Mosaic Announces Drilling on The Gaboury Project

Mosaic Minerals Corporation, a gold ore mining company, declares that it has commenced drilling on the Gaboury project, situated in Témiscamingue, Quebec. This first phase measuring around 1,200 m will be focused on the new claims obtained in the western part of the property.

In 2022, the company has scheduled to finish around 20 holes for nearly 7,000 m along a significant magnetic anomaly around 9 km long linked with the three nickel showings found on this project.

When the last drilling campaign was performed in 2021, it found that the Pike Nickel West zone (121.5m @ 0.32% Ni) was situated nearly 1.8 km west of the original Pike Nickel showing (70.5 m @ 0.25% Ni) and the Pike Nickel East showing situated around 1.4 km from the same showing. Also, this drilling program has discovered a new gold showing situated 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 9 km along the property.

Mr. Jonathan Hamel, President and Chief Executive Officer, Mosaic Minerals Corporation

The Company’s management plans to execute an initial geological and prospecting survey on the Lichen project in the coming months. This is made up of 178 mining cells with an area consisting of around 9,968 hectares, situated in the Chapais-Chibougamau area.

Earlier, this project has been considered the subject of a helicopter-borne magnetic geophysical survey in 2021 (58.68 km). This has made it possible to specify various geological exploration targets.

The Lichen project is situated in an environment favorable to the existence of crucial minerals like nickel, cobalt, copper and elements of the REE group (Rare Earths). Various intrusive (tonalite, syenite, etc.) gabbro and andesitic basalt are some of the geological essentials of this project. This project has not been the subject of thorough exploration work, even though it is accessible by several forest roads.

Gaboury Project

The Gaboury project, consisting of around 114 claims spanning an area of around 6,064 hectares, can be accessed year-round by a provincial road network and a series of forest roads. In 2010-2011, Fieldex Explorations drilled the Gaboury property to test 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 sectioned over thicknesses ranging from 81 m to 88 m in three holes forming the original Pike Nickel showing.

The Pyke Copper showing is situated a little north of the Pike Nickel showing. Semi-massive mineralization comprises pyrrhotite, chalcopyrite, and pyrite in a matrix of calcite. Values ranging up to 12.30% Cu were traced there in trenches in 1974.

Also, there are a few gold showings, such as the Laverlochère and Brisebois showings. This disclosed gold grades of up to 48.68 g/t Au in quartz veins varying from the thickness of 0.3 to 5 m. Another mineralized shear zone between 2 and 25 m thickness provided gold grades of up to 8.8 g/t Au.

Furthermore, copper and silver findings have been reported in historical work next to these same showings. Such historical data has been obtained from GM 46167, GM 58164 and GM 04753, and are available on the SIGEOM and MERN sites.

After an agreement with Fokus Mining, Mosaic has the right to obtain a 60% interest in the Gaboury project in return for the issuance of 3M shares in favor of Fokus Mining and to finish $1M in work at the time of the 36 months after the anniversary date.

Also, Mosaic will be able to acquire an additional 20% in return for an investment of $500,000 in works and the delivery of an assessment of the 43-101 resource by June 2029. Mosaic is the operator of the project.

Source: https://mosaicminerals.ca/