Production / Operations
Mammoth Identifies Draw Point Locations for Future Small-Scale Gold-Silver Mineral Extraction and Pilot Leach Testing at its Tenoriba Gold-Silver Property, Mexico
Mammoth advances Tenoriba pilot plans as near-term metallurgical signals reinforce exploration progress, while capital needs remain a gating factor
Executive Summary
- 2026-02-26: Mammoth identifies draw point locations for future small-scale gold-silver mineral extraction and pilot leach testing at Carneritos within Tenoriba (Mexico). Locations were chosen from surface and drill results, geology, and access considerations, with site and field checks planned to define surface footprint and size. Additional metallurgical testing (bottle/column tests) will validate recoveries for gold and silver from coarser near-surface material. The update signals continued incremental progress toward a pilot-scale mining/leaching pathway at Tenoriba, focusing on shallow oxidized material and near-term processing concepts. CEO Thomas Atkins provided supportive commentary on the potential to extract initial volumes from surface to shallow depths and to begin pilot leach testing.
- Prior to this, 2026-02-05 release reported positive metallurgical results from bottle roll tests on a coarser fraction from Carneritos: gold recovery 87% and silver recovery 67% from material roughly 20x coarser than earlier tests, with short primary leach periods. This reinforced the technical viability of heap leach processing on near-surface oxidized material and supported ongoing development activities at Tenoriba.
- 2025-11-06: Mammoth announced governance changes (new directors and CFO) and issued incentive options, alongside progress updates on Tenoriba activities and a strategic alliance with RM Mineria to advance development and pursue near-term production opportunities in Mexico. The material context is a broader push to reestablish the company’s development cadence after a pause and to secure strategic and financial support.
- 2025-06 to 2025-08: Series of financings and private placements (first tranche closed July 2025; overall upsized to CAD 980k in August 2025) to fund Tenoriba advancement and evaluate acquisitions. The private placements featured units comprised of common shares plus warrants (0.5 warrant per unit, 18-month terms; exercise price commonly CAD 0.05). The alliance with RM Mineria and the involvement of Berlanga Lopez and Berlanga Balderas as RM Mineria principals were highlighted as strategic assets to accelerate Tenoriba and pursue other opportunities in Mexico.
- 2025-02 to 2025-06: Mammoth explored production concepts at Tenoriba, considering small-scale production approaches (custom milling near a private 200 tpd mill) and heap-leach scenarios, with permitting considerations outlined and near-term testing anticipated. The company underscored the potential to supply feed to a nearby mill and to test dissolution/recovery parameters using DEZO, thiosulfate, and cyanide approaches, signaling a focus on practical, near-term processing pathways even as exploration continued.
Material Impact
- Overall assessment: The most recent news (2026-02-26) is positive in tone and material in the sense that it shows concrete steps toward pilot-scale testing at Tenoriba and expands the early-stage development program. It is incremental rather than transformative on its own, but it aligns with and extends the positive metallurgical signal from early February (87% Au recoveries, 67% Ag recoveries on coarser material) and builds the case for advancing Tenoriba through a defined pilot workflow.
- Alignment with history: The 2/26 update is consistent with the prior positive metallurgical results (2/5) and follows the broader strategy laid out in 2025-11 to reinitiate project activity with RM Mineria and to pursue near-term opportunities in Mexico. The ongoing private placements in 2025 support the capital needs to execute the described activities, though the financing cadence remains a gating factor for advancing larger-scale work.
- Market-moving potential: On its own, the 2/26 draw-point identification and plan for footprint delineation and metallurgical validation is supportive but not a game-changing disclosure. It confirms continued progress on Tenoriba and sets the stage for forthcoming testing results. The key near-term catalysts would be pilot test results (bottle tests/column tests) and any resource definition or permitting milestones, which would have clearer market impact.
- Risks and caveats: The project remains at exploration/pilot-stage with no defined economics yet. Key risks include permitting timelines, metallurgical variability, capital needs to sustain pilot programs, exchange-rate and Mexican regulatory risks, and dilution from ongoing equity financings. The royalty (2% NSR) and the potential buyback terms add financial considerations that investors should weigh against potential upside.
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Company Overview
- Mammoth Resources Corp. is a junior exploration company focused on the Tenoriba gold-silver project in Chihuahua, Mexico. Tenoriba is 100% owned by Mammoth (subject to a 2% NSR royalty purchasable for US$1.5 million). The project sits in the Sierra Madre belt and comprises concessions including Carneritos, Mapy, Mapy2, Mapy3, and Fernanda on a total size of about 5333 hectares. The project has progressed from exploration toward near-term processing concepts (heap leach and potential milling options) and is supported by a strategic alliance with RM Mineria S de RL de CV to pursue development and near-term production opportunities in Mexico. The recent metallurgical signals (high recoveries from coarser material) bolster the technical viability of early processing approaches, while ongoing draw-point selection and footprint delineation indicate active site work to define pilot-scale extraction routes.
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Apr 16, 2026 · 07:00