Brunswick Exploration Adds the Mirage Project to Its Quebec Lithium Portfolio
January 24 2023 - 7:00AM
Brunswick Exploration Inc. (“
BRW”
or the “
Company”; TSX-V: BRW) is pleased to
announce that it has staked additional claims in the James
Bay-Eeyou Istchee region of Quebec, in an area that is highly
prospective for lithium-cesium-tantalum (“LCT”) pegmatites. The
Company has also optioned a claim block from Globex Mining
Enterprises (“Globex”; TSX: GMX) that is adjacent to these new
claims, collectively called the Mirage Project.
Mirage Project
The Mirage Project comprises 198 claims with a
total surface area of 8,884 hectares (staked and optioned claims),
located roughly 40 kilometers south of the Trans-Taiga Highway in
Quebec’s James Bay region. Fruitful discussions with a geologist
that worked the area twenty-five years ago for gold exploration led
to the staking of the BRW claims, as he recorded the presence of
several angular pegmatitic glacial boulders hosting well-defined,
decimetric spodumene crystals, located at the SW extremity of the
newly staked claims. The largest observed boulder measured 8 meters
by 4 meters by 3 meters. Pale grey spodumene crystals were
positively identified following lithium flame tests. The large size
of the boulders, their quantity and angular nature indicate a
proximal source.
Furthermore, compilation work indicates that the
overall claim group hosts lithium lithogeochemical anomalies above
100 ppm Li in altered basalts (Quebec government SIGEOM database),
suggesting local alteration from influx of lithium rich fluids. No
exploration work for lithium has been done in the area, and the
majority of the claim group is located up-ice from the glacial
boulders.
Mr. Killian Charles, President and CEO of BRW,
commented: “We are very happy to announce this new claim package to
our increasing grassroots lithium holdings across Quebec and
Canada. The presence of sizeable angular spodumene-bearing float on
the project combined with lithium geochemical anomalies point to
the local presence of LCT pegmatites. We will be providing updated
exploration plans for 2023 in the coming weeks which will include
the exciting new Mirage Project.”
Option Agreement
The Mirage project includes an option on the
“Lac Escale” claim block from Globex. This property forms a
contiguous block with BRW’s newly staked ground and was acquired to
expand BRW’s up-ice holdings.
The option allows BRW to acquire a 100% interest
in the Lac Escale project for a total consideration of $500,000 in
cash over a 3-year period upon closing of the formal agreement,
under the following terms:
- A payment of
$50,000 within five (5) business of the Effective Date of the
Agreement, half of which are in BRW shares;
- A payment of
$25,000, on or before the 6th month anniversary of the effective
date, half of which are in BRW shares;
- A payment of
$125,000, on or before the 1st year anniversary of the effective
date, half of which are in BRW shares;
- A payment of
$100,000, on or before the 2nd year anniversary of the effective
date, half of which are in BRW shares;
- A payment of
$200,000, on or before the 3rd year anniversary of the effective
date, half of which are in BRW shares.
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
$100,000 on or before the 1st year anniversary of the Effective
Date;
- An aggregate of
$300,000 on or before the 2nd year anniversary of the Effective
Date;
- An aggregate of
$1,000,000 on or before the 3rd year anniversary of the Effective
Date .
Upon successful completion of the Option
Agreement, Brunswick Exploration will enter into a Royalty
Agreement granting a 3% Gross Metal Royalty (“GMR”) to Globex of
which 1% of the GMR may be purchased by BRW for $1,000,000,
resulting in a net GMR of 2%. The royalty shall also apply to any
mineral rights newly staked by either party within 1 kilometer of
the current claim boundaries. On the 5th anniversary of the coming
into force of the Royalty Agreement or 5 years following total
expenditures of $4,000,000, whichever comes first, Brunswick start
paying Globex an annual $100,000 advance royalty payment deductible
from eventual production royalty.
Qualified Person
The scientific and technical information
contained in this press release has been reviewed and approved by
Mr. François Goulet, Quebec Exploration Manager for Brunswick
Exploration. He is a Profession Geologist registered in Quebec.
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 grassroots lithium exploration claim package in Canada
and is active in Quebec, Ontario, Saskatchewan, Manitoba and
Atlantic 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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