LAND PACKAGE OVERVIEW
Mongoose is engaged in the exploration and development of IOCG deposits in the
Building on the foundation of Minotaur's work, data compiled from both a recent Nanospectra geophysics assessment and an extensive compilation of historical reports was applied to an AI algorithm/machine learning program from Mercator Geological Services ('Mercator'). This work resulted in the generation of numerous new targets on the Property and an assessment of targets identified by Minotaur.
PREVIOUS EXPLORATION SUMMARY
In 2018,
Hole BR-97-2: 29m of 662 ppm Cobalt and 21.9% Iron from 3m-32m depth including 15m of 812 ppm Cobalt and 26.9% Iron
In 2020, with the support of the
The mineralized zone is described as primarily heavily disseminated to semi-massive magnetite hosting disseminated pyrite, subsequently brecciated by carbonate flooding. The secondary carbonate stockwork presented in the one-meter sample intervals would have diluted the reported cobalt and iron values.
In the fall of 2021, with the grant support from NSMRDF, the Company completed a 1,056m drill program to increase understanding of the deposit structure. Core analysis showed carbonate stockwork concentrated near the surface, as depths below 30m had very little to no carbonate veining. Magnetite and pyrite mineralization was observed in 203m of Hole BR-21-06. This hole was drilled at a dip of 45 degrees, indicating the mineralization continued to at least 145 metres below surface. The true dimensions and orientation of the zone has yet to be determined. A magnetic anomaly associated with this mineralization is approximately 1km in length, and previous inversion modeling of the magnetic interpretation suggests a depth to 1,000m. Additional drilling of this zone is intended upon confirmation of assay results. Eastern Analytical in
The photos below illustrate the distinction between the two zones of mineralization. Top zone with carbonate breccia stockwork and to depth where the carbonate flooding is not present. The lower zone contains an increased existence of pyrite and magnetite. Historical work by Chilean Metals suggested associated cobalt mineralization with pyrite, this may have the potential for higher metal concentrations in this lower zone. Metallurgical assessment is planned to attempt to confirm that this is the case.
CURRENT EXPLORATION INITIATIVES
Regional exploration is currently underway and expected to continue throughout the next several months (weather permitting). The primary focus is the systematic evaluation of targets generated by Mercator. Mercator digitized the data of 150 previously filed geological studies and reports within the claim block held at
The past fall, a magnetite outcrop with showings approximately 15m along a small brook was discovered 4.1km west of the
The Company has implemented a quality control program for its geological programs to ensure best practices in the sampling and analysis of the drill core and rock samples, which includes the insertion of blanks and certified standards into the sample stream. NQ sized drill core was cut by electric saw with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization, and alteration. The remaining half of the core is stored on-site at the Company's core storage location in
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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 thereof, the anticipated timing of the receipt of assay results, the potential for higher metal concentrations in this lower zone and the ability for the application of innovative technologies and new comprehensive data to positively impact the Company. 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 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.
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