Brunswick Exploration Increases Position in James Bay With PLEX Project Option

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Nation explores the real thing a Caterpillar Mining Vehicle.
Nation explores the real thing a Caterpillar Mining Vehicle.

Brunswick Exploration Inc. (TSX-V:BRW; “BRW” or the “Company”) is pleased to announce it has expanded its recently signed option agreement with Osisko Development Corp. (TSX-V: ODV) to also acquire a 90% interest in the PLEX Project (the “Project located in the James Bay-Eeyou Istchee region of Quebec, which is located along the same fault structure that hosts Patriot Battery Metals’ Corvette lithium project.

Mr. Killian Charles, President of BRW, commented: “I am very pleased to cement Brunswick Exploration’s position within the La Grande Greenstone belt, host to Patriot Battery Metals’ Corvette Lithium project. The addition of the PLEX Project, alongside the previously-announced Mythril option with Midland, strategically positions the Company as PLEX covers a portion of the La Grande shear zone, which contains the entire Corvette lithium trend. Furthermore, with today’s announcement, our James Bay portfolio of properties now includes over 200 untested S-type pegmatites with a minimum 600 metres strike length. We will continue to grow our portfolio in James Bay and across Canada to further increase our chances of making significant lithium discoveries.”

The PLEX Project package contains a total of 375 claims, representing 19,175 hectares (192 sq. km.). The property is accessible year-round and located near the Trans-Taiga highway, providing access to the La Grande-4 hydroelectric complex. The Project is situated approximately 75 km west of Patriot Battery Metals’ Project, along the La Grande shear zone which is host to the entire Corvette lithium trend. Compilation work by BRW has identified over 100 individual pegmatite outcrops and numerous pegmatite dykes on the Project of varying length, including one pegmatite dyke measuring 1.7 kilometres strike length. The latter was intersected in multiple drill holes by previous gold explorers between 2007 and 2014 but was only superficially described in drill logs and not assayed for Lithium-Cesium-Tantalum mineralization; the longest drill intersection of pegmatite measured 103 meters in length (MRNF assessment files GM 63465 and GM 68914).

The Project has historically never been explored for lithium mineralization. BRW intends to launch a regional prospecting campaign in late Q2 2023 to explore both the PLEX and Mythril Projects and multiple other smaller BRW claim packages located in the northern half of the James Bay-Eeyou Istchee region. The campaign will include sampling and analysis of pegmatite from recovered drill core on the PLEX Project and will likely lead to more follow-up trenching and/or drilling beyond BRW’s current exploration program for 2023.

ODEV Expanded Option Agreement

The expanded Option allows BRW to acquire a 90% interest in the Project for a total consideration of 8,000,000 shares over a two-year period, upon closing of the option agreement (the “Agreement”) under the following terms:

  • An initial payment of 1,000,000 shares, within five (5) business days of the Effective Date of the Agreement;
  • A payment of 3,000,000 shares, on or before the 1st year anniversary of the Effective Date of the Agreement;
  • A payment of 4,000,000 shares, on or before the 2nd year anniversary of the Effective Date of the Agreement.

In order to exercise the Option; Brunswick Exploration shall fund an aggregate amount of $6,000,000 in Work Expenditures in accordance with the following schedule:

  • An aggregate of $1,000,000 before the 1st year anniversary of the Effective Date;
  • An aggregate of $2,000,000 before the 2nd year anniversary of the Effective Date;
  • An aggregate of $4,000,000 before the 3rd year anniversary of the Effective Date;
  • An aggregate of $6,000,000 before the 4th year anniversary of the Effective Date.

Upon execution of the Option, BRW will retain a right of first refusal on ODEV’s 10% ownership. Furthermore, ODEV will not be expected to fund its pro-rata share of the exploration budget following the exercise of the Option until the construction of a mine.

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Mr. Jeff Hussey, Director of Brunswick Exploration. He is a Professional Geologist registered in Quebec.

About Brunswick Exploration

Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under the symbol BRW. The Company is focused on grassroots exploration for hard rock lithium deposits in Eastern Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Eastern Canada with holdings in Quebec, Ontario, New Brunswick and Newfoundland.