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Brunswick Exploration Options Property Immediately Adjacent to PMET’s Corvette Discovery
MONTREAL, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (TSX-V:BRW; “BRW” or the “Company”) is pleased to announce it has signed an option agreem
About this update from Brunswick Exploration, Inc.
[{"type":"text","content":" MONTREAL, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (TSX-V:BRW; “BRW” or the “Company”) is pleased to announce it has signed an option agreement with Midland Exploration (TSX-V: MD) to acquire a maximum 85% interest in potential LCT (lithium-cesium-tantalum) mineralization of the Mythril and Elrond properties (the “Properties”), located in the James Bay region of Quebec. The Mythril property is located immediately north of Patriot Battery Metal’s Corvette project in Quebec. Mr. Killian Charles, President of BRW, commented: “We are very pleased to further expand our exploration holdings in Quebec’s James Bay region with this option agreement. The lithium acquisition option on the Mythril and Elrond properties are adjacent to Patriot Battery Metals’ outstanding Corvette project. This option agreement constitutes a significant addition to our extensive James Bay grassroots portfolio and we are excited to rapidly unlock its lithium potential in 2023.” Midland Exploration Option Agreement The Mythril and Elrond property package contains a total of 511 claims, representing 26,290 hectares. Both properties have never been explored for lithium. Prospecting will be prioritized in 2023 and may lead to trenching and drilling if results warrant it. The First Option allows BRW to acquire an initial 50% interest in the rare mineral potential of the Properties (exclusive of base and precious metals) for a total consideration of $500,000 in cash and shares over a 3 year period, upon closing of the option agreement (the “Agreement”) under the following terms: An initial payment of $50,000, half of which is in shares, within five (5) business days of the Effective Date of the Agreement; A payment of $100,000, half of which is in shares, on or before the 1st year anniversary of the Effective Date of the Agreement; A payment of $140,000, half of which is in shares, on or before the 2nd year anniversary of the Effective Date of the Agreement; A payment of $210,000 in shares, on or before the 3rd year anniversary of the Effective Date of the Agreement; In order to exercise the First Option; Brunswick Exploration shall fund an aggregate amount of $1,500,000 in Work Expenditures in accordance with the following schedule: A firm commitment of $300,000, on or before the 1st year anniversary of the Effective Date; An aggregate of $600,...