Brunswick Exploration Inc. (TSX-V: BRW;
“
BRW” or the “
Company”) is
pleased to announce that it has begun drilling at the Anatacau West
project, located in the Eeyou-Istchee James Bay region of Quebec. A
3,000-metre drill program is targeting the potential eastern
extension of Allkem’s James Bay lithium deposit in an area that has
yet to be drill-tested. The Company is also planning to sample and
analyze historical pegmatite-bearing core at the PLEX project prior
to the end of the month followed by the start of another drill
program at the Hearst Project located in eastern Ontario in early
Q2.
Mr. Killian Charles, President and CEO of BRW,
commented: “This will be a transformational year for BRW as we
commence multiple drilling and stripping programs across Canada,
while conducting aggressive grassroots lithium prospecting in
tandem. We are very excited to begin our exploration efforts in
2023 with a drilling campaign targeting the exciting Anatacau West
project. The 2023 exploration campaign is one of the largest
grassroots lithium programs in North America and I invite existing
and potential shareholders to closely follow upcoming news
releases.”
Quebec – Anatacau West
Drilling
The initial 3,000 metre program at Anatacau West
comprises 15 inclined holes at an average length of 200 metres
each. The program will be extended as required if warranted. The
first five drill holes are collared along a N-S fence approximately
50 meters from the shared claim boundary with Allkem’s James Bay
lithium deposit. Second and third fences of holes are planned 150
and 300 meters, respectively, to the east of the first fence.
The drill holes are targeting the potential
continuation of spodumene-bearing pegmatites from Allkem’s claims.
The James Bay Lithium Project is host to a 40 million tonnes
reserve grading 1.4%* and is comprised of eight pegmatites of
varying width and grade. In 2018, a set of three holes drilled by
Allkem (Galaxy Lithium) intersected numerous spodumene-bearing
pegmatites with downhole widths varying between roughly 5 and 15
meters outside of the reserve pit shell and adjacent to the shared
claim boundary. No holes have been drilled east of these
intersections on BRW’s Anatacau West Project.
Quebec - Core sampling at
PLEX
BRW recently identified the location of the
historical core storage facility at the PLEX project, in the
Eeyou-Istchee James Bay region of Quebec and determined that it is
accessible despite winter conditions. A sampling team will be
deployed before the end of the month to confirm and sample
previously-reported pegmatite intersections in historical drill
core from Virginia Gold’s 2006-2012 drill programs. Sampling will
be focused on eighteen (18) drill intersections of pegmatite over
50 metres in length identified from historical logs (Quebec
government assessment files), the longest being 203 metres
in length (DDH PLE08-121). A total of 96 intersections of
pegmatite over 8 metres in length were noted from historical logs,
spread over strike length of 1,300 meters. The PLEX project is
located approximately 80 kilometres west of PMET’s Corvette CV5
lithium deposit along the La Grande Shear Zone, which hosts all of
the Corvette lithium showings known to date.
Ontario – Hearst Drilling
A 1,000 meters diamond drill program is planned
for early Q2 at the Decoy spodumene-bearing pegmatite, located on
the Hearst project in eastern Ontario. The drill program will test
the strike and down dip extensions of the pegmatite. The Decoy
Pegmatite is exposed over a strike length of approximately 65
meters, reaching a maximum width of 22 meters at surface.
Decimetric, pale green spodumene crystals are identifiable over
roughly 55 meters of strike length.
Corporate Update
Non-Brokered Financing
The Company expects to proceed with a first
closing of the $2,000,000 non-brokered private placement by March
23rd with a second closing by March 29th.
Acquisition of Additional Claims
Neighboring the Hanson Lake Project in Saskatchewan
The Company is pleased to announce that it has
executed an option agreement with Eagle Plains Resources Ltd.
(“EPL”) for the acquisition of three additional mining claims
located roughly 55 kilometers west of Creighton, Saskatchewan,
adjacent to the Hanson Lake Project acquisition (see news release
dated January 30, 2023).
The Option Agreement allows BRW to acquire a
100% interest in the mining claims from EPL, for a total
consideration of $70,000 over a 2-year period, upon closing of a
definitive agreement. The total amount is payable in cash, shares
or a combination of both, at BRW’s discretion, according to the
following schedule:
-
A payment of $25,000 within five business of the approval of the
agreement;
-
A payment of $20,000, on the first anniversary of the
agreement;
-
A payment of $25,000, on the 2nd anniversary date of the
agreement.
In order to exercise the Option, Brunswick
Exploration shall fund an aggregate amount of $100,000 in Work
Expenditures in accordance with the following schedule:
-
An aggregate of $25,000, on or before December 31, 2023;
-
An aggregate of $75,000, on or before December 31, 2024.
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
BRW will grant a 2% NSR of which half (1%) of
the NSR may be repurchased by BRW for $1,000,000.
Update to Prior
Transactions
BRW would like to clarify the following
information in two recent news releases:
The option payments to be made to acquire the
Hanson Lake Project totals $735,000 (instead of $730,000, as
disclosed in the news release dated January 30, 2023);
On November 10, 2022, the Company announced the
signature of an option agreement with Midland Exploration Inc. for
the Company to acquire a maximum 85% undivided interest in
potential LCT (lithium-cesium-tantalum) mineralization of the
Mythril and Elrond properties (the “Properties”), located in the
James Bay region of Quebec. The Company wishes to clarify that the
Properties are comprised of 514 claims and not 511 claims as
previously disclosed. The Company wishes to further disclose that
any common share to be issued by the Company as consideration under
the option agreement will be subject to a minimum value of $0.24
per share with no maximum value. Upon closing of the transaction on
December 2, 2022, an initial consideration of $50,000 was paid by
the Company, comprised of $25,000 in cash and 62,500 common shares.
At the minimum value, a total of 2,208,333 additional shares could
be issued under the terms of this agreement.
Qualified Person
For information pertaining to Quebec, the
scientific and technical information contained in this press
release has been reviewed and approved by Mr. François Goulet,
Exploration Manager – Quebec. He is a Professional Geologist
registered in Quebec.
For information pertaining to Ontario, the
scientific and technical information contained in this press
release has been reviewed and approved by Mr. Charles Kodors,
Exploration Manager Atlantic Canada. He is a Professional Geologist
registered in Ontario, Saskatchewan, Newfoundland, Nova Scotia and
New Brunswick.
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.
Investor
Relations/information
Mr. Killian Charles, President and CEO
(info@BRWexplo.com)
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.
*See James Bay Lithium Project Feasibility Study & Maiden
Ore Reserve released December 21, 2021
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