Business
Mongoose Mining Provides Company Update
Toronto, Ontario--(Newsfile Corp. - July 19, 2023) - Mongoose Mining Ltd. (CSE: MNG) (the "Company") is pleased to provide an update on its Iron Oxide Copper Go
About this update from Mongoose Mining Ltd.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - July 19, 2023) - 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. The Company is focused on advanced exploration and development along the Cobequid-Chedabucto Fault Zone (CCFZ), which is a large crustal fault system defining the southern boundary of the Cobequid Highlands in central Nova Scotia. The IOCG mineral deposit model hosts a diverse suite of elements, some of which occur in Canada's Critical Minerals Strategy List including the elements Cu, Au, REE, F, P, Mo, Ag, Ba, Co and Ni. The principal geologic features are hydrothermal ore styles, strong structural controls, and abundant metasomatic Fe oxides. Recent drilling results demonstrate many of the characteristics for a potential IOCG system. Exploration for these elements is intended to boost the supply of critical minerals to grow domestic and global value chains for the green and digital economies. The exploration team plans to concentrate on two priority targets in Nova Scotia: Mt. Thom, where the Company recently discovered a gravity anomaly virtually untested by historic drilling. The anomaly is associated with a previously discovered copper-cobalt zone; and Bass River, where a four-kilometre-long cobalt bearing trend has been recognized. Both areas have been submitted to the Nova Scotia mineral assistance grant program and are awaiting potential approvals. The program over the last several years has assisted by funding exploration on the Bass River program, which the company is very appreciative. Recent Work: Mt. Thom IOCG Project: A 542-point gravity survey by CSR Geosurveys of Porter's Lake, Nova Scotia was completed in the fall of 2022 over the Mt. Thom copper-cobalt prospect. Interpretation of the data shows a significant 1.1 Mgal gravity anomaly 250 metres east of and adjacent to the known copper-cobalt mineralization. The Mt. Thom prospect was discovered by Imperial Oil in 1971. The IOCG-style model and cobalt mineralization was later recognized by the Nova Scotia Department of Natural Resources. With significant values of copper, cobalt and gold mentioned in historical reports, Mt. Thom remains a priority utilizing current geological knowledge. Mineralized outcrop at Mt. Thom and sporadic core sampling have r...