Mosaic Minerals Completes Drilling on Gaboury and Announces $500,000 Financing

MONTREAL, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”) announces that it has completed eight drill holes for a total of 2,475 meters on its Gaboury nickel project located in Témiscamingue, Quebec.

Three drillings were carried out on the Pike West showing while three other drillings were carried out on the Pike East showing and another drilling in the Pike Center area. A last drilling was carried out to test a magnetic anomaly located north of the Pike West area. The majority of these drill holes intersected the desired mineralized zones over widths varying from 40 meters to more than 150 meters.

Comprised of three nickel showings, the Pike zone has been traced by drilling for more than 4.5 kilometers to date. In addition to the presence of strategic minerals such as copper, nickel and cobalt, there are also several gold showings on the Gaboury project.

“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,” said Mr. Jonathan Hamel, President, and CEO of Mosaic.

The assays results should be available in the coming months.

Financing

The Company also announces a flow-through financing qualifying for critical minerals (Quebec) of up to $500,000. The Company plans to issue up to 6,250,000 flow-through units at $0.08. The unit includes one flow-through share of the Company as well as half a subscription warrant at $0.12 valid for 18 months following the financing closing date. The funds will mainly be used to continue exploration on its main lithium projects, notably the Amanda project. All securities issued as part of the financing will be subject to a hold period of four (4) months following the closing date. The offer is subject to the approval of the competent authorities.