Mammoth Minerals Commences Blue Dick Drilling at Excelsior Springs Nevada

Mammoth Minerals Fires Up the Drill at Blue Dick, Chasing Bonanza Silver Grades Across 6.5km of Untested Ground

Mammoth Minerals Blue Dick drilling at Excelsior Springs Nevada marks a significant step forward for the company, as it commences reverse circulation (RC) drilling at its Excelsior Springs Project in Nevada, USA. This move transitions the company into a drill-testing phase for some of the highest-grade silver surface results recorded in the region. The maiden drill program at the Blue Dick Prospect, where rock chip sampling has returned grades of up to 15,336g/t silver, 7.46g/t gold, 2.53% copper and 0.31% antimony, represents the first modern exploration across an area with more than 6.5 kilometres of mapped mineralised strike.

Alongside Blue Dick, the program is also targeting high-priority gold zones along the Buster Trend and near-mine gold opportunities at the historical Imperial Gold Mine. According to the announcement, a maiden Mineral Resource Estimate (MRE) for Buster is expected later this quarter.

What Just Happened and Why It Matters

Drilling has begun. That development carries considerable weight for M79 investors, as it shifts Mammoth Minerals from a surface sampling and mapping narrative into a company positioned to generate drill results from what management describes as a metal-rich system.

The Excelsior Springs Project sits within Nevada's Walker Lane trend, a corridor recognised for hosting substantial silver and gold deposits across North America. Blue Dick is central to the current campaign. The prospect hosts the historic Blue Dick underground mine but has not previously been subject to modern drilling or systematic exploration.

Recent surface programs have identified multiple high-grade silver and gold trends exposed at surface, across a cumulative mapped strike exceeding 6.5 kilometres.

"The bonanza-type grades we are seeing in surface samples at Blue Dick are strong indicators of a metal-rich system, with Mammoth's maiden drilling program aiming to extend the mineralisation along strike and down-dip, unlocking the true potential of the more than 6.5km of prospective strike we have mapped," said Glenn Poole, Managing Director of Mammoth Minerals.

Blue Dick: Bonanza Grades at Surface, Maiden Drilling Below

The term "bonanza grade" is applied deliberately in the mining sector, and the reported figures from Blue Dick support that classification. The surface sampling campaign has returned results that place the prospect among notable silver exploration stories globally, according to the company.

Selected rock chip results, Blue Dick Prospect

Selected channel sample results, Blue Dick Prospect

According to the company, the mineralisation is exposed directly at surface, with only superficial excavations required to access the high-grade material. The maiden drill program now underway is designed to test extensions to these trends along strike and at depth, across ground that has not previously been drilled.

Mammoth Minerals has also drawn a geographic and geological comparison to the nearby Tonopah West Silver Project, operated by Blackrock Silver (TSX-V: BRC), which hosts a reported resource of 8.29Mt at 462g/t silver equivalent. This comparison, disclosed in Blackrock Silver's own announcement dated 31 March 2026, is presented as regional context rather than a direct read-through to Blue Dick's eventual scale.

Understanding the Geology: What Is "Bonanza Grade" Silver?

For investors less familiar with silver exploration terminology, understanding this concept helps explain why these results are attracting attention.

What Is Bonanza Grade?

In precious metals mining, "bonanza grade" describes ore grades that are exceptionally high compared with the average grades typically required to support an economic mine. Most producing silver mines operate at grades measured in tens to low hundreds of grams per tonne. Results in the thousands of grams per tonne, as reported at Blue Dick, are considered rare and can indicate proximity to the core of a well-developed mineral system.

Why Does It Matter to Investors?

Bonanza-grade surface results suggest a metal-rich system has been active in the area historically. The current drill program is designed to determine whether this mineralisation continues at depth and along strike. If confirmed by drilling, even a comparatively modest volume of high-grade material could represent meaningful economic value.

Grades of this magnitude are not routinely encountered in exploration and typically warrant systematic follow-up, which is the stated purpose of the current campaign.

Quick Glossary

• RC drilling (Reverse Circulation): A drilling method where rock chips are returned to surface through the drill rods using air pressure. It is generally faster and lower cost than diamond drilling and is well suited to initial target testing.
• g/t Ag: Grams of silver per tonne of rock, the standard measure of silver grade.
• g/t Au: Grams of gold per tonne of rock.
• Strike: The horizontal length of a mineralised zone as mapped at surface.
• Down-dip: The direction in which a mineralised vein or zone extends beneath the surface.
• Feeder fault: A significant structural break in rock that can act as a pathway for mineralised fluids, often associated with concentrated ore.
• Hydrothermal system: A geological setting in which hot, metal-bearing fluids move through rock and deposit metals as they cool.

Three Target Areas, One Drill Rig: A Multi-Front Campaign

The current RC program extends beyond Blue Dick. Mammoth Minerals has structured the campaign to test several high-priority targets across the broader Excelsior Springs claims, consequently creating multiple potential sources of news flow over the coming period.

Buster Trend: Deep Feeder Fault Targets

The rig's initial focus is on targets along the Buster Trend, positioned more than 700 metres along strike from an area where over 21 kilometres of drilling has previously been completed targeting gold mineralisation. These new targets were identified through geophysical surveys and are interpreted by the company to represent large-scale feeder fault structures — the type of deep structural pathway that can facilitate the movement of mineralised fluids into the limestone host units where gold deposition occurs.

Imperial Gold Mine: Near-Mine Gold

Historical drilling adjacent to and along strike from the historically mined Imperial shear zone has previously returned notable gold grades. The current program is planned to step out into new ground around the Imperial Mine zone, targeting extensions to prior intercepts.

The program will also target high-grade silver zones identified in recent sampling at the Imperial area, including results of 1,631g/t Ag and 0.3g/t Au (MREX00888B) and 1,352g/t Ag and 0.3g/t Au (MREX00865).

Railroad Springs: High-Grade Silver Walk-Up Target

Located to the north-west of the main mineral claims, Railroad Springs has emerged as a walk-up drill target following a systematic surface sampling program. According to the company, these historical workings have not previously been subject to modern exploration methods or drilling.

Furthermore, every sample listed from Railroad Springs has returned silver grades above 600g/t, adding a further dimension to the current drill campaign.

What's Coming Next: Key Milestones and Catalysts

The commencement of drilling establishes a defined sequence of near-term catalysts for investors to monitor.

1. Buster Trend drill results, the rig's initial focus, testing geophysically defined feeder fault targets over 700m of previously untested strike.
2. Blue Dick maiden drill assay results, the primary focus of the campaign, testing extensions to bonanza-grade surface mineralisation across 6.5km of strike.
3. Imperial Mine step-out results, targeting near-mine gold zones adjacent to historically productive ground.
4. Railroad Springs drilling, walk-up silver targets planned to be tested later in the program.
5. Maiden Mineral Resource Estimate for Buster, expected this quarter according to the company, representing a de-risking milestone for the project.

The combination of an active multi-prospect drilling program and an anticipated MRE creates a concentrated window of expected news flow.

The Investment Case: Why Blue Dick Changes the Conversation

Mammoth Minerals entered the Excelsior Springs story through an option to earn 80% of the Excelsior Gold Project in Nevada's Walker Lane trend. Subsequent surface sampling programs, particularly at Blue Dick, have expanded the scope of what the project could represent, according to company disclosures.

Several factors underpin the current investment case:

• Surface grades with no prior modern drilling. The Blue Dick Prospect has returned surface silver results that are considered exceptional by industry standards. With no prior systematic drilling, the project enters this phase without historical technical complications.
• Scale of the target. More than 6.5 kilometres of mapped mineralised strike at Blue Dick, combined with the Buster Trend, Imperial and Railroad Springs, represents a broad exploration footprint across the Excelsior Springs claims.
• Regional context. The Walker Lane trend hosts several significant silver and gold deposits in North America. The proximity to the Tonopah West Silver Project provides a regional reference point, though Blue Dick's own resource potential remains untested by drilling.
• Polymetallic character. Results at Blue Dick consistently combine silver, gold, copper and antimony, adding potential optionality to the project.
• Pending Mineral Resource Estimate. The maiden MRE for Buster, expected this quarter, is intended to provide a more quantified basis for assessing the project.

Why Investors Should Keep a Close Eye on Mammoth Minerals

Mammoth Minerals has reached a point recognised by exploration-focused investors: surface results warranting a drilling response, now supported by an active rig program. The Mammoth Minerals Blue Dick drilling at Excelsior Springs Nevada combines grade and scale — two factors closely watched at this stage of exploration — with bonanza-grade surface samples reported across a 6.5km strike corridor that has not previously been drilled.

The program has been structured to deliver results across multiple prospects over time, spreading the basis for potential catalysts rather than relying on a single outcome. With a maiden Mineral Resource Estimate for Buster also expected this quarter, the near-term reporting schedule appears concentrated.

"The bonanza-type grades we are seeing in surface samples at Blue Dick are strong indicators of a metal-rich system, with Mammoth's maiden drilling program aiming to extend the mineralisation along strike and down-dip, unlocking the true potential of the more than 6.5km of prospective strike we have mapped."

Mammoth Minerals has positioned itself within one of North America's established precious metals corridors. With maiden drilling now underway at Blue Dick, where surface grades of up to 15,336g/t silver have been recorded across more than 6.5km of untested strike, and a maiden Mineral Resource Estimate for Buster expected this quarter, investors face a defined period of potential exploration news. Whether the surface story translates into confirmed depth extensions will ultimately depend on the forthcoming assay results.

Want to Know More About Mammoth Minerals and the Excelsior Springs Project?

With maiden RC drilling now underway at Blue Dick and bonanza-grade silver results of up to 15,336g/t Ag recorded across more than 6.5 kilometres of untested strike, Mammoth Minerals (ASX: M79) is entering a potentially defining period of exploration news flow. A maiden Mineral Resource Estimate for Buster is also expected this quarter, adding further weight to what is shaping up as a concentrated catalyst window. Investors looking to explore the full scope of the Excelsior Springs Project, including the Buster Trend, Imperial Gold Mine, and Railroad Springs targets, can find further details directly at www.mammothminerals.com.