Mosaic Minerals closes $592K private placement, plans drilling

Mosaic Minerals Corporation (CSE: MOC) has closed the first tranche of a private placement, raising $592,031 in gross proceeds, and is preparing to launch an initial drilling campaign at its Golden Island gold project in Abitibi, Quebec, according to a press release.

The offering comprised 3,526,190 flow-through units at $0.0105 per unit and 2,609,191 standard units at $0.085 per unit. Each flow-through unit includes one common share and one warrant exercisable at $0.17 for 12 months. Each standard unit includes one common share and one warrant exercisable at $0.12 for 24 months.

Proceeds from the flow-through units will fund eligible Canadian exploration expenses at the Golden Island project, with expenditures to be renounced in favor of subscribers effective December 31, 2026. The company paid an 8% cash finder's fee totaling $20,160 and issued 192,000 finder's warrants exercisable at $0.085 per share for 24 months. All securities are subject to a hold period ending January 22, 2027, pending final approval from the Canadian Securities Exchange.

The company said technical fieldwork completed ahead of the drilling campaign identified new gold-bearing zones in the southwest extension of the main showing, visible gold in multiple channel samples, and a geophysical corridor exceeding 1 km in length. A historical drill hole in that corridor intersected 1.13 g/t gold over 5.60 meters. Over 340 channel samples have been collected and sent for analysis, with results expected within weeks.

The planned initial drilling campaign targets a minimum of 2,500 meters across at least 10 holes, each at a minimum depth of 250 meters. The company intends to test areas near historical drill holes completed by SOQUEM in 1982, as well as newly identified gold-bearing zones.

"We are initially targeting a 10-hole campaign with a minimum depth of 250 meters per hole, for a total of 2,500 meters," said Jonathan Hamel, President and CEO of Mosaic Minerals.

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