Mosaic Acquires 15,370 Hectares (290 Claims) in the James Bay Lithium Belt

February 7, 2023 – Montreal, Quebec – Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company” is pleased to announce the addition of 290 claims covering 15,370 hectares forming the Mirabelli SM project to its portfolio of lithium-based mining projects in the James Bay region.

Mirabelli SM Project Geology Map

Located about 15 km south of the municipality of Eastmain, Mirabelli SM is accessible by the main road crossing the northeast part of the property and is located west of the James Bay Lithium project of Allkem (Galaxy Lithium Canada) .

“With Pluton SM and Lithium SM, the Mirabelli SM project, by its potential and its location, will be part of our targeted projects for exploration work in 2023. We are confident to find new indications as to the presence of lithium in this sector of the James Bay. Mirabelli SM is located in a favorable environment that already contains interesting indicators for the presence of lithium in the numerous pegmatites already listed by the MERN” mentioned Jonathan Hamel, President and CEO of Mosaic.

This property was acquired by staking for its lithium potential. Nothing indicates for the moment the presence of spodumene on these claims but different geological formations including several strips of green rocks, vast granites, granodiorites and garnet paragneisses cut by several pink or white pegmatites often containing biotite and muscovite, may indicate the presence of this mineral. The presence of sillimanite, beryl, garnet, and tourmaline also reinforces this possibility. The James Bay Lithium deposit held by Allkem is located further east at the contact of garnet paragneiss with amphibolitized basalts in what is called the Jolicoeur Complex. Mirabelli SM is also found in the Jolicoeur Complex with garnet-sillimanite paragneiss in contact with amphibolitized basalt.

Mosaic Lithium Projects

According to the MERN, it is also mentioned that injections in the form of dykes or intrusive masses cut through these garnet and sillimanite paragneiss and that certain white pegmatites injected into the sedimentary sequence of the Jolicoeur Complex are associated with the appearance of sillimanite, as is the case for the Causabiscau Suite, in which there are several spodumene pegmatites.

This project is part of the Company’s strategy to acquire many mining properties with favorable geological potential for the presence of spodumene pegmatites and other strategic minerals. With this new acquisition, the company now holds 1,074 mining claims with a total area of approximately 57,500 hectares, most of which are located in the James Bay area (Jamesie).

The management of the Company remains open to acquiring other projects deemed favorable.

Pike Nickel – Gaboury

The Company’s management would also like to remind that a drilling program is currently underway on the Pike West nickel showing.

This program of four holes totaling approximately 1,200 meters will target fold hinges as well as the continuity at depth of hole GA-21-07 which revealed a grade of 0.35% Nickel over a thickness of 121.5 meters. The folding zones of the ultramafic unit were defined from the surface magnetic survey and the 3D inversion.

The Pike West zone, discovered following a drilling program in 2021, remains very interesting both for the strength of the intersected nickel-bearing zones and for its significant grades. The Pike Center zone, discovered in 2010 and located about 1.5 km to the east, also shows a significant presence of nickel (GA-21-01: 0.21% Ni over 112.9 m including 0.25% Ni over 70.9 m). Hole GA-21-06, located approximately 2.5 km east of Pike Centre, intersected a minor nickel zone (0.11% Ni over 59 m) which may be the continuity of the main zone. However, this section of ultramafic of more than 8 km associated with a strong magnetic anomaly, has only been the subject of a single survey. Further drilling will therefore be necessary to properly assess this sector of the magnetic anomaly. Also note that a new gold zone had been detected in this same drilling. The nickel corridor comprising the three Pike showings (West-Central and East) has been traced by drilling over more than 5 km to date.

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 mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of minerals such as Nickel and Lithium in the province of Quebec.

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.