The company has obtained all the necessary permits to undertake a first drilling program on its Gaboury project in Abitibi


Gaboury Project Area Ni Showings. (Credit: Gaboury Project Area Ni Showings.)

Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) is pleased to announce that it has completed a transaction to sell mining claims to IAMGOLD Corporation (TSX : IMG, NYSE: IAG).

The transaction consists of IAMGOLD acquiring 100% interest in 4 mining claims formerly part of the Opawica Property (Chibougamau mining camp) for a total aggregate purchase price of $150,000 payable to Mosaic according to the following schedule: $50,000 within 10 business days of the closing, $50,000 on or before the date that is one year following the closing date and $50,000 on or before the date that is 18 months following the closing date. Mosaic will also retain a 0.5% net smelter royalty (“NSR”) on the 4 mining claims.

“We are happy to conclude this transaction with IAMGOLD, a great partner for the development of mining properties in Quebec. We are now devoting 100% of our attention to the Gaboury and 113 N properties which could represent an interesting potential for battery metals particularly nickel.” Stated Jonathan Hamel, Mosaic Minerals President and CEO.

The management of the company would also like to mention that it has obtained all the necessary permits to undertake a first drilling program on its Gaboury project located 150 KM SW of Rouyn-Noranda, in Abitibi (Québec). A first prospecting survey made it possible to trace in the western extension of the Pike Nickel showing, a few significant nickel anomalies as well as copper, zinc, and silver anomalies in the eastern extension of the same showing. The drilling campaign should starts as soon as possible.

The technical content of this press release has been reviewed and approved by Mr. Gilles Laverdière, P.Geo., an independent consulting geologist and a Qualified Person as defined in NI 43-101.

Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE: MOC) now focusing on the exploration for future strategic Copper, Nickel and Zinc deposits in priority on the Quebec Province territory which have a long and successful history of base metal production principally in the Rouyn-Noranda, Matagami, Val-d’Or and Chibougamau mining camps.

Source: Company Press Release