- Mosaic Minerals Corporation (MOC) has signed an agreement with Fokus Mining Corporation (FKM) to acquire a 100 per cent interest in the Gaboury and 113 North projects
- Mosaic will issue 5,000,000 of its common shares to Fokus Mining Corporation
- Following the transaction, Fokus Mining will own 10 million shares of Mosaic Minerals
- Mosaic Minerals Corp. is a mining exploration company focusing on the exploration of strategic minerals in the territory of the province of Quebec
- Mosaic Minerals Corp. opened trading at $0.06 per share
Mosaic Minerals Corporation (MOC) will acquire a 100 per cent interest in the Gaboury (Témiscamingue) and 113 North (Abitibi) projects in Quebec.
Mosaic will issue 5,000,000 of its common shares to Fokus Mining Corporation.
Fokus Mining Corporation will also retain a two-per-cent net smelter royalty on both properties.
Following the transaction, Fokus Mining Corporation will own 10 million shares or about 16 per cent of the Mosaic Minerals Corporation.
“The complete ownership of these two projects positions us advantageously for the future, and we intend to become a key player in the base metals exploration sector in Quebec,” noted Jonathan Hamel, Mosaic Minerals President and CEO.
The Gaboury project, comprising 95 claims covering an area of approximately 6,064 hectares, is accessible year-round by a provincial road network and a series of forest roads.
The 113 North project is located in the southeastern part of the Abitibi greenstone belt and is made up of 59 claims totaling 3010 ha within a 6-to12-kilometre-wide band made up of volcano-sedimentary rocks located between the granodiorite-tonalite batholiths of Josselin and Montgay.
Mosaic Minerals Corp. is a mining exploration company focusing on the exploration of strategic minerals in the territory of the province of Quebec.
Mosaic Minerals Corp. opened trading at $0.06 per share.