Mongoose Mining Ltd. announced that it has encountered significant intercepts of cobalt bearing pyritic magnetite in three drill holes at its Bass River project, near Londonderry and Bass River, Nova Scotia, (the "Property"). These holes were part of a six hole, 1,056 metre drill program performed in the fall of 2021 with the support of the Nova Scotia Mineral Resources Development Fund. Hole BR-21-06 is the deepest hole drilled to date and intersected a cobaltiferous zone at 17.75 metres to 101.6 m (83.85 m of 237 ppm) included 1,068 ppm over 2.25 m. The true thickness of the pyritic magnetite zone is yet to be determined; however, the minimum thickness is estimated to be 30 metres.

Interesting values of titanium over 1% (5 m of 1.2%) and elevated values of cerium and lanthanum rare-earth elements exist in holes BR-21-04 and BR-21-06. The rare earth element yttrium was identified in BR-21-06 utilizing micro-XRF (Buyers et al., AGS Colloquim, Fredericton, NB, Feb. 11-12, 2022).

Several samples have copper values as high as 0.3%. BR-21-04 and BR-21-05 targeted magnetic and IP anomalies adjacent to the mineralized zone and failed to intersect significant mineralization. The company now suspect the magnetic signature in this area is the best indication of cobalt mineralization.

BR-21-07 tested an IP anomaly elsewhere on the Property and failed to explain the response. A magnetic anomaly associated with the cobalt bearing pyritic magnetite is approximately 1 km in length and previous inversion modeling of the magnetics suggests a depth to 1,000 m (A.P. Belperio, Minotaur Exploration Ltd., March 2010). The pyritic magnetite is now believed to have un-tested potential extending four kilometers westward of the Bass River cobalt prospect along the Cobequid fault.

Several un-tested magnetic anomalies occur along the Cobequid fault, and a cobalt assay of 1,100 ppm was discovered in a bedrock grab sample 4 km westward of the above-mentioned drilling at the Fire Road prospect. An iron oxide copper-gold (IOCG) model is a diverse suite of elements including various combinations of REE, F, P, Mo, Ag, Ba, Co, Ni and many of these elements are important commodities in the context of IOCG deposits. The main characteristic of IOCG deposits features hydrothermal ore styles and strong structural controls, abundant Fe oxides with an Fe/Ti relationship.

The recent drilling has demonstrated many of these characteristics indicating the potential for an IOCG discovery. The Steele Run (formerly Mt. Thom) copper prospect was discovered by Imperial Oil in the early 1970s.

The IOCG model and cobalt mineralization were later recognized. Mineralized outcrop and sporadic core sampling have recently produced assays of up to 0.863% Cobalt within historic 1.5% grading copper zones. A 2004 government study of 29 core samples, encountered values ranging from 157 ppm (0.0157%) Cobalt to 8,630 ppm (0.863%).