MONTREAL, Jan. 30, 2023 (GLOBE NEWSWIRE) — Brunswick Exploration Inc. (TSX-V: BRW; “BRW” or the “Company”) is pleased to announce that it has executed a Letter of Intent to option a new highly prospective claim package, the Hanson Lake Project, located roughly 55 kilometers west of Creighton, Saskatchewan, within 2 kilometres from a major highway. This package contains four spodumene-bearing pegmatites hosted within a much larger pegmatite field, none of which has been drilled.
Mr. Killian Charles, President and CEO of BRW, commented: “The Hanson Lake Project confirms 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 that are minimum 500 meters in strike length, all of which have seen minimal or no exploration work. Detailed prospecting and trenching will commence in Q2 of this year to systemically evaluate the Hanson Lake Project and rapidly advance the known spodumene-bearing pegmatites towards the drill stage.”
Hanson Lake Option Agreement
The Hanson Lake Project includes 12 claims totaling 16,103 hectares that are located between Hanson Lake and Jan Lake, Saskatchewan and is transected by Highway 106 which connects Creighton to southwestern Saskatchewan. The package contains 57 mapped S-type pegmatites that are between 0.5 and 2.2 kilometers in strike length. The Hanson Lake pegmatite field has been known since the 1960’s but exploration was focused on beryllium, tantalum and other rare metals potential. The pegmatite field is located within an 8 kilometer by 3 kilometer corridor that is part of the larger Jan Lake granite-pegmatite suite which is present throughout the entire package. The majority 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 reaching up to 16 meters in width and roughly 550m in strike length.
The claim group is 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 to discover additional LCT pegmatites. Furthermore, BRW holds additional regional claims as part of its recently announced portfolio in Saskatchewan (see January 17, 2023 press release).
The Option Agreement allows BRW to acquire a 100% interest in the Hanson Lake Project from Searchlight Resources for a total consideration of $700,000 over a 4-year period upon closing of a definitive agreement. The total amount is payable in cash, shares or a combination of both (BRW’s discretion, subject to a minimum 25% cash component), under the following terms:
- A payment of $35,000 within five (5) business of the Effective Date of a definitive agreement (the “Effective Date”);
- A payment of $50,000, on or before the 1st year anniversary of the Effective Date;
- A payment of $150,000, on or before the 2nd year anniversary of the Effective Date;
- A payment of $200,000, on or before the 3rd year anniversary of the Effective Date;
- A payment of $300,000, on or before the 4th year anniversary of the Effective Date.
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 $50,000, on or before the 1st year anniversary of the Effective Date;
- An aggregate of $200,000, on or before the 2nd year anniversary of the Effective Date;
- An aggregate of $400,000, on or before the 3rd year anniversary of the Effective Date;
- An aggregate of $1,000,000, on or before the 4th year anniversary of the Effective Date.
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 (BRW’s discretion) on filing of a resource estimate;
- Payment of $250,000 in cash, shares or combination of both (BRW’s discretion) on filing of a preliminary economic assessment
Brunswick Exploration will grant a 2% NSR of which half (1%) of the NSR may be repurchased by BRW for $1,000,000. The second half of the NSR (1%) may be repurchased for $2,000,000. If BRW purchases both halves of the NSR, for clarity, the package will be deemed to be free of any royalty.
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Charles Kodors, Manager Atlantic Canada of Brunswick Exploration. 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 venture listed on the TSX-V 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.
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.