Mongoose Mining to Acquire Steele Run Copper Cobalt Gold Project, Canada
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Mongoose Mining has entered into an agreement to acquire the Steele Run copper-cobalt-gold deposit located at Mt Thom, Nova Scotia, Canada, approximately 22km east of Truro. The property is an iron oxide copper gold (IOCG) type copper-cobalt-gold project consisting of 29 mineral claims over four contiguous licenses and covers approximately 1,160 acres.
“The project has excellent surrounding infrastructure with a power line and highway access on the claims and located within 90 minutes of international sea and airport facilities. Having already demonstrated the existence of high-grade copper and cobalt mineralization, two strategic metals of Canada’s Green future, we’re excited with the addition of the Mt Thom project to our extensive near drill ready IOCG portfolio and look forward to it providing some very interesting results,” said Terry Coughlan, CEO.
PROJECT HIGHLIGHTS
In a 2001 study, the Nova Scotia Department of Natural Resources concluded that significant similarities exist between the copper-gold occurrences along the Cobequid-Chedabucto Fault Zone, such as Mt Thom, as with those of IOCG deposits elsewhere in the world.
The Steele Run deposit was discovered by Imperial Oil in the 1970s and was only tested for copper at that time. The IOCG modeling and levels of cobalt mineralization were later recognized. Mineralized outcrop and sporadic core sampling over the past few years have produced historic assays of up to 0.863 percent Cobalt within the copper zones. A 2004 government study of 29 core samples, encountered values ranging from 157 ppm (.0157 percent) Cobalt to 8630 ppm (.863 percent).
Several untested regional targets offer significant copper-cobalt-gold exploration potential. Outcrop from the occurrence known as the ‘brook showing’ was tested in 2004 and grab samples returned up to 3.32 percent copper and 0.61 g/t gold.
The property is subject to a 1.5 percent gross royalty in favor of an arm’s length third party.
The company is acquiring the Mt Thom Project from Canadian Goldcamps Corp. in exchange for two hundred thousand (200,000) common shares of the company.
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 licenses to explore claims located near Londonderry and Bass River, Nova Scotia. The Cobequid Highlands Property is recognized to indicate potential for IOCG mineralization.
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