Brunswick Exploration Options Multiple Spodumene-Bearing
MONTREAL, Jan. 30, 2023 (GLOBE NEWSWIRE) — Brunswick Exploration Inc. (TSX-V: BRW; “BRW” or the “Company”) is pleased to announce that it has signed a New High Option MoU has a potential concession package, the Hanson Lake project, located approximately 55 kilometers west of Creighton, Saskatchewan, within 2 kilometers of a major freeway. This package contains four spodumene bearing pegmatites in a much larger pegmatite block, none of which have been drilled.
Mr. Killian Charles, President and CEO of BRW, commented, “The Hanson Lake project validates 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 with at least 500 meters of strike length, all of which have had minimal or no exploration. Detailed prospecting and trenching will begin in the second quarter of this year to systematically evaluate the Hanson Lake project and rapidly advance the known spodumene-bearing pegmatites to the drill phase.”
Hanson Lake Option Agreement
The Hanson Lake Project consists of 12 claims totaling 16,103 hectares located between Hanson Lake and Jan Lake, Saskatchewan and intersected by Highway 106, which connects Creighton to southwest Saskatchewan. The package contains 57 mapped S-type pegmatites ranging in strike length from 0.5 to 2.2 kilometers. The Hanson Lake pegmatite field has been known since the 1960’s, but exploration has focused on the potential for beryllium, tantalum and other rare metals. The pegmatite field is within an 8 by 3 kilometer corridor that is part of the larger Jan Lake granite-pegmatite suite present throughout the package. Most 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 measuring up to 16 meters in width and approximately 550 meters in strike length.
The claim group is located 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 for the discovery of additional LCT pegmatites. In addition, BRW holds additional regional claims as part of its recently announced portfolio in Saskatchewan (see news release dated January 17, 2023).
The option agreement allows BRW to earn a 100% interest in Searchlight Resources’ Hanson Lake project for a total consideration of $700,000 over a 4-year period, upon entering into a definitive agreement. The total amount is payable in cash, shares or a combination of both (at BRW’s discretion, subject to a cash component of at least 25%) on the following terms:
A payment of $35,000 within five (5) business days of the effective date of any definitive agreement (the “Effective Date”); a payment of $50,000 on or before the first anniversary of the Effective Date; a payment of $150,000 on or before the 2nd anniversary of the Effective Date; a payment of $200,000 on or before the 3rd anniversary of the Effective Date; a payment of $300,000 on or before the 4th anniversary of the Effective Date.
To exercise the option, Brunswick Exploration is funding a total of $1,000,000 in work expenditures according to the following schedule:
$50,000 total on or before the 1st Anniversary of the Effective Date; $200,000 total on or before the 2nd Anniversary of the Effective Date; A total of $400,000 on or before the 3rd Anniversary of the Effective Date ; A total of $1,000,000 on or before the 4th Anniversary of the Effective Date.
After the option is exercised, further milestone payments will be made according to the following schedule:
Payment of $250,000 in cash, stock or a combination of both (at BRW’s discretion) upon submission of a resource estimate; Payment of $250,000 in cash, stock or a combination of both (at BRW’s discretion) upon submission of a Preliminary Economic Assessment
Brunswick Exploration grants a 2% NSR of which half (1%) of the NSR can be repurchased from BRW for $1,000,000. The second half of the NSR (1%) is redeemable for $2,000,000. For the avoidance of doubt, if BRW purchases both halves of the NSR, the package is deemed to be free of charge.
The scientific and technical information contained in this news release has been reviewed and approved by Mr. Charles Kodors, Brunswick Exploration’s Manager Atlantic Canada. He is a professional geologist registered in Saskatchewan, Ontario, New Brunswick, Nova Scotia and Newfoundland.
About Brunswick Exploration
The Company is a Montreal-based mineral exploration company listed on the TSX-V under the symbol BRW. The Company is focused on the grassroots exploration of metals required for decarbonization and energy transition, with a particular focus on lithium. The Company is rapidly advancing the most comprehensive grassroots lithium project portfolio in North America with interests in Quebec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.
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 release
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws, which is based on expectations, estimates and projections as of the date of this press 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, among others, delays in obtaining or not obtaining necessary regulatory, environmental or other project approvals; uncertainties related to the availability and cost of future financing requirements; changes in stock markets; Inflation; fluctuations in commodity prices; delays in the development of projects; the other risks associated with the mineral exploration and development industry; and those risks set forth in the Company’s public filings on file on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, such information should not be relied upon, which speaks only as of the date of this press release and is not intended to constitute any representation provided that such events will occur in the periods indicated or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except 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 release.