Mosaic Minerals Corporation (CSE: MOC) has announced the acquisition of 100% of the Amanda property, located in Jamésie, Quebec, from IAMGOLD Corporation.

Mosaic Acquires Amanda Property

Mosaic acquires a 100% interest in the Amanda property, after signing a letter of intent with IAMGOLD. The agreement outlines that Mosaic must either fulfill its original commitments of $250,000 work on Amanda by October 31, 2024, or pay the difference in cash to IAMGOLD. Mosaic will issue 3 million shares to IAMGOLD and grant a 2% royalty. If a NI 43-101 report identifies at least 300,000 indicated ounces of gold, Mosaic will pay $250,000 cash within 90 days.

Back-in Right and Exploration Expenditures

IAMGOLD has 180 days to secure a Back-in Right for up to 75% of the project under a standard joint venture agreement. This applies to gold and/or silver as the primary deposit. IAMGOLD must notify Mosaic and make exploration expenditures equal to four times those made by Mosaic. These obligations vary with Mosaic’s expenditures, up to six years and $15,000,000.

Exploration and Management

During the Back-in Right period, IAMGOLD will manage all operations associated with the property. Following satisfaction of the Back-in Right obligations, IAMGOLD remains the operator.

Potential and Plans for Amanda

The Amanda project, with 145 cells covering approximately 7,677 hectares, is accessible year-round. Mosaic plans a summer exploration program focusing on new gold showings discovered in 2020. Several gold occurrences, including pyrite and disseminated arsenopyrite, have been identified in the eastern part of the property.

Recent Discoveries

A prospecting program in 2020 revealed five new gold showings: Raphy, Jako, Natel, Beryl, and Marko, with significant gold grades. These showings, associated with quartz veins and biotite paragneisses mineralized with pyrite or chalcopyrite, indicate a quartz-tourmaline alteration system and host rock pyrite-chalcopyrite mineralization.

Favorable Conditions for Gold Mineralization

Other areas of interest include Lac du Béryl and the eastern sector, where the Béryl-Sud pluton suggests a favorable context for mineralization associated with intrusions. The agreement is subject to approval by the Canadian Securities Exchange and relevant authorities. Mosaic’s management expresses satisfaction with the deal, envisioning various possibilities for gold, base metals, and lithium.

The scientific and technical information of Mosaic has been reviewed and approved by Gilles Laverdière, P.Geo, Vice-President Exploration of Mosaic, and qualified person under National Instrument 43-101.

Disclaimer:
The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

The image is randomly selected and doesn’t necessarily represent the company or the news below.

Click here for more Company News