- Brunswick Exploration Inc. (BRW) is acquiring several prospective pegmatite fields on the North Shore of Quebec for $3.02 million
- The company has identified several pegmatite dykes and sills on Kintavar claims
- Neighbouring claims were also staked by Brunswick
- The company will enter a four-year option agreement to acquire the BJB property
- Brunswick Exploration Inc. (BRW) is up 2.56 per cent trading at $0.20 per share as of 1:10 p.m. ET
Brunswick Exploration (BRW) has acquired several prospective pegmatite fields on the North Shore of Quebec for $3.02 million.
Brunswick Exploration has identified several pegmatite dykes and sills on Kintavar claims in the area, known as the BJB property. Neighbouring claims were staked by Brunswick, and it has signed a letter of intent to enter into a four-year option agreement to acquire 100 per cent of the BJB property with the following terms:
- Cash payment of $20,000 upon signing of the agreement
- Payment of $100,000 at the first-year anniversary
- Payment of $200,000 at the second-year anniversary
- Payment of $300,000 at the third-year anniversary
- Payment of $400,000 at the fourth-year anniversary
Each anniversary payment will be a combination of cash and shares with a minimum 20 per cent and up to a maximum of 80 per cent.
Brunswick Exploration will commit to exploration expenditures totalling $2 million over the same four-year period. A 2.00 per cent net smelter royalty is included under the agreement, of which the first 1.00 per cent can be bought back for $1 million. Brunswick Exploration will retain a right of first refusal on the second 1.00 per cent tranche.
A total of 300 claims, separated into 12 blocks and totalling 16,121 hectares, were acquired, and are collectively known as the North Shore Lithium Project. The claim package includes an option agreement with Kintavar Exploration Inc. for the BJB property.
Brunswick Exploration Inc. (BRW) is up 2.56 per cent trading at $0.20 per share as of 1:10 p.m. ET.