November 30, 2022 – Montreal, Quebec – Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”) announces the acquisition by map staking of 156 mining cells covering approximately 8,325 hectares composing four new exploration projects for lithium and strategic minerals.
Located in Jamésie (Northern Québec), these projects join the two other lithium projects previously staked by the Company. Mosaic now holds a portfolio of six projects focused on exploration for lithium and strategic minerals. All these projects are in a geological environment favorable to the discovery of such minerals. Mosaic also holds three other projects targeting nickel potential.
According to data from the Quebec Ministry of Energy and Natural Resources (MERN), the new Maqua SM project, consisting of 69 cells with a size of approximately 3,569 hectares and located in the granitic suite of Vieux Comptoir, can offer phases of spodumene pegmatites. There is very little geological data currently available on this project. This vast project is located west of the Mia L1 and Mia L2 lithium showings recently acquired by Queensland Gold Hills (See press release of November 28, 2022).
As for the Gervais SM project, it consists of four (4) mining blocks in a sector comprising several showings of cobalt, copper, zinc, and nickel as well as lithium. This project totals 28 cells for a dimension of approximately 1,535 hectares. This project is located west of the Sirmac and Moblan lithium showings.
The Bordier project comprising 48 cells for an area of approximately 2,651 hectares is located further south, along the Ontario border. According to the MERN, several random rock samples revealed significant lithium values.
Finally, the Sakami SM project, made up of 11 cells covering an area of 570 hectares, is in contact with a biotite paragneiss and a white pegmatitic granite and an alkali feldspar and biotite and muscovite, tourmaline, garnet, and beryl in the Lake Sakami area.
Depending on the exploration budgets available, these projects should all be the subject of exploration work including a geological, geochemical, and geophysical survey as well as detailed sampling during the spring and summer of 2023. All these projects are accessible year-round via main and forest roads.
“Lithium and strategic minerals including nickel are in high demand for the foreseeable future. Mosaic wants to establish itself in this sector, which is increasingly mobilizing the attention of major players, including certain states. These seek to secure their supply chain for their military and high-tech industries. The Gaboury project also offers a great opportunity for nickel,” underlined Mr. Jonathan Hamel, President, and Chief Executive Officer of Mosaic.
Other lithium and strategic mineral projects
Recently, the company acquired the Lithium SM project in the Lebel-sur-Quévillon sector as well as the Dalmas SM project in the Adina lithium showing sector from Winsome Resources. Recent drilling by Winsome has highlighted over 160 meters of pegmatite collectively intercepted while drilling below the recently discovered Jamar outcrop at Adina. In addition, the most recent analyzes of the Jamar outcrop yielded exceptional grades of up to 4.89% Li2O.
The Lithium SM project, 20 kilometers long by about 10 kilometers high, is cut in its center by an EW fault as well as by a few faults trending ENE. In the southern part of the property, numerous lithium anomalies directly associated with pegmatites have been listed by the MERN, suggesting a potential favorable horizon over more than 5 kilometers. At the center of the project, a volcanic band runs east to west along a high-intensity magnetic anomaly. Several electromagnetic conductors (inputs) are twinned with this volcanic horizon and this magnetic anomaly. The showings composed of strategic minerals in Cu, Zn, Ni and Li seem to be associated with this corridor.
The Dalmas SM project is located in a favorable geological environment for strategic minerals such as lithium, nickel, copper, chromium and cobalt. We find the presence of peridotite, pyroxenite as well as a pegmatitic granite containing beryl. According to data from the Quebec Ministry of Energy and Natural Resources, this property contains several geochemical showings of nickel, copper, and lithium.
Lithium is a key player in the global decarbonization effort, as it is a key component of lithium-ion batteries as well as the next generation lithium-iron-phosphate (LFP) batteries used to power electric vehicles (EV). This essential mineral is also widely used in other industrial applications, such as cell phones, laptops, glass, and ceramic production, among others.
The Gaboury project, comprising 95 claims covering an area of approximately 6,064 hectares, is accessible year-round by a provincial road network and a series of logging roads. In 2010-2011, Fieldex Explorations (now Fokus Mining Corp.) drilled the Gaboury property to test a Max-Min electromagnetic anomaly and intersected significant nickel grades over good widths. The mineralization intersected is located in a broad band of mafic to ultramafic rocks. Grades of 0.20% Ni were intersected over thicknesses ranging from 81 m to 88 m in three holes forming the initial Pike Nickel showing.
Following its first drilling campaign in Q4 2021, the Company intersected (see press release of January 5, 2022) in hole GA-21-07 a 165 m zone grading 0.26% Ni including 121.5 m grading 0.32% Ni and 0.40% Ni over 15 metres. Hole GA-21-07, located in the Pike West zone, is located approximately 1.8 km west of the original Pike Nickel zone. Hole GA-21-08 located 300 m to the west revealed three sections of 13.5 m, 16.8 m and 18.2 m respectively grading 0.31% Ni, 0.26% Ni and 0. 23% Ni in a 131.8 m nickel envelope grading 0.17% Ni.
A second phase of 1,000 meters of drilling was completed in August 2022. A grade of 0.23% Ni over a length along the hole of 120 meters was intersected in hole GA-22-10 (see press release from the August 30, 2022). This is located about 200 meters in western extension of hole GA-21-08. Another nickel zone grading 0.25% over 17.55 meters was also intersected in this same hole.
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.
Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of strategic minerals in the territory of 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.