Brunswick Exploration Options Potential Extension to Allkem’s James Bay Lithium Deposit
November 28 2022 - 7:39AM
Brunswick Exploration Inc. (TSX-V:BRW;
“
BRW” or the “
Company”) is
pleased to announce it has signed an option agreement with Osisko
Development Corp. (TSX-V: ODV) to acquire a 90% interest in the
Anatacau Property (the “Property”) located in the James Bay-Eeyou
Istchee region of Quebec and which is host to lithium
mineralization. Furthermore, one block of the Anatacau property is
located just east of Allkem’s (TSX: AKE) James Bay Lithium deposit
(previously known as the Cyr deposit).
Mr. Killian Charles, President of BRW,
commented: “The addition of the Anatacau Property marks another
exciting turning point for Brunswick Exploration. The Property
covers 370 square kilometres, of which the western block is located
just east of one of Canada’s largest hard rock lithium reserves.
The Property may host an extension to the deposit as this area has
never been drilled. Furthermore, Quebec government records indicate
the presence of spodumene mineralization further east and south on
the Property in three distinct outcrop locations. Alongside the
Hearst property in Ontario, BRW now has two projects where it plans
to test drill targets in Q1 2023.”
The large Anatacau property package contains a
total of 704 claims, representing 37,058 hectares (370 sq. km.).
The property is accessible year-round and is located near KM 381 on
the Billy Diamond Highway (a camp managed by the Société de
développement de la Baie-James), and the west block of the Property
is adjacent to Allkem’s James Bay lithium deposit, which is host to
a 40.3Mt Indicated Mineral Resource Estimate grading 1.4% Li2O and
Reserves of 37.2Mt grading 1.3% Li2O (for more details, see Allkem
December 21, 2021 Feasibility Study). Drilling in 2018 by Galaxy
Lithium intersected spodumene mineralization near the Property
boundary (MRNQ assessment files, GM 71028).
The Property has historically never been
explored for lithium mineralization. Quebec government public
records also indicate the presence of three spodumene-bearing
pegmatite outcrops on the main block of the Property, one located
approximately 22 kilometres ESE of the James Bay Lithium Deposit.
The area will be prioritized for prospecting and trenching in
summer 2023. BRW also expects to begin a drilling campaign in late
Q1 2023 to test the potential for new lithium pegmatites along
strike of those found on Allkem’s property.
ODEV Anatacau Option
Agreement
The Option allows BRW to acquire a 90% interest
in the Property for a total consideration of 4,000,000 shares over
a two-year period, upon closing of the option agreement (the
“Agreement”) under the following terms:
- An initial
payment of 500,000 shares, within five (5) business days of the
Effective Date of the Agreement;
- A payment of
1,500,000 shares, on or before the 1st year anniversary of the
Effective Date of the Agreement;
- A payment of
2,000,000 shares, on or before the 2nd year anniversary of the
Effective Date of the Agreement.
In order to exercise the Option; Brunswick
Exploration shall fund an aggregate amount of $3,000,000 in Work
Expenditures in accordance with the following schedule:
- An aggregate of
$500,000 before the 1st year anniversary of the Effective
Date;
- An aggregate of
$1,000,000 before the 2nd year anniversary of the Effective
Date;
- An aggregate of
$2,000,000 before the 3rd year anniversary of the Effective
Date;
- An aggregate of
$3,000,000 before the 4th year anniversary of the Effective
Date.
Upon execution of the Option, BRW will retain a
right of first refusal on ODEV’s 10% ownership. Furthermore, ODEV
will not be expected to fund its pro-rata share of the exploration
budget following the exercise of the Option until the construction
of a mine.
Qualified Person
The scientific and technical information
contained in this press release has been reviewed and approved by
Mr. Jeff Hussey, Director of Brunswick Exploration. He is a
Professional Geologist registered in Quebec.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based
mineral exploration company listed on the TSX-V under the symbol
BRW. The Company is focused on grassroots exploration for lithium
in Eastern Canada, a critical metal necessary to global
decarbonization and energy transition. The company is rapidly
advancing the most extensive grassroots lithium property portfolio
in Eastern Canada with holdings in Quebec, Ontario, New Brunswick
and Newfoundland.
Investor
Relations/information
Mr. Killian Charles, President
(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
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Information
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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
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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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