Drill Results
Mammoth Receives Updated Drill Quote Illustrating Low US$1.70 Per Gold Equivalent Ounce Cost To Drill Initial 500,000 Ounce Exploration Target At Its Tenoriba, Gold-Silver Property, Mexico
Mammoth Resources Corp.
Executive Summary
- Mammoth Resources has secured updated drill contractor quotes for its Tenoriba gold-silver property in Mexico.
- The quoted cost is US$1.70 per Gold Equivalent (AuEq) ounce to drill an initial 500,000 ounce exploration target.
- Phase 1 drilling targets the Carneritos zone with 60 holes totaling 3,000 meters to define a maiden Inferred mineral resource.
- Estimated cost for Phase 1 is US$910,000 (C$1,250,000), inclusive of all contractor costs and contingencies.
- The company plans to confirm drill permit status and re-engage with the local community before commencing drilling.
- This follows previous announcements regarding metallurgical test results showing 87% gold recovery and draw point identification in February 2026.
Material Impact
- Positive Confirmation of Economics: The US$1.70/oz drill cost is exceptionally low compared to industry averages, significantly de-risking the project economics relative to current gold prices (noted as over $5,000/oz in CEO quote).
- Execution Progression: This news confirms the execution phase following the metallurgical validation and financing completed in 2025. It moves the company from planning to operational readiness for Phase 1.
- Funding Gap Risk: The August 2025 private placement raised C$980,000. The quoted cost for Phase 1 alone is C$1,250,000. This indicates a potential funding shortfall of approximately C$270,000 if the previous capital has been fully utilized or allocated to working capital as stated in the financing terms (40% WC).
- Incremental Nature: The news does not announce new financing or a resource estimate update; it provides cost estimates for previously announced targets. Therefore, while positive, it is incremental rather than transformative at this stage.
MTH · Price
Company Overview
- Company: Mammoth Resources Corp. (TSXV: MTH / OTC: MMMRF).
- Flagship Project: Tenoriba Gold-Silver Property, Sierra Madre precious metal belt, Chihuahua State, Mexico.
- Project Status: Exploration/Development phase with completed drilling campaigns and metallurgical testing.
- Mine Type: Potential for open-pit mining and heap-leach processing on oxide-mixed horizons; deeper sulfide horizon identified.
- Exploration Target: 1.8 million AuEq ounces total target (includes Oxide-Mixed and Sulfide horizons). Phase 1 targets ~500,000 oz.
- Ownership: 100% owned property covering 5,333 hectares with an 18 km² gold-silver footprint.
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Feb 26, 2026 · 07:01