Mosaic Minerals Begins Prospection Work on Lithium SM

MONTREAL, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “the Company”) is pleased to announce the start of prospecting work on the Lithium SM project after several weeks of delays caused by forest fires. Covering 10,864 hectares (194 cells) and located 40 km north of the Quévillon mining sector, this project is easily accessible by forest and secondary roads linking Quévillon to Matagami.

The Lithium SM property, 20 kilometers long by approximately 10 kilometers high, is intersected in its center by an EW fault as well as by a few faults trending ENE. In the southern part of the property, numerous lithium anomalies associated directly with pegmatites currently suggest a favorable horizon of more than 5 kilometers.

At the center of the project, a volcanic band runs east to west along a high-intensity magnetic anomaly. Several electromagnetic conductors are twinned with this volcanic horizon and this magnetic anomaly. The showings composed of strategic minerals in Cu, Zn, Ni and Li seem to be associated with this corridor.

“We are very pleased to finally begin prospecting work on Lithium SM after several weeks of delay due to the forest fires. This property, easily accessible by road, has been explored very little in the past and contains interesting potential. Several lithium anomalies identified by the MERN (including one of 299 PPM Li) particularly attracts our attention. The bedrock unearthed by the various logging operations now outcrops in several places, which will allow better sampling and better prospecting,” said Mr. Jonathan Hamel, President, and Chief Executive Officer of Mosaic.

James Bay Projects

Following the reopening of access to the forest, the Management of the Company is currently studying the possibility of undertaking the prospecting campaigns previously canceled due to the active forest fires throughout the summer. The targeted properties are Mirabelli SM (west of Allkem's James Bay Lithium), Maqua SM (near Mia Lithium of Q2 Metals Corporation) and finally Amanda, recently optioned from Vanstar Mining Resources for its lithium and gold potential. The Management of the Company will shortly provide an update.