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Mining industry

Mongoose Mining Secures $100,000 Funding for Exploration at Mount Thom Property

Strategic Insights

— 1 min read

Mongoose Mining, a Canadian exploration company, has been awarded a $100,000 shared funding grant through the Nova Scotia Mineral Resources Development Fund (NSMRDF) to advance its Mount Thom Property, located in the Cobequid-Chedabucto Fault Zone (CCFZ). The grant acknowledges the geological significance of the project and its potential to contribute to Canada's critical minerals future.

Key Takeaways:

  • Mongoose Mining will use the funding to complete a 1,200-meter diamond drill program to test high-priority targets identified by a 2022 gravity survey, which pointed to much larger, deeper-seated targets.
  • The drill program aims to test copper, cobalt, and gold mineralization, with both copper and cobalt classified as critical minerals under Canada's Critical Minerals Strategy.
  • The company plans to raise up to $300,000 through a non-brokered private placement, consisting of flow-through shares and hard-dollar shares, to fund exploration and advancement of its projects in Atlantic Canada.
  • The flow-through shares will be eligible for the enhanced 30% tax credit, providing investors with additional incentives.
  • The company has a rich exploration history at Mount Thom, with previous drilling encountering widespread fracture and breccia-controlled mineralization with pyrite, chalcopyrite, hematite, and specularite.
  • The presence of cobalt alongside copper further strengthens Mount Thom's standing as a critical mineral opportunity.

Statistics:

  • $100,000 funding grant awarded to Mongoose Mining through the NSMRDF
  • 1,200-meter diamond drill program planned to test high-priority targets
  • Up to $300,000 to be raised through a non-brokered private placement
  • 2,000,000 flow-through shares and 1,000,000 hard-dollar shares available for purchasing
  • Eligibility of flow-through shares for enhanced 30% tax credit
  • 49 diamond drillholes totalling 3,184 m completed between 1970 and 1974
  • Grades of up to 1.66% Cu over 5 m reported in historic drilling

Sources:

  • Newsfile Corp. - September 3, 2025
  • Nova Scotia Mineral Resources Development Fund (NSMRDF)
  • Canadian Securities Exchange (CSE)
  • Mongoose Mining Ltd.
  • SEDAR profile at www.sedarplus.ca

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