Mammoth Minerals Strikes Bonanza-Grade Gold and Silver at Blue Dick, Nevada

Mammoth Minerals Uncovers Bonanza-Grade Gold, Silver and Critical Minerals at Blue Dick — Maiden Resource in Sight

Mammoth Minerals Limited (ASX: M79) has delivered a compelling set of exploration results from its Excelsior Springs Project in Nevada, USA, confirming multiple high-grade mineralised trends at the Blue Dick Prospect. The Mammoth Minerals Blue Dick bonanza-grade gold and silver results at Excelsior Springs Nevada have simultaneously advanced the Buster Gold Trend toward a maiden Mineral Resource Estimate (MRE) targeted for Q3 2026.

The results span gold, silver, copper, antimony, lead and zinc — several of which sit on the USA's critical minerals list — and paint a picture of a project with meaningful scale potential across a 7km mineralised corridor, of which only ~1.3km has been drill-tested to date.

Bonanza Grades Put Blue Dick on the Map

The Blue Dick Prospect has delivered some of the most eye-catching numbers in recent Nevada exploration. Surface rock chip and channel sampling — much of it from ground acquired through Mammoth's staking of previously vacant land — has returned grades that would excite even seasoned precious metals investors.

The standout result was a single rock chip sample grading 39.80g/t Au, 251g/t Ag, 4.65% Cu and 5.73% Pb (MREX00522). While individual rock chip samples are selective by nature and cannot be extrapolated directly to bulk tonnage, the consistency and repetition of high-grade results across multiple sample types — including channel samples that cut across mineralised structures — is what commands serious attention here.

Gold-Dominant Results at a Glance

Channel samples are particularly meaningful because they represent continuous cuts across mineralised zones, providing a more representative picture of grade than isolated grab samples.

A Silver and Critical Minerals Corridor Hidden in Plain Sight

Beyond gold, Mammoth's sampling has defined a parallel silver and critical minerals trend at Blue Dick that has seen no modern exploration. The silver grades emerging from this area are extraordinary, with multiple samples exceeding 1,000g/t Ag — levels rarely encountered outside of world-class silver districts.

Top Silver-Dominant Rock Chip Results

The consistent presence of antimony (Sb), copper, lead and zinc alongside silver and gold is geologically significant. Furthermore, these metals are all present on the USA's official critical minerals list, adding an additional dimension to the project's potential value proposition beyond gold alone.

Channel sampling in the area also returned:

• 1.1m @ 242g/t Ag, 0.19% Cu — MREX00528
• 0.4m @ 195g/t Ag, 1.14% Cu — MREX00552
• 0.2m @ 313g/t Ag, 35.79% Pb, 12.44% Zn — MREX00536

Managing Director Glenn Poole commented:

"The latest results from our expanded land package adjacent to Blue Dick continue to demonstrate the exceptional exploration upside across the broader Excelsior Springs Project, with sampling identifying a parallel high-grade mineralised trend containing significant and consistently high-grade silver, copper, antimony, lead and zinc mineralisation — all of which are on the USA critical minerals list. Gold additionally occurs consistently throughout the mineralisation."

Understanding the Deposit Types: CRD and Carlin-Style Gold

What Is a Carbonate Replacement Deposit (CRD)?

A Carbonate Replacement Deposit — or CRD — forms when hot metal-rich fluids replace carbonate rock (such as limestone or dolomite) along faults and fractures. The result is often a high-grade, structurally complex ore body rich in silver, lead, zinc, copper and gold.

CRDs are known for their metal zonation, meaning different metals tend to concentrate in predictable spatial patterns — gold and silver closer to the heat source, with base metals (zinc, lead) further out. This zonation is already visible at Blue Dick, which helps geologists predict where the highest-grade zones may sit.

What Is a Carlin-Type Deposit?

The Buster Gold Trend, meanwhile, is being interpreted as a Carlin-type deposit — a style of gold mineralisation where fine-grained gold is locked in sedimentary host rocks, often invisible to the naked eye but recoverable through heap leaching. Nevada's Carlin Trend is one of the richest gold-producing regions on Earth, making this deposit classification highly meaningful for investors assessing long-term project potential.

Both deposit types can support large, bulk-tonnage mining operations. Consequently, the presence of both styles within the same project — Blue Dick (CRD/epithermal) and Buster (Carlin-type) — suggests the Excelsior Springs Project may host multiple economically significant mineralised systems.

Quick Glossary

Buster RC Drilling: Building the Foundation for a Maiden Resource

While Blue Dick captures the imagination with its bonanza-grade surface results, the Buster Gold Trend is where Mammoth is making systematic, drill-defined progress toward a formal resource. The recently completed Reverse Circulation (RC) drilling campaign has added further confidence to the deposit model, with gold mineralisation encountered consistently across multiple holes.

Crucially, mineralisation remains open along strike and down-dip, meaning the full extent of the system has not yet been defined.

Selected Significant Buster RC Drill Intercepts

The program has now concluded its initial validation and infill phase. With more than 21,000m of drilling completed to date, Mammoth's geological team is compiling the database for submission to independent resource consultants — a formal step that brings the maiden MRE closer to delivery.

The Scale Opportunity: 7km Corridor, 1.3km Tested

Perhaps the most important number in this announcement is not a grade — it's a distance. Of the 7km Buster mineralised corridor, drilling to date has tested only approximately 1.3km. That means roughly 80% of the known strike length remains unexplored by the drill bit.

This is not unusual at an early-stage project, but it does provide a clear sense of the blue-sky potential that awaits systematic drill testing. Mammoth's strategy is to:

1. Deliver the maiden MRE and Exploration Target at Buster in Q3 2026
2. Continue rock chip and channel sampling at Blue Dick to define drill targets across the parallel high-grade trends
3. Advance sampling across the newly acquired Imperial Gold Mine area
4. Systematically permit and drill-test newly identified high-grade targets

The regional context adds further weight to this opportunity. The Excelsior Springs Project sits in Nevada's Walker Lane trend — one of the most prolific precious metals belts in the Americas, with total gold production exceeding 20 million ounces from deposits including Goldfields (5Moz), Comstock (8Moz Au, 200Moz Ag) and Tonopah (2Moz).

In addition, the project is located approximately 75km south-west of Blackrock Silver's Tonopah West Project (TSX-V: BRC), which hosts a resource of 8.29Mt at 462g/t Ag Eq, offering investors a sense of the scale that analogous mineralisation in the region can achieve.

Upcoming Catalysts and Timeline

The Q3 2026 MRE delivery is the most significant near-term catalyst for Mammoth. A formal resource number will, for the first time, translate the drilling and sampling work into a JORC-compliant estimate that the market can assess and value — a material step-change from exploration results to defined inventory.

Investment Thesis: Multiple Levers, One Address

Mammoth Minerals presents investors with a multi-layered exploration story built on a single Nevada address. The investment case rests on several reinforcing pillars.

1. A defined resource on the horizon

More than 21,000m of drilling at Buster has been completed, with the maiden MRE targeted for Q3 2026. This represents a tangible, near-term milestone with clear market implications.

2. Untested strike length at Buster

Only ~1.3km of a 7km mineralised corridor has been drill-tested. The remaining ~5.7km represents substantial exploration upside that no drill bit has yet evaluated.

3. A brand-new discovery unfolding at Blue Dick

Blue Dick has seen no modern exploration prior to Mammoth's involvement. The company has already generated bonanza-grade results, including 39.80g/t Au and silver grades exceeding 1,500g/t, across ground that was acquired through low-cost staking. This is early-stage exploration at its most compelling, and the Mammoth Minerals Blue Dick bonanza-grade gold and silver results at Excelsior Springs Nevada continue to reinforce the project's exceptional credentials.

4. Critical minerals exposure adds optionality

The presence of copper, antimony, lead and zinc — all on the USA critical minerals list — alongside gold and silver provides project-level diversification and potential additional value streams that pure gold explorers do not offer.

5. World-class address

Nevada is one of the most mining-friendly jurisdictions on the planet, with established infrastructure, a skilled labour pool and a long history of major gold and silver production. The Walker Lane trend has hosted some of the world's most celebrated precious metal mines.

6. Expanding land package

Mammoth has grown its Excelsior Springs landholding to 135km² through a combination of optioned ground, JV agreements, and direct staking. The recently acquired Imperial Gold Mine area is already being incorporated into the exploration programme.

Key Takeaway:

Mammoth Minerals (ASX: M79) is executing a disciplined, systematic exploration programme across a project that is revealing itself to be larger and more mineralogically diverse than its footprint suggests. With a maiden resource for the Buster Gold Trend due in Q3 2026, the Mammoth Minerals Blue Dick bonanza-grade gold and silver results at Excelsior Springs Nevada continuing to emerge, and the vast majority of a 7km corridor still untested, investors have a clear set of catalysts to track over the months ahead.

Ready to Learn More About Mammoth Minerals' Nevada Opportunity?

With a maiden Mineral Resource Estimate targeted for Q3 2026, bonanza-grade discoveries at Blue Dick, and over 80% of the Buster mineralised corridor yet to be drill-tested, Mammoth Minerals (ASX: M79) offers investors a compelling, multi-layered exploration story at one of Nevada's most exciting emerging precious and critical minerals projects. To explore the company's project portfolio, latest announcements, and upcoming milestones in more detail, visit the official Mammoth Minerals website at www.mammothminerals.com.