Mammoth Minerals Initiates First RC Drilling at Blue Dick Silver-Gold Prospect in Nevada's Excelsior Springs Project

Mammoth Minerals’ Nevada Exploration Platform and Project Assets

Mammoth Minerals Limited, an ASX-listed explorer based in Claremont, Western Australia, focuses on discovering economically viable mineral deposits within its Excelsior Springs Project in Nevada, USA. The company has consolidated a portfolio of promising exploration claims across the Excelsior Springs district, which encompasses multiple mineral prospects with historical mining activity, including the Blue Dick underground mine, Imperial Gold Mine, and Railroad Springs workings. Mammoth’s exploration strategy involves deploying modern exploration techniques, geophysical surveys, and systematic sampling to areas historically mined but never subjected to contemporary drilling or comprehensive geophysical analysis.

The Excelsior Springs Project offers a district-scale opportunity situated in a well-established precious and base metals region. Mammoth employs methodical mapping and sampling to generate drill targets informed by structural interpretations, geophysical data, and historic production records. The Blue Dick prospect alone features over 6.5 kilometres of mapped strike length with extensive historical underground workings, indicative of significant past mining. The project's location in Nevada provides access to a proven mineral-rich metallogenic province with existing infrastructure and historical evidence of economic mineralisation.

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

The Blue Dick prospect is the centerpiece of Mammoth’s current drilling efforts, hosting some of the highest-grade surface mineralisation identified at Excelsior Springs. Channel sampling has revealed outstanding grades, including 0.20m at 17,582g/t silver, 0.75g/t gold, 2.76% copper, and 1.72% antimony, confirming bonanza-grade precious metals at surface. Rock chip assays from Blue Dick have reported values up to 15,336g/t silver, 7.46g/t gold, 2.53% copper, and 0.31% antimony. Consistent results across multiple samples include 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.

These high-grade surface mineralisations at Blue Dick have never been tested by drilling or evaluated with modern exploration methods, highlighting significant discovery potential. The prospect contains 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 along strike and at depth to determine continuity and economic viability. Managing Director Glenn Poole emphasized that the bonanza-type grades in surface samples strongly indicate a metal-rich hydrothermal system warranting systematic modern drilling.

Multiple Mineralisation Styles Discovered at Blue Dick

Exploration at Blue Dick has identified several distinct high-grade silver and gold mineralisation trends within the prospect, suggesting a complex hydrothermal system with multiple mineralisation phases. Channel samples include 0.50m at 3,407g/t silver, 0.54% copper, and 0.47% antimony, alongside rock chips ranging from 1,134g/t to 3,945g/t silver with gold values between 0.73g/t and 14.4g/t. This grade and element variability indicates multiple mineralised lodes or segments of a broader mineral system. The polymetallic association of silver, gold, copper, and antimony points to diverse hydrothermal activity producing several economic mineralisation styles within the same structural framework.

Mammoth’s mapping has documented these trends over a cumulative surface strike length exceeding 6.5 kilometres, with historical workings indicating 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 mineralised structures likely lie beneath shallow cover, inaccessible to historical miners, offering opportunities for systematic drilling to expand known mineralisation along strike and at depth.

Buster Gold Trend and Fault Feeder Structure Targets

The RC drilling program will also investigate untested gold mineralisation along the Buster Trend, where over 21 kilometres of historical drilling have focused on gold zones. Geophysical surveys have delineated deep "feeder fault" structures interpreted as major faults that may have channelled mineralised fluids into limestone host rocks. These targets extend over 700 metres along strike from the historic Buster Gold Mine, representing accessible drill targets developed through integrated structural and geophysical analysis. Mammoth’s geological model suggests these faults acted as conduits for metal-bearing fluids precipitating gold within limestone horizons.

Managing Director Glenn Poole stated the company is prioritizing geophysical targets interpreted as large-scale fault feeders within the Buster shear zone. The extensive historical drilling confirms the structural framework and gold potential. Current drilling focuses on these geophysical faults that may have delivered mineralised fluids 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 Drilling

The Imperial Gold Mine is a historically productive precious metals site with documented gold mining. Past 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, confirming significant gold mineralisation within the Imperial shear zone.

Current drilling will also target recently identified high-grade silver zones at Imperial. Recent sampling returned 1,631g/t silver, 0.3g/t gold, 0.34% antimony, 3.8% lead, and 1.9% zinc, as well as 1,352g/t silver, 0.3g/t gold, and 5.7% lead. Additional silver assays include 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 results confirm the Imperial prospect hosts both gold and high-grade silver mineralisation meriting systematic drilling. The company highlights Imperial’s growth potential due to drill-proven gold grades, historical production, and newly identified silver zones.

Railroad Springs Silver Target and Tonopah West Comparison

Railroad Springs, within the Excelsior Springs Project, has emerged as a walk-up drill target after recent sampling revealed consistent silver values with supporting gold. Historical workings at Railroad Springs have not undergone modern exploration or systematic drilling. Sampling results include 1,631g/t silver, 0.3g/t gold, 0.34% antimony, 3.8% lead, and 1.9% zinc, plus 1,352g/t silver, 0.3g/t gold, and 5.7% lead, demonstrating high-grade surface silver mineralisation and positioning Railroad Springs as a priority for later drilling phases.

Mammoth notes that Blue Dick and Railroad Springs prospects compare in scale and surface grade to the nearby Tonopah West Silver Project, which holds a mineral resource of 8.29 million tonnes at 462g/t silver equivalent and is under development by Blackrock Silver. Mammoth highlights that Blue Dick and Railroad Springs mineralisation is exposed at surface with minimal excavation needed to access high-grade zones, unlike other silver deposits requiring extensive stripping or depth development. This geological advantage may reduce pre-mining stripping ratios and facilitate early-stage development. Proximity to advancing regional silver projects underscores the Excelsior Springs district’s mineral richness and potential for large-scale economic precious metals deposits.

RC Drilling Program Details and Execution Plan

Mammoth Minerals has mobilized an RC drilling rig to Excelsior Springs to test multiple priority targets. The program begins with a short phase focusing on high-priority gold mineralisation along the Buster Trend, targeting geophysically defined fault structures over 700 metres along strike from the historic Buster Gold Mine. After this, drilling will concentrate on the Blue Dick prospect, conducting maiden drilling of the historic underground mine and surrounding mineralised zones to test high-grade silver-gold trends.

The drilling aims to extend mapped 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 before moving to Railroad Springs to test silver mineralisation identified through recent sampling. Mammoth expects ongoing assay results throughout drilling, with a maiden Mineral Resource Estimate for Buster anticipated later this quarter.

Applying Modern Exploration to Historic Mining Districts

Mammoth’s exploration strategy emphasizes 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 delineated high-grade trends and expanded understanding of district mineral systems, creating a pipeline of accessible drill targets.

Historic mines at Blue Dick, Imperial, and Railroad Springs validate precious and base metal mineralisation but have not been assessed with contemporary exploration or drilling. Managing Director Glenn Poole noted Mammoth’s drilling represents the first modern exploration at Blue Dick, with potential additional structures concealed by shallow cover that historical miners could not detect. This approach leverages historical mineralisation evidence combined with current technical capabilities to efficiently evaluate and expand the resource base, maximizing exploration investment effectiveness.

Investment Insights and Exploration Risks

Investors should recognize Mammoth Minerals is at an exploration stage, with the current drilling designed to test unproven mineral occurrences and assess economic potential. Although surface sampling at Blue Dick has returned bonanza-grade assays and historical drilling shows high-grade results, these do not guarantee economic mineralisation or a mineable resource. Drilling may reveal that surface grades do not extend at depth, mineralisation is discontinuous, or grades fall below economic thresholds. No mineral resource estimates have been reported yet, with the Buster estimate pending completion of drilling and assays.

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