MONTREAL, April 04, 2023 — Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”) would first like to congratulate the management of Patriot Battery Metals for the success it is achieving in the development of its Corvette project, in James Bay. Recent drilling results continue to demonstrate the importance of this project, which could eventually lead to a major lithium deposit. Mosaic, through its Pluton SM project located on the eastern edge of the Corvette project, is very pleased to be able to actively participate in the development of this strategic territory with a first phase of work including exploration and ground sampling. The potential targets were defined by the various compilation works carried out in collaboration with ALS Goldspot. This work will begin as soon as access conditions are favorable to the deployment of work teams on site.
In order to identify exploration targets for lithium, ALS GoldSpot Discoveries undertakes a process of interpreting and integrating all of the geoscience data available on each property, including rock and sediment geochemistry, geophysics, topography and descriptions of rocks and outcrops. This process includes several processing steps to define areas of interest, such as the enhancement and interpretation of sediment surveys, the analysis of lithogeochemistry to detect favorable contexts for the mineralization of lithium minerals, the analysis outcrop and rock descriptions to detect the presence of indicator minerals, and lineamental analysis of topographic data and geophysical surveys to identify structures potentially associated with the emplacement of pegmatites.
Subsequently, a remote sensing study is carried out on multispectral satellite data in order to identify and characterize pegmatite outcrops favorable to contain spodumene mineralization. The results obtained are then integrated into the process of defining targets in order to prioritize the sectors to be investigated for the field prospecting campaign in the summer of 2023.
Three other Mosaic projects located in James Bay, namely the Dalmas SM project, located east of the Adina showing (Winsome Resources), Mirabelli SM, located west of the James Bay Lithium deposit (Allkem) and Maqua SM, located West of the Mia 1 and 2 lithium showings (Q2 Metals Corp.), will also be visited during the summer of 2023. All these projects contain favorable geology for the presence of pegmatites. Certain pegmatites located on the Mirabelli SM project, containing indicator minerals listed by the MERN, will be given special attention. The Maqua SM project located in the Vieux Comptoir complex has never been explored in the past, so initially, satellite and spectrometric data will be used to define the targets.
The company also intends to begin, as soon as access conditions permit, an exploration and sampling program on its Lithium SM project. Several pegmatites located in a tonalitic batholith containing lithium anomalies of up to 299 ppm, according to MERN data, will be visited during the spring. Lithium SM is easily accessible by road and is located approximately 40 km north of Quévillon, a well-known forestry and mining center in the Jamésie region.
“We are very much looking forward to starting our work on these projects. The presence of several pegmatites on all of them allows us to be confident of obtaining significant results during this first phase of work. It is also encouraging to see that the Patriot Battery Corvette zone continues to extend eastward,” said Jonathan Hamel, President, and CEO of Mosaic Minerals.
Mosaic Minerals holds more than 960 claims in Jamésie-James Bay covering an area of approximately 51,796 hectares divided into 9 separate projects. In 2023, the company will focus its work on five of them. Other lithium and/or strategic mineral projects could eventually be added to this portfolio.
Finally, the results from last January’s drilling campaign on the Gaboury Nickel project should be available in the coming weeks.
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.
