- Mosaic Minerals Corporation (MOC) begins drilling on The Gaboury Project in Québec
- This first phase of 1 200 m will be concentrated on the new claims acquired in the western part of the property
- This drilling program also found a new gold showing located south of the Pike Nickel East showing
- Management of Mosiac plans to carry out an initial geological and prospecting survey on the Lichen project, which is made up of 178 mining cells
- Copper and silver findings have also been reported in historical work near these same showings
- Mosaic Minerals Corporation (MOC) is up over 5 per cent, trading at C$0.10 at 3:14 pm ET
Mosaic Minerals (MOC) has started drilling on the Gaboury project, located in Témiscamingue, Québec.
This first phase of 1 200 m will be concentrated on the new claims acquired in the western part of the property.
In 2022, Mosaic plans to complete twenty holes for approximately 7 000 m along a significant magnetic anomaly around 9 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 Ni)-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 south of the Pike Nickel East.
“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 with the property,” underlined Jonathan Hamel, President and Chief Executive Officer of Mosiac.
On the other hand, the management of Mosiac plans to carry out 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 coming months in the Chapais-Chibougamau area.
This project has already been the subject of a helicopter-borne magnetic geophysical survey in 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 etc.), 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.
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.
From 2010 to 2011, Fieldex Explorations drilled the Gaboury property to test a Max-Min 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 Cu were traced there in trenches in 1974.
There are also some gold showings, notably the Laverlochère and Brisebois showings, which revealed gold grades of up to 48.68 g/t Au in quartz veins ranging from 0.3 to 5 m thick.
Another mineralized shear zone between 2 and 25 m thick yielded gold grades of 8.8 g/t Au.
Copper and silver findings have also been reported in historical work near these same showings.
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 3M shares in favour of Fokus Mining and to complete $1M 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 43-101 resource by June 2029.
Mosaic is the operator of the project.
Mosaic Minerals Corp. is a Canadian mining exploration company focused on exploring strategic minerals in the territory of the province of Québec.
Mosaic Minerals Corporation (MOC) is up over 5 per cent, trading at C$0.10 at 3:14 pm ET.
