Brunswick Exploration Options Lithium-Bearing Pegmatite in Ontario
October 03 2022 - 7:00AM
Brunswick Exploration Inc. (“
BRW”
or the “
Company”) is pleased to announce that it
has staked multiple claim groups near Hearst Ontario, totaling 60
claims and 26,318 hectares in an area that is highly prospective
for lithium pegmatites. The company has also optioned a
spodumene-bearing pegmatite adjacent to the new project (Decoy and
Moskito pegmatites) that contains up to 5.15% Li2O in historical
chip samples. The entire Hearst portfolio includes 226 claims and
covers 29,805 hectares.
Mr. Killian Charles, President of BRW,
commented: “We are pleased to announce our first acquisition in
Ontario that adds to our significant portfolio of properties in
Quebec and the Atlantic provinces. Ontario is also very prospective
for lithium exploration and we believe the Hearst area is a
fantastic location with great access to infrastructure. We have now
consolidated several high-priority targets centered around known
mineralized LCT pegmatites. These pegmatites are poorly exposed but
open in all directions, and there is high potential for additional
discoveries in our newly consolidated package. Permits for
trenching and drilling programs are in the works for a winter
program. We look forward to developing this project and are very
excited to explore our new land package while continuing to assess
new opportunities to expand our holdings across eastern
Canada.”
Hearst Portfolio
The Hearst Project comprises 1,418 cells and 226
claim blocks with a total surface area of 29,805 hectares, located
roughly 15 kilometers south of Hearst, Ontario with easy access by
forestry roads. The property package contains over 130
mapped/interpreted pegmatite dykes of which 25 are between 500-2100
metres in strike length. Claims were staked based on preferred
geologic environments and historical mapping and most of this area
has seen little to no exploration. The project is located within
the Quetico Subprovince and contains a variety of evolved S-type
granitoids and pegmatites hosted by metamorphosed sediments
(paragneisses) and metavolcanics.
Lowther Pegmatite Option
Agreement
The Hearst package includes an option on the
Lowther Pegmatite Property which contains 12 cells representing 251
hectares. The property is adjacent to BRW’s newly staked ground and
was acquired to assess two known LCT pegmatites, the Decoy and
Moskito pegmatites. The Decoy pegmatite contains both a spodumene
and a lepidolite (lithium-rich mica) zone, and is exposed over 100
metres in strike length with a current true width of 23 meters. It
remains open to the east with historical chip samples grading up to
5.15% Li2O. The Moskito pegmatite is located 130 metres south of
Decoy, is 5 metres wide and is exposed over a strike length of 33
metres, being open in both directions along strike. Neither
pegmatite has ever been drilled for lithium evaluation.
The option allows BRW to acquire a 100% interest
in the Property, from a private prospector, for a total
consideration of $700,000 in cash over a 4-year period upon closing
of the formal agreement, under the following terms:
- A cash payment
of $35,000 within five (5) business of the Effective Date of the
Agreement;
- A cash payment
of $50,000, on or before the 1st year anniversary of the effective
date
- A cash payment
of $150,000, on or before the 2nd year anniversary of the effective
date
- A cash payment
of $200,000, on or before the 3rd year anniversary of the effective
date
- A cash payment
of $300,000, on or before the 4th year anniversary of the effective
date
In order to exercise the Option, Brunswick
Exploration shall fund an aggregate amount of $1,000,000 in Work
Expenditures in accordance with the following schedule:
- An aggregate of
$50,000, on or before the 1st year anniversary of the Effective
Date
- An aggregate of
$200,000, on or before the 2nd year anniversary of the Effective
Date
- An aggregate of
$400,000, on or before the 3rd year anniversary of the Effective
Date
- An aggregate of
$1,000,000, on or before the 4th year anniversary of the Effective
Date
Brunswick Exploration will grant a 2% NSR of
which half of the NSR may be repurchased by BRW for $1,000,000.
Following repurchase, the Project would have a residual encumbrance
of 1% NSR, and BRW will retain a right of first refusal on the
disposal or sale of any portion of the residual NSR.
Lowther Regional Option
Agreement
Brunswick Exploration has concurrently optioned
the Lowther II Regional Property from Last Resort Resources
Limited, containing 154 claims totaling 3,235 hectares. The
property is adjacent to the Lowther Pegmatite Property and the
newly staked BRW ground. Due to its proximity to the Decoy and
Moskito pegmatites and its favorable geology, it is considered
highly prospective for additional discoveries.
The option allows BRW to acquire a 100% interest
in the Lowther II Regional Property for a total consideration of
$300,000 in cash over a 2-year period upon closing of the formal
agreement under the following terms:
- A cash payment
of $100,000 within ten business days of the Agreement;
- A cash payment
$100,000, on or before the 1st year anniversary of the effective
date
- A cash payment
of $100,000, on or before the 2nd year anniversary of the effective
date
Brunswick Exploration will grant Last Resort a
2% NSR on all mineral production from the Property, of which half
of the NSR may be repurchased by BRW for $1,000,000. The repurchase
will remain valid for a period of five years following the exercise
of the Option. Brunswick Exploration will retain a further right to
repurchase the remaining 1% NSR for $2,000,000 for a period of two
years following the initial repurchase.
Qualified Person
The scientific and technical information
contained in this press release has been reviewed and approved by
Mr. Charles Kodors, Manager Atlantic Canada of Brunswick
Exploration. He is a Profession Geologist registered in Ontario,
Quebec, New Brunswick, Nova Scotia, and Newfoundland.
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 grassroots exploration for metals necessary
to decarbonization and energy transition with a particular focus on
lithium. The company is focused on rapidly advancing the most
extensive grassroot lithium exploration claim package in
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)
Brunswick Exploration (TSXV:BRW)
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