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Mosaic Minerals begins drilling at Gaboury
2022-05-04 10:03 ET - News Release
Mr. Jonathan Hamel reports
MOSAIC BEGINS DRILLING ON THE GABOURY PROJECT
Mosaic Minerals Corp. has started drilling on the Gaboury project, located in Temiscamingue, Que. This first phase of 1,200 metres will be concentrated on the new claims acquired in the western part of the property (see press release of March 22, 2022).
During 2022, the company plans to complete 20 holes for approximately 7,000 m along a major magnetic anomaly approximately nine km long associated with the three nickel showings discovered on this project.
During the last drilling campaign carried out in 2021, it discovered the Pike Nickel West zone (121.5 m at 0.32 per cent nickel -- see press release of Jan. 5, 2022) located approximately 1.8 km west of the original Pike Nickel showing (70.5 m at 0.25 per cent Ni) as well as to trace the Pike Nickel East showing located approximately 1.4 km from the same showing. This drilling program also found a new gold showing located south of the Pike Nickel East showing.
"We are enthusiastic about the possibilities of the Gaboury project. The current main objective is to demonstrate the continuity of the nickel showings on the new claims acquired in the western part, all forming a potential nickel corridor of approximately nine km along the property," underlined Jonathan Hamel, president and chief executive officer of the company.
On the other hand, the management of the company plans to carry out in the coming months an initial geological and prospecting survey on the Lichen project, which is made up of 178 mining cells with an area of 9,968 hectares, located in the Chapais-Chibougamau area. This project has already been the subject of a helicopter-borne magnetic geophysical survey during 2021 (58.68 km), which has made it possible to define several geological exploration targets. The Lichen project is located in an environment favourable to the presence of critical minerals such as nickel, cobalt, copper and elements of the REE group (rare earths). Different intrusive (syenite, tonalite et cetera), gabbro and andesitic basalt constitute the geological essentials of this project. Although it is accessible by many forest roads, this project has never been the subject of intensive exploration work.
Gaboury project
The Gaboury project, comprising 114 claims covering an area of approximately 6,064 hectares, is accessible year-round by a provincial road network and a series of forest roads. In 2010 to 2011, Fieldex Explorations (now Fokus Mining Corp.) drilled the Gaboury property to test a maximum-minimum electromagnetic anomaly and intersected significant nickel grades over good widths. The mineralization intersected is located in a wide band of mafic to ultramafic rocks. Grades of 0.20 per cent Ni were intersected over thicknesses varying from 81 m to 88 m in three holes forming the original Pike Nickel showing.
The Pyke copper showing is located a little north of the Pike nickel showing. Semi-massive mineralization consists of chalcopyrite, pyrite and pyrrhotite in a matrix of calcite. Values of up to 12.30 per cent copper were traced there in trenches in 1974. There are also some gold showings, notably the Laverlochere and Brisebois showings, which revealed gold grades of up to 48.68 g/t Au in quartz veins ranging from 0.3 to five m thick. another mineralized shear zone between two and 25 m thick yielded gold grades of up to 8.8 g/t Au. Copper and silver findings 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 sites.
Following an agreement with Fokus Mining, Mosaic has the right to acquire a 60-per-cent interest in the Gaboury project in return for the issuance of three million shares in favour of Fokus Mining and to complete for $1-million in work during the 36 months following the anniversary date. Mosaic will also be able to obtain another 20 per cent in return for an investment of $500,000 in works and the delivery of an evaluation of the National Instrument 43-101 resource by June, 2029. Mosaic is the operator of the project.
The technical content of this press release has been reviewed and approved by Gilles Laverdiere, PGeo, an independent consulting geologist and a qualified person as defined in NI 43-101.