Mongoose Mining has signed a deal to acquire the Steele Run copper-cobalt-gold deposit in Nova Scotia, Canada, from Canadian Goldcamps.

Located at Mt Thom in Nova Scotia, around 22km east of Truro, the property is an ‘IOCG-type’ copper-cobalt-gold project and comprises 29 mineral claims over four contiguous licences.

According to the agreement, Mongoose Mining will purchase the project by issuing 200,000 common shares to Canadian Goldcamps.

Mongoose Mining CEO Terry Coughlan said: “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.”

Discovered by Imperial Oil in the 1970s, the Steele Run deposit was tested for only copper at that time. Cobalt mineralisation at the property was recognised at a later stage.

In November 2021, Mongoose Mining completed the takeover of Spark Minerals, which owns exploration licences covering around 3,264ha.

As part of the transaction, Mongoose issued 26,904,000 of its shares to Spark’s common shareholders.

Mongoose Mining is engaged in the acquisition, exploration, and evaluation of mineral properties in Canada.

The firm owns licences to explore the Cobequid Highlands Property located near Londonderry and Bass River, Nova Scotia. The Cobequid Highlands Project comprises seven mining concessions.