Mosiac outlines Quebec nickel, lithium exploration plans
Mosaic Minerals Corp. [MOC-CSE] said Friday it is preparing to launch a 1,500-metre drilling program on its Gaboury nickel project, located in Temiscamingue, Que.
The company also said it is preparing an initial exploration program for the 2023 season to evaluate its lithium and strategic mineral projects located in Jamesie, Que.
In early July, 2022, Mosaic said it had agreed to acquire a 100% interest in both the Gaboury and the 113 North projects from Fokus Mining Corp. [FKM-TSXV] in exchange for 5.0 million common shares. Earlier option agreements gave Mosiac the right to earn a 50% in 113 North and 80% of Gaboury.
Under the updated agreement, Fokus retains a 2.0% net smelter royalty on both properties, and owns about 10 million shares or a 16% stake in Mosaic. T
The Gaboury project consists 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. Composed of the Pike Nickel Center, West and East showings, this project has been traced over more than four kilometres currently.
In addition to the presence of strategic minerals, Gaboury also contains several gold showings.
“We are very pleased to start 2023 strong with a drilling campaign on the Gaboury project,’’ said Mosiac President and CEO Jonathan Hamel.
Mosaic said the drill program will consist of hour holes and should begin around mid-January. The aim is to test different fold hinges associated with ultramafic units corresponding to a major EO magnetic anomaly of more than eight kilometres. It will focus on the Pike Nickel West area.
Meanwhile, the company is a planning initial exploration to evaluate its lithium and strategic mineral projects, which cover nearly 20,000 hectares spread over six mining blocks. According to data compiled by the Quebec Ministry of Energy and Natural Resources (MERN), the projects contain several geological indications that are favourable to the presence of lithium and strategic minerals.
“The 2023 exploration work therefore has the primary objective of confirming the presence of spodumene pegmatites and/or the presence of strategic minerals,’’ the company said in a press release. Work will start on the properties with lithium potential as soon as conditions allow, the company said.
Mosiac shares were unchanged Friday at $0.07. The shares are currently trading in a 52-week range of 15 cents and $0.045.