Brunswick Exploration Inc. (TSX-V: BRW, OTCQB:
BRWXF; “
BRW” or the “
Company”) is
pleased to announce that, since the restart of exploration work at
the Mirage Project, located in the Eeyou Istchee-James Bay region
of Quebec, field crews have successfully extended the length of the
spodumene-bearing pegmatite boulder field and discovered several
spodumene-bearing pegmatite outcrops. The previously announced
boulder field (see June 14, 2023 press release) now extends over
3.0 kilometres in a northeast direction and well-mineralized
pegmatite outcrops have been observed along a 2.7 kilometre-long
trend further to the northeast. Both the extent of the outcrops and
boulder train remain open in all directions.
Highlights:
-
The spodumene boulder dispersion train is very well defined and now
extends for 3.0 km in NE-SW direction (See Figure 1);
-
The spodumene boulder dispersion train leads directly to several
spodumene-bearing pegmatite outcrops that are spread over an
additional 2.7 km along the same NE-SW trend, suggesting the
geological strike is sub-parallel to glacial dispersion in this
area. In total, the trend of boulders and outcrops covers over 5.5
kilometres of strike and remains open.
-
To date, five significant spodumene-bearing pegmatite dykes have
been identified with apparent widths of 25 to 80 metres. The strike
length of these dykes is unknown, and field measurements with
magnetic data suggest structural complexity and possible variable
strike directions to the dykes. Additionally, several thinner
mineralized dykes have been identified in the area;
-
Another 13 kilometres of up-ice prospecting and geological mapping
remains to be completed with several more reported pegmatite
outcrops (Quebec government SIGEOM data base) to be examined, none
of which have been previously evaluated for spodumene content.
Mr. Killian Charles, President and CEO of BRW,
commented: “Today’s announcement is an important milestone for
Brunswick Exploration as the rapid discovery of several
spodumene-bearing dykes in outcrops and a lengthy mineralized
boulder trend highlights the excellent potential for a hard-rock
lithium deposit. We expect to receive drill permits imminently and
will begin a minimum 4,000 metres drill campaign in September.
Furthermore, there remains multiple highly prospective areas across
the Mirage Project which will be explored shortly.”
Mirage Project Overview
Following the initial discovery of multiple
plurimetric spodumene-bearing pegmatite boulders (see press release
dated June 14, 2023), Brunswick Exploration focused its efforts in
the SW portion of the Project. This initial prospecting campaign
identified a total of 9 mineralized outcrop clusters with the
largest spodumene-bearing cluster measuring approximately 80 metres
wide by 100 metres long; all clusters remain open along strike
(Figure 1). Most observable dykes are oriented in a SW-NE
directions following a major structural trend that runs along the
Project area in a similar SW-NE glacial direction, although some
dykes show variable strike directions. In total, the trend of
boulders and outcrops covers over 5.5 kilometres of strike and
remains open in all directions (Figure 1).
The mineralized pegmatitic dykes identified to
date are predominantly hosted by meta-basalts and amphibolite, and
consequently the mineralized boulder and outcrop area will be
covered by airborne LiDAR and magnetic surveys in the next three
weeks to hopefully outline the unexposed strike extent of the
mineralized dykes.
Figure 1: Location of
spodumene-bearing outcrops and boulder train.
Lithium mineralization identified in outcrops is
similar to the boulders observed to the southwest, consisting of
well-defined, large, light grey spodumene crystals with
mineralization varying between 5 and 50% of the pegmatite. Some of
the outcrops have spectacular spodumene mineralization with
crystals reaching a maximum length of 1 metre and, concurrently,
widths in excess of 30 centimeters (Figures 2 and 3).
Figure 2: Mineralized outcrop
with large prismatic spodumene crystals up to 50cm in length.
Figure 3: Another large,
light-grey, prismatic spodumene crystal on the edge of an
outcrop.
Figure 4: Mr. Rémi Charbonneau,
Ph.D., P. Geo., of Inlandsis Consultants, discoverer of the Mirage
lithium pegmatite field, examining a spodumene-rich outcrop.
The rest of the Project area remains unexplored
and there are several other pegmatite outcrops that have been noted
by government geologists in previous surveys but have not been
field checked for spodumene mineralization. About 13 kilometres of
favorable geology up-ice from the current discoveries remains
untested.
Next steps at Mirage will focus on continued
prospecting, airborne surveys and the initiation of a drilling
program. The Company is targeting a minimum of 4,000 metres of
drilling based on available information starting in September.
Prior to the start of drilling, BRW will complete detailed LiDAR
and a high-resolution airborne magnetic survey to further define
extent of pegmatite dykes and drill targets.
Purchase of Additional Surrounding
Claims
1Minerals
Brunswick Exploration has entered into a
transaction with 1Minerals Corp. (“1Minerals”) to
purchase certain claims contiguous to the Mirage Project as well as
an additional regional lithium grassroot claim package as it
continues to develop the lithium discovery at Mirage. The terms of
the transaction are as follows:
-
Purchase transaction to buy 100% interest in claims held by
1Minerals.
-
Cash payment of $500,000 within 5 days of TSX-V approval of the
Definitive Agreement
-
Further payment of $3,000,000 in cash, shares or a combination of
both at BRW’s discretion on signing of Definitive Agreement under
the following schedule:
-
$500,000 within 5 days of TSX-V approval of the Definitive
Agreement
-
$500,000 on the first-year anniversary of the signing of the
Definitive Agreement
-
$500,000 on the second-year anniversary of the signing of the
Definitive Agreement
-
$750,000 on the third-year anniversary of the signing of the
Definitive Agreement
-
$750,000 on the fourth-year anniversary of the signing of the
Definitive Agreement
-
Milestone payments, in cash, shares or a combination of both at
BRW’s discretion, under the following schedule:
-
$250,000 upon publication of a Mineral Resource Estimate
-
$750,000 upon publication of a Preliminary Economic Assessment
-
$1,250,000 upon publication of a positive Feasibility Study
-
Gross Royalty of 3% on spodumene concentrate sales, of which the
first 1% can be repurchased for $1,000,000 and the second 1% can be
repurchased for $3,000,000.
Osisko Development
Brunswick Exploration has also entered into a
transaction with Osisko Development Corp through General
Partnership Osisko Baie James (“Osisko GP”) in
which the Company has to option to acquire a 75% undivided interest
in 8 claims in the immediate area of the Mirage Project under the
following terms:
-
Option transaction to earn 75% interest in claims held by Osisko
GP.
-
Osisko GP’s remainder interest (25%) to be free carried to a final
construction decision.
-
The option will be exercisable concurrently with the successful
completion of the existing Option Agreement between Brunswick
Exploration and Osisko GP covering the option to acquire a 90%
interest in the PLEX, Anatacau West and Anatacau Main
Projects.
Qualified Person
The scientific and technical information
contained in this press release has been reviewed and approved by
Mr. François Goulet, Manager Quebec. He is a Professional Geologist
registered in Quebec and is a Qualified Person as defined by
National Instrument 43-101.
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)
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.
Photos accompanying this announcement are
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/64e1f69a-8813-412d-8e79-417722f5705e
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5bd60c7-b299-45c3-b183-56cdf2cb8153
https://www.globenewswire.com/NewsRoom/AttachmentNg/f8e02d9f-46a2-4187-84d5-7bd7d1fa6299
https://www.globenewswire.com/NewsRoom/AttachmentNg/31cf5f6b-7d7d-481b-b0ee-9a40a4c82b6e
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