Mongoose Mining Ltd. announced an update on exploration at their projects in Nova Scotia and New Brunswick, Canada. In Nova Scotia, the company remains focused on the exploration of 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 commodities associated with the IOCG model include REEs, F, P, Mo, Ag, Ba, Co and Ni. They are characterized by deposit features 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 a 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 the IOCG modeling and cobalt mineralization were later recognized.

With significant values of Copper, Cobalt, and Gold reported in historical reports, Mt. Thom remains a priority for modern-day evaluation. Mineralized outcrop and sporadic core sampling have recently produced assays of up to 0.863% Cobalt within historic 1.5% grading copper zones.

A 2004 government study of 29 core samples, encountered values ranging from 157 ppm (.0157%) to 8630 ppm (.863%) Cobalt. (See Press Release International Cobalt Corp. May 22, 2018).

The Mongoose field team recently spent 8 days at the Government Core Library confirming historical drill core data and sampling select intervals for assay to better understand the geology at Mt. Thom. Bass River & East Folly Mountain IOCG Project - Mongoose recently commissioned the services of EarthEx Geophysical Solutions Inc. from Manitoba to conduct a high-definition UAV mag survey in the Bass River and East Folly Mountain Blocks of their properties.

At Bass River, the newly acquired mag data will coincide with the Company's 2021 drilling and field sampling where significant cobalt mineralization was identified. At East Folly Mountain, results are expected to further define Nano Spectra anomalies identified during work conducted in 2020. 3D modeling will be acquired from EarthEx to be used for future drill targeting (Summer/Fall 2022).

Upcoming Work: Bass River, Londonderry and East Folly Mountain IOCG Project - A 2000-meter drill program has been scheduled for mid-June 2022. The field team has been working on logistics, permitting, land access and road cutting in anticipation of starting up immediately following their return from the 2022 PDAC conference in Toronto in mid-June. Planned drill holes include: Fire Road - To test a 15m outcropping magnetite body with significant cobalt mineralization.

- Crown Land Permit in place. Adjacent to Fire Road - To test a historic gravity anomaly (NS-23 West). - Crown Land Permit in place.

Londonderry, NS - To test a large historic magnetic and coincident gravity anomaly (NS-24) overlain by anomalous copper and zinc rock geochem. - Private landowner agreement in place. Londonderry, NS - To test Minotaur gravity anomaly (NS-27D).

This was a high-priority target from the previous claim holder but was never drilled. - Private landowner agreement in place. Bass River, NS - To test a historic gravity anomaly (NS-23 Gravity) overlain by a large historic geochem copper anomaly.

- Crown Land Permit in place. East Folly Mountain, NS - To test anticipated mag anomalies from EarthEx's high-definition UAV magnetic survey over the East Folly Mountain block. - Landowner cooperation has been confirmed, permits to be acquired after new data has been received.

In New Brunswick, the Company has scheduled the services of Prospectair of Gatineau, QC to conduct an airborne MAG-TDEM survey at the Sheba Gold Property. The project has several significant historic gold assays, and the survey is expected provide insight to the structural controls to better direct future exploration. Prospectair is expected to be available by mid-July., 2022 for the program.