Mr. Killian Charles reports

BRUNSWICK EXPLORATION OPTIONS MULTIPLE SPODUMENE-BEARING PEGMATITES IN SASKATCHEWAN

Brunswick Exploration Inc. has executed a letter of intent to option a new highly prospective claim package, the Hanson Lake project, located roughly 55 kilometres west of Creighton, Sask., within two kilometres from a major highway. This package contains four spodumene-bearing pegmatites hosted within a much larger pegmatite field, none of which has been drilled.

Killian Charles, president and chief executive officer of Brunswick, commented: "The Hanson Lake project confirms the potential for hard-rock lithium deposits in Saskatchewan and this addition to our portfolio strengthens the company's presence in Western Canada. In Saskatchewan alone, with the addition of this project, we have now acquired over 180 outcropping S-type pegmatites that are minimum 500 metres in strike length, all of which have seen minimal or no exploration work. Detailed prospecting and trenching will commence in Q2 of this year to systemically evaluate the Hanson Lake project and rapidly advance the known spodumene-bearing pegmatites towards the drill stage."

Hanson Lake option agreement

The Hanson Lake project includes 12 claims totalling 16,103 hectares that are located between Hanson Lake and Jan Lake, Sask., and is transected by Highway 106 which connects Creighton to southwestern Saskatchewan. The package contains 57 mapped S-type pegmatites that are between 0.5 and 2.2 kilometres in strike length. The Hanson Lake pegmatite field has been known since the 1960s but exploration was focused on beryllium, tantalum and other rare metals potential. The pegmatite field is located within an eight-kilometre-by-three-kilometre corridor that is part of the larger Jan Lake granite-pegmatite suite which is present throughout the entire package. The majority of the project has not been mapped in detail and none of the pegmatites have been systematically sampled or drilled for lithium. Spodumene has been mapped in four different pegmatites with the largest reaching up to 16 metres in width and roughly 550 metres (m) in strike length.

The claim group is within the Trans-Hudson orogeny that hosts lithium deposits in the Snow Lake region of Manitoba and the Black Hills of South Dakota. The package is considered highly prospective to discover additional LCT (lithium-cesium-tantalum) pegmatites. Furthermore, Brunswick holds additional regional claims as part of its recently announced portfolio in Saskatchewan (see Jan. 17, 2023, press release).

The option agreement allows Brunswick to acquire a 100-per-cent interest in the Hanson Lake project from Searchlight Resources for a total consideration of $700,000 over a four-year period upon closing of a definitive agreement. The total amount is payable in cash, shares or a combination of both (Brunswick's discretion, subject to a minimum 25-per-cent cash component), under the following terms:

• A payment of $35,000 within five business of the effective date of a definitive agreement;
• A payment of $50,000, on or before the first-year anniversary of the effective date;
• A payment of $150,000, on or before the second-year anniversary of the effective date;
• A payment of $200,000, on or before the third-year anniversary of the effective date;
• A payment of $300,000, on or before the fourth-year anniversary of the effective date.

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

• An aggregate of $50,000, on or before the first-year anniversary of the effective date;
• An aggregate of $200,000, on or before the second-year anniversary of the effective date;
• An aggregate of $400,000, on or before the third-year anniversary of the effective date;
• An aggregate of $1-million, on or before the fourth-year anniversary of the effective date.

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 (Brunswick's discretion) on filing of a resource estimate;
• Payment of $250,000 in cash, shares or combination of both (Brunswick's discretion) on filing of a preliminary economic assessment.

Brunswick Exploration will grant a 2-per-cent NSR (net smelter return) of which half (1 per cent) of the NSR may be repurchased by Brunswick for $1-million. The second half of the NSR (1 per cent) may be repurchased for $2-million. If Brunswick purchases both halves of the NSR, for clarity, the package will be deemed to be free of any royalty.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Charles Kodors, manager of Atlantic Canada for Brunswick Exploration. He is a professional geologist registered in Saskatchewan, Ontario, New Brunswick, Nova Scotia and Newfoundland.

About Brunswick Exploration Inc.

Brunswick is a Montreal-based mineral exploration venture listed on the TSX Venture Exchange under the 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 rapidly advancing the most extensive grassroots lithium project portfolio in North America with holdings in Quebec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.

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