Mongoose Mining (CSE:MNG), a company dedicated to the acquisition, exploration and evaluation of mineral properties in Canada, announced that it has signed an agreement to acquire Steel Run, a copper, gold and cobalt deposit in Nova Scotia, Canada.
The agreement stipulates that the purchase will be carried out through the issuance of 200,000 common shares by Mongoose Mining to Canadian Goldcamps.
Steel Run is a property located at Mt Thom in Nova Scotia, approximately 22 km east of Truro. It is an IOCG copper, gold and cobalt project, which includes 29 mining concessions on four adjacent properties.
Terry Coughlan, CEO of Mongoose Mining, said in a press release: “The project has an excellent surrounding infrastructure with a powerline 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 mineralisation, 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.”
The Steel Run deposit was found in the 1970s by Imperial Oil and exploration was only tested for copper at that time. Cobalt mineralization was later recognized at a later stage.
Mongoose Mining also announced last year the acquisition of Spark Minerals, a private Nova Scotia company that owns exploration licenses covering about 3264 hectares or 32.64 km2 in order to carry out exploration of the Cobequid Highlands project.
Mongoose issued 26,904,000 of its shares to the owners of Spark common shares. For the purchase of Mongoose common shares, 2,500,000 warrants were also issued in exchange for 2,500,000 warrants to purchase Spark common shares. This exchange gives each holder the right to acquire one Mongoose share at any time at a price of $0.25 per share until December 30, 2023. As well as the 360,000 outstanding Spark options will be converted into 360,000 Mongoose shares at a price of $0.05 per share.
Mongoose Mining is a mineral exploration company led by a team highly experienced in exploration, mine development, operations and raising capital. The company is focused on the historically iron ore rich regions of Nova Scotia which is an area with potential for discovery of IOCG type deposits. Mongoose Mining plans to acquire strategic properties that will allow it to deploy its exploration excellence and responsible mining practices to build a multi-asset, multi-jurisdictional metals company.