Mammoth Resources Corp. announced the results from an internal study performed by Company geologists which identified a target for further exploration ("Exploration Target", "Target") at Mammoth's 100% owned Tenoriba gold-silver exploration property in the Sierra Madre precious metal belt, Mexico. The study was performed under the guidelines of National Instrument 43-101, section 2.3 (2), including: the range of the quantity and grade of the Exploration Target among mixed oxidized-sulfide/transition zone mineralization and sulfide hosted gold-silver mineralization at Tenoriba. The report, available on Mammoth's website; Projects section, under Technical Reports. describes the basis upon which this Exploration Target has been determined. It should be noted that in accordance with NI 43-101 this Target is conceptual in nature and therefore it is uncertain whether further exploration will result in this Target being delineated. The Exploration Target has been determined for each of the three gold-silver mineralized areas at Tenoriba that span a four kilometre, east-west trend. From east to west the mineralized areas include; Carneritos, Masuparia and Moreno. Gold-silver mineralization within these three areas is separated into two mineralized domains; a surface to shallow oxidized plus mixed oxidized-sulfide horizon/domain ("Oxide-Mixed) and independently a deeper sulfide horizon/domain ("Sulfide"). Combining these two mineralized domains, the Exploration Target is suggested as a range of values based on; (1) 100% success in future resource definition drilling in the three areas, and employing average grades and interval lengths from prior drilling, and (2) a reduced Target based on an average 90% success in prior drilling across all areas (the drill
weighted success of prior drilling), and which is also determined and utilized for each of the three individual areas, similarly employing average grades and interval lengths from prior drilling. The upper range of the Exploration Target is based on 100% success in future drilling and assumes similar averages of grade and mineralized intervals. No allowance in the determination of the Exploration Target has been given for expansions of the three known areas of mineralization in additional areas at Tenoriba. The determination of the Exploration Target relies upon an abundance of geological data, including (1) surface geological mapping, (2) many hundreds of gold-silver soil, chip and channel samples, (3)
Terraspeck alteration clay sample analysis of surface and drill core, (4) a three-dimensional interpretation of surface geophysical data, and (5) gold-silver values from 55 diamond drill holes. A drill plan, to determine an initial Inferred mineral resource within this Target, follows the recommendations of an independent drill hole spacing analysis. This analysis suggests a drill hole spacing of 80 m between holes at the Carneritos and Moreno areas and spacing of 40 m at the Masuparia area. The methodology employed to calculate the target for further exploration included the determination of: (1) the surface area of potentially economically mineralized material based on available surface geological, sample and drill data, (2) segregation of the target for further exploration into two mineralized horizons/domains; a mixed oxidized-sulfide/transition zone domain and separately a sulfide domain, (3) estimated true width of drill core intervals grading above a 0.18 g/t gold equivalent cut-off grade, (4) rock density, and (5) taking into account the success of prior drilling intersecting potentially economical gold-silver mineralized intervals in each of the three target areas at Tenoriba. The target for further exploration was assigned a range based on two parameters; 100% success in future drilling and this upper level reduced based on the success of prior drilling having intersected potentially economical intervals of gold-silver mineralization. Based on the historical geological data and the methodology employed, a range for the target for further exploration was determined for each of the three target areas within the two mineralized horizons/domains. Combining the two domains, the target for further exploration at 100% success in future resource drilling, employing average grades and interval lengths from prior drilling was 96,119,919 tonnes at a grade of 0.61 g/t gold equivalent totalling 1,871,624 gold equivalent ounces. The combined domain target for further exploration, based on an average 90% success in prior drilling across all areas, and employing average grades and interval lengths from prior drilling was 1,687,178 gold equivalent ounces. The Company recommends that based on the combination of many hundreds of gold-silver sample values observed on surface and in drill core within the three principal areas of mineralization at Tenoriba, coupled with the high rates of gold-silver dissolution-recovery from the preliminary metallurgical tests and the range of values calculated for the Exploration Target, that resource definition drilling to define an Inferred mineral resource following the recommended drill hole spacing, be advanced in the suggested three phases of drilling at Tenoriba. Exploration Targets: The determination of the Exploration Target relied on prior drilling which intersected potentially economical intervals of gold-silver
mineralization within the designated surface areas. Carneritos Area: Prior drilling was 94% successful in encountering potential economical gold-silver mineralized intervals in
historic drilling, with this ratio of success establishing the lower range of the Target. The upper end of the range is based on 100% success in future resource definition drilling. Masuparia Area: Prior drilling was 72% successful in encountering potential economical gold-silver mineralized intervals in historic drilling, with this ratio of success establishing the lower range of the Target while the upper end of the range is based on 100% success in future resource definition drilling. Moreno Area: Prior drilling was 88% successful in encountering potential economical gold-silver mineralized intervals in historic drilling, with this ratio of success establishing the lower range of the Target while the upper end of
the range is based on 100% success in future resource definition drilling.