In an area that has extreme potential for lithium-cesium-tantalum pegmatites, Brunswick Exploration Inc. (BRW) has stated that it has staked further claims in the James Bay-Eeyou Istchee region of Quebec. Along with these new claims, the company has also acquired an option on a claim block from Globex Mining Enterprises known as the Mirage Project.
Image Credit: Mark Agnor/Shutterstock.com
The Mirage Project, which spans 198 claims totaling 8,884 hectares (staked and optioned claims), is situated about 40 km south of the Trans-Taiga Highway in the James Bay region of Quebec.
The Brunswick Exploration claims were staked after successful discussions with a geologist who had previously explored the area for gold 25 years earlier. He noted the presence of several angular pegmatitic glacial boulders that were southwest of the newly staked claims and that were home to well-defined, decimetric spodumene crystals.
The measurement of the largest observed boulder was 8 × 4 × 3 m. Following lithium flame tests, pale grey spodumene crystals were positively identified. The boulders’ size, number, and angularity all point to a nearby source.
The total claim group has lithium lithogeochemical anomalies exceeding 100 ppm Li in altered basalts (Quebec government SIGEOM database), according to compilation work, which suggests local alteration from an inflow of lithium-rich fluids.
The majority of the claim group is situated up-ice from the glacial boulders and no lithium exploration activity has been conducted in the region.
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.
Killian Charles, President and Chief Executive Officer, Brunswick Exploration Inc.
The “Lac Escale” claim block from Globex is one of the options included in the Mirage project. This land was purchased to increase Brunswick Exploration’s up-ice holdings and forms a continuous block with its recently staked ground.
After the official agreement is finalized, the option entitles Brunswick Explorations to purchase a 100% interest in the Lac Escale project for a total of $500,000 in cash over three years, subject to the following conditions:
- 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
Brunswick Exploration must pay a total of $1,000,000 in work expenses in line with the schedule below to execute the option:
- 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
After the Option Agreement is successfully completed, Brunswick Exploration will enter into a Royalty Agreement, which will provide Globex a 3% Gross Metal Royalty (GMR), of which 1% may be acquired by Brunswick for $1,000,000, resulting in a net GMR of 2%.
Any additional mineral rights that either party stakes within a kilometer of the present claim limits will also be subject to the royalty.
Brunswick will begin paying Globex an annual $100,000 advance royalty payment that is deducted from the final production royalty on the fifth anniversary of the Royalty Agreement’s entry into force or five years after all expenditures of $4,000,000, whichever comes first.