Brunswick Exploration Options Multiple Spodumene-Bearing Pegmatites in Saskatchewan
January 30 2023 - 7:00AM
Brunswick Exploration Inc. (TSX-V: BRW;
“
BRW” or the “
Company”) is
pleased to announce that it has executed a Letter of Intent to
option a new highly prospective claim package, the Hanson Lake
Project, located roughly 55 kilometers west of Creighton,
Saskatchewan, within 2 kilometres from a major highway. This
package contains four spodumene-bearing pegmatites hosted within a
much larger pegmatite field, none of which has been drilled.
Mr. Killian Charles, President and CEO of BRW,
commented: “The Hanson Lake Project confirms the potential for
hard-rock lithium deposits in Saskatchewan and this addition to our
portfolio strengthens the Company’s presence in Western Canada. In
Saskatchewan alone, with the addition of this project, we have now
acquired over 180 outcropping S-type pegmatites that are minimum
500 meters in strike length, all of which have seen minimal or no
exploration work. Detailed prospecting and trenching will commence
in Q2 of this year to systemically evaluate the Hanson Lake Project
and rapidly advance the known spodumene-bearing pegmatites towards
the drill stage.”
Hanson Lake Option
Agreement
The Hanson Lake Project includes 12 claims
totaling 16,103 hectares that are located between Hanson Lake and
Jan Lake, Saskatchewan and is transected by Highway 106 which
connects Creighton to southwestern Saskatchewan. The package
contains 57 mapped S-type pegmatites that are between 0.5 and 2.2
kilometers in strike length. The Hanson Lake pegmatite field has
been known since the 1960’s but exploration was focused on
beryllium, tantalum and other rare metals potential. The pegmatite
field is located within an 8 kilometer by 3 kilometer corridor that
is part of the larger Jan Lake granite-pegmatite suite which is
present throughout the entire package. The majority of the project
has not been mapped in detail and none of the pegmatites have been
systematically sampled or drilled for lithium. Spodumene has been
mapped in four different pegmatites with the largest reaching up to
16 meters in width and roughly 550m in strike length.
The claim group is within the Trans-Hudson
orogeny that hosts lithium deposits in the Snow Lake region of
Manitoba and the Black Hills of South Dakota. The package is
considered highly prospective to discover additional LCT
pegmatites. Furthermore, BRW holds additional regional claims as
part of its recently announced portfolio in Saskatchewan (see
January 17, 2023 press release).
The Option Agreement allows BRW to acquire a
100% interest in the Hanson Lake Project from Searchlight Resources
for a total consideration of $700,000 over a 4-year period upon
closing of a definitive agreement. The total amount is payable in
cash, shares or a combination of both (BRW’s discretion, subject to
a minimum 25% cash component), under the following terms:
- A payment of
$35,000 within five (5) business of the Effective Date of a
definitive agreement (the “Effective Date”);
- A payment of
$50,000, on or before the 1st year anniversary of the Effective
Date;
- A payment of
$150,000, on or before the 2nd year anniversary of the Effective
Date;
- A payment of
$200,000, on or before the 3rd year anniversary of the Effective
Date;
- A 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.
After the Option has been exercised, additional
milestone payments occur with the following schedule:
- Payment of
$250,000 in cash, shares or combination of both (BRW's discretion)
on filing of a resource estimate;
- Payment of
$250,000 in cash, shares or combination of both (BRW's discretion)
on filing of a preliminary economic assessment
Brunswick Exploration will grant a 2% NSR of which half (1%) of
the NSR may be repurchased by BRW for $1,000,000. The second half
of the NSR (1%) may be repurchased for $2,000,000. If BRW purchases
both halves of the NSR, for clarity, the package will be deemed to
be free of any royalty.
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 Professional Geologist registered in
Saskatchewan, Ontario, New Brunswick, Nova Scotia and
Newfoundland.
About Brunswick Exploration
The Company is a Montreal-based mineral
exploration venture listed on the TSX-V under the symbol BRW. The
Company is focused on grassroot exploration for metals necessary to
decarbonization and energy transition with a particular focus on
lithium. The Company is rapidly advancing the most extensive
grassroots lithium project portfolio in North America with holdings
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 and CEO (info@BRWexplo.com)
Brunswick Exploration (TSXV:BRW)
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