MONTREAL, May 13, 2021 (GLOBE NEWSWIRE) — 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|
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.
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.
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.