Brunswick Exploration Adds the Mirage Project to Its Quebec Lithium Portfolio
Brunswick Exploration Adds the Mirage Project to Its Quebec Lithium Portfolio
MONTREAL, Jan. 24, 2023 -- Brunswick Exploration Inc. (“BRW” or the “Company”; TSX-V: BRW) is pleased to announce
that it has staked additional claims in the James Bay-Eeyou Istchee region of Quebec, in an area that is highly prospective for
lithium-cesium-tantalum (“LCT”) pegmatites. The Company has also optioned a claim block from Globex Mining Enterprises
(“Globex”; TSX: GMX) that is adjacent to these new claims, collectively called the Mirage Project.
Mirage Project
The Mirage Project comprises 198 claims with a total surface area of 8,884 hectares (staked and optioned claims), located
roughly 40 kilometers south of the Trans-Taiga Highway in Quebec’s James Bay region. Fruitful discussions with a geologist
that worked the area twenty-five years ago for gold exploration led to the staking of the BRW claims, as he recorded the
presence of several angular pegmatitic glacial boulders hosting well-defined, decimetric spodumene crystals, located at the
SW extremity of the newly staked claims. The largest observed boulder measured 8 meters by 4 meters by 3 meters. Pale
grey spodumene crystals were positively identified following lithium flame tests. The large size of the boulders, their quantity
and angular nature indicate a proximal source.
Furthermore, compilation work indicates that the overall claim group hosts lithium lithogeochemical anomalies above 100 ppm
Li in altered basalts (Quebec government SIGEOM database), suggesting local alteration from influx of lithium rich fluids. No
exploration work for lithium has been done in the area, and the majority of the claim group is located up-ice from the glacial
boulders.
Mr. Killian Charles, President and CEO of BRW, commented: “We are very happy to announce this new claim package to our
increasing grassroots lithium holdings across Quebec and Canada. The presence of sizeable angular spodumene-bearing float
on the project combined with lithium geochemical anomalies point to the local presence of LCT pegmatites. We will be
providing updated exploration plans for 2023 in the coming weeks which will include the exciting new Mirage Project.”
Option Agreement
The Mirage project includes an option on the “Lac Escale” claim block from Globex. This property forms a contiguous block
with BRW’s newly staked ground and was acquired to expand BRW’s up-ice holdings.
The option allows BRW to acquire a 100% interest in the Lac Escale project for a total consideration of $500,000 in cash over
a 3-year period upon closing of the formal agreement, under the following terms:
• A payment of $50,000 within five (5) business of the Effective Date of the Agreement, half of which are in BRW shares;
• A payment of $25,000, on or before the 6th month anniversary of the effective date, half of which are in BRW shares;
• A payment of $125,000, on or before the 1st year anniversary of the effective date, half of which are in BRW shares;
• A payment of $100,000, on or before the 2nd year anniversary of the effective date, half of which are in BRW shares;
• A payment of $200,000, on or before the 3rd year anniversary of the effective date, half of which are in BRW shares.
In order to exercise the Option, Brunswick Exploration shall fund an aggregate amount of $1,000,000 in Work Expenditures in
accordance with the following schedule:
• An aggregate of $100,000 on or before the 1st year anniversary of the Effective Date;
• An aggregate of $300,000 on or before the 2nd year anniversary of the Effective Date;
• An aggregate of $1,000,000 on or before the 3rd year anniversary of the Effective Date .
Upon successful completion of the Option Agreement, Brunswick Exploration will enter into a Royalty Agreement granting a
3% Gross Metal Royalty (“GMR”) to Globex of which 1% of the GMR may be purchased by BRW for $1,000,000, resulting in a
net GMR of 2%. The royalty shall also apply to any mineral rights newly staked by either party within 1 kilometer of the current
claim boundaries. On the 5th anniversary of the coming into force of the Royalty Agreement or 5 years following total
expenditures of $4,000,000, whichever comes first, Brunswick start paying Globex an annual $100,000 advance royalty
payment deductible from eventual production royalty.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. François
Goulet, Quebec Exploration Manager for Brunswick Exploration. He is a Profession Geologist registered in Quebec.
About Brunswick Exploration
The Company is a Montreal-based mineral exploration venture listed on the TSX-V under 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 focused on rapidly advancing the most extensive grassroots lithium exploration claim package in
Canada and is active in Quebec, Ontario, Saskatchewan, Manitoba and Atlantic Canada.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation
based on expectations, estimates and projections as at the date of this news 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, but are not limited to, delays in obtaining or failures to obtain
required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of
projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the
Corporation’s public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions
and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not
be placed on such information, which only applies as of the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new information, future events or otherwise, other than 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 news release.
Investor Relations/information
Mr. Killian Charles, President ([email protected])