2022-06-09 | CSE:MNG | Press release | Mongoose Mining Ltd.

Toronto, Ontario–(Newsfile Corp. – June 9, 2022) – Mongoose Mining Ltd (CSE: MNG) (the “Company”) is pleased to announce an update on the exploration of its projects in Nova Scotia and New Brunswick, Canada.

In Nova Scotia, the Company continues to focus on exploring its IOCG properties along the Cobequid Chedabucto fault zone. Iron oxide-copper-gold (IOCG) deposits are known for their significant concentrations of copper and gold ores hosted in iron oxide assemblages. Other products associated with the IOCG model include REE, F, P, Mo, Ag, Ba, Co, and Ni. They are characterized by deposit characteristics such as hydrothermal ore styles, strong structural controls, and abundant iron oxides with an iron/titanium relationship. Recent work by the Company has demonstrated several of these characterizations indicating the potential for discovery of a mineral deposit.

Recent work:

Mt. Thom IOCG Project – Located along the IOCG trend of Nova Scotia, the Mt. Thom copper prospect was discovered by Imperial Oil in the early 1970s and later recognized IOCG modeling and cobalt mineralization. With significant values ​​of copper, cobalt, and gold reported in historical reports, Mount Thom remains a priority for modern assessment.

Mineralized outcrops and sporadic core sampling have recently yielded assays up to 0.863% Cobalt in historic copper zones at 1.5% grade. A 2004 government study on 29 carrots, encountered values ​​ranging from 157ppm (0.0157%)at 8630 ppm (.863%) Cobalt.(See International Cobalt Corp. press release May 22, 2018).

The Mongoose field team recently spent 8 days at the Government Core Library confirming historical drill core data and selecting sampling intervals for analysis to better understand Mount Thom’s geology.

Bass River and East Folly Mountain IOCG Project – Mongoose recently contracted the services of EarthEx Geophysical Solutions Inc. of Manitoba to perform a high definition UAV magnetic survey in the Bass River and East Folly Mountain blocks of their properties. At Bass River, the newly acquired magnetic data will coincide with the Company’s field drilling and sampling in 2021, where significant cobalt mineralization has been identified. At East Folly Mountain, results should better define Nano Spectra anomalies identified during work in 2020. 3D modeling will be acquired from EarthEx for use in targeting future drilling (Summer/Fall 2022).

Upcoming works:

IOCG Bass River, Londonderry and East Folly Mountain Project – A 2000 meter drilling program is scheduled for mid-June 2022. The field team has been working on logistics, permits, land access and road cutting in anticipation of start-up immediately upon their return from the PDAC 2022 conference in Toronto in mid-June. -June.

The planned boreholes include:

  1. road of fire – Test a 15 m outcropping magnetite body with significant cobalt mineralization. – Crown land permits in place.
  2. Adjacent to Fire Road – Testing a historic gravity anomaly (NS-23 West). – Crown land permits in place.
  3. Londonderry, NS – Testing a large historic magnetic and coincident gravity anomaly (NS-24) overlain by anomalous copper and zinc geochemistry. – Private landowner agreement in place.
  4. Londonderry, NS – Test the gravitational anomaly of the Minotaur (NS-27D). This was a high priority target of the former claim holder, but it was never drilled. – Private landowner agreement in place.
  5. Bass River, NS – Testing a historical gravity anomaly (NS-23 Gravity) overlain by a large historical soil copper geochemical anomaly. – Crown land permits in place.
  6. East Folly Mountain, NS – Testing anticipated magnetic anomalies from EarthEx’s high definition UAV magnetic survey on the East Folly Mountain block. – The cooperation of landowners has been confirmed, permits must be acquired after receipt of new data.

In New Brunswick, the Company retained the services of Prospectair of Gatineau, QC to perform an airborne MAG-TDEM survey on the Sheba Gold property. The project has several historically significant gold assays, and the investigation should provide insight into structural controls to better guide future exploration. Prospectair is expected to be available by mid-July 2022 for the program.

CURRENT EXPLORATION STRATEGY

We continue to work on a larger scale drill program to encompass the Minotaur gravity/magnetic, Mercator prospectivity and nanoscale spectra targets previously identified in the Bass River and Londonderry concession blocks. We have also investigated the use of RAB drilling as a cost effective method of exploring a large area with minimal environmental impact.

Terry Coughlan, CEO, said, “It is important to note that the company has numerous high priority targets along our 39 km of concessions with high potential for IOCG discoveries. This program is just the beginning of very exciting exploration work in Atlantic Canada. With recent cobalt drill intercepts in the company’s latest drilling news release (see company news release dated April 20, 2022), we could potentially define an interesting suite of strategic metals from Canada right here. in Nova Scotia. »

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Terry Coughlan, P.Geo., the Company’s Chief Executive Officer, a Qualified Person under National Instrument 43-101 of the Canadian Securities Administrators. movables; Disclosure Standards for Mining Projects (“National Instrument 43-101The Company’s exploration work was carried out by Mark Graves P. Geo, an independent geological consultant to the Company, who has also approved the technical content of this release.

About Mongoose Mining Ltd.

Mongoose Mining Ltd. is a Canadian exploration company engaged in the acquisition, exploration and evaluation of mineral properties in Canada. The Company holds exploration permits to explore claims located near Londonderry and Bass River, Nova Scotia (the “Cobequid Highlands Property“). The Cobequid Highlands property is known to indicate potential for IOCG mineralization.

Terry Coughlan, CEO, is the publication contact.

Email: [email protected]

Forward-Looking and Cautionary Statements

All statements contained in this press release, other than statements of historical facts, are “forward-looking information” within the meaning of applicable securities laws, including, without limitation, statements relating to future work of planned exploration, as well as their timing and results. Mongoose provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that the assumptions incorrect, and that the objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include, but are not limited to, exploration discoveries, results, plans and recommendations, the ability to raise adequate financing, and market and economic risks associated with market and economic circumstances, as well as risks and uncertainties identified and disclosed in Mongoose’s public posting. filed under its SEDAR profile at www.sedar.com. Although Mongoose has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause actions, the events or results are not those anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mongoose disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the CSE nor its Regulation Services Providers (as that term is defined in the CSE policies) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126985