Mammoth Minerals Ltd (OTCMKTS: FIRTF) (FRA: 8WJ) (ASX: M79) has exercised its exclusive option to acquire the Imperial Gold Mine in Nevada, expanding its land holdings adjacent to the flagship Excelsior Springs gold project immensely.
Announced on Tuesday, the company paid an initial US$50,000 option fee and will make annual advanced royalty payments of US$50,000 until production begins. To secure full ownership, Mammoth must invest at least US$4 million in exploration over six years. The unnamed vendor will retain a 3 per cent net smelter royalty, with partial buyback options available.
This deal will bring operational synergies between Excelsior Springs and Imperial as they are only five kilometres apart. It increases Mammoth’s controlled land in the district from roughly 84 square kilometres to about 135 square kilometres.
The Imperial property hosts Carlin-style gold mineralization that starts near surface and extends to depth, offering considerable potential for resource growth.
Excelsior Springs sits in Nevada’s Walker Lane Tectonic Zone, where the historic Buster Mine produced about 19,000 ounces from ore averaging at 41 grams per tonne gold. The project features a roughly 3-kilometre strike of high-grade zones.
Read more: NevGold’s stock growth secures junior spot on 2026 TSX Venture 50 list
Imperial’s historic results and latest assays
The Imperial mine historically produced around 10,000 tonnes of ore grading over 15 grams per tonne gold before World War II era operations ceased.
Key historic drill intercepts include 13.72 metres at 4.74 g/t gold (Au) from 30.48 metres and 28.96 metres at 2.23 g/t Au from near surface. Underground channel samples reached highs of 0.76 metres at 237.51 g/t gold.
Earlier this month, Mammoth announced new diamond drill assays from Excelsior Springs that confirm widespread Carlin-style mineralization. Notable results include 6.32 metres at 2.10 g/t Au from 26 metres and 14 metres at 0.99 g/t from 28.5 meters in another hole — including 2 metres at 4.54 g/t gold.
These most recent core samples support continuation of the ongoing reverse circulation drilling program. Related ongoing work at the site includes detailed structural mapping via diamond drilling, metallurgical testing for recovery optimization and geophysical surveys to trace buried targets.
Gold pricing remains highly elevated
Precious metal prices have remained robust. Gold surpassed US$5,000 per ounce in early 2026 and peaked near US$5,589 before trading around $5,170 most recently. Silver is currently going for approximately US$88 per ounce.
Market watchers anticipate further gains toward US$5,500 or above amid inflation and intensifying geopolitical pressures. However, short-term corrections are still possible if the US dollar strengthens.
As Mammoth progresses with exploration and development work at its newly acquired mine site, NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) is also contributing to Nevada’s active gold exploration scene by advancing its Limousine Butte project.
Limo Butte is another state operation with proven widespread Carlin-style mineralization.
Read more: NevGold discovers transformational oxide gold-antimony structure at Limousine Butte
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