MONTREAL, Dec. 30, 2022 (GLOBE NEWSWIRE) — Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) announces the upcoming start of a new drilling program of approximately 1,500 meters on its Gaboury nickel project, located in Témiscamingue, Quebec.
According to 3D modelling, this program of four drill holes, which should begin around mid-January, aims to test different fold hinges associated with ultramafic units corresponding to a major EO magnetic anomaly of more than 8 kilometers. It will focus on the Pike Nickel West area. This one, recognized by drilling over a length of more than 1,000 meters, remains open both laterally and at depth.
Composed of the Pike Nickel Center, West and East showings, this nickel project has been traced by drilling over more than 4 kilometers currently. In addition to the presence of strategic minerals, the Gaboury project also contains several gold showings.
The Corporation is also preparing an initial exploration program for the 2023 season to evaluate its lithium and strategic mineral projects located in Jamésie (Québec).
These projects, which make up the company’s lithium properties, cover nearly 20,000 hectares spread over six mining blocks, contain, according to the various data from the Quebec Ministry of Energy and Natural Resources (MERN), several geological indications favorable to the presence of lithium and strategic minerals. The 2023 exploration work therefore has the primary objective of confirming the presence of spodumene pegmatites and/or the presence of strategic minerals.
In order to verify the data from the MERN, the planned work will include sampling, a set of geological, geochemical and spectrometric surveys coupled with aerial magnetic surveys. The use of aerial spectrometry will support groundwork by defining favorable areas due to the presence of slightly radioactive minerals associated with spodumene pegmatites. It is somewhat comparable to geochemistry, but taking aerial spectrometric data covers much larger areas. The magnetic survey will also help establish contacts between granitic geological units and greenstone belts.
“We are very pleased to start 2023 strong with a drilling campaign on the Gaboury project. This will allow us to further define the Pike West zone located at the western end of a large EO magnetic anomaly of more than 8 kilometers. We are also planning a series of work on properties with Lithium potential as soon as field conditions allow. Mosaic hereby wishes to thank its shareholders and collaborators for their trust over the past year and it is with enthusiasm and determination to enhance our portfolio of properties in strategic minerals that we are starting the new year,” said Mr. Jonathan Hamel, President and CEO of Mosaic.
In connection with the press release dated December 23, 2022, the Company wishes to clarify that it paid finder’s fees in the total amount of $48,960 to an arm’s length person.
The technical content of this press release has been reviewed and approved by Mr. Gilles Laverdière, P.Geo., an independent consulting geologist and a Qualified Person as defined in NI 43-101.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE: MOC) now focusing on the exploration for future strategic Nickel and Lithium deposits in priority on the Quebec Province territory which have a long and successful history of base metal production principally in the Rouyn-Noranda, Matagami, Val-d’Or and Chibougamau mining camps.
On Behalf of the Board
M. Jonathan Hamel
President & CEO
This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.