Black Mammoth Metals acquires Gallinas Rare Earth Elements Property, New Mexico

Black Mammoth Metals Corp. [TSXV: BMM; OTC: LQRCF] reported that Antelope Creek Gold Corp., a wholly owned subsidiary of Black Mammoth, has acquired a 100% interest in the Gallinas REE property by entering into a long-term lease with option to purchase and by staking, which now consists of 49 federal unpatented claims totalling approximately 376 hectares (929 acres).

The Gallinas property is situated in the Gallinas Mountains, northern Lincoln County, New Mexico and is managed by the US Forest Service. The Gallinas Mountains are part of the Basin and Range physiographic province near the margin with the Great Plains physiographic province.

The property is thought to encompass virtually all the known intrusive breccia pipes (approximately 15) in the Gallinas Mining District. The US Bureau of Mines originally evaluated these breccias in 1943, in the early 1990s and in recent years including mapping, sampling and appraisal of the historic resource potential. Potassic and sodic fenitization and carbonatization was identified in the intrusive breccia pipes and in the adjacent country rocks suggesting that the breccias are in the upper hydrothermal level of a carbonatite system.

The magmatic REE deposits of the Gallinas Mountains, which includes the company’s newly acquired breccia pipes, are considered to be amongst the highest ranked deposits for economic potential for REEs in New Mexico.

Prior operators have conducted limited exploration of the breccia pipes at Gallinas. The company looks forward to further evaluation of this highly prospective property.

Lease with Option to Purchase Terms (in USD): Antelope Creek has signed a 40-year lease with option to purchase for six federal mining claims with a private vendor by making cash payments in accordance with the following schedule: $10,000 within 10 days of signing and $5,000 on the first anniversary of signing and annually thereafter. The company has the right to purchase the leased claims for $300,000 subject to a royalty in favor of the vendor. The vendor will retain a 1.25% NSR on the leased claims and 0.5% NSR on claims within the agreement’s area of interest, which doesn’t include the Company’s staked claims. One-half of the NSR is buyable for $500,000 any time before production. Antelope Creek staked 43 federal unpatented claims in March 2025 and it was considered a non-core asset.

A work commitment consisting of a magnetic survey is required before the seconsd anniversary. No finder’s fees or share compensation in connection with the Agreement.

Another other minerals properties, Black Mammoth also has a 100% interest in the Blanco Creek Gold property in the Elk Creek Mining District, central Idaho, which hosts three historic underground mines along 3,550 metres (11,644 feet) of strike on the north-east trending regional Blanco Shear Zone.