Mammoth Minerals Secures A$7.5M to Boost Nevada Gold Exploration
Mammoth Minerals has raised A$7.5 million through a placement to accelerate exploration at its high-grade Excelsior and Bella Gold Projects in Nevada, aiming to unlock significant gold potential.
- A$7.5 million placement at $0.12 per share to fund exploration
- Expansion of Excelsior landholding by 340% to 83.6km
- Drilling and geophysical surveys targeting 7.3km Buster Trend
- Metallurgical testing underway to assess gold recovery
- Ongoing exploration and permitting at Bella Gold Project
Capital Raise to Accelerate Exploration
Mammoth Minerals Limited (ASX, M79) has announced a successful placement raising A$7.5 million at $0.12 per share, aimed at fast-tracking exploration activities across its high-grade gold projects in Nevada, USA. The funds will primarily support drilling, geophysical surveys, metallurgical testing, and permitting efforts at the Excelsior and Bella Gold Projects.
Significant Land Expansion and Target Development
Since acquiring the Excelsior Gold Project in August, Mammoth has expanded its landholding by 340%, now controlling 83.6 square kilometres. This expansion underpins the company’s confidence in the district’s potential, particularly along the Buster Trend, which recent geophysical interpretation has extended to a strike length of 7.3 kilometres. Multiple mineralisation styles have been identified, drawing parallels to the nearby Goldfield Caldera, a prolific 4.2 million ounce gold producer.
Exploration and Technical Advances
The company has completed extensive groundwork including high-resolution magnetics, LiDAR surveys, and 3D geological modelling. Initial diamond drilling has validated the geological model and confirmed shallow, high-grade gold extensions. Complementary geophysical techniques such as Controlled Source Audio-frequency Magnetotellurics (CSAMT) are being used to refine target horizons for upcoming drill programs.
Metallurgical Testing and Bella Project Progress
Metallurgical testing on drill core from the Buster Trend is underway to determine gold recovery rates and processing options, a critical step towards assessing the economic viability of the mineralisation. Meanwhile, exploration at the Bella Gold Project in South Dakota continues with mapping, sampling, geophysical imaging, and drill permitting, reinforcing Mammoth’s commitment to its US-focused gold exploration strategy.
Looking Ahead
Managing Director Glenn Poole highlighted that the capital raise enables Mammoth to explore the expanded Buster Trend and evaluate new targets associated with a large intrusive feature. The company anticipates multiple forthcoming updates including assay results from drilling campaigns, further geophysical data interpretation, and metallurgical outcomes, which will be pivotal in defining the projects’ potential scale and value.
Bottom Line?
Mammoth’s fresh capital injection sets the stage for a pivotal exploration phase that could reshape its Nevada gold prospects.
Questions in the middle?
- What will the upcoming assay results reveal about the grade and extent of mineralisation?
- How will metallurgical test outcomes influence processing strategies and project economics?
- Could Mammoth’s expanded land position lead to a significant resource upgrade or new discoveries?
