Mosaic drills 120 metres of 0.23% nickel in Quebec
Mosaic Minerals Corp. [MOC-CSE] on Tuesday released new drill results from its Garboury project in Temiscamingue, Quebec. Drilling highlights include hole GA-22-10, which returned a grade of 0.23% nickel over a strike length of 120 metres.
In early July 2022, Mosaic said it had struck a deal to acquire a 100% interest in both Garboury and the 113 North project, which is located in the Abitibi, Quebec region. The assets were acquired from Fokus Mining Corp. [FKM-TSXV] in exchange for 5.0 million common shares.
Under the agreement, Fokus retains a 2.0% net smelter royalty on both properties and will own about 10 million shares or a 16% stake in Mosaic. The Gaboury project is composed of 114 mining claim cells covering 6,064 hectares and is located approximately 150 kilometres southwest of Rouyn-Noranda. The project is accessible via paved and gravel roads and is also located 11 kilometres east of the former Loraine Mine, which produced 600,000 tonnes of ore, grading 0.47% nickel and 1.08% copper.
Gaboury is a nickel-rich ultramafic intrusive that potentially stretches for over 9.0 kilometres, the company has said.
In the fourth quarter of 2021, Mosaic launched a drill program aimed at testing the lateral extension of the Pike Nickel showing, which was discovered in 2010. Mosaic was also aiming to test the depth extension of the original discovery.
In hole GA-21-07, the company intersected a 165-metre zone showing a grade of 0.26% nickel, including 121.5 metres at a grade of 0.32% nickel and 0.40% nickel over 15 metres. This hole was located in the Pike West area, approximately 1.8 kilometres west of the original Pike Nickel area.
A 1,000-metre drill program completed in recent weeks included three holes located in the western part of the Pyke showing.
“Further drilling will be necessary to have a better understanding of this project,’’ said Mosaic President and CEO Jonathan Hamel. “So far, we have identified the presence of nickel over several kilometres along a horizon of ultramafic rocks associated with a magnetic anomaly more than 8.0 kilometres long,’’ he said.
In a June 2022, Mosaic hired GoldSpot Discoveries Corp. [SPOT-TSXV]. The company has a large, collaborative team of geoscientists and data scientists who are focused on maximizing the chances of discovery by extracting most of all available data using its proprietary machine-learning technology and geoscience expertise.
“We believe they can help us better conceptualize the potential of our flagship Gaboury property,’’ said Hamel.
On Tuesday, Mosaic shares were unchanged at $0.07 and currently trade in a 52-week range of 15 cents and $0.06.
Mosaic said it is set to begin a program of approximately 1,200 metres on its 113 North Project in the coming weeks.