22:46:49 EDT Sat 01 Apr 2023
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Brunswick Exploration Inc
Symbol BRW
Shares Issued 173,126,071
Close 2023-01-23 C$ 0.56
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Brunswick Exploration options Mirage project in Que.

2023-01-24 10:31 ET - News Release

Mr. Killian Charles reports

BRUNSWICK EXPLORATION ADDS THE MIRAGE PROJECT TO ITS QUEBEC LITHIUM PORTFOLIO

Brunswick Exploration Inc. has staked additional claims in the James Bay-Eeyou Istchee region of Quebec, in an area that is highly prospective for lithium-cesium-tantalum (LCT) pegmatites. The company has also optioned a claim block from Globex Mining Enterprises that is adjacent to these new claims, collectively called the Mirage project.

Mirage project

The Mirage project comprises 198 claims with a total surface area of 8,884 hectares (staked and optioned claims), located roughly 40 kilometres south of the Trans-Taiga Highway in Quebec's James Bay region. Fruitful discussions with a geologist that worked the area 25 years ago for gold exploration led to the staking of the Brunswick Exploration claims, as he recorded the presence of several angular pegmatitic glacial boulders hosting well-defined, decimetric spodumene crystals, located at the southwest extremity of the newly staked claims. The largest observed boulder measured eight metres by four metres by three metres. Pale grey spodumene crystals were positively identified following lithium flame tests. The large size of the boulders, their quantity and angular nature indicate a proximal source.

Furthermore, compilation work indicates that the overall claim group hosts lithium lithogeochemical anomalies above 100 parts per million Li in altered basalts (Quebec government SIGEOM database), suggesting local alteration from influx of lithium-rich fluids. No exploration work for lithium has been done in the area, and the majority of the claim group is located up ice from the glacial boulders.

Killian Charles, president and chief executive officer of Brunswick Exploration, commented: "We are very happy to announce this new claim package to our increasing grassroots lithium holdings across Quebec and Canada. The presence of sizable angular spodumene-bearing float on the project combined with lithium geochemical anomalies point to the local presence of LCT pegmatites. We will be providing updated exploration plans for 2023 in the coming weeks which will include the exciting new Mirage project."

Option agreement

The Mirage project includes an option on the Lac Escale claim block from Globex. This property forms a contiguous block with the company's newly staked ground and was acquired to expand Brunswick Exploration's up-ice holdings.

The option allows the company to acquire a 100-per-cent interest in the Lac Escale project for a total consideration of $500,000 in cash over a three-year period upon closing of the formal agreement, under the following terms:

  • A payment of $50,000 within five business of the effective date of the agreement, half of which are in Brunswick Exploration shares;
  • A payment of $25,000, on or before the sixth-month anniversary of the effective date, half of which are in Brunswick Exploration shares;
  • A payment of $125,000, on or before the first-year anniversary of the effective date, half of which are in Brunswick Exploration shares;
  • A payment of $100,000, on or before the second-year anniversary of the effective date, half of which are in Brunswick Exploration shares;
  • A payment of $200,000, on or before the third-year anniversary of the effective date, half of which are in Brunswick Exploration shares.

In order to exercise the option, Brunswick Exploration shall finance an aggregate amount of $1-million in work expenditures in accordance with the following schedule:

  • An aggregate of $100,000 on or before the first-year anniversary of the effective date;
  • An aggregate of $300,000 on or before the second-year anniversary of the effective date;
  • An aggregate of $1-million on or before the third-year anniversary of the effective date.

Upon successful completion of the option agreement, Brunswick Exploration will enter into a royalty agreement granting a 3-per-cent gross metal royalty (GMR) to Globex of which 1 per cent of the GMR may be purchased by Brunswick Exploration for $1-million, resulting in a net GMR of 2 per cent. The royalty shall also apply to any mineral rights newly staked by either party within one kilometre of the current claim boundaries. On the fifth anniversary of the coming into force of the royalty agreement or five years following total expenditures of $4-million, whichever comes first, Brunswick will start paying Globex an annual $100,000 advance royalty payment deductible from eventual production royalty.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Francois Goulet, Quebec exploration manager for Brunswick Exploration. He is a professional geologist registered in Quebec.

About Brunswick Exploration Inc.

The company is a Montreal-based mineral exploration venture listed on the TSX Venture Exchange 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 grassroots lithium exploration claim package in Canada and is active in Quebec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.

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