Brunswick Exploration Begins Drilling at Anatacau West and Kicks off 2023 Exploration Campaign
MONTREAL, March 20, 2023 (GLOBE NEWSWIRE) — Brunswick Exploration Inc. (TSX-V: BRW; “BRW” or the “Company”) is pleased to announce that it has begun drilling at the Anatacau West project, located in the Eeyou-Istchee James Bay region of Quebec. A 3,000-metre drill program is targeting the potential eastern extension of Allkem’s James Bay lithium deposit in an area that has yet to be drill-tested. The Company is also planning to sample and analyze historical pegmatite-bearing core at the PLEX project prior to the end of the month followed by the start of another drill program at the Hearst Project located in eastern Ontario in early Q2.
Mr. Killian Charles, President and CEO of BRW, commented: “This will be a transformational year for BRW as we commence multiple drilling and stripping programs across Canada, while conducting aggressive grassroots lithium prospecting in tandem. We are very excited to begin our exploration efforts in 2023 with a drilling campaign targeting the exciting Anatacau West project. The 2023 exploration campaign is one of the largest grassroots lithium programs in North America and I invite existing and potential shareholders to closely follow upcoming news releases.”
Quebec – Anatacau West Drilling
The initial 3,000 metre program at Anatacau West comprises 15 inclined holes at an average length of 200 metres each. The program will be extended as required if warranted. The first five drill holes are collared along a N-S fence approximately 50 meters from the shared claim boundary with Allkem’s James Bay lithium deposit. Second and third fences of holes are planned 150 and 300 meters, respectively, to the east of the first fence.
The drill holes are targeting the potential continuation of spodumene-bearing pegmatites from Allkem’s claims. The James Bay Lithium Project is host to a 40 million tonnes reserve grading 1.4%* and is comprised of eight pegmatites of varying width and grade. In 2018, a set of three holes drilled by Allkem (Galaxy Lithium) intersected numerous spodumene-bearing pegmatites with downhole widths varying between roughly 5 and 15 meters outside of the reserve pit shell and adjacent to the shared claim boundary. No holes have been drilled east of these intersections on BRW’s Anatacau West Project.
Quebec – Core sampling at PLEX
BRW recently identified the location of the historical core storage facility at the PLEX project, in the Eeyou-Istchee James Bay region of Quebec and determined that it is accessible despite winter conditions. A sampling team will be deployed before the end of the month to confirm and sample previously-reported pegmatite intersections in historical drill core from Virginia Gold’s 2006-2012 drill programs. Sampling will be focused on eighteen (18) drill intersections of pegmatite over 50 metres in length identified from historical logs (Quebec government assessment files), the longest being 203 metres in length (DDH PLE08-121). A total of 96 intersections of pegmatite over 8 metres in length were noted from historical logs, spread over strike length of 1,300 meters. The PLEX project is located approximately 80 kilometres west of PMET’s Corvette CV5 lithium deposit along the La Grande Shear Zone, which hosts all of the Corvette lithium showings known to date.
Ontario – Hearst Drilling
A 1,000 meters diamond drill program is planned for early Q2 at the Decoy spodumene-bearing pegmatite, located on the Hearst project in eastern Ontario. The drill program will test the strike and down dip extensions of the pegmatite. The Decoy Pegmatite is exposed over a strike length of approximately 65 meters, reaching a maximum width of 22 meters at surface. Decimetric, pale green spodumene crystals are identifiable over roughly 55 meters of strike length.
Corporate Update
Non-Brokered Financing
The Company expects to proceed with a first closing of the $2,000,000 non-brokered private placement by March 23rd with a second closing by March 29th.
Acquisition of Additional Claims Neighboring the Hanson Lake Project in Saskatchewan
The Company is pleased to announce that it has executed an option agreement with Eagle Plains Resources Ltd. (“EPL”) for the acquisition of three additional mining claims located roughly 55 kilometers west of Creighton, Saskatchewan, adjacent to the Hanson Lake Project acquisition (see news release dated January 30, 2023).
The Option Agreement allows BRW to acquire a 100% interest in the mining claims from EPL, for a total consideration of $70,000 over a 2-year period, upon closing of a definitive agreement. The total amount is payable in cash, shares or a combination of both, at BRW’s discretion, according to the following schedule:
- A payment of $25,000 within five business of the approval of the agreement;
- A payment of $20,000, on the first anniversary of the agreement;
- A payment of $25,000, on the 2nd anniversary date of the agreement.
In order to exercise the Option, Brunswick Exploration shall fund an aggregate amount of $100,000 in Work Expenditures in accordance with the following schedule:
- An aggregate of $25,000, on or before December 31, 2023;
- An aggregate of $75,000, on or before December 31, 2024.
After the Option has been exercised, additional milestone payments occur with the following schedule:
- Payment of $250,000 in cash, shares or combination of both (BRW’s discretion) on filing of a resource estimate;
- Payment of $250,000 in cash, shares or combination of both (BRW’s discretion) on filing of a preliminary economic assessment
BRW will grant a 2% NSR of which half (1%) of the NSR may be repurchased by BRW for $1,000,000.
Update to Prior Transactions
BRW would like to clarify the following information in two recent news releases:
The option payments to be made to acquire the Hanson Lake Project totals $735,000 (instead of $730,000, as disclosed in the news release dated January 30, 2023);
On November 10, 2022, the Company announced the signature of an option agreement with Midland Exploration Inc. for the Company to acquire a maximum 85% undivided interest in potential LCT (lithium-cesium-tantalum) mineralization of the Mythril and Elrond properties (the “Properties”), located in the James Bay region of Quebec. The Company wishes to clarify that the Properties are comprised of 514 claims and not 511 claims as previously disclosed. The Company wishes to further disclose that any common share to be issued by the Company as consideration under the option agreement will be subject to a minimum value of $0.24 per share with no maximum value. Upon closing of the transaction on December 2, 2022, an initial consideration of $50,000 was paid by the Company, comprised of $25,000 in cash and 62,500 common shares. At the minimum value, a total of 2,208,333 additional shares could be issued under the terms of this agreement.
Qualified Person
For information pertaining to Quebec, the scientific and technical information contained in this press release has been reviewed and approved by Mr. François Goulet, Exploration Manager – Quebec. He is a Professional Geologist registered in Quebec.
For information pertaining to Ontario, the scientific and technical information contained in this press release has been reviewed and approved by Mr. Charles Kodors, Exploration Manager Atlantic Canada. He is a Professional Geologist registered in Ontario, Saskatchewan, Newfoundland, Nova Scotia and New Brunswick.
About Brunswick Exploration
The Company is a Montreal-based mineral exploration venture listed on the TSX-V under the symbol BRW. The Company is focused on grassroot exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium. The Company is rapidly advancing the most extensive grassroots lithium project portfolio in North America with holdings in Quebec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.
Investor Relations/information
Mr. Killian Charles, President and CEO (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
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.
*See James Bay Lithium Project Feasibility Study & Maiden Ore Reserve released December 21, 2021
