Following this drill permit approval and the recently announced two year surface access agreements (refer to press releases dated
Mammoth is required to transfer the Centerra permit approval to itself and this transfer is underway and is expected to imminently be completed.
Having gained surface access approval in late December from the second of two communities (ejidos) governing surface access at Tenoriba, Mammoth will soon initiate its drill targeting confidence program, including in-fill geophysics and some additional confirmation mapping and sampling. The in-fill IP-Mag geophysics survey is intended to cover most of the 60 percent of the remaining surface mineralized area mapped, sampled and drill tested over an approximate 6 kilometre strike length of mineralization at Tenoriba, not covered in Mammoth's initial geophysics program. Data from this in-fill survey will be incorporated into the 3D interpretation of the historical IP-Mag survey, currently underway. The combination of geophysics, surface and drill data into the 3D model coupled with observations and recommendations from the recent project review by a third-party PhD geologist, will enable Company geologists to have the best picture of the drill target opportunities along this 6 kilometre strike length from which the first 50 drill holes of a planned extensive drilling program at Tenoriba will be targeted. Mammoth plans to commence this drill program before the end of the first quarter 2021. Once all this information is reviewed and additional drill targets identified, it's likely Mammoth will apply for an extension of the currently approved drill permit enabling the Company to test additional targets in the western half of the 6 kilometre trend of mineralization at Tenoriba.
Mammoth will announce results from these additional activities once results are available.
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Forward Looking Information
This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.
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