Excelsior Drilling Program Targets High-Grade Gold with Second Rig Mobilising
Mammoth Minerals has initiated its first-ever diamond drilling campaign at the Excelsior Gold-Silver Project in Nevada, aiming to unlock detailed geological insights and advance metallurgical testing. Meanwhile, the company has deferred payment terms on its Skyline Copper Project in Canada as it sharpens focus on US gold assets.
- First-ever diamond drilling commenced at Excelsior Gold-Silver Project, Nevada
- Second diamond drill rig to arrive soon to accelerate exploration
- Drilling targets structural controls on high-grade gold mineralisation
- Metallurgical and geotechnical sampling underway to guide processing
- Deferred consideration for Skyline Copper Project extended to November 2025
Diamond Drilling Breakthrough at Excelsior
Mammoth Minerals Limited (ASX – M79) has embarked on a significant milestone with the commencement of its maiden diamond drilling program at the Excelsior Gold-Silver Project in Nevada, USA. This marks the first time diamond drilling is being conducted at the site, a step up from previous reverse circulation drilling efforts. The enhanced geological data expected from diamond core samples will provide the company with a clearer understanding of the structural controls influencing the high-grade gold mineralisation along the 5-kilometre Buster Trend.
To expedite the program, a second diamond drill rig is scheduled to arrive within the next two weeks, reflecting Mammoth’s commitment to accelerating exploration activities. The drilling campaign aims to follow up on impressive historic intercepts, including intervals exceeding 50 metres at grades above 4 grams per tonne gold, with some sections showing even higher concentrations.
Unlocking Metallurgical and Geotechnical Insights
Beyond defining mineralisation geometry, the diamond drill cores will be subjected to metallurgical testing to assess leaching characteristics. This is a critical step in determining the most effective processing pathways and estimating potential metal recoveries. The company anticipates that heap leaching, combined with other processing methods, could be viable given regional precedents.
Geotechnical logging is also underway to support future development studies, providing essential data on rock stability and mine planning. Complementing the drilling, recent channel sampling at the Blue Dick Underground Mine has yielded high-grade silver assays, with results currently being expedited.
Strategic Portfolio Management and Deferred Consideration
In parallel with its US exploration focus, Mammoth Minerals announced a mutual agreement to defer the consideration payment for the Skyline Copper Project in Newfoundland, Canada, now due by 30 November 2025. This deferral includes a cash component and a substantial share allocation, allowing both parties additional time to explore monetisation options.
Managing Director Glenn Poole emphasized the company’s strategic pivot towards becoming a dedicated US gold explorer, highlighting recent divestments such as the Paterson Project sale to Cloudbreak PLC. Mammoth is actively evaluating opportunities for joint ventures, sales, or spin-outs to optimise its portfolio and fund ongoing exploration.
With multiple technical and corporate work streams advancing, Mammoth Minerals is positioning itself to unlock value across its diverse asset base, balancing near-term drilling results with longer-term commercialisation strategies.
Bottom Line?
Mammoth’s diamond drilling at Excelsior could redefine its US gold prospects, but investors await assay and metallurgical results to gauge true potential.
Questions in the middle?
- What will the upcoming assay results reveal about the scale and grade of mineralisation at Excelsior?
- How might metallurgical testing outcomes influence the project's processing strategy and economics?
- What are the implications of the deferred Skyline Copper Project consideration on Mammoth’s capital and strategic plans?
