VANCOUVER, BC, Nov. 25, 2024 /CNW/ - Black Mammoth Metals Corporation (TSXV: BMM) (OTC: LQRCF) ("Black Mammoth" or the "Company") is pleased to announce silver, lead and gold values from rock chip sampling at its Leadore Silver-Lead property ("Leadore") in Lemhi County, Idaho. The new samples containing up to 2160 g/t (69.7 opt) silver and over 20% lead are accompanied by gold grades ranging from hundreds of ppb to 1 g/t (see Table 1). These samples confirm historical mining and drilling data, and the Company plans to evaluate the Property for a potentially larger and higher-grade target.
Figure 1. Location of the Leadore property, Lemhi County, Idaho. (CNW Group/Black Mammoth Metals Corp)
Table 1. Significant silver, lead and gold values from sampling program at Leadore, 2024. (CNW Group/Black Mammoth Metals Corp)
Figure 2. Rock samples from the Leadville pit, 2024. (CNW Group/Black Mammoth Metals Corp)
Figure 3. Cross-cutting, oxidized structures (8.48 g/t Ag & 1.63% Pb) in Leadville pit, 2024. (CNW Group/Black Mammoth Metals Corp)
Location:
The Leadore property with the historical Leadville, Kimmel and Baby Joe mines is located in the Junction Mining District in Lemhi County and is situated along the southwestern base of the Beaverhead Mountains, 80 kms SE of Salmon, Idaho (see Figure 1). Leadore has year-long access and is adjacent to a paved highway.
Claims Position:
The Company has recently expanded the Leadore claims position through staking, now totaling 74 Federal lode mining claims (1528 acres, 618 hectares approximately). The claims in the area of known mineralization and near the three historical mines are administered by the Bureau of Land Management, with part of the current claims position administered by the US Forest Service.
Past Operators:
The Leadville mine was established in 1904, and the first recorded production was in 1907 when a high-grade shipment was made. The three mines were operated intermittently and on a small scale until 1930. In 2012, an operator drilled six core holes to confirm historic drill assays and to test the size and extent of disseminated silver-lead mineralization in the footwall of the Leadville fault. The drilling was successful in achieving these goals and a new high-grade silver-lead mineralized zone was discovered.
Mineralization:
The silver-lead mineralization appears to be associated with a microbrecciated and sheared cataclastic granite porphyry along the contact with the underlying carbonate rocks. It is believed that the main mineralized zone remains open down-dip of this interpreted shear zone with repeated mineralized parallel structures possible along the range front.
Black Mammoth intends to conduct an Induced Polarization (IP) survey in 2024 and additional sampling and mapping campaigns to refine drill targets.
Acquisition Terms (in USD):
Black Mammoth optioned 11 federal mining claims (the "Option") from a private vendor (the "Vendor") in April 2024, covering the area of known mineralization around the three historical mines by making an aggregate of $100,000 in cash payments in accordance with the following schedule. The Option was considered a non-core asset:
Cash Payment Payment Date Status
$10,000 at signing paid
$30,000 1st anniversary -
$30,000 2nd anniversary -
$30,000 3rd anniversary -
$100,000 Total
There are no royalties, work commitment amounts, finder's fees or share compensation in connection with the Option.
Sampling Program:
The sampling program consisted of 38 rock chip samples collected and delivered to ALS Global in Elko, NV during October 2024; and analyzed using the following prep and analytical procedures as described in the ALS Global 2024 price list: Prep 31Y, Au-ICP22 (Using a 50gram charge, FA ICP-AES finish), ME MS41 (Ultra Trace ICP-MS). Over limit samples for Ag also were analyzed using Ag-OG46 and Ag-GRA21(30gram charge FA-Gravimetric finish). Over limit samples for Pb were analyzed using Pb-0G46.
About Black Mammoth Metals Corporation:
In 2024, Black Mammoth Metals acquired a 100% interest in:
East Reveille Gold property, Nye County, NV,
America Mine Gold property, San Bernardino, CA,
Quito Gold property, Lander County, NV
South Ravenswood and Callaghan Gold districts, 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.
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 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.
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