Mr. Jonathan Hamel reports

MOSAIC RETRACES SEVENTEEN DRILL HOLES WITH PEGMATITES ON AMANDA

Following a recent compilation of all historical drilling data on the Amanda project, Mosaic Minerals Corp. traced the presence of pegmatites in the description of the logs of the 17 drillings carried out on this project between 1997 and 2010.

Highlights

• 17 historical drillings with pegmatites not analyzed for lithium (GM 55430, GM 56493, GM 60051);
• 34 pegmatite samples taken by Vanstar Mining Resources in 2020 (2020 Technominex report -- Amanda project) not analyzed for lithium;
• 31 pegmatite samples taken by the MRNF in 1998 not analyzed for lithium;
• Visual presence of spodumene;
• Presence of indicator minerals such as beryl, tourmaline, muscovite, garnet as well as cesium, tantalum and rubidium in most samples;
• Pegmatite swarms in several pegmatite corridors varying from three to seven kilometres in length (on the Amanda project) and widths ranging from a few metres to nearly 30 m;
• Drilling AC-2010-04 located along a corridor revealed 9.8 m at 0.8 per cent Li2O of 212.8 m including 5.1m at 1 per cent Li2O and one m at 1.2 per cent Li2O (GM 65074);
• Drilling AC-2010-12 on the western edge of the Amanda project intersected a pegmatite with spodumene (not analyzed -- GM 65074);
• Drilling AC-23-0001A intersected seven m containing 3 to 10 per cent spodumene at a depth of approximately 235 metres. Analyzes pending (see Cygnus Metals press release dated Aug. 29, 2023).

Almost no analysis was carried out at the time to verify the lithium potential of these pegmatites intersected by drilling. According to certain information obtained, the core samples are still stacked on wooden pallets near the old camp. A team will go to the site as soon as possible to check if it is possible to recover them.

In 2020, Vanstar Mining Resources, following a geological and prospecting survey, counted a swarm of pegmatites forming several favourable NE-SW (northeast-southwest) direction corridors with a length varying from three to seven kilometres. Some of these corridors are located along regional faults. The DEM helicopter survey done by Novatem well defined the areas of high relief that could be associated with the presence of pegmatites.

Of the 34 pegmatite samples collected by the company, most of these contained beryl, massive tourmaline, muscovite as well as garnet. A few samples also contained spodumene.

"The 2020 exploration work confirms the extension of several pegmatites listed by the MRNF in 1998. It is also reassuring to see that certain drilling -- 17 in total -- have intersected these same pegmatites up to more than 160 metres vertical depth. Amanda, in addition to offering very interesting gold potential, therefore seems to contain several indications as to its lithium potential. Moreover, numerous pegmatite samples taken throughout the property (nearly 50 samples) demonstrated the regular presence of indicator minerals as well as the presence of spodumene in certain samples. We also note that on Cygnus Metals' Auclair project -- located on our western border -- some drilling intersected pegmatites with spodumene and lithium. With this project, we are in the presence of a very powerful environment capable of containing lithium enrichment in addition to containing multiple gold showings," underlines Jonathan Hamel, president and chief executive officer of Mosaic.

The main objective of the 2020 prospecting program was to revisit known showings as well as to find new significant gold showings. The search for lithium or other minerals and metals was not among the priorities set at the time by this short exploration program.

Geophysical survey

Furthermore, a helicopter-borne aerial magnetic survey recently completed on the Amanda project noted numerous anomalies of high magnetic intensities establishing the presence of folded structures and faults possibly associated with iron formations and various gold showings listed on the Amanda project.

According to the geological and prospecting survey of Vanstar Mining Resources 2020, five new gold showings (Jako, Marko, Mia, Natel and Raphy) were added to the historical list of known showings: the Arianne, Ti-Beu, La Mire, Rock'n Hammer and Kog 1.

Some other minor gold showings have also been located in the western part of the project.

Comprised of 145 mining claims with an area of approximately 7,677 hectares, Amanda benefits from excellent infrastructure, with year-round road access and high-voltage transmission lines crossing the project, in addition to being located less than 80 km from Nemiscau airport and only 70 km northeast of Whabouchi (55.7 million tonnes at 1.4 per cent Li2O).

The management of the company will soon apply for a wood cutting permit to allow land access to the eastern part of the property to prepare an initial drilling program as soon as possible.

The technical content of this press release has been reviewed and approved by Gilles Laverdiere, PGeo, an independent consulting geologist and a qualified person as defined in National Instrument 43-101.

About Mosaic Minerals Corp.

Mosaic Minerals is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of critical minerals such as nickel and lithium in the province of Quebec.

We seek Safe Harbor.