Mammoth Minerals has kicked off its maiden diamond drilling at the Excelsior Springs Gold-Silver Project in Nevada, delivering multiple high-grade intercepts and expanding its landholding by 340%. A $7.5 million capital raise supports ongoing exploration across its Americas portfolio.
- Maiden diamond drilling program commenced at Excelsior Springs with promising high-grade gold intercepts
- Excelsior landholding expanded by 340% to 83km², incorporating multiple historic mineral occurrences
- High-grade polymetallic rock chip samples extend Blue Dick Trend to over 3km
- $7.5 million capital raise completed to fund exploration activities
- Progress on divestment of Paterson Copper-Gold Project to Cloudbreak Discovery PLC
Exploration Milestones at Excelsior Springs
Mammoth Minerals Limited (ASX, M79) has marked a significant step forward with the commencement of its maiden diamond drilling program at the Excelsior Springs Gold-Silver Project in Nevada, USA. Situated within the prolific Walker Lane Trend, Excelsior Springs has a rich history of high-grade gold production, including the Buster Mine which yielded over 19,000 ounces at 41 grams per tonne gold.
Initial drilling results have been encouraging, revealing multiple shallow, high-grade gold intercepts that validate the potential of the Buster Zone. These early assays suggest that previous exploration may have underestimated the scale and grade of mineralisation due to selective sampling during lower gold price environments. Mammoth’s fresh drilling approach aims to unlock this latent value.
Strategic Land Expansion and Advanced Surveys
In a bold move to consolidate its position, Mammoth expanded its Excelsior landholding by 340%, now controlling 83 square kilometres of highly prospective claims. This expansion was achieved through direct staking, capturing multiple intrusive geological features and numerous historical gold, silver, and base metal occurrences.
Supporting this growth, the company completed high-resolution magnetics and LiDAR aerial surveys, which have been instrumental in identifying structural controls and new target zones. Field mapping and sampling have further extended the Blue Dick Trend; a silver-rich polymetallic corridor; to over 3 kilometres, with rock chip assays returning exceptional grades of silver, gold, copper, and antimony.
Broader Portfolio Progress and Corporate Developments
Beyond Nevada, Mammoth continues to advance exploration at its Bella Gold Project in South Dakota, where recent surface sampling has highlighted bonanza-grade gold occurrences along the Jackpot Trend. In Newfoundland, Canada, the Skyline Copper Project has seen detailed geophysical work, including 3D induced polarisation surveys that reinforce the potential for volcanogenic massive sulphide deposits.
In Peru, the Picha Copper-Silver Project benefits from ongoing structural and alteration mapping, supported by geophysical data that points to a significant intrusive system driving mineralisation. Meanwhile, the Charaque Gold-Silver Project is under review for potential corporate transactions following the end of an earn-in agreement with Barrick.
On the corporate front, Mammoth successfully completed a $7.5 million capital raise in December 2025, issuing 62.5 million shares at $0.12 each. These funds are earmarked primarily for advancing drilling programs at Excelsior and Bella. Additionally, Mammoth is progressing the divestment of its Paterson Copper-Gold Project in Western Australia to Cloudbreak Discovery PLC, with final due diligence and approvals expected in the March 2026 quarter.
Financial Position and Outlook
As at 31 December 2025, Mammoth reported a cash balance of $5.7 million with no debt, positioning the company to sustain its exploration momentum. Managing Director Glenn Poole emphasised the strategic pivot towards US-based gold and silver projects as a driver for shareholder value, with a clear focus on expanding and developing the Excelsior Springs asset.
With multiple high-potential targets identified across its portfolio and a robust funding position, Mammoth Minerals is poised to deliver further exploration updates that could reshape its resource profile and market standing.
Bottom Line?
Mammoth’s maiden drilling success and strategic land acquisitions set the stage for a pivotal year in unlocking value across its Americas-focused metals portfolio.
Questions in the middle?
- How will upcoming drill results at Excelsior Springs influence Mammoth’s resource estimates and valuation?
- What are the timelines and terms expected for the Paterson Project divestment to Cloudbreak Discovery PLC?
- Can Mammoth replicate its Nevada drilling success at other projects like Bella and Skyline to diversify its asset base?