Mosaic Minerals Corporation, a Quebec mineral exploration company, has declared that it has renewed its forest intervention permit for the period 2022 to 2023. This enables the prolongation of drilling on the Gaboury project situated in Témiscamingue, Quebec.
Also, the Company management is anticipating the renewal of another round of permits for a similar project.
In 2022, the company has scheduled to finish 20 holes for around 7,000 m alongside a significant magnetic anomaly which is roughly 9 km long and linked with the three nickel showings found on this project.
At the time of the last drilling campaign performed in 2021, it found that the Pike Nickel West zone was situated nearly 1.8 km west of the original Pike Nickel showing (70.5 m @ 0.25% Ni) as well as traced the Pike Nickel East showing situated roughly 1.4 km from the similar showing. This drilling program discovered a new gold showing situated south of the Pike Nickel East show.
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 9km along with the property.
Mr. Jonathan Hamel, President and Chief Executive Officer, Mosaic Minerals Corporation
At the same time, the Company’s management has planned to execute in the forthcoming months an initial geological and prospecting survey on the Lichen project. This is composed of 178 mining cells with an area of 9,968 hectares, situated in the Chapais-Chibougamau area.
This project has been the subject of a helicopter-borne magnetic geophysical survey in 2021 (58.68 km), which has made it feasible to specify various geological exploration targets. The Lichen project is situated in an environment favorable to the existence of crucial minerals like cobalt, copper, nickel and elements of the REE group (Rare Earths).
Various intrusive (tonalite, syenite, etc.), gabbro and andesitic basalt add up to the geological requisites of this project. This project has never been the topic of intensive exploration work even though it is accessible by several forest roads.
The Gaboury project, consisting of 114 claims spanning an area of around 6,064 hectares, has been accessible year-round through a provincial road network and a range of forest roads. In 2010–2011, Fieldex Explorations (currently Fokus Mining Corp.) drilled the Gaboury property to trial a Max–Min electromagnetic anomaly and sectioned considerable nickel grades over good widths.
The mineralization section is situated in an extensive band of mafic to ultramafic rocks. Grades of 0.20% Ni were cut over thicknesses ranging from 81 m to 88 m in three holes forming the original Pike Nickel showing.
The Pyke Copper showing has been situated a little north of the Pike Nickel showing. Semi-massive mineralization comprising pyrite, chalcopyrite and pyrrhotite in a matrix of calcite. Values ranging up to 12.30% Cu were traced there in trenches in 1974.
Also, there are few gold showings, remarkably the Laverlochère and Brisebois showings, which disclosed gold grades of up to 48.68 g/t Au in quartz veins varying from a thickness of 0.3 to 5 m. Another mineralized shear zone between a thickness of 2 and 25 m provided gold grades of up to 8.8 g/t Au.
Furthermore, copper and silver findings have been mentioned in historical work next to these same showings. This historical data has been obtained from GM 46167, GM 58164 and GM 04753 and come with the SIGEOM and MERN sites.
After an agreement with Fokus Mining, Mosaic has got the right to obtain a 60% interest in the Gaboury project in return for the issuance of 3M shares for the sake of Fokus Mining and to complete $1M in work during the 36 months after the anniversary date.
Also, Mosaic will be able to achieve another 20% in return for an investment of $500,000 in works and the delivery of an estimation of the 43-101 resources by June 2029. Mosaic is the operator of the project.
The technical content of this press release has been considered and approved by Mr. Gilles Laverdière, P.Geo., a separate consulting geologist and a Qualified Person as defined in NI 43-101.