- Brascan (BRAS) is reporting a new critical minerals discovery in Newfoundland
- Christened the Bailey Zone, the area represents a potential vanadium, titanium and magnetite deposit within a mineralized layered mafic intrusion
- The company intends to carry out a $650,000 exploration program in 2023 based on samples of highly enriched veins in 12 different locations
- Brascan is also undertaking a non-brokered private placement for gross proceeds of up to $800,000
- Brascan is a lithium and gold exploration company based in Vancouver, B.C.
- Brascan Gold (BRAS) last traded at $0.035 per share
Brascan (BRAS) is reporting a new critical minerals discovery in Newfoundland.
Christened the Bailey Zone, the area represents a potential vanadium, titanium and magnetite deposit within a mineralized layered mafic intrusion on the mineral claim’s 9.5 square km land area.
The finding stems from the now completed 2022 exploration program on the Iceberg Vanadium, Titanium and Magnetite Project.
Fe-Ti-V-P-Sc mineralization was found in all holes from surface, with the deepest hole reaching 12.4 m and ending in mineralization with the highest assayed interval.
Drill intercept assay highlights include:
| Fe2O3 | 17.76% over 12.4m incl. 27.2% over 0.8m |
| Magnetite | 8.83% over 0.8m |
| TiO2 | 4.78% over 12.4m incl. 8.39% over 0.8m |
| V2O5 | 0.11% over 1m |
| P2O5 | 2.4% over 2m |
| Sc | 66 g/t over 8.8m |
Sampling work located highly enriched veins in 12 different locations within a 1.2 km long x 1 km wide area. A standout sample includes 42.9 per cent Fe2O3 with 21.56 per cent magnetite, 10.15 per cent TiO2, 947 g/t V, 5,390 g/t P and 92 g/t Sc.
The company intends to carry out a $650,000 exploration program in 2023 based on these samples, including a maiden 1,000 m diamond drilling program. Brascan also intends to complete prospecting on the remaining 80 per cent of the project.
Brascan holds an indirect 25 per cent interest in Iceberg through its 25 per cent ownership interest in North Atlantic Aggregates (NAAI).
The cost of the 2023 program is anticipated to be covered by partners of NAAI on a pro rata basis.
Private placement
Brascan is also undertaking a non-brokered private placement for gross proceeds of up to $800,000.
Proceeds will go toward exploration expenditures on the Iceberg VTM project, the Alegre Gold property, the company’s Quebec-Li and Brazil-Li lithium properties, as well as to business development and general corporate purposes.
It will issue up to 20,000,000 units priced at $0.04 per unit.
Each unit consists of one common share and one-half of one common share purchase warrant.
Each warrant entitles the holder to acquire one common share priced at $0.10 for two years from the date of issuance.
Brascan is a lithium and gold exploration company based in Vancouver, B.C.
Brascan Gold (BRAS) last traded at $0.035 per share.
