Amanda Project Featured on Kaiser Research Online
Kaiser Watch November 10, 2023: A new emerging James Bay hotspot?

Composed of 145 cells covering an area of ​​7,677 hectares, this project is located on Eeyou Istchee territory, James Bay, approximately 65 kilometers northeast of the Whabouchi lithium deposit (Nemaska).

In addition to containing several gold showings identified historically by prospecting and drilling, the Amanda property contains numerous pegmatites identified on the surface containing various minerals associated with the possible presence of spodumene such as beryl, cesium, tantalum, and rubidium. The presence of accessory minerals such as muscovite, garnet, and tourmaline in the environment of these pegmatites is also described in various reports from the Quebec Ministry of Energy and Natural Resources (MERN).

interactive map

Lithium potential – Highlights of historical drillings

• 17 historical drillings with pegmatites not analyzed for lithium (GM 55430, GM 56493, GM 60051).
• 34 pegmatite samples taken by Vanstar Mining Resources in 2020 (2020 Technominex Report – Amanda Project) not analyzed for lithium.
• 31 pegmatite samples taken by the MRNF in 1998 not analyzed for lithium.
• Visual presence of spodumene
• Presence of indicator minerals such as beryl, tourmaline, muscovite, garnet as well as cesium, tantalum, and rubidium in most samples.
• Pegmatite swarms in several pegmatite corridors varying from three to seven km in length (on the Amanda project) and widths ranging from a few meters to nearly 30m.
• Drilling AC-2010-04 located along a corridor revealed 9.8m @ 0.8% Li2O of 212.8m including 5.1m @ 1% Li2O and 1m @ 1.2% Li2O (GM 65074).
• Drilling AC-2010-12 on the western edge of the Amanda project intersected a pegmatite with spodumene (not analyzed – GM 65074)
• Drilling AC-23-0001A intersected 7m containing 3 to 10% spodumene at a depth of approximately 235 meters. Analyzes pending (See Cygnus Metals press release dated August 29, 2023).

Almost no analysis was carried out at the time to verify the lithium potential of these pegmatites intersected by drilling. According to certain information obtained, the core samples are still stacked on wooden pallets near the old camp. A team will go to the site as soon as possible to check if it is possible to recover them.

In 2020, Vanstar Mining Resources, following a geological and prospecting survey, counted a swarm of pegmatites forming several favorable NE-SW direction corridors with a length varying from 3 to 7 km. Some of these corridors are located along regional faults. The DEM helicopter survey done by Novatem well defined the areas of high relief that could be associated with the presence of pegmatites (see map below).

Of the 34 pegmatite samples collected by the company, most of these contained beryl, massive tourmaline, muscovite as well as garnet. A few samples also contained spodumene.

In 2020, Vanstar Mining Resources, following a geological and prospecting survey, counted a swarm of pegmatites forming several favorable NE-SW direction corridors with a length varying from 3 to 7 km. Some of these corridors are located along regional faults. The DEM helicopter survey done by Novatem well defined the areas of high relief that could be associated with the presence of pegmatites (see map below).

Gold showings

The Amanda gold project was discovered in the 1990s. A few prospecting and channel sampling campaigns followed by drilling revealed several significant gold zones, including the Arianne, Kog, Ti-Beu and Rock’n Hammer showings.

The surface sampling and drilling carried out at the time was specifically to verify the gold potential of the Amanda project. Several of these revealed the presence of gold near the surface and at depth.

Here are some results from the main gold showings:

Hole	Grade g/t Au	Thickness (m)	Showing
AC-97-31	2.42 g/t Au	4 m	Arianne
and	5.44 g/t Au	7 m	Arianne
including	12.11 g/t Au	3 m
AC-02-01	1.15 g/t Au	18 m	Arianne
AC-02-05	0.52 g/t Au	11.37 m	Rock’n Hammer
including	1.36 g/t Au	2 m
Trenches	Grade g/t Au	Thickness (m)	Showing
TR-97-01	0.6 g/t Au	more than 8.3 m	Arianne
and	1.07 g/t Au	7 m	Arianne
TR-97-03	1.35g/t Au	11 m	Ti Beu
including	5.2 g/t Au	2 m
TR-97-04b	1.69 g/t Au	13.8 m	Kog
and	5.17 g/t Au	2.9 m	Kog
and	8.34 g/t Au	1.6 m	Kog

Option Agreement

Under the terms of the agreement with Vanstar Mining Resources Inc, Mosaic may acquire an initial 50% interest in exchange for $1 million in exploration expenditures and the issuance of 4 million shares to Vanstar over the next three years. Expenditure commitments would be as follows:

• $250,000, on or before the first anniversary:
• $250,000, on or before the second anniversary;
• $500,000 on or before the third anniversary.

Share issuances will be as follows:

• 1,000,000 shares five business days after the Effective Date;
• 1,000,000 shares five business days after the first anniversary of the Effective Date;
• 2,000,000 shares five business days after the second anniversary of the Effective Date.

Once the $1,000,000 in expenditures are completed and the shares issued Mosaic will have earned 50% of the project. Vanstar would then have the option to participate in a 50-50 joint venture or allow Mosaic to acquire an additional 30% interest in exchange for filing a 43-101 resource report by the end of 2030. Mosaic will be the operator of the project. The transaction is subject to regulatory approval.

Exploration Updates

Q4 2023

October

The Company has completed an initial prospecting program focused on lithium exploration. The team of two geologists and two technicians participated in collecting several hundred samples in the targeted areas over a period of approximately 10 days. An access path for a possible drilling program which could take place in 2024 has also been marked out by the exploration team. The company should soon obtain a report from its consultant summarizing the work carried out during this exploration program. Results should be available by the end of December 2023.