Brunswick Exploration Increases Position in James Bay With PLEX Project Option
December 05 2022 - 7:00AM
Brunswick Exploration Inc. (TSX-V:BRW;
“
BRW” or the “
Company”) is
pleased to announce it has expanded its recently signed option
agreement with Osisko Development Corp. (TSX-V: ODV) to also
acquire a 90% interest in the PLEX Project (the “Project located in
the James Bay-Eeyou Istchee region of Quebec, which is located
along the same fault structure that hosts Patriot Battery Metals’
Corvette lithium project.
Mr. Killian Charles, President of BRW,
commented: “I am very pleased to cement Brunswick Exploration’s
position within the La Grande Greenstone belt, host to Patriot
Battery Metals’ Corvette Lithium project. The addition of the PLEX
Project, alongside the previously-announced Mythril option with
Midland, strategically positions the Company as PLEX covers a
portion of the La Grande shear zone, which contains the entire
Corvette lithium trend. Furthermore, with today’s announcement, our
James Bay portfolio of properties now includes over 200 untested
S-type pegmatites with a minimum 600 metres strike length. We will
continue to grow our portfolio in James Bay and across Canada to
further increase our chances of making significant lithium
discoveries.”
The PLEX Project package contains a total of 375
claims, representing 19,175 hectares (192 sq. km.). The property is
accessible year-round and located near the Trans-Taiga highway,
providing access to the La Grande-4 hydroelectric complex. The
Project is situated approximately 75 km west of Patriot Battery
Metals’ Project, along the La Grande shear zone which is host to
the entire Corvette lithium trend. Compilation work by BRW has
identified over 100 individual pegmatite outcrops and numerous
pegmatite dykes on the Project of varying length, including one
pegmatite dyke measuring 1.7 kilometres strike length. The latter
was intersected in multiple drill holes by previous gold explorers
between 2007 and 2014 but was only superficially described in drill
logs and not assayed for Lithium-Cesium-Tantalum mineralization;
the longest drill intersection of pegmatite measured 103 meters in
length (MRNF assessment files GM 63465 and GM 68914).
The Project has historically never been explored
for lithium mineralization. BRW intends to launch a regional
prospecting campaign in late Q2 2023 to explore both the PLEX and
Mythril Projects and multiple other smaller BRW claim packages
located in the northern half of the James Bay-Eeyou Istchee region.
The campaign will include sampling and analysis of pegmatite from
recovered drill core on the PLEX Project and will likely lead to
more follow-up trenching and/or drilling beyond BRW’s current
exploration program for 2023.
ODEV Expanded Option
Agreement
The expanded Option allows BRW to acquire a 90%
interest in the Project for a total consideration of 8,000,000
shares over a two-year period, upon closing of the option agreement
(the “Agreement”) under the following terms:
- An initial
payment of 1,000,000 shares, within five (5) business days of the
Effective Date of the Agreement;
- A payment of
3,000,000 shares, on or before the 1st year anniversary of the
Effective Date of the Agreement;
- A payment of
4,000,000 shares, on or before the 2nd year anniversary of the
Effective Date of the Agreement.
In order to exercise the Option; Brunswick
Exploration shall fund an aggregate amount of $6,000,000 in Work
Expenditures in accordance with the following schedule:
- An aggregate of
$1,000,000 before the 1st year anniversary of the Effective
Date;
- An aggregate of
$2,000,000 before the 2nd year anniversary of the Effective
Date;
- An aggregate of
$4,000,000 before the 3rd year anniversary of the Effective
Date;
- An aggregate of
$6,000,000 before the 4th year anniversary of the Effective
Date.
Upon execution of the Option, BRW will retain a
right of first refusal on ODEV’s 10% ownership. Furthermore, ODEV
will not be expected to fund its pro-rata share of the exploration
budget following the exercise of the Option until the construction
of a mine.
Qualified Person
The scientific and technical information
contained in this press release has been reviewed and approved by
Mr. Jeff Hussey, Director of Brunswick Exploration. He is a
Professional Geologist registered in Quebec.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based
mineral exploration company listed on the TSX-V under the symbol
BRW. The Company is focused on grassroots exploration for hard rock
lithium deposits in Eastern Canada, a critical metal necessary to
global decarbonization and energy transition. The company is
rapidly advancing the most extensive grassroots lithium property
portfolio in Eastern Canada with holdings in Quebec, Ontario, New
Brunswick and Newfoundland.
Investor
Relations/information
Mr. Killian Charles, President
(info@BRWexplo.com)
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.
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