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Mosaic Intersects 135 Meters Grading 0.34% Nickel on Gaboury Including 0.48% Nickel on 33 Meters

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Mosaic Intersects 135 Meters Grading 0.34% Nickel on Gaboury Including 0.48% Nickel on 33 Meters

 

 

 

 

 

Mosaic Minerals Corporation (CSE: MOC) announces part of the results of the work program consisting of eight drill holes for a total of 2,484 meters on the Gaboury project.

 

Highlights (see map 1):

  • GA-23-23 intersects 135 meters at a grade of 0.34% Ni including 33 meters at a grade of 0.48% Ni
  • GA-23-26 intersects 206.7 meters at a grade of 0.23% Ni including 30 meters at a grade of 0.35% Ni as well as 18.0 meters at a grade of 0.40% Ni
  • GA-23-24 reveals 61.5 meters at a grade of 0.22% Ni including 33.0 meters at a grade of 0.26% Ni
  • GA-23-16 and GA-23-20 confirm the nickel potential of the East Pike zone by intersecting ultramafic units with thicknesses varying from 45.0 to 84.0 m (analyses in progress).

 

 

The drilling program completed in recent weeks is described as a success by The Company’s management since it made it possible to test the potential of the main nickel showings: Pike West, Pike Center, and Pike East and to confirm its nickel potential over a length of more than 4.5 km. The presence of zinc, cobalt, copper, and gold is also noted in this geological environment associated with several high intensity magnetic anomalies.

 

Table 1 – Analysis Results

 

Hole From (m) To (m) Length1 (m) Ni (%)
GA-23-16 Results pending
GA-23-17 Results pending
GA-23-18 No significant results
GA-23-19 Results pending
GA-23-20 Results pending
GA-23-23 160,5 168,0 7,5 0,22
And 199,5 334,5 135,0 0,34
Including 214,0 231,0 17,0 0,45
Including 235,5 268,5 33,0 0,48
Including 276,0 289,5 13,5 0,44
GA-23-24 222,0 283,5 61,5 0,22
Including 250,5 283,5 33,0 0,26
GA-23-26 22,0 228,7 206,7 0,23
Including 178,5 208,5 30,0 0,35
And 270,0 316,5 46,5 0,34
Including 295,5 313,5 18,0 0,40
  1. The true thickness of the intersections is estimated at approximately 70% of the core interval.

 

“We are very satisfied with these preliminary results and are confident of obtaining other equally encouraging analysis results shortly. Our technical team believes that there could be nickel enrichment traps deeper or along the various magnetic anomalies with a length of nearly 8 km identified in the southern part of the Gaboury project,” underlines Mr. Jonathan Hamel, President, and CEO of Mosaic.

 

The Company’s management is considering a new, more intensive drilling program in the various zones identified by drilling as well as carrying out a geological and prospecting survey covering all the magnetic anomalies located in the immediate environment of the Pike East, Center, and West zones. These campaigns could be carried out during the current winter as well as next spring.

 

Drilling holes GA-23-23, GA-23-24 and GA-23-26 were carried out in the western part while drilling GA-23-17 was located in the central part. Drill holes GA-23-16, GA-23-19 and GA-23-20 were carried out in the eastern part of the project. The company also tested, without results, a magnetic anomaly located north of the Pike West showing with drilling GA-23-18.

 

Table 2 – Technical parameters of drilling

 

Hole UTM East UTM North Azimut Dip Length (m) Zones
GA-23-16 645934 5243131 180 -45 297 East
GA-23-17 644852 5243034 20 -45 300 Centre
GA-23-18 643080 5243490 15 -45 225  
GA-23-19 646290 5243175 180 -45 300 East
GA-23-20 646139 5243298 180 -45 300 East
GA-23-23 643066 5243266 215 -60 360 West
GA-23-24 642279 5243609 180 -45 351 West
GA-23-26 642580 5243407 180 -60 351 West

 

All drill holes except GA-23-18 and GA-23-19 intersected the ultramafic zones sought over thicknesses ranging from 44 meters to more than 200 meters.

 

These results coupled with previous results (see map 2) seem to confirm a potential nickel-bearing zone of several kilometers.

 

 

Furthermore, following a study carried out using thin-slice petrographic analysis, we noted the presence of sulphides as well as three types of nickel minerals: millerite, violarite and pentlandite in the different nickel samples observed by Laurentia Exploration. These sulphides are very fine, which indicates a dissolution of nickel from ultramafic rocks. The nickel concentration in this type of magmatic deposit remains possible in this geological environment.

 

Nomination

 

The management of the Company is also pleased to appoint Mr. Gilles Laverdière, P.Geo, as Vice-President Exploration. Mr. Laverdière holds a B.Sc in geology from Université de Montréal (1978) and a Certificate in Environment from Université du Québec in Abitibi-Témiscamingue (1996). He worked for various mining exploration companies, one of which being Aur Resources inc., until 1984, when he founded his geological consulting business. He then managed numerous exploration and development projects in Abitibi and raised funds for mining companies. From 1991 to 1997, he was part of exploration projects in the Philippines, Nevada (Carlin Trend) and in Brazil. From 1997 to 2006, he worked in China where he started HMZ Metals, a polymetallic producer operating a copper smelter with revenues exceeding $15 millions per year. Since 2006, he is a consulting geologist and he worked on projects in Abitibi, Central America, and Africa.

 

The scientific and technical information of Mosaic Minerals Corporation included in this press release has been reviewed and approved by Gilles Laverdière, P.Geo, Vice-President Exploration of Mosaic Minerals and qualified person under National Instrument 43-101 respecting information concerning mining projects.

 

About Mosaic Minerals Corporation

 

Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange focusing on the exploration of critical minerals such as Nickel in the province of Quebec.

 

Posted February 6, 2024

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