to the signing of a final
agreement with the Vendor.
Raven Property- North:
There are multiple drill-ready
shallow (30 to 200 meter deep) Carlin targets at Raven North within the
highly prospective lower plate Paleozoic Roberts Mountains
Formation ("Srm") underlying geochemical anomalies in upper plate
rocks and is located within an erosional window (the Ravenswood
Window) that exposes Srm in outcrop. Both the Raven North and South
areas are distal to a Cretaceous granodiorite stock which is at the
center of the district and is not part of the Company's claims
position. Drill target areas that have been identified at Raven
North include:
Monocline Target- is located at a prospective
intersection of high-angle structures and lower plate stratigraphy
where a gold anomaly in rocks occurs within upper-plate greenstones
overlying a faulted limb of monocline.
Pediment Target- is the offset extension of the Monocline
Target across a range-bounding fault where the structures may
represent reactivated feeder structure.
Western Target- South– is an untested gold soil anomaly
in upper plate rocks with lower plate rocks at shallow depths at an
intersection between two low-angle faults.
Western Target- North– is also an untested gold soil
anomaly in upper plate rocks with lower plate rocks at shallow
depths.
Raven Property- South:
A deep gold mineralized body
hosted by upper plate Ordovician calcareous siltstone, defined by
36 holes over a 1250-meter strike length. Potential for expansion
in Srm that underlies the upper plate host rocks.
Callaghan and Charlie Properties:
Drill targets have
been delineated through mapping, geochemistry and geophysics in
Cambrian-Ordovician lower plate rocks within the Callaghan Window.
Mineralization is associated with normal faults and anticlinal fold
hinges where there is widespread decalcification, jasperoids, gold
and pathfinder anomalism (As-Hg-Sb-Tl).
Charlie Target- NNW-SSE anticline in Cambrian rocks
intersects a NE-SW high angle normal fault where jasperoids and
decalcification developed within the platy limestone (lower
Cambrian) in the fold hinge. There is an excellent correlation of
the suite of indicator elements, gold, arsenic, and antimony, with
the high angle fault and the overall geological setting. Gold
mineralization is within shallow holes (deepest hole is 90 meters)
where lower plate favourable host stratigraphy expected to persist
until about 365 meters. The best drill intersection was hole
GV86-4 with 1.5m of 10.3 g/t Au at
53m of depth drilled by Lucerno
Resources in September 1986. The
reasonably shallow targets at Charlie have been poorly tested by
historical work.
Delta Target- comprises a conceptual fault sliver of
platy carbonate rocks (host unit at Charlie target) untested by
historical drilling. There is gold and pathfinder anomalism in
jasperoids and decalcified and silicified carbonates over more than
2 km strike length. Host rocks are interbedded Cambrian limestones
and phyllites that appears to be excised by an east-dipping normal
fault at surface; postulated to exist at depth.
Acquisition Terms (in USD):
Vendor-
LOI
Under the terms of the LOI, Antelope Creek may purchase
the Raven and Callaghan properties from the Vendor in exchange for
the payment of claims fees ($54,600
total fees- paid). The Vendor will also retain an NSR royalty on
these properties. Certain claims with an existing royalty interest
will be subject to an additional 0.5% NSR royalty while
unencumbered claims will be subject to a 1.0% NSR royalty, of which
0.25% can be repurchased prior to commercial production for
$500,000.
Nevada Select- Option
Under the terms of the Option
Agreement, Antelope Creek may purchase the Charlie property by
making an aggregate of $20,000 in
payments within 36 months ($5,000 at
signing- paid). A cash payment of $150,000 within 90 days of a 43-101 compliant
maiden resource declared. Nevada Select retains a 2% NSR.
There are no work commitment amounts, finder's fees or share
compensation in connection with the LOI or the Option.
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 nor
verified the historical information.
About Black Mammoth Metals Corporation:
In 2024, Black Mammoth Metals has acquired a 100% interest in
the America Mine gold property, San Bernardino, CA, the Quito gold property, Lander County, NV, and the Callaghan gold
property, 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.
On behalf of the board,
"Dustin Henderson"
Dustin Henderson, BBA
President & CEO
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
via www.sedarplus.ca and 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.
SOURCE Black Mammoth Metals Corp