A cutting tool mounting assembly adapted for attachment to a surface of a rotatable driving member of a cutting tool machine, includes: a tool holder having a key shank; a base attached to the surface of the rotatable driving member, the base having a mounting groove for receiving the key shank of the tool holder; a resilient retention structure configured to interact with the base and the tool holder to facilitate a friction fit between the tool holder and the base; and wherein tool holder includes a retention post configured for cooperating with the base for connecting the tool holder to the base. Also included is a dampening element configured between the tool holder and the base for reducing vibration therebetween.