Mammoth Minerals (ASX:M79) said that a review of results from drilling completed last year at its Excelsior gold project in Nevada indicated the potential for a large-scale "Carlin-style" gold system across the Buster Trend within the project, according to a Thursday filing with the Australian bourse.

Drilling yielded 6.32 meters at 2.1 grams per tonne grade of gold from 26 meters, including one meter at 6.4 g/t gold from 27 meters, the filing said.

The company has started reverse circulation drilling across the trend, the filing added.

It has appointed new service providers after "unacceptable delays" in turning around assay results from last year's drilling, the company said.

Shares of the company fell 23% in recent Thursday trade and earlier hit a 52-week low.