Toronto - Mongoose Mining Ltd (CSE: MNG) (the 'Company') is pleased to announce 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.
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.
ONGOING EXPLORATION STRATEGY
We continue to work on a larger scale drill program to encompass Minotaur gravity/mag, Mercator prospectivity and nano spectra targets previously identified across the Bass River and Londonderry claim blocks. We have also been researching the use of RAB drilling as a cost-effective method of exploring a large area with minimal impact to the environment.
Terry Coughlan, CEO commented, 'It is important to note the Company has many high priority targets along our 39 km length of claims having high potential for IOCG discoveries. This program is just the start of some very exciting exploration work in Atlantic Canada. With the recent cobalt drilling intercepts in the latest drilling press release from the Company, we could potentially be defining an interesting suite of Canada's strategic metals right here in Nova Scotia.'
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 is the holder of exploration licences to explore claims located near Londonderry and Bass River, Nova Scotia, (the 'Cobequid Highlands Property'). The Cobequid Highlands Property is recognized to indicate potential for IOCG mineralization.
Contact:
Terry Coughlan
Email: info@mongoosemining.com
Forward-Looking Statements and Cautionary Language
All statements in this press release, other than statements of historical fact, are 'forward-looking information' within the meaning of applicable securities laws including, without limitation statements related to future planned exploration work and the timing and results thereof. 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 that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results, plans and recommendations, ability to raise adequate financing, and market and economic risks associated with market and economic circumstances, as well as those risks and uncertainties identified and reported in Mongoose's public filings 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 forward-looking information, there may be other factors that cause actions, events or results not to be as 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 unless required by law.
MONGOOSE MINING LTD. 
