MONTREAL, Aug. 30, 2022 — Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Company”) announces that it intersected in hole GA-22-10 a grade of 0.23% Ni over a strike length of 120 meters. This hole 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.
This 1,000-meter drilling program completed in recent weeks included three holes located in the western part of the Pyke showing.
Hole GA-22-09 located between GA-21-07 and GA-21-08 revealed two nickel zones grading 0.13% Ni and 0.18% Ni respectively over widths varying from 28.6 meters to 46.5 meters. We note the presence of several lamprophyre dykes in this hole which intersects the nickeliferous zone in several places. The presence of cobalt, magnesium and chromium is also noted in this survey.
Hole GA-22-11 located approximately 550 meters west of GA-22-10 intersected a 27.5-meter zone grading 0.26% Ni. Here too, the presence of lamprophyre dykes was noted in several places. Cobalt, chromium, and magnesium anomalies are also present in this area.
“The high presence of lamprophyre dikes cutting the ultramafic increases the complexity of the project in the western part. Further drilling will be necessary to have a better understanding of this project. So far, we have identified the presence of nickel over several kilometers along a horizon of ultramafic rocks associated with a magnetic anomaly more than 8 km long. With the help of Goldspot Discoveries, we are working to define the positioning of traps and depressions in the ultramafic system that generally contain higher Ni grades,” underlined Mr. Jonathan Hamel, CEO of the Company.
113 North & Lichen Projects
The company also plans to begin a drilling program of approximately 1,200 meters on its 113 North project in the coming weeks. The Company management wants to test the continuity of a pyroxenite containing Québec Nickel’s Fortin/Ducros gold and nickel showing, located about 300 meters south of the border of the property. A magnetic anomaly trending NNO-SSE seems associated with this showing. This, according to MERN data and results obtained by Québec Nickel (See press release dated 06-13-2022), would contain interesting Ni, Cu, Pt, Pd and Au grades.
Finally, the company has carried out in recent weeks a first geological and prospecting survey on its Lichen project, located in the southern sector of Chapais. About fifty samples were taken mainly in the central part of the property. The results should be available within the next few 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.
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.