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MONTREAL, May 17, 2022 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (“BRW” or the “Company”) is pleased to announce that it has staked multiple claim groups in southern Newfoundland, comprising three different project areas located between the communities of Port aux Basques and Rencontre East, Newfoundland.
The total package comprises 9 licenses and 1,327 claims with a total surface area of 33,093 hectares located near the areas of Port aux Basques, Hermitage and Rencontre East. The properties contain over 40 mapped S-type pegmatites that have seen no exploration for lithium. Claims were staked based on preferred geologic environments, government of Newfoundland till and rock samples, historical mapping and assessment reports. The project areas are also in close proximity to the Avalonia / Ganderia boundary that extends from Piedmont Lithium in the Carolinas to the Cornish Tin region in the United Kingdom.
Mr. Killian Charles, President of BRW, commented: “Our targeting formula for systematic lithium and tin exploration has highlighted the opportunity to further expand into Eastern Canada. Newfoundland is regarded as highly supportive jurisdiction for exploration and mining in the world and the recent discovery of lithium-bearing pegmatites highlights the untapped potential for critical mineral exploration in a province that has been historically focused on orogenic gold, iron ore and base metals. Our initial exploration program in Newfoundland will focus on prospecting and till sampling which are expected to begin in Q3 2022.”
Nova Scotia Purchase Agreement
In addition to the claim package already staked in Nova Scotia (see March 22, 2022 press release), BRW has acquired an additional property by way of a purchase agreement. The property is adjacent to Brunswick Exploration’s land package and is located near New Ross, Nova Scotia. The property was strategically acquired to assess the potential of historical showings discovered from the 1890’s to 1960’s containing anomalous lithium and tin in diamond drill holes, grabs and soil samples in areas of greisen and pegmatitic dykes. BRW will be relogging historical core stored at the government core storage facility in Stellarton, expanding historical soil sampling grids and will be applying for permits to trench and/or drill test the anomalous results. Prospecting, and soil sampling are scheduled for Q3 2022.
This property contains 60 claims, representing 971 hectares that was purchased from a local prospector. The purchase allows BRW to acquire a 100% interest in the Property for a total consideration of $15,000 in cash and 100,000 shares upon closing of the formal agreement.
BRW has also granted a two percent (2%) NSR on the license in the purchase agreement. The first half (1%) of the NSR may be repurchased upon payment of $1,000,000 from BRW to the seller. The second half (1%) of the NSR may be repurchased upon payment of $2,000,000.
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 Profession Geologist registered in New Brunswick, Nova Scotia, Quebec and Newfoundland.
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, tin and copper. The company is focused on rapidly advancing the most extensive grassroot lithium exploration claim package in Eastern 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.
CONTACT: Investor Relations/information Mr. Killian Charles, President (info@BRWexplo.com)