Montreal Quebec, May 19, 2021. The management of Mosaic Minerals Corporation (“Mosaic”) (CSE:
MOC) announces that it has executed an earn-in option agreement with Bullion Gold Resources (“Bullion”)
to acquire 100% of their Lichen base metal project located in the Chapais-Chibougamau area of northern
Quebec
The Lichen property, comprised of 178 cells totaling approximately 9,968 hectares, is accessible yearround by a set of forest roads maintained by forestry companies working in the sector
The property is underlain by the volcanic rocks of the Obatogamau formation intruded by stocks and
plutons of intermediate composition. The volcanic belt is parallel to two known gold bearing volcanic belt,
the Bachelor Lake gold area to the west and the Osisko-Windfall gold area to the south. The Nelligan Gold
project and The Monster Lake Gold project are located at the eastern extremity of the volcanic belt.
Numerous gold and copper showings are also found to the east and to the west of the property.
A similar geological environment to the Doré Lake Anorthosite Complex is also present within the
property. In the Chibougamau mining camp, many of the copper-gold mines are in close proximity with
the Doré Lake Anorthosite Complex. The volcanic belt is in direct contact with the Opawica River
Anorthosite Complex and copper showing are present just to the northwest of the property. Many copper
intercepts up 900 ppm Cu and up to 2.05 m were reported in close proximity with the contact the
anorthosite complex.
Mosaic is planning to compile all historical exploration work done on the Lichen Property and its
surrounding area, and conduct a helicopter-borne, very high-resolution magnetic survey.
The acquisition of exploration projects focused on base metals is part of Mosaic’s new development
strategy. Other projects with potential targeting primarily base metals are under consideration. We want
to assemble a quality portfolio with projects offering good exploration targets
emphasized Mosaic CEO,
Mr. Guy Morissette.
Lichen Option
Pursuant to the May 18, 2021 Lichen Option Mosaic can up to an 100% interest in the Lichen Property by:
- (a) issuing to Bullion 3,000,000 shares of Mosaic, within seven (7) days following the receipt of Canadian Securities Exchange approval;
- (b) incurring One Hundred Thousand ($100,000) dollars of exploration expenditures on or before May 31, 2022; and
- (c) incurring Three Hundred Fifty Thousand ($350,000) dollars of exploration expenditures
on or before May 31, 2024.
Exploration expenditures may be accelerated at any time by Mosaic.
Bullion has retained a 2% NSR royalty of which Mosaic can buy back 50% any time for $500,000. Mosaic
has a first right of refusal to acquire Bullion’s remaining 1% NSR.
The technical content of this press release has been reviewed and approved by Gilles Laverdière, P.Geo.,
an independent consultant 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 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.
For further information, please contact:
M. Guy Morissette
President & CEO
Contact: Guy Morissette at 1-514-531-8129
This release may contain “forward-looking information” as defined under applicable Canadian securities laws.
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”, “would”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”,
“projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable
terminology. Forward looking information is based upon assumptions and 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 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 has not reviewed and does not accept responsibility for the adequacy or accuracy
of this release.
