Mosaic Minerals to Drill Gaboury Project
Gaboury Property Drill Plans
Mosaic has reserved a drill rig to begin a first drilling program of approximately 1,200 meters on its recently acquired Gaboury nickel-copper Project. This program should begin as soon as the Company obtains all the necessary permits to begin its work.
The Gaboury property is composed of 85 mining claim cells totalling 4,440 hectares easily accessible by paved and gravel roads. It is located approximately 150 kilometres southwest of the Rouyn Noranda mining camp and 11 km east of former Loraine mine that produced 600,000 tonnes of ore grading 0.47 per cent nickel and 1.08 per cent copper. The Loraine deposit was of magmatic mineralization of Ni-Cu dominant associated to mafic and ultramafic intrusions.
In 2010 and 2011, Fieldex Exploration, now Fokus Mining Corp., the vendor of the Gaboury Project, drilled the property to test an electromagnetic max-min anomaly and that cut significant nickel grades. The semi-massive mineralization intersected is located in a calcite matrix within a fracture and silicified gabbro. Five holes were drilled along a 200-metre magnetic and conductive anomaly with assays from hole GA-10-01 assaying 0.20% Ni over 81.68 meters including 0.28% Ni over 9.65 meters and 0.29% Ni over 9.0 meters, (ref: GM66699). The magnetic anomaly, containing several conductive anomalies (input), can be followed over several kilometers. The planned program will be used to test the lateral extensions of the nickel zone discovered in 2010.
No analysis for platinum and palladium was done on those samples.
Also within the Gaboury Project area is the Pyke copper showing, which is located northeast of the nickel occurrence where historically reported Cu results ranging from 0.99% to 12.3% Cu were sampled in surface chalcopyrite veins at the contact with sheared andesitic volcanic rock. Semi-massive mineralization there consists of chalcopyrite, pyrite and pyrrhotite in a calcite gangue. Limited drilling of some electromagnetic conductors did not yield significant copper results. Mosaic's management will review available data and reassess this sector shortly to develop a better understanding of these surface copper occurrences and assess the copper potential of this area.
113 North Project
The Company also owns the 113North Project and expects to drill this property in the coming months. Drilling permit applications are being prepared.
The technical content of this press release has been reviewed and approved by Gilles Laverdière, an independent consultant and a Qualified Person as defined in NI 43-101.
Management of the Company is planning a non-brokered private placement financing of up to $500,000 to fund all of its planned exploration work and the Company’s general and administrative expenses for the balance of calendar 2021. Details of the proposed will be announced once management has finalized all of the relevant parameters.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Security Exchange (CSE: MOC) now focusing on the exploration for future strategic Copper-Nickel-Zinc 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, Vald’Or and Chibougamau mining camps. Exploring for base metal was put on hold a few decades ago to the profit of exploring for gold but the potential for discovering large Cu, Zn, Ni deposits is still very present.
On Behalf of the Board
M. Guy Morissette
President & CEO
Contact: Guy Morissette at 1-514-531-8129
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.
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