Mosaic Minerals Corporation has reported the completion of eight drill holes totaling 2,475 m on its Gaboury nickel property in Témiscamingue, Quebec.
Image Credit: Mosaic Minerals Corp.
There were three drilling operations conducted on the Pike West showing, three drilling operations conducted on the Pike East showing, and one drilling operation in the Pike Center region. To test a magnetic anomaly north of the Pike West area, one last drill was conducted. Between 40 and more than 150 m in width, the bulk of these drill holes intersected the required mineralized zones.
Drilling has explored the Pike zone, consisting of three nickel showings, for more than 4.5 km. The Gaboury project contains multiple gold showings and critical minerals like copper, nickel, and cobalt.
We are pleased to have completed this program on Gaboury in continuity with the program carried out at the beginning of 2023. The majority of drilling encountered the mineralization sought by the company except hole GA-23-19 which is located in the eastern extension of the project. This program will help better define the nickel potential of the Pike showing. Gaboury is an important asset in the company’s property portfolio composed, among other things, of a dozen lithium projects covering an area of more than 80,000 hectares mainly located in Jamésie and Abitibi.
Jonathan Hamel, President, and Chief Executive Officer, Mosaic Minerals Corporation
The findings of the assays should be available in the next months.
Financing
The company also announced a flow-through investment of up to $500,000 for essential minerals (Quebec). The company intends to sell up to 6,250,000 flow-through units for $0.08. The unit contains one flow-through share of the company as well as half a subscription warrant at $0.12 that is good for 18 months after the financing closes.
The cash will mostly be used to pursue exploration of its principal lithium properties, particularly the Amanda project. All securities issued as part of the offering will be subject to a four-month hold period following the closing date. The offer is subject to approval by the relevant authorities.