Brunswick Exploration Inc. (TSX-V: BRW, OTCQB:
BRWXF; “
BRW” or the “
Company”) is
pleased to announce that it has started prospecting campaigns in
Ontario and Saskatchewan with helicopter-supported prospecting in
Manitoba and Quebec to begin in early June. Additionally, BRW has
staked additional claims in Ontario, Manitoba and Saskatchewan
targeting newly identified, untested S-type pegmatites.
Mr. Killian Charles, President and CEO of BRW,
commented: “We are very excited to start one of the largest
grassroot lithium exploration initiatives in North America. Over
the last 18 months, we have diligently built our hard-rock
portfolio focused on both poorly explored lithium-bearing
pegmatites and untested, prospective pegmatite targets in favorable
jurisdictions. We have now secured over 650 S-type pegmatites
across all of Canada that have never been tested for lithium, in
addition to nearly a dozen spodumene-bearing pegmatites.
“Concurrent with our pan-Canadian prospecting
initiative, we are preparing our next drill campaign at Hanson
Lake, Saskatchewan, which is anticipated to start in Q3.
Furthermore, we continue to advance drilling at Hearst with
preliminary results expected in early June. We are very optimistic
that Canada hosts multiple world-class lithium deposits that are
yet to be discovered and are confident that BRW can bring some of
these deposits to fruition.”
Quebec: Eeyou Istchee-James
Bay
Starting in June, BRW will begin a major
helicopter-supported prospecting campaign from two central camps:
the Wabamisk camp, near the Anatacau and Anatacau West projects,
and the PLEX camp, located near the PLEX and Mythril projects. A
smaller fly camp, will also be set-up near the Mirage project,
located further east from the PLEX project. The Company’s portfolio
in the entire Eeyou Istchee-James Bay region includes over 250
untested S-type pegmatites measuring a minimum strike length of 500
metres.
- Anatacau: BRW will
follow up on the newly intercepted spodumene bearing pegmatites
from the recent drill program at Anatacau West. The pegmatites are
hosted in an east-west deformation corridor and the entire trend is
highly prospective. Further east, on the Main Anatacau claim block,
the Company has already identified several spodumene showings which
will be targeted for extensive prospecting.
- PLEX and Mythril:
BRW will prioritize prospecting pegmatite targets identified on the
PLEX and Mythril projects. On Mythril, several untested pegmatite
outcrops lie near the shared claim border with Patriot Battery
Metals and are located less than two kilometres north of the CV8
spodumene showing. Prospecting will also be launched on the larger
PLEX project, with over 120 untested pegmatite outcrops have been
identified through compilation. All targets are hosted within the
La Grande Shear Zone, which is also host to all known
spodumene-bearing pegmatites on Patriot Battery Metals’ land
package.
- Mirage:
Prospecting will initially focus on confirming the occurrence of
several large, angular spodumene-bearing boulders reported from the
property. The shape and size of the boulders indicate a proximal
source and multiple prospective pegmatite outcrops have been
identified from satellite imagery up-ice from the boulders. BRW
will also concentrate its efforts on multiple historical
lithogeochemical anomalies that were identified in altered basalts
(over 100 ppm lithium; Quebec government SIGEOM database). These
anomalies suggest local alteration from an influx of
lithium-bearing fluids
Following the prospecting campaigns, results may
warrant drilling and stripping programs in H2/2023.
Saskatchewan
Crews are currently prospecting at the Hanson
Lake pegmatite field to prepare for a drill program in Q3. The
Hanson Lake pegmatite field, located next to existing paved road
infrastructure, is an eight kilometer by three kilometer corridor
that is part of the larger Jan Lake granite-pegmatite suite where
the company has secured over 55 large-scale pegmatites. Following
prospecting at Hanson Lake, crews will continue truck and
boat-supported prospecting on other BRW claim holdings.
Helicopter-supported prospecting will initially begin in the
Reindeer Lake area in early Q3.
The Company has also staked an additional 48,000
hectares within the Trans-Hudson and Lake Athabasca Projects. These
claims were staked based on excellent outcrop exposure, preferred
geological environments, geochemistry and historically mapped and
interpreted pegmatites. This additional ground includes over 45
pegmatites between 500 and 11,500 meters that have not been
assessed for lithium. In Saskatchewan alone, the company has now
secured over 225 S-type pegmatites that have a minimum strike
length of 500 meters.
Ontario
The company has staked over 10,900 hectares with
favorable outcrop exposure and forestry road access roughly 70
kilometers north of Kenora, known as the Campfire project. This
package was compiled based on preferred geological environments and
historical lake sediment data. The Campfire Project is within the
English River Belt which hosts the Tanco mine (Canada’s only
producing lithium mine) and is roughly 25 kilometers east of the
Separation Rapids lithium deposit.
Prospecting in Ontario will begin in Hearst in
May before moving to the Campfire Project following the completion
of prospecting in Manitoba and Saskatchewan. As new forestry roads
and logged areas are planned for 2023, BRW expects to benefit from
greater access and outcrop exposure throughout the Hearst Project
as the project remains poorly explored.
Manitoba
BRW will begin prospecting at the Lynn Lake
project in early June. The entire Lynn Lake region has never been
explored for lithium. With excellent outcrop exposure,
helicopter-supported prospecting is expected to be very
efficient.
The company has also staked an additional 38,000
hectares throughout the Trans-Hudson belt of Manitoba based on
geological environments, historical geochemistry as well as mapped
and interpreted pegmatites. Of these newly
acquired pegmatites, twelve are between 500 and 6,000 metres
of exposed strike length.
Corporate Update
The Company has entered into a debt settlement
agreement with Robert Wares, director and officer of the Company
(the "Debt Settlement"), to settle a $333,333 outstanding payment
due in November 2023 on a convertible debenture issued in 2018 and
which matured in September 2021, by issuing 444,444 common shares
of BRW at a deemed issue price of $0.75 per Common Share. This Debt
Settlement will be executed in shares in order to preserve capital
available to the Company.
The issuance of the common shares pursuant to
the Debt Settlement is subject to approval from the TSX Venture
Exchange (the “TSX-V”). The common shares issued pursuant to the
Debt Settlement are subject to a statutory hold period of four
months and one day from the date of issuance of the Common Shares
in accordance with applicable securities laws.
After the Debt Settlement, Robert Wares will own
44,732,016 common shares and 1,550,000 options of the Corporation,
representing 23.9% of the outstanding common shares of the Company
on an undiluted basis and 24.6% of the outstanding common shares on
a partially diluted basis, assuming full exercise of the
options.
The Debt Settlement will constitute a "related
party transaction" within the meaning of the TSX-V Policy 5.9 (the
"Policy") and Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI 61-101")
adopted in the Policy. The Corporation intends to rely on the
exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 contained in sections 5.5(a) and
5.7(1)(a) of MI 61-101 as the fair market value (as determined
under MI 61-101) of the Debt Settlement does not exceed 25% of the
Corporation's market capitalization (as determined under MI
61-101).
Qualified Person
The scientific and technical information
contained in this press release in regards to Quebec has been
reviewed and approved by Mr. Francois Goulet, Manager Quebec. He is
a Professional Geologist registered in Quebec.
The scientific and technical information
contained in this press release in regard to Ontario, Saskatchewan
and Manitoba has been reviewed and approved by Mr. Charles Kodors,
Manager Atlantic Canada. He is a Professional Geologist registered
in Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia and
Newfoundland.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based
mineral exploration company listed on the TSX-V under symbol BRW.
The Company is focused on grassroots exploration for lithium in
Canada, a critical metal necessary to global decarbonization and
energy transition. The company is rapidly advancing the most
extensive grassroots lithium property portfolio in Canada with
holdings in Quebec, Ontario, Saskatchewan, Manitoba, New Brunswick
and Nova Scotia.
Investor
Relations/information
Mr. Killian Charles, President and CEO
(info@brwexplo.ca)
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.
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