Situated in Nevada, Excelsior hosts historical production of 19,200oz of gold at 41g/t gold from shallow underground workings and hosts mineralisation similar to the nearby Goldfield Caldera which has produced 4.2Moz gold.
Meanwhile, the Bella project in South Dakota has returned rock chips grading more than 100g/t gold and sits just 20km along trend from the Homestake Mine, which has produced ~42Moz.
Since picking up Excelsior in August, Mammoth Minerals (ASX:M79) has increased the landholding by 340pc to 83.6km2, re-processed available geophysical data, acquired high-res magnetics and LiDAR data, completed a 3D underground survey of the Buster and Blue Dick underground mines – and defined a pipeline of targets.
The company has also completed initial diamond drilling, which confirmed the interpretation of the mineralisation geometry and the presence of shallow, high-grade extensions.
With fresh funding secured, the next phase focuses on RC and diamond drilling across the Buster Trend, which has recently been extended through interpretation of magnetics to a strike length of 7.3km.
Mammoth also expects upcoming metallurgical testwork to outline processing pathways and confirm recoveries.
Mammoth says the capital raise cements its position as a dedicated US-focused gold explorer and developer, and will allow the acceleration of exploration efforts in the country.
At the Bella project, mapping, rock chip sampling, soil sampling and channel sampling of key prospect areas will continue, with the aim of refining target extents and geometries as drill permitting progresses.
“We would like to thank both existing and new institutional and high net worth investors who have participated in this important capital raise, which will allow us to accelerate the substantial ongoing exploration efforts across the high-grade Excelsior and Bella gold assets in the USA,” M79 managing director Glenn Poole said.
“This additional funding gives us the impetus to adequately explore the expanded Buster Trend, which now extends over 7.3km of strike, and determine the potential scale of the new targets defined within and proximal to the 5.5km by 4.2km intrusive feature.
“Our upcoming news flow will include multiple batches of assay results from drilling and prospecting campaigns across regional targets, further outcomes from processing of the recently acquired magnetic data, metallurgical testwork results and further updates on our portfolio optimisation and divestment processes.”
Mammoth plans to spin out its polymetallic Blue Dick project in Nevada and Skyline Copper project in Canada through a proposed demerger, pending shareholder and regulatory approval.
