Mr. Killian Charles reports

BRUNSWICK EXPLORATION ANNOUNCES UPDATE AT MIRAGE PROJECT, QUEBEC

Since the restart of exploration work at Brunswick Exploration Inc.'s Mirage project, located in the Eeyou Istchee/James Bay region of Quebec, field crews have successfully extended the length of the spodumene-bearing pegmatite boulder field and discovered several spodumene-bearing pegmatite outcrops. The previously announced boulder field (see June 14, 2023, press release) now extends over 3.0 kilometres in a northeast direction and well-mineralized pegmatite outcrops have been observed along a 2.7-kilometre-long trend farther to the northeast. Both the extent of the outcrops and boulder train remain open in all directions.

Highlights:

• The spodumene boulder dispersion train is very well defined and now extends for 3.0 kilometres in the northeast-southwest direction.
• The spodumene boulder dispersion train leads directly to several spodumene-bearing pegmatite outcrops that are spread over an additional 2.7 kilometres along the same northeast-southwest trend, suggesting the geological strike is subparallel to glacial dispersion in this area. In total, the trend of boulders and outcrops covers over 5.5 kilometres of strike and remains open.
• To date, five significant spodumene-bearing pegmatite dikes have been identified with apparent widths of 25 to 80 metres. The strike length of these dikes is unknown, and field measurements with magnetic data suggest structural complexity and possible variable strike directions to the dikes. Additionally, several thinner mineralized dikes have been identified in the area.
• Another 13 kilometres of up-ice prospecting and geological mapping remains to be completed with several more reported pegmatite outcrops (Quebec government SIGEOM database) to be examined, none of which have been previously evaluated for spodumene content.

Killian Charles, president and chief executive officer of Brunswick Exploration, commented: "Today's announcement is an important milestone for Brunswick Exploration as the rapid discovery of several spodumene-bearing dikes in outcrops and a lengthy mineralized boulder trend highlights the excellent potential for a hard-rock lithium deposit. We expect to receive drill permits imminently and will begin a minimum 4,000 metres drill campaign in September. Furthermore, there remains multiple highly prospective areas across the Mirage project, which will be explored shortly."

Mirage project overview

Following the initial discovery of multiple plurimetric spodumene-bearing pegmatite boulders (see press release dated June 14, 2023), Brunswick Exploration focused its efforts in the southwest portion of the project. This initial prospecting campaign identified a total of nine mineralized outcrop clusters with the largest spodumene-bearing cluster measuring approximately 80 metres wide by 100 metres long; all clusters remain open along strike. Most observable dikes are oriented in a southwest-northeast direction following a major structural trend that runs along the project area in a similar southwest-northeast glacial direction, although some dikes show variable strike directions. In total, the trend of boulders and outcrops covers over 5.5 kilometres of strike and remains open in all directions.

The mineralized pegmatitic dikes identified to date are predominantly hosted by metabasalts and amphibolite, and, consequently, the mineralized boulder and outcrop area will be covered by airborne lidar and magnetic surveys in the next three weeks to hopefully outline the unexposed strike extent of the mineralized dikes.

Lithium mineralization identified in outcrops is similar to the boulders observed to the southwest, consisting of well-defined, large, light grey spodumene crystals with mineralization varying between 5 per cent and 50 per cent of the pegmatite. Some of the outcrops have spectacular spodumene mineralization with crystals reaching a maximum length of one metre and, concurrently, widths in excess of 30 centimetres.

The rest of the project area remains unexplored and there are several other pegmatite outcrops that have been noted by government geologists in previous surveys but have not been field checked for spodumene mineralization. About 13 kilometres of favourable geology up ice from the current discoveries remain untested.

Next steps at Mirage will focus on continued prospecting, airborne surveys and the initiation of a drilling program. The company is targeting a minimum of 4,000 metres of drilling based on available information starting in September. Prior to the start of drilling, Brunswick Exploration will complete detailed lidar and a high-resolution airborne magnetic survey to further define extent of pegmatite dikes and drill targets.

Purchase of additional surrounding claims

1Minerals Corp.

Brunswick Exploration has entered into a transaction with 1Minerals to purchase certain claims contiguous to the Mirage project as well as an additional regional lithium grassroots claim package as it continues to develop the lithium discovery at Mirage. The terms of the transaction are as follows:

• Purchase transaction to buy 100-per-cent interest in claims held by 1Minerals;
• Cash payment of $500,000 within five days of TSX Venture Exchange approval of the definitive agreement;
• Further payment of $3-million in cash, shares or a combination of both at Brunswick Exploration's discretion on signing of definitive agreement under the following schedule:
  • $500,000 within five days of TSX-V approval of the definitive agreement;
  • $500,000 on the first-year anniversary of the signing of the definitive agreement;
  • $500,000 on the second-year anniversary of the signing of the definitive agreement;
  • $750,000 on the third-year anniversary of the signing of the definitive agreement;
  • $750,000 on the fourth-year anniversary of the signing of the definitive agreement;
• Milestone payments, in cash, shares or a combination of both at Brunswick Exploration's discretion, under the following schedule:
  • $250,000 upon publication of a mineral resource estimate;
  • $750,000 upon publication of a preliminary economic assessment;
  • $1.25-million upon publication of a positive feasibility study;
• Gross royalty of 3 per cent on spodumene concentrate sales, of which the first 1 per cent can be repurchased for $1-million and the second 1 per cent can be repurchased for $3-million.

Osisko Development Corp.

Brunswick Exploration has also entered into a transaction with Osisko Development through General Partnership Osisko Baie James (Osisko GP), in which the company has to option to acquire a 75-per-cent undivided interest in eight claims in the immediate area of the Mirage project under the following terms:

• Option transaction to earn 75-per-cent interest in claims held by Osisko GP;
• Osisko GP's remainder interest (25 per cent) to be free carried to a final construction decision;
• The option will be exercisable concurrently with the successful completion of the existing option agreement between Brunswick Exploration and Osisko GP covering the option to acquire a 90-per-cent interest in the Plex, Anatacau West and Anatacau Main projects.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by Francois Goulet, manager, Quebec. He is a professional geologist registered in Quebec and is a qualified person as defined by National Instrument 43-101.

About Brunswick Exploration Inc.

Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under the symbol BRW. The company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada with holdings in Quebec, Ontario, Saskatchewan, Manitoba, New Brunswick and Nova Scotia.

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