Business
Mongoose Mining: Exploration Update and Commencement of Trading on the CSE
Toronto, Ontario--(Newsfile Corp. - November 19, 2021) - Mongoose Mining Ltd. (CSE: MNG) (the "Company" or "Mongoose Mining"), is pleased to provide an update o
About this update from Mongoose Mining Ltd.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - November 19, 2021) - Mongoose Mining Ltd. (CSE: MNG) (the \"Company\" or \"Mongoose Mining\"), is pleased to provide an update on recent exploration activities and announce that trading of the Company's common shares will commence at market open on Monday November 22nd, 2021. Project & Geological Update Geological work on the Company's IOCG (Iron Oxide Copper Gold) project located near Londonderry, Nova Scotia (the \"Project\") is progressing well. The Company plans to aggressively explore this highly prospective region of Nova Scotia, Canada, and has retained Mercator Geological Services (\"Mercator\") to assist in the evaluation of numerous priority target areas previously identified. Mercator's compilation spanned over a four-month period incorporated over 200 reports and included digitising all the technical information into a data base. The data was carefully analyzed utilizing artificial intelligence logarithms developed for Mongoose using specific IOCG criteria. Twenty-eight (28) individual targets were generated of which nine (9) meet the highest category for discovery potential. It is the first time any company has utilized this highly advanced exploration technology in this area. All the data was digitized into 80 unique layers including geochemistry, geophysics, geology mapping and structural interpretations. Subsequently, an algorithm based on IOCG deposit models identified and ranked drill targets. Although significant exploration work has been completed, very little drilling has ever taken place within the Company's claims. Numerous areas throughout the Project were identified for drilling but due to lack of funding was never completed. The Company has initiated work programs on nine (9) high priority targets to identify locations for near-term drilling. In combination with a grant from the government of Nova Scotia, a 1,000 metre (6 hole) drill program on our exciting Cobalt Iron Gold target in the Bass River claim area was recently completed. A thick sequence of Magnetite and Pyrite breccia was intercepted in several holes. Cobalt mineralization has been associated with the Pyrite in previous historic assays from this area. Core samples have been shipped to Eastern Analytical laboratory in Newfoundland and the Company is awaiting results which are anticipated in January. C...