Brunswick Exploration Grows Lithium Property Package in Quebec With New Claims Near Johan Beetz
April 19 2022 - 7:00AM
Brunswick Exploration Inc. (“
BRW”
or the “
Company”) is pleased to announce that it
has recently identified and acquired several major pegmatite fields
on the North Shore of Quebec located near Johan Beetz Bay, 56
kilometres east of the town of Havre St-Pierre. A total of 300
claims, separated into 12 blocks and totaling 16,121 hectares, were
acquired or optioned and are collectively known as the North Shore
Lithium Project. All claims are located within 28 kilometers north
of the 138 paved highway. The claim package includes an option
agreement with Kintavar Exploration Inc. (“Kintavar”) for the BJB
property.
Mr. Killian Charles, President of BRW,
commented: “Our compilation work continues to rapidly identify
highly prospective areas with strong potential for lithium-bearing
pegmatites. Very few companies are actively advancing aggressive,
hard-rock grassroots projects in the lithium space and I am very
excited to expand into this region of Quebec, which benefits from
good supportive infrastructure. Combined with our previously
announced portfolio in the Maritimes alongside the newly expanded
projects in Quebec, Brunswick Exploration is now well positioned to
launch one of the largest grassroots lithium exploration programs
in Canada.”
North Shore Lithium Project
Overview
Brunswick Exploration has identified
approximately 30 pegmatite dykes and sills on its North Shore
Lithium Project that have minimum strike length of 1,200 metres, as
well as dozens of smaller pegmatite dykes. The longest pegmatite
identified through satellite imagery and geological compilation
measures approximately 14 kilometres in strike length. None of the
pegmatites on the North Shore Lithium Project have seen exploration
for lithium and all consist of S-type pegmatites containing any
combination of indicator minerals, including muscovite, garnet,
tourmaline and beryl. Lithium-bearing LCT pegmatites are metal
enriched S-type pegmatites that may also contain cesium, tantalum,
beryllium and tin mineralization. Brunswick Exploration will begin
a prospecting campaign in this area in late Q3 2022, first focusing
its efforts on the previously-disclosed Pontiac Lithium
Project.
Kintavar Exploration
Transaction
Brunswick Exploration has identified several
pegmatite dykes and sills on Kintavar claims in the area, known as
the BJB property. Neighboring claims were staked by the Company.
Brunswick has signed a LOI to enter into a four-year option
agreement to acquire 100% of the BJB property with the following
terms:
-
Total payment of $1,020,000 over the four-year period:
-
Cash payment of $20,000 upon signing of the agreement;
-
Payment of $100,000 at the first-year anniversary;
-
Payment of $200,000 at the second-year anniversary;
-
Payment of $300,000 at the third-year anniversary;
-
Payment of $400,000 at the fourth-year anniversary;
-
Each anniversary payment will be a combination of cash and shares
with a minimum 20% in cash and up to a maximum of 80%.
-
Brunswick Exploration will commit to the following exploration
expenditures totaling $2,000,000 over the four-year period:
-
Expenditures of $150,000 at the first-year anniversary;
-
Expenditures of $250,000 at the second-year anniversary;
-
Expenditures of $400,000 at the third-year anniversary;
-
Expenditures of $1,200,000 at the fourth-year anniversary;
-
2% NSR royalty of which the first 1% can be bought back for
$1,000,000. Brunswick Exploration will retain a Right of First
Refusal on the second 1% tranche.
-
Additional milestone payments:
-
Payment of $250,000 upon completion of a Mineral Resource
Estimate;
-
Payment of $750,000 upon completion of Preliminary Economic
Assessment;
-
Each milestone payment will be a mixture of cash and shares with a
minimum 20% in cash and up to a maximum of 80%.
Qualified Person
The scientific and technical information
contained in this press release has been reviewed and approved by
Mr. Robert Wares, P. Geo, CEO and Chairman of Brunswick
Exploration.
About Brunswick Exploration
The Company is a Montreal-based mineral
exploration venture listed on the TSX-V under symbol BRW. The
Company is focused on grassroot exploration for metals necessary to
decarbonization and energy transition with a particular focus on
lithium, tin, nickel and copper. The company is focused on rapidly
advancing the most extensive grassroot lithium exploration claim
package in Eastern Canada.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
Cautionary Statement on Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals;
uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation;
fluctuations in commodity prices; delays in the development of
projects; the other risks involved in the mineral exploration and
development industry; and those risks set out in the Corporation’s
public documents filed on SEDAR at www.sedar.com. Although the
Corporation believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news
release.
Investor Relations/information
Mr. Killian Charles, President (info@BRWexplo.com).
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