14:05:23 EDT Thu 28 Mar 2024
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USA
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Brunswick Exploration Inc
Symbol BRW
Shares Issued 173,346,071
Close 2023-03-20 C$ 0.88
Market Cap C$ 152,544,542
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Brunswick begins 3,000 m of drilling at Anatacau West

2023-03-20 07:24 ET - News Release

Mr. Killian Charles reports

BRUNSWICK EXPLORATION BEGINS DRILLING AT ANATACAU WEST AND KICKS OFF 2023 EXPLORATION CAMPAIGN

Brunswick Exploration Inc. 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 second quarter.

Killian Charles, president and chief executive officer of Brunswick Exploration, 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 north-south fence approximately 50 metres from the shared claim boundary with Allkem's James Bay lithium deposit. Second and third fences of holes are planned 150 and 300 metres, 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-tonne reserve grading 1.4 per cent* and comprises 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 five and 15 metres outside of the reserve pit shell and adjacent to the shared claim boundary. No holes have been drilled east of these intersections on Brunswick Exploration's Anatacau West project.

Quebec -- core sampling at PLEX

Brunswick Exploration 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 to 2012 drill programs. Sampling will be focused on 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 eight metres in length were noted from historical logs, spread over strike length of 1,300 metres. 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-metre 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 metres, reaching a maximum width of 22 metres at surface. Decimetric, pale green spodumene crystals are identifiable over roughly 55 metres of strike length.

Corporate update

Non-brokered financing

The company expects to proceed with a first closing of the $2-million non-brokered private placement by March 23 with a second closing by March 29.

Acquisition of additional claims neighbouring the Hanson Lake project in Saskatchewan

The company has executed an option agreement with Eagle Plains Resources Ltd. (EPL) for the acquisition of three additional mining claims located roughly 55 kilometres west of Creighton, Sask., adjacent to the Hanson Lake project acquisition (see news release dated Jan. 30, 2023).

The option agreement allows Brunswick Exploration to acquire a 100-per-cent interest in the mining claims from EPL, for a total consideration of $70,000 over a two-year period, upon closing of a definitive agreement. The total amount is payable in cash, shares or a combination of both, at Brunswick Exploration'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 second anniversary date of the agreement.

In order to exercise the option, Brunswick Exploration shall finance an aggregate amount of $100,000 in work expenditures in accordance with the following schedule:

  • An aggregate of $25,000, on or before Dec. 31, 2023;
  • An aggregate of $75,000, on or before Dec. 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 (Brunswick Exploration's discretion) on filing of a resource estimate;
  • Payment of $250,000 in cash, shares or combination of both (Brunswick Exploration's discretion) on filing of a preliminary economic assessment.

Brunswick Exploration will grant a 2-per-cent net smelter return royalty of which half (1 per cent) of the NSR may be repurchased by Brunswick Exploration for $1-million.

Update to prior transactions

Brunswick Exploration would like to clarify the following information in two recent news releases:

  • The option payments to be made to acquire the Hanson Lake project total $735,000 (instead of $730,000, as disclosed in the news release dated Jan. 30, 2023).
  • On Nov. 10, 2022, the company announced the signature of an option agreement with Midland Exploration Inc. for the company to acquire a maximum 85-per-cent undivided interest in potential LCT (lithium-cesium-tantalum) mineralization of the Mythril and Elrond properties, located in the James Bay region of Quebec. The company wishes to clarify that the properties comprise 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 24 cents per share with no maximum value. Upon closing of the transaction on Dec. 2, 2022, an initial consideration of $50,000 was paid by the company, comprising $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 Francois 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 Charles Kodors, exploration manager -- Atlantic Canada. He is a professional geologist registered in Ontario, Saskatchewan, Newfoundland, Nova Scotia and New Brunswick.

About Brunswick Exploration Inc.

The company is a Montreal-based mineral exploration venture listed on the TSX Venture Exchange 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.

* See James Bay lithium project feasibility study and maiden ore reserve released on Dec. 21, 2021.

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