No.24-16 BMM:
TSX-V
VANCOUVER, BC, Oct. 28,
2024 /CNW/ - Black Mammoth Metals
Corporation (TSXV: BMM) (OTC: LQRCF) ("Black Mammoth"
or the "Company") is pleased to announce the closing of the
private placement, previously disclosed in a press release dated
October 22, 2024, for gross proceeds
of $3,220,000 consisting of 4,600,000
units ("the Units") at a price of $0.70 per Unit, initiated by price reservation.
Each Unit consists of one common share of the Company ("the
Shares") and one-half common share purchase warrant (the
"Warrants"), with each full warrant exercisable into one common
share of the Company for a period of 2 years from the issue date at
an exercise price of $1.10. The Units
will be subject to a four‐month hold period from the date of
closing. The Company intends on using the proceeds of the Offering
for its exploration properties, its America Mine property, its
non-core exploration interests, general working capital and for
potential acquisitions.
The Company paid a finder's fee of $50,400 in cash commission and 72,000 finder's
warrants to Haywood Securities Inc. The non-transferable
finder's warrants are exercisable into one common share of the
Company for a period of 2 years from the issue date at an exercise
price of $1.10.
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 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 nor
verified the historical information.
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
