Mosaic drills 170 m of anomalous Ni at Gaboury

2021-11-15 07:25 ET – News Release

Mr. M. Jonathan Hamel reports


Mosaic Minerals Corp. has intersected by drilling an anomalous nickel zone located nearly 1.8 kilometres in the western extension of the original discovery of the Pike nickel zone. The favourable lithology containing the Pike nickel showing is now have a potential length of over 2.1 kilometres. Further drilling is currently under way to test the eastern lateral extension and at depth of that same showing.

According to preliminary tests made with a portable XRF sampler, hole GA-21-07 would show a significant presence of nickel over a thickness of approximately 170 metres along the hole, while hole GA-21-08, located 300 metres west of GA-21-07, would have intersected this same area over a thickness of about 130 metres. It should be recalled that drilling GA-10-01, drilling of the original discovery carried out in 2010-2011 and located approximately 1.8 km east of recent holes, had intersected a nickel zone over a width of up to 87 metres along the hole.

The various XRF tests also detected the presence of cobalt, zinc and chrome in these same holes. 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 presence of palladium was also detected by the XRF sampler, but with the margin of error being higher for this type of element, the company did not see fit to take it into account.

The use of the sampler allows better targeting of the areas to be analyzed, saves a lot of time in terms of preparation and reduces the cost. The company will therefore limit itself to sending samples from the nickel-bearing zones detected by XRF for analysis.

« We are very pleased to note that the potential of the Pike nickel showing appears to match our hypothesis based on the lithologic association, which may contain nickel and other associated minerals, with a high-intensity magnetic anomaly crossing the south of our property over more than seven km. Now we’ll have to see if this association remains present in the eastern extension of the index. The XRF sampler is a very good tool to get a very fast response as to whether the desired metals are present, » said Jonathan Hamel, president and chief executive officer of Mosaic Minerals.

The Gaboury project comprises 82 claims covering an area of approximately 4,282 hectares and is accessible year-round by a provincial road system and by a set of forest roads. The drilling program was awarded to the company Magma Drilling, of Rouyn-Noranda.

Grant of stock options

The company also announces that incentive stock options have been granted to consultants to purchase up to 500,000 common shares at a price of 14 cents per share for two years, pursuant to its stock option plan. The company currently has 45,678,500 shares issued and outstanding, along with 4.05 million options (including the options described above) and 10,245,500 warrants outstanding.

About Mosaic Minerals Corp.

Mosaic Minerals is a Canadian mineral exploration company listed on the Canadian Securities Exchange 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.