Mammoth Minerals Initiates First RC Drilling at Blue Dick Silver-Gold Prospect, Excelsior Springs, Nevada

Mammoth Minerals’ Nevada Exploration Strategy and Project Overview

Mammoth Minerals Limited, an ASX-listed explorer headquartered in Claremont, Western Australia, focuses on discovering economically viable mineral deposits at its Excelsior Springs Project in Nevada, USA. The company holds a portfolio of prospective exploration claims within the Excelsior Springs district, encompassing multiple mineral prospects with historical mining activity such as the Blue Dick underground mine, Imperial Gold Mine, and Railroad Springs workings. Mammoth’s exploration strategy leverages modern exploration techniques, geophysical surveys, and systematic sampling to target historical mining areas that have not undergone contemporary drilling or comprehensive geophysical analysis.

The Excelsior Springs Project offers a district-scale opportunity within a mineral-rich region known for precious and base metals. Mammoth employs detailed mapping and sampling to develop drill targets based on structural geology, geophysical data, and historical production records. The Blue Dick prospect alone features over 6.5 kilometres of mapped strike length with historical underground workings indicating significant past mining activity. Situated in Nevada, the project benefits from established infrastructure and a proven metallogenic province with confirmed economic mineralisation.

Blue Dick Prospect: Targeting Bonanza-Grade Silver and Gold Mineralisation

The Blue Dick prospect is the primary focus of Mammoth’s current drilling campaign, hosting some of the highest-grade surface samples within the Excelsior Springs Project. Channel sampling has returned exceptional grades, including 0.20m at 17,582g/t silver, 0.75g/t gold, 2.76% copper, and 1.72% antimony, confirming bonanza-grade precious metal mineralisation at surface. Rock chip samples from Blue Dick have assayed up to 15,336g/t silver, 7.46g/t gold, 2.53% copper, and 0.31% antimony. Additional rock chips returned 3,945g/t silver, 14.4g/t gold, 0.73% copper, 0.17% antimony, and 1,500g/t silver, 7.65g/t gold, 0.55% copper, 0.66% antimony.

This high-grade surface mineralisation has never been drill tested or assessed with modern exploration methods, presenting significant discovery potential. The prospect includes the historic Blue Dick underground mine, with over 6.5 kilometres of mapped workings along multiple high-grade silver and gold trends. The maiden drilling program aims to test extensions of this mineralisation both along strike and at depth to establish continuity and economic viability. Managing Director Glenn Poole highlighted that the bonanza-type grades in surface samples strongly indicate a metal-rich hydrothermal system warranting systematic modern drilling evaluation.

Diverse Silver and Gold Mineralisation Styles at Blue Dick

Exploration at Blue Dick has revealed multiple distinct high-grade silver and gold mineralisation trends within the prospect, indicating a complex hydrothermal system with various mineralisation phases or styles. Channel sampling includes 0.50m at 3,407g/t silver, 0.54% copper, and 0.47% antimony, with rock chip samples ranging from 1,134g/t to 3,945g/t silver and gold values between 0.73g/t and 14.4g/t. This grade and elemental variability suggests multiple mineralised lodes or zones within a broader system. The polymetallic nature involving silver, gold, copper, and antimony points to hydrothermal activity producing several economic mineralisation styles within the same structural framework.

Mapping has documented these trends over a cumulative strike length exceeding 6.5 kilometres, with historical workings indicating selective mining of the highest-grade zones. Prior miners exploited surface mineralisation without modern exploration tools or drilling, but many high-grade trends remain untested by drilling. Additional concealed structures likely exist beneath shallow cover, providing opportunities for systematic drilling to expand mineralisation along strike and at depth.

Buster Gold Trend and Fault Feeder Structure Exploration

The RC drilling program also targets untested gold mineralisation along the Buster Trend, where over 21 kilometres of historical drilling has focused on gold zones. Geophysical surveys have identified deep "feeder fault" structures interpreted as large-scale faults that likely channelled mineralised fluids into limestone host units. These targets extend over 700 metres along strike from the historic Buster Gold Mine and represent walk-up drill targets based on integrated structural and geophysical data. The geological model suggests major fault conduits facilitated metal-bearing fluid flow, precipitating gold within limestone horizons.

Managing Director Glenn Poole emphasized targeting priority geophysical fault feeder structures within the Buster shear zone. The extensive historic drilling confirms the structural framework and gold potential. Current drilling focuses on these geophysical targets to evaluate feeder systems delivering mineralisation to limestone hosts. A maiden Mineral Resource Estimate for Buster is expected later this quarter, marking a significant milestone in project evaluation.

Imperial Gold Mine: Follow-Up on Historical Gold and Silver Zones

The Imperial Gold Mine is a historically productive precious metals site with documented gold mining. Previous drilling near the Imperial shear zone returned notable gold intercepts, including 28.96 metres at 2.23g/t gold from 3.05 metres (hole IR-29), featuring a 3.05-metre interval at 9.95g/t gold from 21.34 metres. Another intercept (hole IR-4) yielded 13.72 metres at 4.74g/t gold from 30.48 metres, including 3.05 metres at 15.61g/t gold from 32.0 metres. Additional intercepts include 32.0 metres at 1.09g/t gold, 12.19 metres at 0.99g/t gold, and 7.62 metres at 1.68g/t gold, confirming significant gold mineralisation within the Imperial shear zone.

The current drilling will also test recently identified high-grade silver zones at Imperial. Recent assays include 1,631g/t silver, 0.3g/t gold, 0.34% antimony, 3.8% lead, 1.9% zinc; 1,352g/t silver, 0.3g/t gold, 5.7% lead; and additional samples with up to 1,323g/t silver, 0.2-0.3g/t gold, antimony, lead, and zinc. These results demonstrate the presence of both gold and high-grade silver mineralisation, warranting systematic drilling. The Imperial area offers significant growth potential due to drill-proven gold grades, historical mining, and newly discovered silver zones.

Railroad Springs Silver Target and Comparison to Tonopah West Project

The Railroad Springs area within Excelsior Springs has been advanced as a walk-up drill target following consistent silver and supporting gold results from recent sampling. Historical workings at Railroad Springs have not undergone modern exploration or systematic drilling. Recent assays include 1,631g/t silver, 0.3g/t gold, 0.34% antimony, 3.8% lead, 1.9% zinc, and 1,352g/t silver, 0.3g/t gold, 5.7% lead, confirming high-grade silver mineralisation at surface. This positions Railroad Springs as a priority target for later stages of the RC drilling program.

Mammoth Minerals notes that Blue Dick and Railroad Springs prospects are comparable in scale and surface grade to the nearby Tonopah West Silver Project, which hosts an 8.29 million tonne resource at 462g/t silver equivalent and is being developed by Blackrock Silver. A key advantage is that Blue Dick and Railroad Springs mineralisation is exposed at surface, requiring minimal excavation to access high-grade zones, unlike other deposits needing substantial stripping or deep development. This offers potential economic benefits regarding pre-mining stripping ratios and early-stage access. Their proximity to advancing regional silver projects highlights the Excelsior Springs district’s mineral richness and potential for large-scale economic precious metals mineralisation.

RC Drilling Program Details and Execution Plan

Mammoth Minerals has mobilized an RC rig to Excelsior Springs to conduct a drilling campaign testing multiple priority targets. The program begins with a short phase targeting high-priority gold mineralisation along the Buster Trend, focusing on geophysical fault structures over 700 metres strike from the historic Buster Gold Mine. Afterward, drilling will shift to the main campaign objective: testing high-grade silver-gold trends at Blue Dick through maiden drilling of the historic underground mine and adjacent mineralised zones.

The drilling aims to test extensions of surface mineralisation at depth and along strike to determine if bonanza-grade surface samples represent shallow enrichment or part of a larger continuous system. The program also includes follow-up drilling at Imperial Gold Mine targeting historical gold intercepts and new high-grade silver zones, then advancing to Railroad Springs for silver mineralisation testing. Mammoth expects ongoing assay results during drilling, with a maiden Mineral Resource Estimate for Buster anticipated later this quarter.

Applying Modern Exploration to Historic Mining Districts

Mammoth Minerals’ exploration approach integrates modern techniques, geophysical surveys, and systematic drilling in historically mined districts with proven economic mineralisation. Geophysical surveys across Excelsior Springs have identified fault structures and geological features controlling mineralisation, generating drill targets such as feeder faults at Buster. Systematic mapping and sampling have identified high-grade trends and expanded understanding of district mineral systems, creating a pipeline of walk-up drill targets.

Historical mines at Blue Dick, Imperial, and Railroad Springs validate precious and base metal mineralisation but have not been evaluated with modern exploration or drilling. Managing Director Glenn Poole noted this drilling campaign represents the first modern exploration at Blue Dick, with potential additional structures concealed beneath shallow cover that prevented historical detection. This strategy combines historical evidence with current technology to efficiently evaluate and expand the resource base, maximizing exploration investment effectiveness.

Investment Insights and Exploration Risks

Investors should recognize Mammoth Minerals is in the exploration phase, with drilling designed to test unproven mineral occurrences and define economic potential. Although surface samples at Blue Dick show bonanza-grade precious metals and historical drilling records indicate high grades, these do not guarantee economic mineralisation or a mineable resource. Drilling may reveal that surface grades do not persist at depth, mineralisation is discontinuous, or grades fall below economic thresholds. No mineral resource estimates have yet been reported for drill targets, and the Buster Mineral Resource Estimate is pending completion of drilling and assays.

Exploration and operational risks include Nevada’s regulatory environment requiring permits and approvals for mining activities. The bonanza-grade surface samples at Blue Dick may reflect selective sampling rather than average grades across the deposit. Rock chip and channel assays are point samples and may not represent bulk or mining-recoverable grades. The company’s ability to complete drilling on schedule and budget, secure approvals, and advance discoveries depends on funding, operational, and regulatory factors. Investors should review detailed disclosures and seek professional financial advice before investing.