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Mosaic Minerals Corp
Symbol MOC
Shares Issued 69,528,071
Close 2023-10-30 C$ 0.055
Market Cap C$ 3,824,044
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Mosaic Minerals begins 2,000 m drill program at Gaboury

2023-11-01 11:10 ET - News Release

Mr. Jonathan Hamel reports


Mosaic Minerals Corp. has started a drilling program of a minimum of 2,000 metres on the Gaboury project located in Temiscamingue, Que. The program consisting of a minimum of eight holes aims to verify the strength of the Pike Nickel index as a whole in order to better identify the most favourable sectors in terms of grade and potential volume.

Comprising the Pike Nickel Centre, West and East showings, this nickel project has currently been traced by drillings over more than 4.5 kilometres. In addition to the presence of strategic minerals, the Gaboury project also contains several gold showings.

"We are happy to resume drilling on Gaboury in continuity with the program carried out at the beginning of 2023 (GA-23-13: 159.5 metres at 0.23 per cent Ni). This program will allow us to gather more information on the nickel potential of the Pike East zone. We also discovered a new gold showing in this sector in 2021 (GA-21-06: 2.54 g/t Au [grams per tonne gold] over 1.65 m). Gaboury Nickel is an important asset in our portfolio made up of a dozen properties covering an area of more than 80,000 hectares located in Jamesie and Abitibi-Temiscamingue, Que. The proximity of the Gaboury project to the Rouyn-Noranda mining camp is an undeniable asset and allows us easier access with highly competitive costs," said Jonathan Hamel, president and chief executive officer of Mosaic.

Presence of nickel-bearing sulphides

To gain a better understanding of the nickel mineralization present in ultramafic formations, the company collected 10 samples from mineralized zones in eight drill holes. Thin-slice petrographic examination revealed that the mineralized rocks are indeed ultramafic in nature, containing serpentine with chromite and magnetite, and up to 1 per cent nickel-bearing sulphides, namely millerite and violarite. A sample located in a basalt underlying the ultramafic rocks revealed instead the presence of disseminated pentlandite and in fractures within the basalt. Based on these results, Mosaic believes that the magmatic nickel deposit model applies well to the Gaboury project.

Amanda lithium

The company also announces that it has completed an initial prospecting program on the Amanda project focused on lithium exploration. The team of two geologists and two technicians participated in collecting several hundred samples in the targeted areas over a period of approximately 10 days. An access path for a possible drilling program which could take place in 2024 has also been marked out by the exploration team. The company should soon obtain a report from its consultant summarizing the work carried out during this exploration program. Results should be available by the end of December, 2023.

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 focusing on the exploration of critical minerals such as nickel and lithium in the province of Quebec.

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