Mammoth Minerals Kicks Off Diamond Drilling at Excelsior Gold-Silver Project
Mammoth Minerals (ASX: M79) has initiated its maiden diamond drilling program at the Excelsior Gold-Silver Project in Nevada. The project, with a rich history, previously yielded 19,200oz of gold at an impressive 41g/t from the Buster Underground Mine.
The current program seeks to gather vital structural data to comprehend the controls of high-grade mineralization at Excelsior. This follows recent channel sampling at the Blue Dick Underground Mine, with assays currently in progress.
Property-wide magnetics and LIDAR surveys have commenced to enhance geological understanding. Additionally, a second diamond drill rig is set to arrive on site within two weeks to hasten the program. This will enable Mammoth to pursue several high-grade intercepts from previous exploration campaigns, including 51.8m at 4.00g/t Au and 33.5m at 5.35g/t Au.
In other news, Mammoth has divested its Paterson Project in Western Australia to London-listed Cloudbreak PLC, resulting in a holding currently valued at approximately A$5.0 million. The company has also negotiated a deferral of the consideration payment for its Skyline Copper Project in Newfoundland, with the deferred consideration due by November 30, 2025.
Mammoth's Excelsior project is primed for further exploration with the commencement of the diamond drilling program. The company's strategic decisions, including the divestment of the Paterson Project and the deferral of the Skyline Copper Project payment, reflect a focus on maximizing shareholder value.