Brunswick Exploration Options Lithium-Bearing Pegmatite in Ontario
Ontario is also very prospective for lithium exploration and we believe the Hearst area is a fantastic location with great access to infrastructure.
MONTREAL, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“BRW” or the “Company”) is pleased to announce that it has staked multiple claim groups near Hearst Ontario, totaling 60 claims and 26,318 hectares in an area that is highly prospective for lithium pegmatites. The company has also optioned a spodumene-bearing pegmatite adjacent to the new project (Decoy and Moskito pegmatites) that contains up to 5.15% Li2O in historical chip samples. The entire Hearst portfolio includes 226 claims and covers 29,805 hectares.
Mr. Killian Charles, President of BRW, commented: “We are pleased to announce our first acquisition in Ontario that adds to our significant portfolio of properties in Quebec and the Atlantic provinces. Ontario is also very prospective for lithium exploration and we believe the Hearst area is a fantastic location with great access to infrastructure. We have now consolidated several high-priority targets centered around known mineralized LCT pegmatites. These pegmatites are poorly exposed but open in all directions, and there is high potential for additional discoveries in our newly consolidated package. Permits for trenching and drilling programs are in the works for a winter program. We look forward to developing this project and are very excited to explore our new land package while continuing to assess new opportunities to expand our holdings across eastern Canada.”
Hearst Portfolio
The Hearst Project comprises 1,418 cells and 226 claim blocks with a total surface area of 29,805 hectares, located roughly 15 kilometers south of Hearst, Ontario with easy access by forestry roads. The property package contains over 130 mapped/interpreted pegmatite dykes of which 25 are between 500-2100 metres in strike length. Claims were staked based on preferred geologic environments and historical mapping and most of this area has seen little to no exploration. The project is located within the Quetico Subprovince and contains a variety of evolved S-type granitoids and pegmatites hosted by metamorphosed sediments (paragneisses) and metavolcanics.
Lowther Pegmatite Option Agreement
The Hearst package includes an option on the Lowther Pegmatite Property which contains 12 cells representing 251 hectares. The property is adjacent to BRW’s newly staked ground and was acquired to assess two known LCT pegmatites, the Decoy and Moskito pegmatites. The Decoy pegmatite contains both a spodumene and a lepidolite (lithium-rich mica) zone, and is exposed over 100 metres in strike length with a current true width of 23 meters. It remains open to the east with historical chip samples grading up to 5.15% Li2O. The Moskito pegmatite is located 130 metres south of Decoy, is 5 metres wide and is exposed over a strike length of 33 metres, being open in both directions along strike. Neither pegmatite has ever been drilled for lithium evaluation.
The option allows BRW to acquire a 100% interest in the Property, from a private prospector, for a total consideration of $700,000 in cash over a 4-year period upon closing of the formal agreement, under the following terms:
- A cash payment of $35,000 within five (5) business of the Effective Date of the Agreement;
- A cash payment of $50,000, on or before the 1st year anniversary of the effective date
- A cash payment of $150,000, on or before the 2nd year anniversary of the effective date
- A cash payment of $200,000, on or before the 3rd year anniversary of the effective date
- A cash payment of $300,000, on or before the 4th year anniversary of the effective date
In order to exercise the Option, Brunswick Exploration shall fund an aggregate amount of $1,000,000 in Work Expenditures in accordance with the following schedule:
- An aggregate of $50,000, on or before the 1st year anniversary of the Effective Date
- An aggregate of $200,000, on or before the 2nd year anniversary of the Effective Date
- An aggregate of $400,000, on or before the 3rd year anniversary of the Effective Date
- An aggregate of $1,000,000, on or before the 4th year anniversary of the Effective Date
Brunswick Exploration will grant a 2% NSR of which half of the NSR may be repurchased by BRW for $1,000,000. Following repurchase, the Project would have a residual encumbrance of 1% NSR, and BRW will retain a right of first refusal on the disposal or sale of any portion of the residual NSR.
Lowther Regional Option Agreement
Brunswick Exploration has concurrently optioned the Lowther II Regional Property from Last Resort Resources Limited, containing 154 claims totaling 3,235 hectares. The property is adjacent to the Lowther Pegmatite Property and the newly staked BRW ground. Due to its proximity to the Decoy and Moskito pegmatites and its favorable geology, it is considered highly prospective for additional discoveries.
The option allows BRW to acquire a 100% interest in the Lowther II Regional Property for a total consideration of $300,000 in cash over a 2-year period upon closing of the formal agreement under the following terms:
- A cash payment of $100,000 within ten business days of the Agreement;
- A cash payment $100,000, on or before the 1st year anniversary of the effective date
- A cash payment of $100,000, on or before the 2nd year anniversary of the effective date
Brunswick Exploration will grant Last Resort a 2% NSR on all mineral production from the Property, of which half of the NSR may be repurchased by BRW for $1,000,000. The repurchase will remain valid for a period of five years following the exercise of the Option. Brunswick Exploration will retain a further right to repurchase the remaining 1% NSR for $2,000,000 for a period of two years following the initial repurchase.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Charles Kodors, Manager Atlantic Canada of Brunswick Exploration. He is a Profession Geologist registered in Ontario, Quebec, New Brunswick, Nova Scotia, and Newfoundland.
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 grassroots exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium. The company is focused on rapidly advancing the most extensive grassroot lithium exploration claim package in 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 ([email protected])
