Mammoth Minerals Copper Discovery Reveals Deep Intrusive System at Picha

Deep Intrusive Structure Powers Picha's Copper Potential

Mammoth Minerals (ASX: M79) has uncovered compelling evidence of a major intrusive system beneath its Picha Copper Project in Peru. Recent magnetotellurics (MT) survey results, funded through the prestigious BHP Xplor Accelerator Program, have identified a high resistivity vertical structure extending from surface to depths exceeding 5 kilometers.

The survey results provide strong support for the company's geological model, showing a clear correlation between:

• The high resistivity zones (characteristic of intrusive bodies) identified by the MT survey
• Magnetic low features observed in the recent property-wide UAV Magnetics survey
• Surface copper mineralisation already documented at the Ichucollo Target

Managing Director Glenn Poole described the findings as "transformational," noting that the survey allows the company to "see to a depth of over 5km into the underlying geological architecture."

"The results of this survey are very encouraging and align well with the working geological model we have for the Picha area. The ability to leverage off the support and funding provided by the BHP Xplor program to 'see' to a depth of over 5km into the underlying geological architecture has been transformational for the project and will provide critical information to help us develop a refined targeting program moving forward." – Glenn Poole, Managing Director, Mammoth Minerals

Impressive Copper at Surface Connected to Massive System Below

What makes these geophysical findings particularly significant is their direct correlation with impressive copper grades already found at surface. The high resistivity zone aligns perfectly with the Ichucollo Target, where previous channel sampling returned substantial copper values including:

The geophysical evidence now suggests these surface copper showings are potentially connected to a much larger intrusive system at depth – precisely the type of geological architecture that hosts major copper deposits throughout Peru and Chile.

"This survey, supported by the property-wide UAV magnetics, has helped us improve our understanding of the mineral systems at work across the Picha Project area. We have shown through the previous mapping, sampling and drilling that there is extensive copper in the system. Now, the results of this MT survey represent a major step forward in terms of understanding what is driving those mineral-enriched fluid systems and driving the copper we are seeing at surface." – Glenn Poole, Managing Director

Understanding Magnetotellurics: Seeing Deep Below the Surface

Magnetotellurics (MT) is an advanced geophysical technique that measures naturally occurring electromagnetic fields to determine the distribution of electrical resistivity beneath the Earth's surface. This non-invasive method allows exploration companies to visualise geological structures at depths far beyond the reach of most other geophysical techniques.

The MT method is particularly valuable for identifying potential mineralised intrusive systems because:

• Copper-bearing intrusive bodies often display distinctive resistivity signatures
• The technique can investigate depths of 5km or more, where major mineral systems originate
• MT data can be combined with magnetic surveys to create comprehensive 3D models of subsurface structures

At Picha, the MT survey covered the Anta Q'ilqa and Ichucollo targets with a grid of 66 measurement stations, providing exceptional resolution of the deep geological architecture.

The Magnetotelluric method measures the variation of both electric (E) and magnetic (H) fields on the surface of the earth to determine the distribution at depth of the resistivity of underlying rocks. The measured MT impedance Z, defined by the ratio between the E and H fields, is represented by apparent resistivity and phase parameters that vary with frequency. This variation relates to changes in resistivity with depth, with high frequencies sampling near-surface features and low frequencies probing deeper structures.

The depth of investigation can exceed 20 kilometres, though reliable interpretation depends on having an array aperture comparable to the investigation depth. For the Picha survey, the company employed a uniform mesh with 250m x 250m horizontal cell size in the resistivity model (with site spacing of approximately 1km).

Two High-Priority Targets Connected by Single System

The MT survey results strengthen the case that Picha's two main exploration targets – Anta Q'ilqa and Ichucollo – are likely connected to a single intrusive system. The data reveals:

• A high resistivity vertical structure beneath the Anta Q'ilqa Target extending to depths greater than 5km
• A high resistivity "spur" structure branching toward the Ichucollo Target, where high-grade copper has been sampled at surface
• Both features correlating with magnetic lows identified in the drone magnetic survey

This connectivity suggests the copper mineralisation observed across the property may share a common source – a critical factor in establishing the potential for a significant mineral system.

The company's working model for the Picha Project suggests an intrusive-driven mineralisation system. The correlation between the high resistivity zones identified in the MT survey and the magnetic low features observed in the UAV magnetic survey strongly supports this interpretation. These geophysical signatures align perfectly with the surface copper mineralisation documented through previous mapping and sampling programmes.

Potential Corporate Transaction for Non-Core Charaque Project

In a strategic move, Mammoth also announced it has received third-party interest in a potential corporate transaction regarding its Charaque Gold-Silver Project located 30km northeast of Picha. The Charaque project hosts several high-grade silver-lead targets, including historical samples with values up to:

• 538 g/t Ag and 19.5% Pb (Huallatani Target)
• 929 g/t Ag (Arco Target)

While these values demonstrate significant precious metal potential, the company appears focused on optimising its portfolio to concentrate on core assets like Picha. Shareholders will be updated when binding commercial terms are reached.

The Charaque area has a history of artisanal mining focused on silver-lead rich polymetallic veins. Following the termination of an earn-in agreement with Barrick in November last year, Mammoth has been compiling and verifying data collected during the option period and has received results of a comprehensive review of work completed across the project area.

Why Investors Should Track Mammoth Minerals

Mammoth Minerals is establishing itself as a focused explorer with multiple high-potential projects across the Americas:

1. Geological Validation: The MT survey results provide strong technical validation of Picha's potential as a major copper system

2. BHP Endorsement: The Picha project's inclusion in the BHP Xplor accelerator program represents significant third-party validation from one of the world's largest mining companies

3. Diverse Portfolio: Beyond Picha, Mammoth holds the Excelsior Gold Project in Nevada's Walker Lane trend, the Bella Gold Project near South Dakota's historic Homestake Mine, and the Skyline VMS Copper-Zinc-Silver Project in Newfoundland

4. Professional Leadership: Management's methodical approach to advancing multiple projects while seeking to extract value from non-core assets demonstrates sound strategic thinking

The MT survey results represent a major technical breakthrough for understanding the Picha project's potential scale. With a clear geological model now emerging and impressive copper values already confirmed at surface, Mammoth has positioned itself for potential discovery success as it advances toward drill targeting.

Want to Capitalise on Mammoth Minerals' Copper Potential?

Find out more about Mammoth Minerals' exciting Picha Copper Project in Peru and how their recent magnetotelluric survey has revealed a major intrusive system with significant investment potential. With high-grade copper already sampled at surface and the prestigious backing of the BHP Xplor Accelerator Program, Mammoth is positioning itself for discovery success. Visit Mammoth Minerals' website today to explore their full project portfolio and investment opportunities.