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Mosaic Minerals Acquires 5,650 Hectares in the East Extension of Patriot Battery Metals Corvette Lithium Project
MONTREAL, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”) announces the acquisition of 110 mining claims ad
About this update from Mosaic Minerals Corp
[{"type":"text","content":" MONTREAL, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”) announces the acquisition of 110 mining claims adjacent to the eastern edge of Patriot Battery Metals Corvette, located in James Bay, Quebec. Recent drilling on Corvette has intersected high grade Lithium (CV22-093: 52.2 meters at 3.34% Li2O including 15 meters at 5.10% Li2O). Covering an area of 5,650 hectares, these 110 claims constituting the Pluton SM project are located in an environment comprising granitic intrusives with the presence of biotite and muscovite, two minerals considered as markers in the search for lithium. A few surface samples taken in this environment by the MERN gave indications of lithium and thorium contents. The latter is a potential indicator for the presence of minerals such as cesium or rubidium which are themselves useful markers for the search for lithium. “This new project is located in a favorable and conducive environment for the exploration of lithium and strategic minerals. The presence of possible pegmatites on this project is to be verified but we are confident to find some during our exploration program which we plan to start as soon as access conditions allow us. It should be noted that in their latest press release, Patriot Battery Metals mentions that their latest easternmost drilling revealed significant lithium content. It's interesting to see that the potential Patriot Battery area continues east,” said Jonathan Hamel, President, and CEO of Mosaic Minerals. The Company is determined to build an extensive portfolio of mining properties focused on strategic minerals, particularly lithium and nickel. With the addition of the Pluton SM project, Mosaic Minerals now holds over 784 claims covering approximately 42,000 hectares divided into 10 separate projects. Other projects could eventually be added to this portfolio. Acquisition from prospectors The Pluton SM project was acquired partly from 2 independent prospectors (39 claims) and by staking (71 claims). In return for the acquisition of the 39 claims held by the prospectors, the company will issue them respectively 450,000 and 1,000,000 shares and will grant them 0.50% NSR for one and 2% NSR for the other, of which 1% may be bought back for $1 million. The transaction is subject to the approval of the competent authorities. T...