Mosaic Exits Lithium Exploration, Completes Acquisition of Amanda Property and Announces Private Placement
MONTREAL, April 10, 2025 (GLOBE NEWSWIRE) — Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”) announces that it is abandoning lithium exploration on its properties located primarily in Jamésie, Quebec. The Company will focus on its properties with gold (Amanda) and nickel (Gaboury) potential. Both properties are 100% owned by Mosaic.
“The lithium market has been fueled by unrealistic expectations for the growth of electric vehicles. The slowdown in this sector, combined with low-cost lithium projects outside the country, makes profitable exploitation of deposits in Quebec highly unlikely. We will focus our efforts on resources with sustained and growing organic demand, such as gold. The global geopolitical situation could continue to favor the appreciation of gold, a trend we see as favorable for gold projects in Quebec,” said Jonathan Hamel, President and CEO of Mosaic.
Amanda Project
The Company announces that it has completed the exercise of the option to acquire 100% of the Amanda property. The Company has met all the conditions required in the agreement with IAMGOLD (see press release dated July 25, 2024). The Amanda project, consisting of 145 cells covering approximately 7,677 hectares, is accessible by a year-round forest road. Several gold occurrences associated with iron formations and paragneiss are known in the eastern portion of the Amanda property. Mineralization consists of pyrite, pyrrhotite, disseminated arsenopyrite, and gold in boudinaged quartz veins intersecting iron formations or in paragneiss.
Following a prospecting program carried out in 2020, five new gold showings were identified on the Amanda project. The Raphy, Jako, Natel, Beryl and Marko showings all revealed significant gold grades up to 1,835 ppb. These showings, associated with silicified biotite paragneisses mineralized with pyrite and/or quartz veins mineralized with pyrite or chalcopyrite, highlight the presence of a quartz-tourmaline alteration system and pyrite-chalcopyrite mineralization affecting the host rocks that could be responsible for the contribution of gold mineralization. The Natel gold showing located in the western part also presents gold anomalies associated with folded iron formations. To the north of the eastern sector, the Jako index is associated with a biotite paragneiss containing mineralized quartz veinlets near oxidized and silicate iron formations identified during the 2020 field campaign.
Best drilling results:
| Hole | Grade g/t Au | Thickness (m) | Showing |
| AC-97-31 | 2.42 g/t Au | 4 m | Arianne |
| and | 5.44 g/t Au | 7 m | Arianne |
| including | 12.11 g/t Au | 3 m | |
| AC-02-01 | 1.15 g/t Au | 18 m | Arianne |
| AC-02-05 | 0.52 g/t Au | 11.37 m | Rock’n Hammer |
| including | 1.36 g/t Au | 2 m | |
| Trenches | Grade g/t Au | Thickness (m) | Showing |
| TR-97-01 | 0.6 g/t Au | more than 8.3 m | Arianne |
| and | 1.07 g/t Au | 7 m | Arianne |
| TR-97-03 | 1.35g/t Au | 11 m | Ti Beu |
| including | 5.2 g/t Au | 2 m | |
| TR-97-04b | 1.69 g/t Au | 13.8 m | Kog |
| and | 5.17 g/t Au | 2.9 m | Kog |
| and | 8.34 g/t Au | 1.6 m | Kog |
Several other areas of the property are of interest for the discovery of gold mineralization. An area located beneath Lake Beryl meets several criteria favorable to the presence of gold mineralization. In the eastern sector, the presence of the late-tectonic Beryl-Sud pluton also provides a favorable context for mineralization associated with intrusions. This unit was never observed in outcrops during the 2020 drilling campaign, but the presence of gold-bearing pegmatites near this intrusion supports this model.
Private Placement
The Company also announces a private placement to settle Bona Fide operational debts. A total of 3,162,682 common shares of the Company will be issued at a price of $0.035 per share to four (4) arm’s-length creditors for an aggregate amount of $110,693.87.
The offering is subject to final approval by the Canadian Securities Exchange (CSE).
The scientific and technical information of Mosaic Minerals Corporation included in this press release has been reviewed and approved by Gilles Laverdière, P.Geo, Vice-President Exploration of Mosaic Minerals and qualified person under National Instrument 43-101 respecting information concerning mining projects (“Regulation 43-101”).
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of Nickel and Gold in the province of Quebec.
This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR ANY US NEWS WIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE TITLES DESCRIBED HEREIN.
CONTACT: Source: M. Jonathan Hamel President & CEO jhamel@mosaicminerals.ca
