Mosaic Minerals Starts Drilling on Gaboury Nickel

November 1, 2023 – Montreal, Quebec – Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”) is pleased to announce the start of a drilling program of a minimum of 2,000 meters on the Gaboury project located in Témiscamingue, Quebec. The program consisting of a minimum of 8 holes aims to verify the strength of the Pike Nickel index as a whole in order to better identify the most favorable sectors in terms of grade and potential volume.

Comprised of the Pike Nickel Centre, West and East showings, this nickel project has currently been traced by drillings over more than 4.5 kilometers. In addition to the presence of strategic minerals, the Gaboury project also contains several gold showings.

“We are happy to resume drilling on Gaboury in continuity with the program carried out at the beginning of 2023 (GA-23-13: 159.5 meters at 0.23% Ni). This program will allow us to gather more information on the Nickel potential of the Pike East zone. We also discovered a new gold showing in this sector in 2021 (GA-21-06: 2.54 g/t Au over 1.65m). Gaboury Nickel is an important asset in our portfolio made up of a dozen properties covering an area of more than 80,000 hectares located in Jamésie and Abitibi-Témiscamingue, Québec. The proximity of the Gaboury project to the Rouyn-Noranda mining camp is an undeniable asset and allows us easier access with highly competitive costs,” said Mr. Jonathan Hamel, President, and CEO of Mosaic.

Presence of nickel-bearing sulphides

To gain a better understanding of the nickel mineralization present in ultramafic formations, we collected 10 samples from mineralized zones in 8 drill holes. Thin-slice petrographic examination revealed that the mineralized rocks are indeed ultramafic in nature, containing serpentine with chromite and magnetite, and up to 1% nickel-bearing sulfides, namely millerite and violarite. A sample located in a basalt underlying the ultramafic rocks revealed instead the presence of disseminated pentlandite and in fractures within the basalt. Based on these results, we believe that the magmatic nickel deposit model applies well to the Gaboury project.

Amanda Lithium

The Company also announces that it has completed an initial prospecting program on the Amanda project focused on lithium exploration. The team of two geologists and two technicians participated in collecting several hundred samples in the targeted areas over a period of approximately 10 days. An access path for a possible drilling program which could take place in 2024 has also been marked out by the exploration team. The company should soon obtain a report from its consultant summarizing the work carried out during this exploration program. Results should be available by the end of December 2023.

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 critical minerals such as Nickel and Lithium in the province of Quebec.

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