MONTREAL, Nov. 08, 2021 (GLOBE NEWSWIRE) — Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) is pleased to announce the start of its first diamond drilling program on the Gaboury project, located in the Temiscamingue region of Quebec. The main objectives of this first diamond drilling program of approximately 1,500 meters extension are to test the lateral extensions of the Pike Nickel showing discovered by drilling in 2010 as well as to test the depth extension of the original discovery.
From a regional view, the Pike Nickel zone seems associated with an important magnetic anomaly of direction NN0 – ESE on which several other nickels showings are known such as the Kelly Lake showing1 (1.4mT grading 0.70% Ni and 0.70% Cu as well as 0.32 PGE -). The high precision heliborne magnetic survey carried out by Novatem during the summer of 2021 made it possible to visualize this high magnetic anomaly crossing the south part of the property over than 7 kilometers.
“We are very happy to start a first drilling program on this project. The upward trend in the price of minerals associated with the growth of the electric-vehicle industry makes it possible to look at low grade large volume projects containing different strategic minerals essential to battery production. In the environment of the Gaboury project, we note the presence of nickel, copper, and cobalt as well as some platinum and palladium showings which could bring additional value to the project”, said the CEO of the company Jonathan Hamel.
The Gaboury project comprises 82 claims covering an area of approximately 4,282 hectares and is accessible year-round by a provincial road system and by a set of forest roads. We also note the presence of several other gold, silver, and copper showings on the project. These showings are all located north of the Pike Nickel showing. The drilling program was awarded to the company Magma Drilling, of Rouyn-Noranda.
This press release has been read and approved by Jeannot Théberge, independent consultant geologist certified under NI 43-101.
1 ET 91-04 and Annual Report, Albany Oil and Gas Ltd, 1983
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 Copper, Nickel and 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, Mattagami, 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.
