Mammoth Minerals Initiates First RC Drilling at Blue Dick Silver-Gold Prospect in Nevada

Mammoth Minerals’ Nevada Exploration Assets and Strategy

Mammoth Minerals Limited, listed on the ASX, focuses on discovering economically viable mineral deposits at its Excelsior Springs Project in Nevada, USA. Headquartered in Claremont, Western Australia, the company has secured a portfolio of exploration claims within the Excelsior Springs district, which includes multiple prospects with historic mining activity such as the Blue Dick underground mine, Imperial Gold Mine, and Railroad Springs workings. Their exploration strategy employs modern techniques, geophysical surveys, and systematic sampling to evaluate areas with historical mining but lacking contemporary drilling or comprehensive geophysical analysis.

The Excelsior Springs Project offers a district-scale exploration opportunity in a well-established precious and base metals region. Mammoth Minerals applies 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 significant past underground workings. Located in Nevada, the project benefits from a proven mineral-rich metallogenic province with existing infrastructure and historical validation of mineralisation.

Blue Dick Prospect: Targeting Bonanza-Grade Silver and Gold

The Blue Dick prospect is the focal point of Mammoth’s current drilling efforts, hosting some of the highest-grade surface samples at 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, indicating bonanza-grade precious metals at surface. Rock chip assays have reached up to 15,336g/t silver, 7.46g/t gold, 2.53% copper, and 0.31% antimony. Additional samples show consistent high grades, such as 3,945g/t silver, 14.4g/t gold, 0.73% copper, and 0.17% antimony, and 1,500g/t silver, 7.65g/t gold, 0.55% copper, and 0.66% antimony.

This high-grade surface mineralisation has never undergone drilling or modern evaluation, presenting significant discovery potential. The historic Blue Dick underground mine features over 6.5 kilometres of mapped workings across multiple high-grade silver and gold trends. The maiden drilling program aims to test extensions of this mineralisation along strike and at depth to assess 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.

Multiple Mineralisation Styles at Blue Dick

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

Mammoth’s mapping has documented these trends over a surface strike length exceeding 6.5 kilometres, with historical workings suggesting selective mining of the highest-grade zones. Previous miners exploited accessible surface mineralisation without modern tools or drilling, but many high-grade trends remain untested by drilling. Additional structures likely exist beneath shallow cover, inaccessible to historical miners, offering opportunities for systematic drilling to expand mineralisation along strike and at depth.

Buster Trend and Geophysical Fault Feeder Targets

The RC drilling campaign 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 may have channelled mineralised fluids into limestone host units. These targets extend over 700 metres along strike from the historical Buster Gold Mine, providing walk-up drill targets based on integrated structural and geophysical interpretation. The geological model suggests major faults acted as conduits for metal-bearing fluids precipitating gold within limestone horizons.

Managing Director Glenn Poole stated the company is prioritising geophysical targets interpreted as large fault feeder structures within the Buster shear zone. The extensive historical drilling confirms the structural framework and gold potential. Current drilling focuses on these fault structures that may have delivered mineralisation to limestone hosts. A maiden Mineral Resource Estimate for Buster is expected later this quarter, marking a key milestone in evaluating this Excelsior Springs segment.

Imperial Gold Mine Historical Intercepts and Silver Zone Follow-Up

The Imperial Gold Mine is a historically productive precious metals site with documented gold mining. Previous drilling near the Imperial shear zone returned significant gold intercepts including 28.96 metres at 2.23g/t gold from 3.05 metres depth (hole IR-29), with an internal 3.05 metres 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 historical 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, demonstrating significant gold mineralisation.

The current drilling will also test recently identified high-grade silver zones at Imperial. Recent samples returned 1,631g/t silver, 0.3g/t gold, 0.34% antimony, 3.8% lead, and 1.9% zinc; 1,352g/t silver, 0.3g/t gold, and 5.7% lead; plus 1,323g/t silver, 0.2g/t gold; and 1,301g/t silver, 0.3g/t gold, 0.26% antimony, 2.2% lead, and 1.65% zinc. These assays confirm the presence of both gold and high-grade silver mineralisation warranting systematic drilling. The Imperial prospect offers growth potential from drill-proven gold grades, historical production, and new silver zones.

Railroad Springs Silver Target and Tonopah West Comparison

The Railroad Springs area within Excelsior Springs has emerged as a walk-up drill target following recent sampling that returned consistent silver and supporting gold values. Historical workings here have not undergone modern exploration or systematic drilling. Recent sampling includes 1,631g/t silver, 0.3g/t gold, 0.34% antimony, 3.8% lead, and 1.9% zinc; and 1,352g/t silver, 0.3g/t gold, and 5.7% lead, confirming high-grade silver mineralisation at surface. Railroad Springs is prioritized 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 8.29 million tonnes 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 some deposits needing extensive stripping or deep development. This offers potential economic benefits in 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 precious metals deposits.

RC Drilling Program Details and Execution Plan

Mammoth Minerals has deployed an RC rig at Excelsior Springs to test 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 from the historical Buster Gold Mine. Afterward, drilling will shift to the main objective: testing high-grade silver-gold trends at Blue Dick, including the historic underground mine and surrounding 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 mineralised system. Follow-up drilling at Imperial Gold Mine will target historical gold intercepts and new silver zones before moving to Railroad Springs for silver mineralisation testing. Assay results will be released progressively, with a maiden Mineral Resource Estimate for Buster expected later this quarter.

Applying Modern Exploration to Historic Mining Districts

Mammoth’s exploration approach combines modern techniques, geophysical surveys, and systematic drilling in historically mined districts with proven economic mineralisation. Geophysical surveys have identified fault structures controlling mineralisation, generating drill targets like Buster’s feeder faults. Mapping and sampling have expanded knowledge of mineral systems, creating a pipeline of walk-up drill targets.

Historic mines at Blue Dick, Imperial, and Railroad Springs validate precious and base metal mineralisation but lack modern evaluation. Managing Director Glenn Poole emphasized that Mammoth’s drilling represents the first modern exploration at Blue Dick, with potential additional structures hidden beneath shallow cover. This strategy leverages historical data with current technology to efficiently expand the resource base.

Investment Insights and Exploration Risks

Investors should note Mammoth Minerals is in the exploration phase, with drilling designed to test unproven mineral occurrences and assess economic potential. Although surface samples at Blue Dick show bonanza-grade precious metals and historical drilling indicates high grades, these do not guarantee economic mineralisation or a mineable resource. Drilling may reveal that surface grades do not extend at depth or that mineralisation is discontinuous or below economic thresholds. No mineral resource estimates have yet been reported for drill targets; the upcoming Buster estimate depends on drilling and assay completion.

Risks include regulatory requirements in Nevada for permits and approvals, and the possibility that bonanza-grade samples reflect selective rather than average grades. Rock chip and channel assays represent point samples and may not reflect bulk or mining grades. The company’s ability to complete drilling on time and budget, secure approvals, and advance discoveries is subject to funding, operational, and regulatory uncertainties. Prospective investors should review detailed disclosures and seek professional advice before investing.