22:56:51 EDT Wed 17 Jul 2024
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Mosaic Minerals Corp
Symbol MOC
Shares Issued 78,490,571
Close 2024-02-06 C$ 0.07
Market Cap C$ 5,494,340
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Mosaic Minerals drills 206.7 m of 0.23% Ni at Gaboury

2024-02-06 11:27 ET - News Release

Mr. Jonathan Hamel reports


Mosaic Minerals Corp. has released part of the results of the work program consisting of eight drill holes for a total of 2,484 metres on the Gaboury project.


  • GA-23-23 intersects 135 metres at a grade of 0.34 per cent nickel (Ni), including 33 metres at a grade of 0.48 per cent Ni;
  • GA-23-26 intersects 206.7 metres at a grade of 0.23 per cent Ni, including 30 metres at a grade of 0.35 per cent Ni as well as 18 metres at a grade of 0.40 per cent Ni;
  • GA-23-24 reveals 61.5 metres at a grade of 0.22 per cent Ni, including 33 metres at a grade of 0.26 per cent Ni;
  • GA-23-16 and GA-23-20 confirm the nickel potential of the East Pike zone by intersecting ultramafic units with thicknesses varying from 45 m to 84 m (analyses in progress).

The drilling program, completed in recent weeks, is described as a success by the company's management since it made it possible to test the potential of the main nickel showings: Pike West, Pike Center and Pike East, and to confirm its nickel potential over a length of more than 4.5 kilometres. The presence of zinc, cobalt, copper and gold is also noted in this geological environment, associated with several high-intensity magnetic anomalies.

"We are very satisfied with these preliminary results and are confident of obtaining other equally encouraging analysis results shortly. Our technical team believes that there could be nickel enrichment traps deeper, or along the various magnetic anomalies, with a length of nearly eight kilometres identified in the southern part of the Gaboury project," underlines Jonathan Hamel, president and chief executive officer of Mosaic.

The company's management is considering a new, more intensive drilling program in the various zones identified by drilling, as well as carrying out a geological and prospecting survey covering all the magnetic anomalies located in the immediate environment of the Pike East, Center and West zones. These campaigns could be carried out during the current winter, as well as next spring.

Drill holes GA-23-23, GA-23-24 and GA-23-26 were carried out in the western part, while drill hole GA-23-17 was located in the central part. Drill holes GA-23-16, GA-23-19 and GA-23-20 were carried out in the eastern part of the project. The company also tested, without results, a magnetic anomaly located north of the Pike West showing with drill hole GA-23-18.

All drill holes except GA-23-18 and GA-23-19 intersected the ultramafic zones sought, over thicknesses ranging from 44 metres to more than 200 metres.

These results, coupled with previous results, seem to confirm a potential nickel-bearing zone of several kilometres.

Furthermore, following a study carried out using thin-slice petrographic analysis, the company noted the presence of sulphides as well as three types of nickel minerals: millerite, violarite and pentlandite in the different nickel samples observed by Laurentia Exploration. These sulphides are very fine, which indicates a dissolution of nickel from ultramafic rocks. The nickel concentration in this type of magmatic deposit remains possible in this geological environment.


The management of the company is also pleased to appoint Gilles Laverdiere, PGeo, as vice-president of exploration. Mr. Laverdiere holds a BSc in geology from Universite de Montreal (1978) and a certificate in environment from Universite du Quebec in Abitibi-Temiscamingue (1996). He worked for various mining exploration companies, one of which being Aur Resources Inc., until 1984, when he founded his geological consulting business. He then managed numerous exploration and development projects in Abitibi, and raised funds for mining companies. From 1991 to 1997, he was part of exploration projects in the Philippines, Nevada (Carlin trend) and in Brazil. From 1997 to 2006, he worked in China, where he started HMZ Metals, a polymetallic producer operating a copper smelter with revenues exceeding $15-millions per year. Since 2006, he is a consulting geologist, and has worked on projects in Abitibi, Central America and Africa.

The scientific and technical information of Mosaic Minerals included in this press release has been reviewed and approved by Mr. Laverdiere, PGeo, vice-president of exploration for Mosaic Minerals, and qualified person under National Instrument 43-101, respecting information concerning mining projects.

About Mosaic Minerals Corp.

Mosaic Minerals is a Canadian mining exploration company listed on the Canadian Securities Exchange focused on the exploration of critical minerals such as nickel in the province of Quebec.

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