Toronto, Ontario–(Newsfile Corp. – November 9, 2022) – Mongoose Mining Ltd. (CSE: MNG) (the “Company”) is pleased to provide an update on its Iron Oxide Copper Gold Cobalt (IOCG) exploration projects in Nova Scotia and its gold project in New Brunswick, Canada.

The Company is focused on advanced exploration and development along the Cobequid-Chedabucto Fault Zone (CCFZ) which is a large crustal fault system within the Cobequid Highlands in central Nova Scotia.

“Mineralized IOCG systems contain potential for a discovery. Our plan to build on this opportunity stems from a combination of known potential, (CCFZ is host to over 100 mineralized surface occurrences and small deposits of iron-oxide, copper, cobalt, gold, nickel, and barite) as well as strategically utilizing an extensive compilation of geophysical, geochemical, and geological databases obtained from three professional independent sources,” commented Terry Coughlan, P.Geo., CEO of Mongoose.

In 2007, Minotaur Exploration Ltd. (“Minotaur”) identified the CCFZ and the associated iron oxide deposits as part of an IOCG style system. Minotaur implemented extensive work programs including regional gravity, VTEM, magnetic and geochemical surveys that successfully identified high-priority drill targets. Mongoose now is systematically drilling those “Minotaur” targets.

Building on a foundation of Minotaur’s work, Mongoose has applied data from recent Nano Spectral Advanced Exploration Geophysics (new satellite technology) which further outlined anomalies believed to be subsurface gold and copper mineralized bodies which also furthers the work completed by Minotaur.

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.

Terry Coughlan, P.Geo., CEO, commented, “Our summer drilling program provided valuable information for future drill programs including a more concentrated approach to existing mineralized areas.”

The exploration team plans to concentrate on two priority targets: 1: Mt. Thom, where the Company recently discovered a large gravity anomaly that remains virtually untested by historic drilling. The anomaly is associated with a historic 1.5% copper/cobalt zone, 2: The hydrothermal cobalt bearing pyritic magnetite trend near Bass River, both located in Nova Scotia.

Recent Work:

Bass River, Londonderry & East Folly Mountain IOCG Project:

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.

Mt. Thom IOCG Project – A 542-point Gravity survey by CSR Geosurveys of Porter’s Lake, Nova Scotia was recently completed over the Mt. Thom copper-cobalt prospect in Nova Scotia. The preliminary interpretation shows a significant 1.1 Mgal gravity anomaly 250 metres east of and adjacent to the known copper-cobalt mineralization drilled in the 1970’s (see figure below).