MONTREAL, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”). After several acquisitions, Mosaic summarizes its portfolio of properties focused on lithium exploration located mainly in James Bay (Quebec).
All the exploration projects for lithium and strategic minerals held by Mosaic are located in a geological environment favorable to the discovery of spodumene pegmatites. Several indicators such as the presence of mica, tourmaline, beryl as well as anomalous indices in lithium associated with the presence of pegmatites allow to believe in this potential. MOC currently owns more than 57,000 hectares of land, of which approximately 35,000 hectares will be explored during 2023.
In collaboration with ALS Goldspot Discoveries and Japosat, the Company is preparing for the spring/summer 2023 period, a first phase of exploration including prospecting and sampling of targets defined by the analysis of satellite data and various current geophysical and radiometric surveys.
Based on the results obtained during this first phase of field exploration, the company will then undertake more extensive work such as geochemistry and stripping, possibly followed by drilling.
Here are the highlights of our main lithium projects :
Lithium SM :
- 194 claims – 10,864 Ha.
- Located 40 km north of the Quévillon mining area. This project is easily accessible by forest and secondary roads connecting Quévillon to Matagami
- A vast granitic batholith in contact with volcanics containing several pegmatites with lithium anomalies (rock samples-MERN) ranging from 50 to 299 PPM in LI and 330 PPM in Rb as well as anomalies in tantalum and tin have been identified by historical exploration.
- The management of the Company intends to undertake a vast exploration and prospecting campaign on this project as soon as access conditions permit.
Mirabelli SM :
- 290 claims – 15,370 Ha.
- This project is accessible by the main road leading to Eastmain.
- Located to the west and south of the band of green rock containing the James Bay Lithium deposit (Allkem – 37M tm @ 1,3% Li (2021)).
- This project contains a favorable geological environment for the presence of spodumene pegmatites. Several pegmatites containing biotite, muscovite, beryl, and tourmaline have already been listed by the MERN.
- This project will also be the subject of a vast exploration campaign in 2023.
Maqua SM :
- 69 claims – 3,571 Ha.
- Located to the west of the Mia Lithium Project (Q2 Metals) in a pegmatite granite of the Vieux Comptoir Suite where the MERN has found numerous indications of lithium (rock samples)
- Accessible by the main road leading to Wemindji
- Will be included in our 2023 exploration program
Pluton SM :
- 110 claims - 5,870 Ha.
- Located on the eastern edge of Patriot Battery Metals' Corvette Lithium Project
- Subject to work in 2023, as soon as access to the ground is possible.
Other lithium projects:
MOC also holds four other projects for lithium exploration, namely the Dalmas, Sakami, Gervais, Bordier, and Lichen projects.
Pike Nickel – Gaboury Drilling Update
The Company's management would also like to remind that a drilling program is currently underway and near completion on the Pike West nickel showing.
This program of four holes totaling approximately 1,200 meters will target fold hinges as well as the continuity at depth of hole GA-21-07 which revealed a grade of 0.35% Nickel over a thickness of 121.5 meters. The folding zones of the ultramafic unit were defined from the surface magnetic survey and the 3D inversion.
The technical content of this press release has been reviewed and approved by Mr. Gilles Laverdière, P.Geo., an independent consulting geologist and a Qualified Person as defined in NI 43-101.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of minerals such as Nickel and Lithium in the province of Quebec.
Source :
M. Jonathan Hamel
President & CEO
jhamel@mosaicminerals.ca
This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
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