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Mosaic Minerals Corp
Symbol MOC
Shares Issued 78,490,571
Close 2024-05-23 C$ 0.04
Market Cap C$ 3,139,623
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Mosaic Minerals to begin work on Quebec projects

2024-05-23 12:07 ET - News Release

Mr. Jonathan Hamel reports

MOSAIC BEGINS EXPLORATION WORK AT JAMES BAY

Mosaic Minerals Corp. will start its exploration work on its Mirabelli SM, Maqua SM, Amanda and Pluton SM projects during the next few weeks.

"We are very enthusiastic about this exploration campaign, which allows us to make up for the time lost during last summer's forest fires. We will explore, for the first time, strategic areas of the newly acquired properties which we believe hold attractive potential for a wide range of metals and minerals. Mosaic is well positioned to benefit from the growing market interest in gold, copper, nickel, zinc and lithium," said Jonathan Hamel, president and chief executive officer of Mosaic.

The Pluton SM project, with an area of approximately 5,650 hectares and located in the eastern extension of Patriot Battery Metals' Corvette project, will be the subject of a 670-kilometre-long helicopter-borne magnetic geophysical survey. This survey will allow the company to better define the structures in place and target work areas for the future.

During the same period, a technical team composed of geologists and technicians will begin a geological survey, prospecting and sampling campaign on the Mirabelli SM and Maqua SM projects. Several targets identified on these projects by ALS Goldspot and Consultation GeoX will be visited and sampled in order to verify their potential for base metals (copper, zinc and nickel), lithium, as well as for gold and silver.

The Mirabelli SM property is formed by 345 cells with an area of nearly 20 square kilometres and is located approximately 15 kilometres southeast of the municipality of Eastmain. It is accessible by the Eastmain Village provincial road. The Mirabelli SM sector, which has been very little prospected over the years, could be conducive to the discovery of new metal or mineral indices. Intersected by several major faults located in contact with volcanogenic horizons and tonalitic intrusive, this property presents a geological environment favourable to the presence of gold, silver, base metals and lithium.

The Maqua SM property, located 50 kilometres east of the municipality of Wemindji consists of 69 mining cells with an area of approximately 3,570 hectares and is located 10 kilometres west of the Mia lithium project (Q2 Metals). According to the technical analysis carried out by ALS Goldspot, the main prospective targets for lithium would be in the southern part of the project, in a geologically favourable corridor for the discovery of lithium.

The Amanda project, accessible by a forest road open all year round, will also be the subject of another exploration program during the summer period, with the objective of clarifying the importance of the new gold showings discovered in 2020 as well as to check their potential for base metals and lithium.

Several gold showings associated with iron and paragneiss formations are known in the eastern part of the Amanda property. Mineralization consists of pyrite, pyrrhotite, disseminated arsenopyrite and gold in boudinated quartz veins cutting iron formations or in paragneiss. The type of mineralization is similar to the Homestake, Lupine and Musselwhite deposits.

In the central sector, the Raphy gold index revealed gold grades of up to 1,236 parts per billion. This new showing, associated with silicified biotite paragneisses mineralized in pyrite and/or with quartz veins mineralized in pyrite or chalcopyrite, highlights the presence of a quartz-tourmaline alteration system and pyrite-chalcopyrite mineralization affecting the surrounding rocks, which could be responsible for the contribution of gold mineralization. The Natel gold showing located in the western part also presents gold anomalies associated with folded iron formations. To the north of the eastern sector, the Jako showing returned a grade of 1,835 parts per billion gold as well as other significant anomalous gold values associated with a biotite paragneiss containing mineralized quartz veinlets near oxidized and silicate iron formations identified during the 2020 field campaign.

Several other sectors of the property are of interest for the discovery of gold mineralization. An area located under Lake Beryl brings together several criteria favourable to the presence of gold mineralization. In the eastern sector, the presence of the late-tectonic Beryl-Sud pluton also provides a favourable context for the establishment of mineralization associated with intrusions. This unit was never observed in outcrop during the 2020 drilling campaign, but the presence of gold-bearing pegmatites near this intrusion supports this model.

The discovery of several new horizons of oxidized iron formations allows the company to reaffirm the potential for discovery of gold-bearing iron formations on the Amanda project. The presence of faults and folds in the fold hinges of these horizons makes them an ideal context for the presence of epigenetic non-stratiform-type gold mineralization. The search for metasomatic sulphide alteration zones and/or the presence of a change in the intensity of the magnetic signature are places to investigate during subsequent phases.

The scientific and technical information of Mosaic Minerals included in this press release has been reviewed and approved by Gilles Laverdiere, PGeo, vice-president exploration of 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 focusing on the exploration of critical minerals such as nickel in the province of Quebec.

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