Mongoose Mining Ltd. provide an update on its Iron Oxide Copper Gold Cobalt (IOCG) exploration projects in Nova Scotia and its gold project in New Brunswick, Canada. Additionally, utilizing an impressive compilation of historical reports and Artificial Intelligence (AI) algorithms/machine learning from Mercator Geological Services, the Mongoose exploration team was able to generate new targets and to assess targets provided by Minotaur. The (IOCG) model hosts a diverse suite of elements included in Canada's Critical Minerals Strategy, (intended to boost the supply of critical minerals to grow domestic and global value chains for the green and digital economy) including various combinations of Cu, Gold, REE, F, P, Mo, Ag, Ba, Co and Ni. The principal characteristic features are hydrothermal ore styles, strong structural controls, and abundant Fe oxides with an Fe/Ti relationship. Recent drilling results demonstrate many of the characteristics for a potential IOCG discovery. A drill program comprising seven holes and 1,826 metres of drilling was completed in September, 2022.
All core has been logged and 413 samples including QA/QC inserts were delivered to AGAT Laboratories in Mississauga, Ontario for 58 element ICP-OES analysis and gold by fire assay. Four of the drill holes were intended to test geophysical anomalies generated in the mid-2000's by Minotaur. Three drill holes failed to intersect significant mineralization, however, a fourth drill hole intersected basaltic lithologies hosting elevated copper values. The Company believes this priority target area requires further evaluation to assess the location of a gravity anomaly and potential IOCG mineralization. Three drill holes tested a recently discovered pyritic magnetite exposure (Fire Road prospect) and intersected elevated levels of cobalt. The Fire Road prospect is along strike of the Company's Bass River Cobalt prospect drilled in 2021 located approximately 4 kilometres to the west. The area between these two prospects has untested potential for hosting cobalt. This untested, but priority region will be further explored to evaluate target locations for pending drilling campaigns.