Mammoth Provides Update on Tenoriba Gold-Silver Property Exploration Activities, Preliminary Results from Infill Geophysical Survey

Mammoth is advancing detailed confirmation geological mapping and expanded sampling with an infill IP/Mag geophysical survey and 3 dimensional (3D) drill target modelling. This work follows up on activities performed by Centerra Gold during its 21 months on Mammoth's Tenoriba property (Centerra notified Mammoth it was ceasing its exploration activities in Mexico in September 2020, returning 100% of the Tenoriba property to Mammoth - refer to press release dated September 22, 2020) and based on the recommendations, following a review by PhD geologists Drs. Ressel and Christensen of MDA/RESPEC consulting. The PhD study included a review of all historical data from exploration activities at Tenoriba, including mapping and sampling over 3,000 surface soil and rock samples and 26 drill holes totalling almost 5,000 metres (m) sporadically testing mineralization along 4 km of the 6 km trend of known gold-silver mineralization (refer to press release dated February 18, 2021) and concluded that "Tenoriba is a high-quality early to mid-stage exploration project with potential to host an economic high-sulfidation epithermal deposit".

Preliminary 3D modelling of the geophysical data (approximately 60% of the survey is now complete), includes a currently processed, initial 400 m interval, including one newly surveyed line 100 m east of all historical surveying and 3 resurveyed lines spaced 100 m apart, located west of the new line. The resurveyed lines were repeated to test refined survey techniques, suggested by Intelligent Exploration (IE) geophysicists to enhance the measurement of geophysical characteristics of the rocks in this area and if successful, throughout the rest of the approximate 6 km trend of mineralization. IE is a geophysical consultancy of highly experienced PhD and PGeo geophysicists employing the most modern geophysical techniques, with years of experience on a variety of deposit types to enhance the geophysical evaluation of mineral deposits.

Figure 1 to this press release - "Illustrative 3D IP-Chargeability Features - Section 61500E-Westward, Carneritos Area, Tenoriba Project" is located on the eastern-most, north-south oriented geophysical line, looking west and illustrating a strong chargeability feature from this 400 m interval, westward. Please refer to the Company website, www.mammothresources.ca "Projects" section, "Maps, Images & Photographs" for an animated 3D pass through 2D sections, westward illustrating the progression of this feature over this 400 m interval. It is Mammoth's intention to build onto this 3D model additional data as it is interpreted from the field and illustrate the various anomalous features and corresponding potential drill targets, over the entire trend 6 km trend of the survey. These enhanced techniques have been enormously successful in identifying attractive geophysical features not previously noted in this area and early analysis of the additional surveyed lines from this 2021 program show numerous similar enhanced results.

Thomas Atkins, President and CEO of Mammoth commented on the preliminary results of the ongoing Tenoriba exploration program, stating: "Completion of the infill geophysics is advancing well with approximately two-thirds of the survey completed to date. We're a little behind where we'd hoped to be at this time, a result of there simply being a lot of moving parts with many employees, consultants, local labour and logistical and covid related challenges associated with the survey and interpretation and modelling of data. I couldn't be more pleased with the efforts of the team and am happy to present preliminary 3D modelling of the first 400 metres of the approximate 6-kilometre trend of surface and sporadically drill confirmed gold-silver mineralization at Tenoriba.

"A lot was learned following Mammoth's maiden 2013 geophysical survey. This survey covered only 40 percent of the mineralized trend and yet sporadic drilling, testing combined geophysical and surface mineralized targets resulted in potentially economical intervals of gold-silver and copper mineralization in an impressive 8 of 11 drill holes over 4 kilometres of the 6 kilometre trend.

"Advancing the current exploration program at Tenoriba, and in particular following the PhD review of historical data from prior activities, it was evident successive exploration activities had improved our understanding of the high sulphidation gold-silver mineralization model at Tenoriba.

"Mammoth's collaboration with Intelligent Exploration and Drs. Ressel and Christensen of MDA/RESPEC has resulted in a thorough evaluation of all aspects of the historical data at Tenoriba and led to refinements in geophysical measurement techniques to enable a more precise measurement of geophysical features in this infill survey. This work has significantly refined the geophysical modelling and helped define expanded trends to the previously drill-intersected mineralization, with a couple of additional kilometres yet to be surveyed. The 3D modelling currently being illustrated in this press release is only the start of what Mammoth looks forward to illustrating over the coming weeks as additional survey data is modelled and we move towards identifying and drill testing these targets."

Geological Mapping and Sampling

Following the recommendations of Drs. Ressel and Christensen (MDA/RESPEC), field programs over the past 6 weeks have been focused to enhance Mammoth's understanding of the geological model at Tenoriba. They include:

1. 1.Remapping stratigraphy along the north facing, steep exposures in the central and eastern portions of the 6 km trend of mineralization, with a review of drill core to test the possibility that earlier mapping may have resulted in some stratigraphic inversion. As well as additional trend-wide mapping of the volcanic breccia (a common host of precious metal mineralization at Tenoriba and other high sulphidation systems) with the objective of establishing geological characteristics which may help determine volcanic flow vectors in order to assist in defining the more hydrothermally intense areas of the Tenoriba system;

1. 2.Contouring of previously collected and measured Absorption Spectrometer data (assists in the identification of higher temperature areas of the hydrothermal system among clay minerals within the mineralized trend) from both down-hole and surface samples to vector into more hydrothermally intense zones along trend.

1. 3.Expanded soil geochemical program extending the historical 2007-2008 soil grid by as much as 900 m west of the El Moreno area, at 50 m sample spacings and along five-200 m spaced north-south lines to investigate recently panned coarse gold in the regolith in this area. Samples have been sent to ALS Chemex labs facility in Chihuahua to be assessed for gold via fire assay (lAu-AA23) and multi element analysis.

Based on the results from all of the above, Mammoth intends to combine the refined geological map indicating volcanic flow vectors with hydrothermal intensity contouring and all geophysical data, to assist in establishing the best drill targets for the upcoming drill program.

Infill Geophysical Survey

A total of approximately 70 km of ground IP/Mag geophysics is to be performed over areas to the east, west and covering gaps in between what had previously been surveyed over portions of the 6 km trend of surface mineralization at Tenoriba. In addition to the new survey lines, Mammoth also repeated three lines over the Carneritos area in the eastern portion of the trend, having adjusted the methodology of the survey measurements in an attempt to enhance the observed features in this highly prospective area where drill hole TEN 17-06 intersected 126.8 metres grading 0.52 gram/tonne gold equivalent (including 7.2 gram/tonne silver converted to gold equivalent at 65:1 silver:gold ratio) and including a higher grade interval of 58.2 metres grading 0.81 gram/tonne gold equivalent section (including 3.9 grams/tonne silver converted to gold at a similar silver:gold ratio).

Collaboration with Mammoth and IE on the 2021 infill IP/Mag survey, resulted in adjustments to the survey parameters to more accurately match the particular characteristics of the mineralized targets at Tenoriba. IE began their survey enhancements by measuring a suite of physical properties from surface and drill core samples from Tenoriba, which were collected by Mammoth to establish the resistivity, chargeability, magnetic susceptibility and other significant geophysical characteristics of these rocks to help with their identification in the geophysical data. Gold at Tenoriba has been shown through surface and drill core samples, to be carried by quartz veins and in silicified volcanic rocks that are often highly resistive. However, resistivity can be reduced in a blanket of weathered rocks covering the surface. As well, near-surface chargeability can be depressed because fine-grained sulphide mineralization is oxidized by weathering, which could reduce its contribution to the IP signal.

Historical IP surveys (measuring resistivity and chargeability) looked for persistent, anomalous "after voltages" (declining voltage) that might be present for up to two seconds after each polarizing pulse from the geophysical survey transmitter. IE determined that the fine-grained sulphide mineralization at Tenoriba is shown more clearly by IP polarization pulses that decay (this same declining voltage) much faster. IE re-processed the historical data to emphasize the early part of this polarizing pulse which has led to stronger signals from the fine-grained mineralization and a better correlation with the known geology and drill results. For the current survey, similar rapid decay is being measured to enhance these Tenoriba specific features. These measurements have also been improved by the use of a stronger, early-time signal. 2D models of this data have been calculated in both the historical and recent data and these models have been correlated and validated using the field data to ensure that they show the anomalies with the greatest accuracy possible.

Three dimensional modelling of the IP results for the Carneritos grid shows that gold targets can be identified by a combination of characteristics: elevated chargeability (refer to Figure 1 - Illustrative 3D IP-Chargeability Features - Section 61500E-Westward, Carneritos Area, Tenoriba Project), higher resistivity and low magnetic susceptibility. Limited historical drilling has shown that gold values tend to be higher where both the IP chargeability and resistivity are higher or along structural controls (faults). Such a target occurs in the southern portion of the 3D modelling of the Carneritos grid where surface soil geochemistry data also indicates anomalous gold values. This offers an enticing target for follow-up with diamond drilling.

Qualified Persons:

The IP/Mag survey is being conducted by Géophysique TMC (TMC) of Val d'Or Quebec, contracted by Mammoth from TMC's Mexico office. Chris Hale and John Gilliatt are the principal geophysicists at Intelligent Exploration. Dr. Chris Hale holds a BSc in Earth and Planetary Sciences from Erindale College, University of Toronto, a MA from the University of California and a PhD from the University of Toronto and has 45 years of mineral exploration experience. John Gilliatt holds a BSc in Geophysics from the University of Alberta and is registered as a PGeoph (Alberta) and has over 30 years of mineral exploration experience. Both partners hold PGeo registration in Ontario and are members of the Canadian Exploration Geophysical Society (KEGS). IE provides consulting services under a Certificate of Authorization from the APGO (Association of Professional Geoscientists of Ontario). IE promotes geophysical exploration in which techniques are individually tailored to each type of target and provides assistance with survey selection and implementation based on measured physical properties of target mineralization.

About Mammoth Resources:

Mammoth Resources (TSX-V: MTH) is a precious metal mineral exploration Company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company holds a 100% interest (subject to a 2% net smelter royalty purchasable anytime within two years from commencement of commercial production for US$1.5 million) in the 5,333 hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. Mammoth is seeking other opportunities to option exploration projects in the Americas on properties it deems to host above average potential for economic concentrations of precious metals mineralization.

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company's website at: www.mammothresources.ca., or contact Thomas Atkins, President and CEO at: 416 509-4326.

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Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.

Figure 1 - Illustrative 3D IP-Chargeability Features - Section 61500E-Westward, Carneritos Area, Tenoriba Project

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