MONTRÉAL, Nov. 22, 2021 (GLOBE NEWSWIRE) — Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) announces that it intersected with hole GA-21-06, located 1.4 km east of the Pike Nickel showing, an anomalous nickel zone over 70 meters along the hole. This new showing, called Pike Nickel East, is associated with a large, high-intensity magnetic anomaly traced by an aerial magnetic survey during the summer of 2021.
In addition, hole GA-21-01 installed on the Pike Nickel showing also intersected the nickeliferous zone sought to a thickness of nearly 80 meters along the hole. This drilling was used to verify the continuity at depth of the nickel mineralization intersected in hole GA-11-06.
The portable XRF sampler was able to trace these anomalous nickel areas. Cobalt, zinc, and chromium anomalies were also identified in some places. The company will publish the results as soon as they are complete and available. Although XRF results are currently considered less definitive than standard analytical techniques, they are nonetheless indicative of grade and are generally considered qualitative rather than quantitative. The use of the XRF sampler helps to better target the areas to be analyzed which saves a lot of preparation time and helps to reduce the costs.
According to this initial information, the nickel-bearing corridor intersected by boreholes GA-21-01, GA-21-06, GA-21-07 and GA-21-08 would now have a potential length of approximately 3.4 km. Made up of the Pike Nickel West, Pike Nickel and Pike Nickel East showings, this mineralized corridor remains open in all directions.
Based on these initial results, which are considered encouraging, the management of the company is now studying the launch of a second drilling program to test the magnetic anomaly crossing right through the entire southern part of the property for more than 7 km.
“We are very pleased to see that the potential of the Pike Nickel Index appears to continue in its eastern and western extensions as well. Our hypothesis based on the association with a high intensity magnetic anomaly crossing the south of the property for more than 7 km thus seems to be present. Now, it will be necessary to see if this association will remain present in the extensions. This will have to be verified soon” said Jonathan Hamel, CEO of Mosaic.
The Gaboury project comprises 82 claims covering an area of approximately 4,282 hectares and is accessible year-round by a provincial road network and by a set of forest roads.
In 2010-2011, Fieldex Exploration now Fokus Mining Corp. drilled the Gaboury property to test a Max-min electromagnetic anomaly which intersected significant nickel grades. The intersected semi-massive mineralization is in a calcite matrix within a fracture and a silicified gabbro.
The Pyke copper showing, located northeast of the Pike Nickel showing, is also present on the Gaboury property. The semi-massive mineralization consists of chalcopyrite, pyrite and pyrrhotite in a calcite matrix.
There are also some gold showings including the Laverlochère and Brisebois showings which revealed gold grades of up to 445 g / t Au in quartz veins ranging from 0.3 to 5 m thick while another mineralized shear zone with a thickness of between 2 and 25 m gave gold grades of up to 8.8 g / t Au. Gold grades of 27.97 g / t Au and 9.51 g / t Au over 0.20 m were also intersected in hole G-18 located on the Brisebois showing while surface samples revealed grades of 0.71 g / t Au and 1.23 g / t Au. Copper results have also been reported in historical work near these same showings. These historical data come from GM 46167, GM 58164 and GM 04753 and are available on the SIGEOM and MERN site.
Following an agreement with Fokus Mining, Mosaic has the right to acquire a 60% interest in the Gaboury project in consideration for the issue of 3M shares in favor of Fokus Mining and to complete for $ 1M in exploration work 36 months following the anniversary date. Mosaic will also be able to obtain a further 20% in return for a $ 500,000 investment in works and delivery of a 43-101 resource assessment by June 2029. Mosaic is the operator of the project.
This press release has been read and approved by Jeannot Théberge, independent consultant geologist certified under NI 43-101.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE: MOC) now focusing on the exploration for future strategic Copper, Nickel and 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, Val-d’Or and Chibougamau mining camps.