MONTREAL, April 19, 2022 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“BRW” or the “Company”) is pleased to announce that it has recently identified and acquired several major pegmatite fields on the North Shore of Quebec located near Johan Beetz Bay, 56 kilometres east of the town of Havre St-Pierre. A total of 300 claims, separated into 12 blocks and totaling 16,121 hectares, were acquired or optioned and are collectively known as the North Shore Lithium Project. All claims are located within 28 kilometers north of the 138 paved highway. The claim package includes an option agreement with Kintavar Exploration Inc. (“Kintavar”) for the BJB property.
Mr. Killian Charles, President of BRW, commented: “Our compilation work continues to rapidly identify highly prospective areas with strong potential for lithium-bearing pegmatites. Very few companies are actively advancing aggressive, hard-rock grassroots projects in the lithium space and I am very excited to expand into this region of Quebec, which benefits from good supportive infrastructure. Combined with our previously announced portfolio in the Maritimes alongside the newly expanded projects in Quebec, Brunswick Exploration is now well positioned to launch one of the largest grassroots lithium exploration programs in Canada.”
North Shore Lithium Project Overview
Brunswick Exploration has identified approximately 30 pegmatite dykes and sills on its North Shore Lithium Project that have minimum strike length of 1,200 metres, as well as dozens of smaller pegmatite dykes. The longest pegmatite identified through satellite imagery and geological compilation measures approximately 14 kilometres in strike length. None of the pegmatites on the North Shore Lithium Project have seen exploration for lithium and all consist of S-type pegmatites containing any combination of indicator minerals, including muscovite, garnet, tourmaline and beryl. Lithium-bearing LCT pegmatites are metal enriched S-type pegmatites that may also contain cesium, tantalum, beryllium and tin mineralization. Brunswick Exploration will begin a prospecting campaign in this area in late Q3 2022, first focusing its efforts on the previously-disclosed Pontiac Lithium Project.
Kintavar Exploration Transaction
Brunswick Exploration has identified several pegmatite dykes and sills on Kintavar claims in the area, known as the BJB property. Neighboring claims were staked by the Company. Brunswick has signed a LOI to enter into a four-year option agreement to acquire 100% of the BJB property with the following terms:
- Total payment of $1,020,000 over the four-year period:
- Cash payment of $20,000 upon signing of the agreement;
- Payment of $100,000 at the first-year anniversary;
- Payment of $200,000 at the second-year anniversary;
- Payment of $300,000 at the third-year anniversary;
- Payment of $400,000 at the fourth-year anniversary;
- Each anniversary payment will be a combination of cash and shares with a minimum 20% in cash and up to a maximum of 80%.
- Brunswick Exploration will commit to the following exploration expenditures totaling $2,000,000 over the four-year period:
- Expenditures of $150,000 at the first-year anniversary;
- Expenditures of $250,000 at the second-year anniversary;
- Expenditures of $400,000 at the third-year anniversary;
- Expenditures of $1,200,000 at the fourth-year anniversary;
- 2% NSR royalty of which the first 1% can be bought back for $1,000,000. Brunswick Exploration will retain a Right of First Refusal on the second 1% tranche.
- Additional milestone payments:
- Payment of $250,000 upon completion of a Mineral Resource Estimate;
- Payment of $750,000 upon completion of Preliminary Economic Assessment;
- Each milestone payment will be a mixture of cash and shares with a minimum 20% in cash and up to a maximum of 80%.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Robert Wares, P. Geo, CEO and Chairman of Brunswick Exploration.
About Brunswick Exploration
The Company is a Montreal-based mineral exploration venture listed on the TSX-V under symbol BRW. The Company is focused on grassroot exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium, tin, nickel and copper. The company is focused on rapidly advancing the most extensive grassroot lithium exploration claim package in Eastern 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 (info@BRWexplo.com).
