Brunswick Exploration Options New Discovery Adjacent to the Fundy Gold Project
13 May 2021 - 9:00PM
Brunswick Exploration Inc. (“
BRW”
or the “
Company”) is pleased to announce that is
has signed an amendment to the option agreement made in October
27th 2020 with prospector Robert Murray to acquire a 100% interest
in the Menzies Lake Claim (“
Property”), located 20
kilometers west of the City of Saint John, New Brunswick. The
Property is adjacent to the Fundy Gold project and
hosts a
new vein grab sample discovery grading 70.40 g/t Au, 20.0 g/t Ag
and 0.28% Cu in close proximity to the highly prospective
Spruce Lake Shear Zone (Figure 1).
Mr. Killian Charles, President of BRW,
commented: “We are very pleased to further consolidate our Fundy
Gold project and work with Rob on another exciting greenfield
discovery in southern New Brunswick. The mineralization is
interpreted to be near the Spruce Lake Shear Zone which is host to
the 67.2 g/t Au discovery announced at Little Lepreau in 2020.
Company prospectors have arrived at Fundy Gold and will initially
follow-up on anomalous soils results from our 2020 grid (see Press
Release dated March 17 2021)."
Menzies Lake Overview
The total Property comprises 27 units with a
total surface area of 614 hectares (6.14 square kilometres). The
grab sample mineralization is hosted in an outcrop with abundant
quartz carbonate veins within the Ludgate Lake Granodiorite. The
Spruce Lake Shear Zone is believed to be the fluid conduit for
mineralization at the Little Lepreau discovery extending to Shadow
Lake and Menzies Lake, for a strike length of roughly 16
kilometers.
Highlight of the bedrock sample on the property
is:
Sample ID |
Au g/t |
Ag g/t |
Cu ppm |
ML36 |
70.40 |
20 |
2830 |
Option Amendment and Purchase Terms (All dollar
figures in Canadian dollars)
Brunswick Exploration has amended the Option
Agreement with Robert Murray (See Press Release dated October 27th
2020). The amended payment schedule which includes the October 27,
2020 claims as well as Menzies Lake is as follows:
-
An option payment of $10,000, upon the closing of the formal
agreement (Paid);
-
An option payment of $10,000, upon closing of the Amendment
(Paid);
-
An option payment of $22,500 and share payment of 12,000 shares on
or before the 1st year anniversary of the effective date
-
An option payment of $22,500 and share payment of 22,000 shares on
or before the 2nd year anniversary of the effective date
-
An option payment of $22,500 and share payment of 22,000 shares on
or before the 3rd year anniversary of the effective date
-
An option payment of $32,500 and share payment of 54,000 shares on
or before the 4th year anniversary of the effective date
-
An option payment of $35,000 and share payment of 110,000 shares on
or before the 5th year anniversary of the effective date
The schedule can be accelerated at BRW’s
discretion. The Menzies Lake claims are subject to the same 2% NSR
terms as outlined in the October 27, 2020 Option Agreement. The
first half (1%) of the NSR may be repurchased upon payment of
$1,000,000 from BRW and the second half (1%) of the NSR may be
repurchased upon payment of $2,000,000.
Qualified Person
The scientific and technical information
contained in this press release has been reviewed and approved by
Mr. Charles Kodors, P. Geo, Manager New Brunswick of Brunswick
Exploration.
About Brunswick Exploration
The Company, formerly Komet Resources Inc. is a
Montreal-based mineral exploration venture listed on the TSX-V
under symbol BRW. The Company is focused on exploration and
development of gold and base metal properties in Eastern Canada.
Current projects include gold-polymetallic vein systems in Southern
New Brunswick (Fundy Gold Project), base metals VMS in the Bathurst
Camp in northern New Brunswick and in the Chibougamau region of
Quebec (Waconichi), and the new Lac Édouard nickel-copper project
in Québec.
Investor
Relations/information
Mr. Killian Charles, President
(kcharles@BRWexplo.com).
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
Cautionary Statement on Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals;
uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation;
fluctuations in commodity prices; delays in the development of
projects; the other risks involved in the mineral exploration and
development industry; and those risks set out in the Corporation’s
public documents filed on SEDAR at www.sedar.com. Although the
Corporation believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news
release.
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