Mosaic Minerals Intersects 0.32% Nickel Over 121.50 Meters On Gaboury

MONTREAL - Mosaic Minerals Corporation reported that it intersected in hole GA-21-07 a 165 m zone showing a grade of 0.26% Ni including 121.5 m at a grade of 0.32% Ni and 0.40% Ni over 15 meters on the Gaboury project, in Temiscamingue, Quebec. Hole GA-21-07, located in the Pike West area, is located approximately 1.8 km west of the original Pike Nickel area. Hole GA-21-08 located 300m to the west revealed three sections of 13.5 m, 16.8 m and 18.2 m grading respectively 0.31% Ni, 0.26% Ni and 0.23% Ni in a nickel-bearing envelope 131.8 m at a grade of 0.17% Ni. As for hole GA-21-01, carried out under historic hole GA-11-08 to verify its potential at depth, revealed a grade of 0.21% Ni over 122.9 m including 70,9 m at a grade of 0.25% Ni. These results confirm a potential for in-depth extension. Hole GA-11-08, completed in 2011, returned 0.20% Ni over 81 m.

Hole GA-21-06, located in the Pike East area approximately 1.4 km east of the historic Pike Center area, also reveals an anomalous nickel presence over more than 50 meters. As this hole started directly in the nickel anomaly, this result may not correspond to the actual thickness and grade of the zone there. Further drilling will be required to retest this area.

This same hole, however, intersected a previously unknown gold zone revealing a grade of 2.54 g / t Au over 1.65 m including 4.62 g / t Au over 0.8 meter. The gold occurs in a strongly magnetic, highly silicified iron formation with the presence of chalcopyrite. The company also plans to verify the gold potential of the eastern sector.

The potential nickel corridor is now more than 3.2 km along the magnetic anomaly.

“These first results bring a whole new dimension to Gaboury's potential. Of course, more drilling will have to be undertaken to test its continuity, which seems to be directly related to the magnetic anomaly crossing the Gaboury property for more than 7 km. The presence of gold associated with this same magnetic anomaly is also a nice surprise," said Jonathan Hamel, CEO.

The Corporation plans to start a new drilling program on Gaboury soon. Depending on its financing capacity, the company is considering a program comprising around fifteen holes located throughout the magnetic anomaly for a program of approximately 5,000 meters.