MONTREAL, OCTOBER 3, 2022 (GLOBE NEWSWIRE) — Brunswick Exploration Company (“BRWMore” or “Company) is pleased to announce that it has staked multiple claim groups totaling 60 claims and covering 26,318 hectares near Hearst Ontario in an area with very high lithium pegmatite potential. , selected spodumene-bearing pegmatites containing up to 5.15% Li (Decoy and Moskito pegmatites) adjacent to the new project.2O for historical chip samples. Hearst’s total portfolio includes 226 claims covering 29,805 hectares.
BRW President Killian Charles commented: Ontario also has great potential for lithium exploration and we believe the Hurst region is a great location with good access to infrastructure. Currently known mineralized he LCT he integrated several high priority targets centered on pegmatites. These pegmatites are less exposed, but open in all directions, making them more likely to be found in the newly consolidated package. is being prepared. We look forward to developing this project and are very excited to explore new land packages as we continue to evaluate new opportunities to expand our holdings across Eastern Canada. ”
The Hurst Project is located approximately 15 kilometers south of Hurst, Ontario and consists of 1,418 cells and 226 claim blocks with a total surface area of 29,805 hectares, easily accessible by forest road. The property package contains over 130 mapped/interpreted pegmatite dykes, 25 of which have strike lengths between 500 and 2100 meters. Claims are made based on the prevailing geological setting and historical mapping, and much of the area has been little or never explored. The project is located within Quetico Territory and contains a variety of evolved S-type granites and pegmatites hosted by metamorphic sediments (Palanices) and volcanoes.
Lowser Pegmatite Option Contract
The Hearst package contains options for Lowther pegmatite properties containing 12 cells equivalent to 251 hectares. The property is adjacent to BRW’s newly staked ground and was acquired to evaluate two known LCT pegmatites, the Decoy and Moskito pegmatites. The decoy pegmatite contains both spodumene and lepidolite (lithium-rich mica) zones, with a current true width of 23 meters and over 100 meters of exposed strike length. Historical chip samples graded up to 5.15% Li remain open to the east.2The O. Moskito pegmatite is located 130 m south of Decoy and is exposed over a 5 m wide, 33 m strike length, open in both directions along the strike. Neither pegmatite has ever been drilled for lithium evaluation.
This option allows BRW to acquire a 100% interest in the Property from a private prospector for an aggregate cash value of $700,000 over four years upon execution of a definitive agreement, subject to the following conditions: .
- Cash payment of $35,000 within 5 business days from the effective date of the contract.
- $50,000 cash payment 1 day or earlierst anniversary of the effective date
- Cash payment of $150,000 within 2 daysnd anniversary of the effective date
- Cash payment of $200,000 within 3 daysrd anniversary of the effective date
- Cash payment of $300,000 by the 4thth anniversary of the effective date
To exercise the options, Brunswick Exploration shall make operating expenses totaling $1,000,000 according to the following schedule:
- $50,000 total, 1 day or earlierst 1 year anniversary of effective date
- $200,000 total amount within 2 daysnd 1 year anniversary of effective date
- $400,000 total or 3 days or morerd 1 year anniversary of effective date
- $1,000,000 total within 4 daysth 1 year anniversary of effective date
Brunswick Exploration grants 2% NSR, half of which NSR can be redeemed by BRW for $1,000,000. After the repurchase, the project will bear a residual charge of 1% of NSR and BRW reserves the right of first refusal to dispose or sell a portion of the residual NSR.
Lower Territory Option Contract
Brunswick Exploration also selected the Lother II area property, comprising 154 claims totaling 3,235 hectares, from Last Resort Resources Limited. The property is adjacent to the Lowther Pegmatite Property and the newly staked BRW Grounds. Due to its close proximity to the Decoy and Mosquito Pegmatites and good geology, further discoveries are considered highly probable.
The option will allow BRW to acquire a 100% interest in the Lowther II regional assets for an aggregate cash value of $300,000 over two years upon closing of a definitive agreement subject to the following terms:
- Cash payment of $100,000 within 10 business days of signing the contract.
- Cash payment of $100,000 one day or earlierst anniversary of the effective date
- Cash payment of $100,000 within 2 daysnd anniversary of the effective date
Brunswick Exploration grants Last Resort 2% NSR on all mineral production from the property. Half of the NSR can be bought back by BRW for $1,000,000. The buyback is valid for 5 years after the option is exercised. Brunswick Exploration retains the right to buy back the remaining 1% NSR for $2,000,000 for two years from the first buyback.
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 registered professional geologist in Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland.
About Brunswick Exploration
The Company is a Montreal-based mineral exploration venture listed on TSX-V under the symbol BRW. We focus on grassroots exploration of metals needed for decarbonization and the energy transition, with a particular focus on lithium. The company is focused on rapidly advancing Canada’s broadest grassroots lithium exploration billing package.
Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws that is based on expectations, estimates and projections as of the date of this news release. Forward-looking information involves risks, uncertainties and other factors and actual events, results, performance, prospects and opportunities may not be expressed or implied by such forward-looking information. may differ significantly from those presented. Factors that could cause actual results to differ materially from such forward-looking information include delays or failures to obtain necessary governmental, environmental or other project approvals. but not limited to: Uncertainty about the availability and cost of future funding needs. changes in stock markets; inflation; volatility in commodity prices; delays in project development; and other risks associated with the mineral exploration and development industry. These risks are described in public company documents filed with his SEDAR at www.sedar.com. Although we believe that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, such information applies only as of the date of this news release. undue reliance should not be placed on and no warranty is given. Such events are assumed to occur within the disclosed time or not at all. We disclaim 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 TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release.
Brunswick Exploration Options Ontario Lithium-bearing Pegmatites, Canadian Business Journal
Source link Brunswick Exploration Options Ontario Lithium-bearing Pegmatites, Canadian Business Journal