Brunswick Exploration Inc. (" BRW " or the " Company ") is pleased to announce the completion of the 2024 prospecting program and start of a 5,000-metre summer drill program at the Mirage Project, located in the Eeyou Istchee-James Bay region of Quebec. To date, 71 drill holes and more than12,000 meters have been drilled on the Mirage project which have delineated nine near-surface spodumene-bearing pegmatite dykes, all of which remain open at depth and along strike. Approximately two dozen additional dykes, with widths ranging from 8 metres to approximately 20 metres, have also been intercepted in the two previous campaigns with minimal to no follow-up work. The proposed program will focus on MR-6, MR-3 and MR-4 as well as new targets that were delineated using drilling, geophysics, till mineralogy and prospecting.
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Brunswick Exploration Announces AGM Results
Brunswick Exploration Inc. (“BRW” or the “Corporation”) is pleased to announce the results of its annual general meeting (“AGM”) of shareholders held on June 19, 2024. Shareholders holding a total of 89,917,335 common shares of the Corporation attended the AGM in person or were represented by proxy, representing approximately 46.2 % of the 194,553,707 common shares issued and outstanding.
Pierre Colas, Jeffrey Hussey, André Le Bel Amy Satov, Mathieu Savard and Robert Wares were re-elected to the board of directors.
The shareholders also approved (i) the re-appointed Raymond Chabot Grant Thornton LLP as auditors for the ensuing financial year, and (ii) an amendment of the Corporation's articles to include provisions to the effect that the board of directors may, at its discretion, appoint one or more directors, who shall hold office for a term expiring no later than the close of the annual meeting of shareholders following their appointment, provided that the total number of directors so appointed may not exceed one third of the number of directors elected at the annual meeting of shareholders preceding their appointment (the “Articles Amendment”). Articles of amendment were filed to effect the Articles Amendment following the AGM.
Amendment to Stock Option Plan
On May 8, 2024, the board of directors adopted a resolution approving an amendment to the Corporation’s stock option plan in order to increase the maximum number of common shares that may be issued pursuant to the exercise of options granted thereunder from 13,000,000 to 19,400,000, which represents less that 10% of the number of common shares currently issued and outstanding (the “Stock Option Plan Amendment”).
The Articles Amendment and Stock Option Plan Amendment remain subject to the final approval of the TSX Venture Exchange.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The Corporation is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and Greenland.
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.sedarplus.ca. 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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Brunswick Exploration
Overview
Brunswick Exploration (TSXV:BRW,OTCQB:BRWXF,1XQ:FF) is among the only public companies aggressively and systematically conducting grassroots exploration for lithium in Canada and Greenland using state-of-the-art exploration technology to identify high-potential targets. Specifically, our team has staked major under explored pegmatite fields across Quebec, Newfoundland and Labrador, Nova Scotia, New Brunswick, Ontario, Manitoba, Saskatchewan and Greenland.
Our team of geologists begins by compiling available data and conducting research to identify locations where they believe the potential for minerals of interest might be found. Our technical field team is dispatched to conduct a prospecting program by gathering robust observational data using tried-and-true field geology techniques. The goal of the program is to reveal the presence of mineralization that may predict the presence of an unknown mineral deposit.
The company's exploration team is guided by Robert Wares, Executive Chairman of the company and co-founder of the original Osisko Mining, who was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which was subsequently developed by Osisko Mining into one of Canada's largest gold producers. Wares is an established and award-winning professional geologist with over 40 years of experience in mineral exploration and development.
Brunswick Exploration has identified five high-priority projects in the Eeyou Istchee-James Bay region of Quebec: Mirage, Elrond, Anatacau, PLEX and Mythril. In 2023, grassroots lithium discoveries were made at Mirage, Elrond and Anatacau, which are currently the focus of drilling.
Company Highlights
- Brunswick Exploration Inc. (BRW) is a Montreal-based mineral exploration company listed on the TSXV under symbol BRW. The company is focused on grassroots exploration for lithium in Canada and Greenland, a critical metal necessary to global decarbonization and energy transition.
- This has generated one of the largest grassroots lithium portfolios globally.
- BRW's board includes Robert Wares, one of the founders of Osisko Mining.
- BRW was recognized as one of the Top 50 TSX Venture listed companies in 2023.
- The company has staked hundreds of untested prospective pegmatites measuring a minimum strike length of 500 meters and within 50 kilometers of infrastructure.
- In 2023, three discoveries were made in the Eeyou Istchee-James Bay region of Quebec at the Mirage, Anatacau Main and Elrond projects.
- In 2023, BRW completed a maiden 3,712-meter drill program at the Anatacau West project in Quebe that generated up to 26.5 metres at 1.51 percent Li2O.
- BRW completed 2 drill programs at the Mirage project, located in the Eeyou Istchee-James Bay region of Quebec. Intercepts include up to 58.1 metres at 1.59 percent Li2O.
- The company also completed a maiden drill program in early 2024 at the Elrond project to test the Arwen pegmatite discovered in 2023. Results are pending.
- The company will launch a Maiden drill program at the Anatacau Main project in the Eeyou Istchee-James Bay region of Quebec to test the Anais showing in H2 2024.
- Sirios Resources signed an agreement with Brunswick Exploration granting it the right to purchase a 0.5 percent net smelter return (NSR) held by Sirios on eight claims that are part of Brunswick Exploration's Mirage lithium property located in Eeyou Istchee James Bay.
Key Projects
Mirage Project
The Mirage Project comprises 427 claims with a total surface area of 21,230 hectares (staked and optioned claims), located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec’s James Bay region. Fruitful discussions with a geologist that worked the area twenty-five years ago for gold exploration led to the staking of the BRW claims, as he recorded the presence of several angular pegmatitic glacial boulders hosting well-defined, decimetric spodumene crystals. The largest observed boulder measured 8 meters by 4 meters by 3 meters. In the fall of 2023, BRW discovered several high grade spodumene outcrops over a 2.5 kilometer trend as well as an adjacent 3.0 kilometer spodumene boulder train that has different minerology than the discovered outcrops.
In 2023, BRW completed a 5,000-meters drill program at the Mirage Project. The phase 1, 26-hole program, aimed to test the continuity and widths of the six widest spodumene-bearing pegmatite dykes that have been discovered to date on the property over a total cumulative strike length of 2,500 meters. Final drill results from the 2023 program at the Mirage project have outlined two new spodumene mineralized dykes (MR-5 and MR-6) with significant thickness and grade, all within the Central Zone. MR-23-28 intersected high-grade mineralization of 1.80 percent Li2O over 37.2 meters starting from surface in newly discovered dyke MR-6 located 500 metres northeast of MR-3. Evidence of potential stacking of dykes in Central Zone where MR-23-35 intercepted 11.5 meters grading 1.1 percent Li2O approximately 100 meters south of MR-3 in new dyke MR-5.
In H1 2024, a Phase II drilling campaign, containing 35 holes was completed at the Mirage project by targeting the extensions of known pegmatite dykes (MR-1 to MR-6) while new prospective outcrops have yet to be drill-tested. Results have generated up to 58.10 meters of 1.59 percent Li2O. Final results will be released when available.
In 2024, Brunswick Exploration signed an agreement with Sirios Resources to repurchase an existing 0.5 percent NSR on certain claims within the Mirage projectElrond Project
The Elrond Project comprises 136 claims with a total area of 7,048 hectares, located roughly 12 kilometers east of the Billy Diamond Highway in Quebec’s James Bay region. Elrond is part of the Mythril option agreement with Midland Exploration whereby BRW can earn a maximum of 85 percent interest in the project.
In the fall of 2023, BRW uncovered a new, undocumented spodumene-bearing pegmatite, known as the Arwen showing, that is exposed over a surface area measuring approximately 250 meters by 100 meters, dipping very shallowly to the north. The pegmatite remains open in all directions.
The Arwen outcrop is well mineralized in spodumene throughout the showing with an apparent higher-grade zone, containing up to 30 percent spodumene, which has a visible extent of approximately 75 by 15 meters. The spodumene crystals are well formed and up to 30 centimeters in length with an off-white color and were confirmed through LIBS analysis and UV light.
In early 2024, the company completed a maiden drilling campaign at the Elrond project to test the Arwen spodumene-bearing pegmatite. The Arwen pegmatite is well mineralized and three representative grab samples returned values between 1 and 3 percent Li2O. A high-resolution airborne magnetic survey was flown in the fall of 2023 and suggests that the Arwen showing is emplaced in a favorable structural corridor that is 4 kilometers long and 500 meters wide. The target area is proximal to infrastructure, located approximately 12 kilometers from the Billy-Diamond Highway and drilling activities will be ground supported via a winter road.
Results will be released when available.
Anatacau
Comprising the Anatacau Main and Anatacau West projects, these assets are under an option agreement with Osisko GP, a subsidiary of Osisko Development, under which Brunswick Exploration can earn a 90 percent interest in the projects. The Anatacau property is located just east of Arcadium’s (NYSE:ALTM) James Bay Lithium deposit (previously known as the Cyr deposit), which has a total mineral resource of 110.2 million tons (Mt) at 1.30 percent lithium oxide and a total ore reserve of 37.3 Mt at 1.27 percent lithium oxide.
BRW completed a maiden drill program at the Anatacau West property totalling 3,712 meters. 17 of the 18 drilled holes intersected spodumene mineralization that generated up to 26.5 metres at 1.51 percent Li2O.
In the summer of 2023, Brunswick discovered a significant lithium pegmatite outcrop, measuring at least 100 meters long by 15 meters wide known as the Anais showing in Anatacau Main. The outcrop is within a larger cluster of pegmatite dykes all of which contain high-grade lithium mineralization.
This discovery is located 22 kilometers east of Anatacau West and Arcadium’s James Bay Project along a large-scale E-W deformation corridor which is host to the known lithium-bearing pegmatite dykes in the region.
BRW is planning a maiden drill program in 2024 to test the Anais pegmatite as well as a property wide prospecting and geochemical program.
Management Team
Robert Wares - Executive Chairman
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which was subsequently developed by Osisko Mining into one of Canada's largest gold producers. Wares was a co-winner of the Prospectors and Developers Association of Canada's "Prospector of the Year Award" for 2007. He was also named one of the "Mining Men of the Year" for 2009 by the Northern Miner. He has a bachelor of science and an honorary doctorate in Earth sciences from McGill University.
Killian Charles - President and CEO
From 2017 to 2021, Killian Charles worked as VP of corporate development for Osisko Metals. Charles was previously the manager of corporate development at Integra Gold Corp, which was an advanced-stage gold development company until it was acquired by Eldorado Gold in July 2017. He worked as a mining analyst at Industrial Alliance Securities and Laurentian Bank Securities. Charles covered small and mid-cap exploration and production companies as a mining analyst. Charles holds a bachelor of science with a major in Earth and planetary sciences from McGill University.
Anthony Glavac - CFO
Anthony Glavac has more than 17 years of experience in financial reporting, including over 12 years in the mining industry. Since August 2017, Glavac has served as vice-president, and corporate controller for Falco Resources, and previously served as director, financial reporting and internal controls at Dynacor Gold Mines. Glavac spent 10 years at KPMG, working with both public and private companies, providing audit, taxation, strategic advisory and public offering services. Glavac is also involved with other public companies in the mining industry.
François Goulet - Exploration Manager, Quebec
François Goulet holds a master’s degree in structural geology from the Université du Québec à Montréal (UQÀM). In recent years he was president and CEO of Harfang Exploration, a gold project generator in the James Bay region. He has extensive experience working in the James Bay region of Quebec as well as international experience in a variety of exploration projects. Goulet has worked for Virginia Mines, Unigold, Maya Gold and Silver, the Canadian Malartic Partnership, Glencore Canada and several other junior companies. He is a member of the board of directors of l’Association de l’exploration minière du Québec (AEMQ) and a registered geologist with the Ordre des géologues du Québec since January 2011.
Charles Kodors - Exploration Manager, Atlantic Canada
Mr. Kodors is the Manager, Atlantic Canada at Brunswick Exploration Inc. and has been with the company since January 2021. Having 15 years of experience in the mining and exploration industry, he most recently served as an Exploration Manager for Osisko Metals and a Senior Exploration Geologist for Kirkland Lake Gold. Mr. Kodors received his B.Sc. from Brock University and is a registered Professional Geologist within the provinces of New Brunswick, Newfoundland, Nova Scotia, Ontario, Quebec, Manitoba and Saskatchewan.
Simon Hébert - Vice-president, Development
Simon Hébert is a professional geologist with over 13 years in the mining exploration industry. He began his career with Virginia Mines and Osisko Mining. Hébert has worked on several metallogenic projects and in various environments, mainly in the Baie-James territory, Nunavik and the Northwest Territories. He was a mining director in April 2019 where he participated in the formation of NQ Mining Investment, where he subsequently became general manager in 2023. Hébert is a registered professional geologist and a member of the Ordre des Géologues du Quebec since 2012. He has sat on the AEMQ board of directors since 2019, serving as vice-president. He is president of the board of directors of the Table Jamésienne de concertation minière. Hébert holds a bachelor’s degree in geology from Université Laval.
Brunswick Exploration Outlines New Spodumene Rich Boulder Trains at Mirage and Launches Summer Drill Campaign
Mr. Killian Charles, President and CEO of BRW, commented: "With a shortened 2023 exploration campaign due to forest fires, we were eager to complete our ground exploration work at Mirage. The program was highly successful and outlined four new high priority areas of interest within the trend of mineralization at Mirage. These targets are hosted along favorable structural environments and will be drill tested during the forthcoming drilling campaign. Alongside the major pegmatitic dykes already outlined, Mirage remains a target-rich project with multiple avenues of exploration growth."
Overview of Prospecting Program at Mirage
Prospecting and detailed mapping were carried out by the BRW exploration team in June (Figure 1). This effort was supplemented by a till survey performed in the spodumene-bearing boulder train and in its vicinity to better delineate potential sources and drilling targets. Some samples returned coarse spodumene crystals in till (Figure 2). Interestingly, some samples outside of the main boulder trend also returned significant spodumene grain count, indicating the potential for new sources. The till survey will be expanded to the entire project in the fall to continue expanding the trend of mineralization at Mirage.
The prospecting campaign also outlined numerous new spodumene-bearing boulders. Significantly, these boulders were found to the W and SW of the main spodumene boulder train previously identified in 2023. The size (up to 200 cubic meters) and angularity of the boulders (Figure 3 and Figure 4) indicate their sources lie close-by, likely outside of the known mineralization in the Central and South zone. Combined with the till surveys and geophysics completed to date, BRW strongly believes significant mineralization remains to be found at Mirage.
Figure 1 : Surface map of the till program and location of new spodumene boulders
Figure 2 : Photo of orange-fluorescent spodumene grains in till lighted by UV lamp
Figure 3 : New angular boulder discovered in latest prospecting program
Figure 4 : Large off-white spodumene crystal in one of several new boulder discoveries
QAQC
Tills were collected by BRW staff. The 10 kg samples were sieved directly on site to two different size fractions: 8mm and 2mm. Pegmatite clasts were counted in the 8 mm fraction and the presence of spodumene mineralization was confirmed through UV light.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Simon T. Hébert, VP Development. He is a Professional Geologist registered in Quebec and is a Qualified Person as defined by National Instrument 43-101.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing one of the extensive grassroots lithium property portfolios in Canada and Greenland.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/832debda-3d28-4e1f-9bc6-004ce2075b0d
https://www.globenewswire.com/NewsRoom/AttachmentNg/67c958a1-bdab-4ac1-8e88-0ec811023cd1
https://www.globenewswire.com/NewsRoom/AttachmentNg/8dae05a7-45cb-4387-8b6d-5fc1c3d2d9c4
https://www.globenewswire.com/NewsRoom/AttachmentNg/d6457269-7687-461d-b9f9-17ef1faa8039
News Provided by GlobeNewswire via QuoteMedia
Brunswick Exploration Launches Multinational Exploration Campaign
Brunswick Exploration Inc. (" BRW " or the " Company ") is pleased to announce that it has started a helicopter-supported prospecting campaign in Quebec with additional programs in Labrador and Greenland to begin in July and August 2024, respectively. BRW plans to systematically test hundreds of new and outcropping S-type pegmatite targets across its portfolio.
Mr. Killian Charles, President and CEO of BRW, commented: "While we continue to focus our efforts into the Mirage Project, we are thrilled to start new, ambitious grassroots initiatives throughout Eastern Canada and Greenland. These initiatives are a core pillar of BRW's strategy and, as the lithium industry remains ripe for new discoveries, we will continue to leverage our exploration expertise to rapidly identify new targets and explore in sound jurisdictions."
Overview of Prospecting Programs
Quebec
A regional helicopter supported prospecting and mapping program began at the Mirage project, outside the main area of known mineralization. As the 2023 exploration campaign was severely shortened due to forest fires, significant portions of the project remain underexplored. The Mirage project has a total surface area of 21,230 hectares with a potential mineralized corridor of more than 12 kilometers. Already, new pegmatite outcrops with low K/Rb ratios have been identified within this corridor and on strike with the existing dykes drilled in the two previous drill campaigns.
In preparation for the summer drill campaign to be announced in the coming weeks, BRW has decided to expand its assaying methodology at Mirage. Work completed to date indicates that mineralized pegmatites have a broad lithium alteration halo which stretches several dozen meters into the host rock, rapidly enriching in proximity to lithium mineralization. Any anomalous lithium content in the host rock could be indicative of new, buried pegmatites. As such, ten drill holes, two which have intersected mineralization at the start of the hole (MR-23-27 and MR-23-34) as well as another eight holes which did not intersect pegmatite (holes MR-23-23, 24 and MR-24-37, 42, 63, 68, 70 and 71), have been sent for geochemical analysis (full collar table available on the BRW website) with assays pending. Another two historical holes, previously drilled by Osisko Mining in 2017, will also be sent for assaying.
Furthermore, a targeted till program will be conducted in the 3-kilometer boulder train to better define potential drill targets. Results will be incorporated into the forthcoming summer drill campaign which will also target the MR-6 dyke and sizeable lithium mineralization intersected in the neighboring MR-24-60 drill hole.
Next, a regional prospecting, till and soil program will be conducted at the Anatacau Main project, also located in the James Bay area. The efforts will focus on the Eastmain-Sorbier Shear Zone which hosts BRW's Anatacau West project, the 2023 Anais discovery at Anatacau Main and Arcadium's James Bay Project (Maiden Ore Reserve of 37.2Mt at 1.3% Li2O). These efforts will lead to a maiden drill program at the Anais Discovery at Anatacau Main property in H2 of this year.
At Elrond, a 6-hole drill program last winter did not intersect significant mineralization within the spodumene-bearing pegmatite. Assays are pending but are not expected to return economic grades or widths. BRW remains focused on delineating its best assets and eliminating targets that do not meet its stringent requirements. It is currently evaluating the next steps at Elrond.
Finally, in early July, the team will complete a 14-day prospecting and mapping program in the Nunavik Region, near the community of Kuujjuak, targeting outcropping S-type pegmatites, one of which is reported to contain lepidolite (purple Li-bearing mica). Importantly, this area hosts over fifty outcropping pegmatites located near tide water and has seen no previous exploration focused on lithium.
SE Labrador
BRW's prospecting team will move to the Port Hope Simpson area of Labrador after it has completed all high-priority prospecting in Quebec. The 10-day helicopter supported prospecting and mapping program will test multiple evolved S-type pegmatites that contain beryl and tourmaline that have not seen any previous exploration.
Greenland
In late July, the company will start a 2-week program near Nuuk, followed by a 1-week program in Paamiat. The prospecting and mapping initiative will be based out of communities and will target historical beryl and tourmaline-bearing S-type pegmatites, some having anomalous geochemistry typically associated with lithium-bearing pegmatites. These projects are also located near tide water which would facilitate any ensuing drill program.
Qualified Person
The scientific and technical information related to Quebec has been reviewed and approved by Mr. Simon Hébert, VP Development and Mr. François Goulet, Manager Quebec. They are both Professional Geologists registered in Quebec.
The scientific and technical information related to Labrador and Greenland has been reviewed and approved by Mr. Charles Kodors, Manager Atlantic Canada. He is a Professional Geologist registered in New Brunswick, Nova Scotia, Newfoundland and Labrador, Quebec, Ontario, Manitoba and Saskatchewan.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing one of the extensive grassroots lithium property portfolios in Canada and Greenland.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@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.
News Provided by GlobeNewswire via QuoteMedia
Brunswick Exploration Drills 69.3 Meters at 1.64% Li2o at Mr-6
Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to report the final results from the Mirage winter drilling campaign. The Mirage Project is located in the Eeyou Istchee-James Bay region of Quebec, approximately 40 kilometres south of the Trans-Taiga Road. The winter drill campaign focused on the Central Zone and has continued to intersect wide and well mineralized intervals within the MR-6 dyke.
Highlights include:
- New interval at the MR-6 dyke with 1.64% Li2O over 69.3 meters in drill hole MR-24-61 and 1.17% Li2O over 28.3 meters in drill hole MR-24-50 both starting from surface .
- New MR-9 dyke, located approximately 600 meters northeast of MR-6, with 1.07% Li2O over 14.4 meters in drill hole MR-24-45 and 2.00% Li2O over 4 meters in drill hole MR-24-51, now drill traced over 400 meters.
- Further evidence of significant dyke stacking located 350 meters southeast of MR-6 where drill hole in MR-24-59 intersected several mineralized pegmatite dykes and all remain open in every direction.
- Brunswick Exploration to announce its 2024 summer exploration program in the coming weeks including its program for Mirage, northern Quebec, Labrador and Greenland.
Mr. Killian Charles, President and CEO of BRW, commented: "Drilling once more confirms the scale and high-grade nature of the MR-6 dyke at surface. The dyke remains open in several direction and will be the focus of a future drilling campaign to better define its extent.
After two small drill campaigns and approximately 12,000 meters drilled, we have already identified over 9 major dykes, all near surface, within an initial 2.5km by 2.5km area. There exists significant potential to expand all of these dykes both along strike and down-dip. Our work also highlighted several new pegmatite discoveries that were previously unknown and which only have a single intercept indicating strong opportunities for continued exploration success beyond the nine major dykes.
I look forward to announcing our plans for the summer where Brunswick Exploration is, once again, expected to be one of the largest grassroot explorer globally."
Figure 1 : Surface Map of the Mirage Project and Drill Holes Completed to Date
Table 1 : Highlights from 2024 Winter Drilling Program Mentioned in this Release
Hole ID | Zone | Dyke | From | To | Length | Li 2 O% | Ta 2 O 5 |
(m) | (m) | (m) | (ppm) | ||||
MR-24-45 | Central | MR-9 | 119 | 133.4 | 14.4 | 1.07 | 96 |
and | 161 | 162.9 | 1.8 | 0.96 | 171 | ||
MR-24-47 | Central | 143.65 | 145 | 1.3 | 1.12 | 143 | |
and | MR-9 | 200 | 209.1 | 9.1 | 1.11 | 146 | |
and | 236.2 | 239.3 | 3.1 | 0.82 | 143 | ||
and | 274.5 | 278.1 | 3.6 | 0.85 | 105 | ||
MR-24-50 | Central | MR-6 | 7.75 | 36 | 28.3 | 1.17 | 148 |
and | 51 | 53.4 | 2.4 | 1.42 | 151 | ||
MR-24-51 | Central | MR-9 | 109 | 113 | 4.0 | 2.00 | 174 |
and | 119.95 | 122.7 | 2.8 | 0.58 | 200 | ||
and | 144.95 | 149.5 | 4.5 | 0.84 | 122 | ||
MR-24-52 | Central | MR-5 | 102.5 | 103.5 | 1.0 | 2.15 | 255 |
MR-24-59 | Central | 152.6 | 155 | 2.5 | 2.27 | 273 | |
and | 172 | 177 | 5.0 | 1.43 | 213 | ||
and | 246.1 | 250.9 | 4.8 | 1.77 | 195 | ||
and | 256.45 | 259.4 | 2.9 | 0.70 | 132 | ||
and | 298.7 | 300.5 | 1.8 | 1.27 | 177 | ||
and | 308.2 | 311.3 | 3.1 | 1.47 | 166 | ||
and | 314.15 | 340.9 | 26.7 | 0.75 | 93 | ||
MR-24-61 | Central | MR-6 | 7.0 | 76.3 | 69.3 | 1.64 | 147 |
MR-24-66 | Central | MR-6 | 146 | 165 | 19.0 | 0.62 | 127 |
and | 190.55 | 191 | 0.4 | 1.68 | 234 | ||
and | 235 | 236 | 1.0 | 1.18 | 275 | ||
and | 253.15 | 259.7 | 6.5 | 1.02 | 173 | ||
and | 281.55 | 282.7 | 1.1 | 1.09 | 317 | ||
MR-24-67 | Central | 32.0 | 35.0 | 3.0 | 0.39 | 308 | |
MR-24-69 | Central | MR-6 | 57.9 | 70.35 | 12.5 | N/A | 171 |
Mirage Project Drilling Overview
The Mirage Project comprises 427 claims located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec's James Bay region and 34 kilometers northeast of Winsome Resources' Adina Project. At Mirage, a spodumene-bearing pegmatite boulder field extends over 3.0 kilometers in a northeast direction and several dozen well-mineralized pegmatite outcrops have been observed along a 2.5 kilometers-long trend further to the northeast. Both the extent of the outcrops and boulder train remain open in all directions (see August 21, 2023 press release).
The Central Zone sits on a synformal fold hinge axis, oriented east-northeast, where multiple wide high grade pegmatite dykes were intercepted by drilling, including the major dykes MR-3 and MR-6. MR-6 is interpreted to be a large, thick, sub-horizontal dyke with a higher-grade core with potential evidence of zonation to the northwest. Latest results confirm a thickening of the MR-6 dyke to the southwest in MR-24-62 where drilling intercepted 93.45 meters at 1.55% Li2O (see May 8, 2023 press release).
This new release confirmed the MR-6 dyke further 40 meters to the southwest with 1.64% Li2O over 69.3 meters, starting from surface, in drill hole MR-24-61. The dyke remains open to the northeast and to the southwest where it presents coarser and more prevalent spodumene mineralization and is thicker than other portions of the dyke. MR-6 dyke extends to the northwest for more than 400 meters with 19 meters at 0.62% Li2O intersected in drill hole MR-24-66. In this region, the MR-6 dyke appears to be more heterogenous with changing mineralogy and highly variable spodumene concentration (Figure 3).
Further to the southeast, drill hole MR-24-50 extends the MR-6 dyke 40 meters as seen in cross sections B-B' with 28.3 meters at 1.17% Li2O (Figure 4). The dyke is open to the southeast where it maintains its very shallow dip. It is believed the dyke becomes sheeted towards drill holes MR-24-31 and 32, however, further drilling will be required to confirm this interpretation.
There is potential to extend MR-6 350 meters to the west where it remains open towards the MR-3 dyke. The MR-3 dyke demonstrates significant apparent thicknesses of up to 50.6 meters at 1.06% Li2O (See December 4, 2023 press release) in core with a moderate dip of 50 degrees towards the south with true thickness estimated at 95% in all reported holes. MR-3 is oriented NE and reaches the surface where it can be traced continuously for more than 400 meters of strike with consistent thickness of 40 meters.
Drill hole MR-24-59, located 350 meters east of MR-6, shows evidence of significant dyke staking. At least seven dykes were intersected in the hole with varying thickness and spodumene concentration with the largest zone measuring 26.7 meters of semi-continuous pegmatite mineralization. This new sheeted dyke system is believed to be associated to the high grade, near surface dykes intersected in MR-24-60, located 250 meters to the northwest (See April 25, 2023 press release).
Figure 2 : Cross Sections A to A'
Figure 3 : Cross Sections B to B'
New dyke MR-9, located 600 meters northeast of MR-6, was significantly extended . This new dyke has now been drill traced for over 400 meters with an apparent steep dip to the south. Importantly, the latest drilling returned improved mineralized intersections including 1.07% Li2O over 14.4 meters in drill holes MR-24-45 and 2.00% Li2O over 4 meters in drill holes MR-24-51.
Figure 4 : Surface Map of the MR-6 and MR-9 Dykes Projections
QAQC
All drill core samples were collected under the supervision of BRW employees and contractors. The drill core was transported by helicopter and by truck from the drill platform to the core logging facility in Val-d'Or. Each core was then logged, photographed, tagged, and split by diamond saw before being sampled. All pegmatite intervals were sampled at approximately 1-meter intervals to ensure representativity. Samples were bagged; duplicated on ¼ core splits, blanks and certified reference materials for lithium were inserted every 20 samples. Samples were bagged and groups of samples were placed in larger bags, sealed with numbered tags, in order to maintain a chain of custody. The sample bags were transported from the BRW contractor facility to the ALS laboratory in Val-d'Or. All sample preparation and analytical work was performed by ALS by ICP-AES according to the ALS method ME-MS89L. All results passed the QA/QC screening at the lab and all inserted standard and blanks returned results that were within acceptable limits. All reported drill intersections are calculated based on a lower cutoff grade of 0.3% Li2O, with maximum internal dilution of 5 meters. Host basalts adjacent to the dykes may grade up to 0.3% Li2O but were excluded from the reported intersections.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Simon T. Hébert, VP Development. He is a Professional Geologist registered in Quebec and is a Qualified Person as defined by National Instrument 43-101.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and Greenland.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@brwexplo.ca )
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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CORRECTION - Brunswick Exploration Drills 93.45 Meters at 1.55% Li2O at MR-6
Please note that on Wednesday, May 8th, Brunswick Exploration (TSX-V: BRW, OTCQB: BRWXF) issued the incorrect version of a press release under the same headline. The corrected release follows:
Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to report more significant results from the Mirage winter drilling campaign. The Mirage Project is located in the Eeyou Istchee-James Bay region of Quebec approximately 40 kilometres south from the Trans-Taiga Road. The winter drill campaign focused on the Central Zone and has continued to intersect multiple wide and well mineralized intervals within the MR-6 dyke and its vicinity, where it remains open in all directions.
Highlights include:
- Best interval to date at Mirage with 1.55% Li2O over 93.45 meters in drill hole MR-24-62 starting at surface and which extends the flat dipping MR-6 dyke a further 80 meters to the south-west.
- The MR-6 dyke was also extended 135 meters to the north of MR-24-62 where BRW intersected 1.05% Li2O over 34.05 meters in drill hole MR-24-65.
- MR-6 has now been drill traced over 220 meters of strike extent with true thickness varying from 25 meters and up to 70 meters. The dyke remains open in multiple directions with the strongest potential to the northeast and southwest.
- New MR-8 dyke confirmed in the North zone with 1.27% Li2O over 18.6 meters in drill hole MR-24-43 and 1.42% Li2O over 11.5 meters in drill hole MR-24-55.
- New exploration drill hole located approximately 800 meters northeast of MR-6 intersected anomalous lithium values in drill hole MR-24-53 within a zone of stacked dykes. These intercepts continue to extend the central corridor of prospective dykes towards a spodumene bearing outcrop located 3.5 kilometers to the northeast, that has yet to be drill tested.
- A total of 26 drills holes results were received to date and 9 drills holes results style pending.
Mr. Killian Charles, President and CEO of BRW, commented: "With this latest set of results, MR-6 is rapidly becoming a top priority for Brunswick Exploration and will be the core focus of our next drill campaign. This is another very significant intercept which begins at surface and adds to the prior results of 58 meters at 1.59% Li2O and 37 meters at 1.80% Li2O. all starting from surface as well. Our understanding of the Mirage Project has grown tremendously over the last six months and we are extremely excited to announce our future plans for the project over the forthcoming weeks and months as we continue to see important exploration potential across the project and outside the drill program area."
Figure 1 : Surface Map of the Mirage Project and Drill Holes Completed to Date
Table 1 : Highlights from 2024 Winter Drilling Program Mentioned in this Release
Hole ID | Zone | Dyke | From (m) | To (m) | Lenght (m) | Li 2 O% | Ta 2 O 5 (ppm) |
MR-24-43 | North | MR-8 | 9.85 | 28.45 | 18.6 | 1.27 | 81 |
and | 83.95 | 86.7 | 2.75 | 0.99 | 101 | ||
MR-24-44B | 14.4 | 31 | 16.6 | 0.95 | 81 | ||
MR-24-46 | 35.4 | 52 | 16.6 | 0.87 | 97 | ||
MR-24-48 | 43 | 61.5 | 18.5 | 0.80 | 93 | ||
MR-24-53 | 225 | 227.2 | 2.2 | 0.55 | 143 | ||
and | 251 | 274 | 23 | 0.33 | 95 | ||
MR-24-54 | North | MR-8 | 66.55 | 71.35 | 4.8 | 1.10 | 198 |
MR-24-55 | 67.6 | 79.1 | 11.5 | 1.42 | 166 | ||
MR-24-56 | 49.05 | 59 | 9.95 | 0.32 | 44 | ||
MR-24-62 | Central | MR-6 | 6.35 | 99.8 | 93.45 | 1.55 | 160 |
MR-24-64 | 55.45 | 78.3 | 22.85 | N/A | 223 | ||
MR-24-65 | 44.4 | 78.45 | 34.05 | 1.05 | 125 |
Figure 2 : Central Zone of the Mirage Project
Mirage Project Drilling Overview
The Mirage Project comprises 427 claims located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec's James Bay region and 34 kilometers northeast of Winsome Resources' Adina Project. At Mirage, a spodumene-bearing pegmatite boulder field extends over 3.0 kilometers in a northeast direction and several dozen well-mineralized pegmatite outcrops have been observed along a 2.5 kilometers-long trend further to the northeast. Both the extent of the outcrops and boulder train remain open in all directions (See August 21, 2023 press release).
The Central Zone sits on a synformal fold hinge axis, oriented east-northeast, where multiple wide high grade pegmatite dykes were intercepted, predominantly in MR-3 and MR-6. MR-6 is interpreted to be a large, thick, sub-horizontal dyke with a higher-grade core with potential evidence of zonation to the northwest. Latest results confirm a thickening of the MR-6 dyke to the southwest in MR-24-62 where drilling intercepted 93.45 meters at 1.55% Li2O. This new hole significantly extends MR-6 to the southwest where the dyke remains open. Moreover, BRW believes there is extensive potential to expand the MR-6 dyke to the northeast where it also remains open. The higher-grade core which is generally oriented southwest-northeast was extended northwest of MR-24-62 with 34.05 meters at 1.05% Li2O. The true thickness varys between 75% and 95% of intersected intervals. This core is defined by coarser and more prevalent spodumene mineralization and is thicker than other portions of the dyke. Interestingly, a fence of holes continued to intersect the MR-6 dyke up to 350 meters north of MR-24-62 where it remains open and the results are still pending (see Figure 3). In this region, the MR-6 dyke appears to be more heterogenous with changing mineralization and highly variable spodumene concentration. MR-24-64 appears to be at the boundary of this new zone of the MR-6 dyke and outside of the high-grade core. Spodumene mineralization is observed in MR-24-66 indicating the possibility of economic grades outside of the core.
There is potential to extend MR-6 350 meters to the west where it remains open towards the MR-3 dyke. The MR-3 dyke demonstrates significant apparent thicknesses of up to 50.6 meters at 1.06% Li2O (See December 4, 2023 press release) in core with a moderate dip of 50 degrees towards the south with true thickness estimated at 95% in all reported holes. MR-3 is oriented NE and reaches the surface where it can be traced continuously for more than 400 meters of strike with consistent thickness of 40 meters.
Potential to extend Central Zone 800 meters to the east where MR-24-53 intersected the volcanic-sedimentary contact to test a similar geological context as the MR-4 dyke in the South Zone. Drill hole MR-24-53 returned 0.33% Li2O over 23 meters within evidence of dyke stacking. Although this intercept is not related to the MR-4 dyke (located 2 km to the southwest), the drillhole highlights the lithium potential of the lithological contact throughout the project and further to the northeast.
Figure 3 : Cross Sections A to A'
The North Zone is located on the north limb of a regional fold, where a newly drilled dyke, MR-8, was extended over 250 meters in strike (See figure 4 and 5) with 1.27% Li2O over 18.6 meters in drill hole MR-24-43 and 1.42% Li2O over 11.5 meters in drill hole MR-24-55. The dyke remains open to the southwest and to the northeast with 0.84% Li2O over 6.5 meters in drill hole MR-24-57 (See April 25, 2024 press release).
Figure 4 : Surface map project of the MR-8 dyke
Figure 5 : Cross Sections B to B'
QAQC
All drill core samples were collected under the supervision of BRW employees and contractors. The drill core was transported by helicopter and by truck from the drill platform to the core logging facility in Val-d'Or. Each core was then logged, photographed, tagged, and split by diamond saw before being sampled. All pegmatite intervals were sampled at approximately 1-meter intervals to ensure representativity. Samples were bagged; duplicated on ¼ core splits, blanks and certified reference materials for lithium were inserted every 20 samples. Samples were bagged and groups of samples were placed in larger bags, sealed with numbered tags, in order to maintain a chain of custody. The sample bags were transported from the BRW contractor facility to the ALS laboratory in Val-d'Or. All sample preparation and analytical work was performed by ALS by ICP-AES according to the ALS method ME-MS89L. All results passed the QA/QC screening at the lab and all inserted standard and blanks returned results that were within acceptable limits. All reported drill intersections are calculated based on a lower cutoff grade of 0.3% Li2O, with maximum internal dilution of 5 meters. Host basalts adjacent to the dykes may grade up to 0.3% Li2O but were excluded from the reported intersections.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Simon T. Hébert, VP Development. He is a Professional Geologist registered in Quebec and is a Qualified Person as defined by National Instrument 43-101.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and Greenland.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@brwexplo.ca )
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.
Photos accompanying this announcement are available at:
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Brunswick Exploration Drills 93.45 Meters at 1.55% Li2O at MR-6
Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to report more significant results from the Mirage winter drilling campaign. The Mirage Project is located in the Eeyou Istchee-James Bay region of Quebec approximately 40 kilometres south from the Trans-Taiga Road. The winter drill campaign focused on the Central Zone and has continued to intersect multiple wide well mineralized intervals on the MR-6 dyke and its vicinity where it remains open in all directions.
Highlights include:
- Best interval to date at Mirage with 1.55% Li2O over 93.45 meters in drill hole MR-24-62 starting at surface and which extends the flat dipping MR-6 dyke a further 80 meters to the south-west.
- The MR-6 dyke was also extended 135 meters to the north of MR-24-62 where BRW intersected 1.05% Li2O over 34.05 meters in drill hole MR-24-65.
- MR-6 has now been drill traced over 220 meters of strike extent with real thickness varying from 25 meters and up to 70 meters. The dyke remains open in multiple directions with the strongest potential to the northeast and southwest.
- New MR-8 dyke confirmed in the North zone with 1.27% Li2O over 18.6 meters in drill hole MR-24-43 and 1.42% Li2O over 11.5 meters in drill hole MR-24-55.
- New exploration drill hole located approximately 800 meters northeast of MR-6 intersected anomalous lithium values in drill hole MR-24-53 within a zone of dykes stacking. With this hole, BRW continues to extend the central corridor of prospective dykes towards another spodumene bearing outcrop located 3.5 kilometers to the northeast.
- A total of 26 drills holes results were received to date and 9 drills holes results style pending.
Mr. Killian Charles, President and CEO of BRW, commented: "With this latest set of results, MR-6 is rapidly becoming a top priority for Brunswick Exploration and will be the core focus of our next drill campaign. This is another very significant intercept which begins at surface and adds to the prior results which included 58 meters at 1.59% Li2O and 37 meters at 1.80% Li2O all starting from surface as well. Our understanding of the Mirage Project has grown tremendously over the last 6 months and we are extremely excited to announce our future plans for the project over the forthcoming weeks and months as we continue to see important exploration potential even outside the drill program area."
Figure 1 : Surface Map of the Mirage Project and Drill Holes Completed to Date
Table 1 : Highlights from 2024 Winter Drilling Program Mentioned in this Release
Hole ID | Zone | Dyke | From (m) | To (m) | Length (m) | Li 2 O% | Ta 2 O 5 (ppm) |
MR-24-43 | North | MR-8 | 9.85 | 28.45 | 18.6 | 1.27 | 81 |
and | 83.95 | 86.7 | 2.75 | 0.99 | 101 | ||
MR-24-44B | 14.4 | 31 | 16.6 | 0.95 | 81 | ||
MR-24-46 | 35.4 | 52 | 16.6 | 0.87 | 97 | ||
MR-24-48 | 43 | 61.5 | 18.5 | 0.80 | 93 | ||
MR-24-53 | 225 | 227.2 | 2.2 | 0.55 | 143 | ||
and | 251 | 274 | 23 | 0.33 | 95 | ||
MR-24-54 | North | MR-8 | 66.55 | 71.35 | 4.8 | 1.10 | 198 |
MR-24-55 | 67.6 | 79.1 | 11.5 | 1.42 | 166 | ||
MR-24-56 | 49.05 | 59 | 9.95 | 0.32 | 44 | ||
MR-24-62 | Central | MR-6 | 6.35 | 99.8 | 93.45 | 1.55 | 160 |
MR-24-64 | 55.45 | 78.3 | 22.85 | N/A | 223 | ||
MR-24-65 | 44.4 | 78.45 | 34.05 | 1.05 | 125 |
Figure 2 : Central Zone of the Mirage Project
Mirage Project Drilling Overview
The Mirage Project comprises 427 claims located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec's James Bay region and 34 km northeast of Winsome Resources' Adina Project. On the project, a spodumene-bearing pegmatite boulder field extends over 3.0 kilometers in a northeast direction and several dozen well-mineralized pegmatite outcrops have been observed along a 2.5 kilometers-long trend further to the northeast. Both the extent of the outcrops and boulder train remain open in all directions (See August 21, 2023 press release).
The Central Zone sits on a synformal fold hinge axis, oriented east-northeast, where multiple wide high grade pegmatite dykes were intercepted, predominantly in MR-3 and MR-6. MR-6 is assumed to be a large, thick, sub-horizontal dyke with a higher-grade core and potential evidence of zonation to the northwest. Latest results confirm a thickening of the MR-6 dyke to the southwest in MR-24-62 where drilling intercepted 93.45 meters at 1.55% Li2O. This new hole significantly extends MR-6 to the southwest where the dyke remains open. Moreover, BRW believes there is extensive potential to expand the MR-6 dyke to the northeast where it also remains open. The higher-grade core which appears to be generally oriented southwest-northeast was extended northwest of MR-24-62 with 34.05 meters at 1.05% Li2O. The true thickness varying between 75% and 95% of intersected intervals. This core is defined by coarser and more prevalent spodumene mineralization and is thicker than other portions of the dyke. Interestingly, a fence of holes continued to intersect the MR-6 dyke up to 350 meters north of MR-24-62 where it remains open and the results still pending (see Figure 3). In this region, the MR-6 dyke appears to be more heterogenous with changing mineralization and highly variable spodumene concentration. MR-24-64 appears to be at the boundary of this new zone of the MR-6 dyke and outside of the high-grade core. Spodumene mineralization is observed in MR-24-66 indicating the possibility of economic grades outside of the core.
There is potential to extend MR-6 to the east where it remains open towards the MR-3 dyke. The MR-3 dyke, located 350 meters southeast of MR-6 in the Central Zone also demonstrates significant apparent thicknesses of up to 50.6 meters at 1.06% Li2O (See December 4, 2023 press release) with a moderate dip at around 50 degrees towards the south with true thickness estimated at 95% in all reported holes. MR-3 is oriented NE and reaches the surface where it can be traced continuously for more than 400 meters with continuous thickness in excess of 40 meters.
Potential to extend Central Zone 800 meters to the east where MR-24-53 intersected the volcanic-sedimentary unit contact to test a similar geological context to the MR-4 dyke in the South Zone. The drill hole returned the result of 0.33% Li2O over 23 meters within evidence of dyke stacking. Although this new intercepted can't be related to MR-4 dyke located 2 km to the southwest, this new drillhole confirmed to potential of the lithological contact along the project and further to the northeast.
Figure 3 : Cross Sections A to A'
The North Zone is located on the north limb of the folding, where a new dyke, MR-8, was extended over 250 meters with 1.27% Li2O over 18.6 meters in drill hole MR-24-43 and 1.42% Li2O over 11.5 meters in drill hole MR-24-55. The dyke remains open to the southwest and to the northeast with 0.84% Li2O over 6.5 meters in drill hole MR-24-57 (See April 25, 2024 press release). The dyke has now been drilled traced over 250 meters to date (see figure 4 and 5).
Figure 4 : Surface map project of the MR-8 dyke
Figure 5 : Cross Sections B to B'
QAQC
All drill core samples were collected under the supervision of BRW employees and contractors. The drill core was transported by helicopter and by truck from the drill platform to the core logging facility in Val-d'Or. Each core was then logged, photographed, tagged, and split by diamond saw before being sampled. All pegmatite intervals were sampled at approximately 1m intervals to ensure representativity. Samples were bagged; Duplicated on ¼ core splits, blanks and certified reference materials for lithium were inserted every 20 samples. Samples were bagged and groups of samples were placed in larger bags, sealed with numbered tags, in order to maintain a chain of custody. The sample bags were transported from the BRW contractor facility to the ALS laboratory in Val-d'Or. All sample preparation and analytical work was performed by ALS by ICP-AES according to the ALS method ME-MS89L. All results passed the QA/QC screening at the lab and all inserted standard and blanks returned results that were within acceptable limits. All reported drill intersections are calculated based on a lower cutoff grade of 0.3% Li2O, with maximum internal dilution of 5 meter. Host basalts adjacent to the dykes may grade up to 0.3% Li2O but were excluded from the reported intersections.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Simon T. Hébert, VP Development. He is a Professional Geologist registered in Quebec and is a Qualified Person as defined by National Instrument 43-101.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@brwexplo.ca )
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.
Photos accompanying this announcement are available at:
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Twiga Partnership Leads Extractive Industry's Contribution to Tanzanian Economy
All amounts expressed in US dollars unless stated otherwise
The Twiga partnership between Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the Tanzanian government is contributing 51% of the government's revenue from the extractive industry, according to the latest report of the Tanzania Extractive Industry Transparency Initiative. Twiga comprises the North Mara and Bulyanhulu gold mines.
Both mines also led the industry's safety performance, with Bulyanhulu winning this year's Occupational Safety and Health Award and North Mara named as the best company for caring for workers with special needs by Tanzania's Occupational Safety and Health authority.
Speaking to the media and local stakeholders here today, Barrick president and chief executive Mark Bristow said ongoing brownfields exploration around its Bulyanhulu and North Mara mines continued to define additional opportunities to replace and expand depleted reserves, further supporting their life of mine flexibility. In addition, good progress had been made in defining new greenfield areas of interest with potential to add new mines to the company's portfolio.
Bristow said the Barrick-Twiga Future Forward Education initiative had completed its first phase, with Barrick financing a $10 million infrastructure expansion at 64 schools, including the construction of 396 classrooms, 97 dormitories and 600 ablution blocks. The program's second phase is planned to start in the fourth quarter of this year with another $10 million investment which will be followed by a further $10 million third phase.
Meanwhile the Barrick Academy, inaugurated at the beginning of the year by the Minister of Minerals at the closed Buzwagi mine, has already trained more than 1,000 foremen, supervisors and superintendents from across the company's Africa and Middle East region. The Academy is on track to meet its target of training more than 2,000 people this year.
Bristow said in line with Barrick's commitment to transparency, it had referred the latest in a series of allegations of human rights abuses at the North Mara Mine to the Tanzanian Commission of Human Rights and Good Governance. Following a site visit and investigation, the Commission has completed a report confirming that there was no evidence of human rights violations, refuting allegations made by certain international NGOs.
Barrick Enquiries
Tanzania country manager
Melkiory Ngido
+255 686 945 222
Corporate communications and country liaison manager
Georgia Mutagahywa
+255 754 711 215
georgia.mutagahywa@barrick.com
Group investor and media relations
Kathy du Plessis
+44 20 7557 7738
barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "on track", "ongoing", "continue", "opportunity", "progress", "potential", "can", "should", "would", "will", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's partnership with the Government of Tanzania; our ability to convert resources into reserves and replace reserves net of depletion from production; Barrick's global exploration strategy and planned exploration activities, including greenfields and brownfields opportunities in Tanzania; and Barrick's sustainability initiatives in Tanzania, including local community relations, continued investments in community projects, training and skills development and economic contributions.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Tanzania and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company's expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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Top 5 Canadian Mining Stocks This Week: Adyton Shines with 61 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 0.96 percent on the week to 595.59 by 12:00 p.m. EDT on Friday. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 0.69 percent to 24,133.27 points.
The US Bureau of Labor Statistics released its Employment Situation Summary on Friday (October 4). It reported that September saw nonfarm payroll employment increase by 245,000, beating analysts' estimates of an increase of 140,000 jobs.
Expected to remain flat month-over-month, the unemployment rate instead fell to 4.1 percent compared to 4.2 percent in August, still higher than the 3.8 percent recorded a year earlier. Meanwhile, average hourly earnings also beat expectations with a 0.4 percent month-over-month growth and a 4 percent growth versus the same period in 2023.
The latest jobs data could impact the US Federal Reserve policymakers’ decision at their next meeting on November 6 and 7, as a strong job market can lead to rising inflation. Industry analysts are now overwhelmingly predicting a 25 basis point cut over a 50 point one, a significant change from last week, when the predictions were close to 50/50 with the larger cut coming out on top.
Following the release, markets saw slight gains in morning trading. The S&P 500 (INDEXSP:INX) gained 0.35 percent to 5,719.36, the Nasdaq-100 (INDEXNASDAQ:NDX) was up 0.65 percent to 19,914.45 and the Dow Jones Industrial Average (INDEXDJX:.DJI) climbed 0.31 percent to reach 42,140.31 by 12 p.m. EDT.
Gold and silver experienced high volatility Friday, with gold dropping 0.27 percent to US$2,648.24 per ounce, and silver gaining 1.27 percent to hit US$32.37 per ounce as of 12 p.m. EDT. More broadly, the S&P GSCI (INDEXSP:SPGSCI) gained 0.73 percent to 559.61 points.
Against that backdrop, how did TSX- and TSXV-listed resource stocks perform? Here are the top five gainers.
1. Adyton Resources (TSXV:ADY)
Weekly gain: 60.87 percent
Market cap: C$39.32
Share price: C$0.185
Adyton Resources is working to advance the Feni Island and Fergusson Island gold projects in Papua New Guinea.
The Feni Island site has seen historic exploration, with 212 holes drilled over 18,813 meters. While limited work has been conducted by Adyton, a 2021 resource estimate shows an inferred quantity of 1.46 million ounces of gold on site. The company has been working to expand its gold resource and explore for copper at greater depths than previous exploration.
The company’s Fergusson Island gold project consists of two advanced exploration licenses for the Wapolu and Gameta targets, which host a combined indicated resource of 173,000 ounces of gold from 4 million metric tons (MT) grading 1.33 grams per MT (g/t), and an additional inferred resource of 540,000 ounces from 16.3 million MT grading 1.02 g/t.
The most recent news from Adyton came on Monday (September 30), when it announced it will be undertaking a non-brokered private placement. The company intends to issue up to 53 million common shares at a price of C$0.13 for proceeds up to C$6.89 million. Funds will primarily be used to advance work at Feni Island.
2. Q2 Metals (TSXV:QTWO)
Weekly gain: 50 percent
Market cap: C$133.14
Share price: C$1.11
Q2 Metals is a gold and lithium exploration company with operations in the Eeyou Istchee James Bay region of Québec, Canada, as well as in Queensland, Australia.
Its Mia lithium property in Québec consists of 171 mineral claims. Exploration at the site began in 2023, with surface mapping taking place in June and its inaugural drill program commencing in October. Six kilometers north of Mia, the company owns the Stellar lithium property, which consists of 77 claims covering 3,972 hectares.
In February 2024, Q2 acquired the Cisco lithium property, which consists of 222 mineral claims covering 11,374 hectares to the south of its other projects in the region. Since acquiring the property, the company has completed extensive exploration work with a 12 hole, 3,752.8 meter drill campaign carried out in the spring and an additional five hole, 2,610 meter campaign in the summer.
Shares in Q2 saw gains after the company released assay results on Tuesday from its spring exploration program at Cisco. In the announcement, the company provided a highlighted interval grading 1.69 percent lithium oxide over 215.6 meters, including an intersection of 2.29 percent lithium oxide over 64.6 meters.
Company Vice President Neil McCallum said of the results, “One important observation of these results is the higher-grade nature of the larger mineralized system as we test and track the system progressing to the south.”
3. NOA Lithium Brines (TSXV:NOAL)
Weekly gain: 50 percent
Market cap: C$26.13
Share price: C$0.195
NOA Lithium is a lithium exploration company working to advance three projects located within the lithium triangle area of the Salta province of Argentina: the 37,000 hectare Rio Grande project, the 78,000 hectare Arizaro project and the 10,200 hectare Salinas Grandes project.
Of the three projects, Rio Grande is the most advanced. NOA filed an NI 43-101 report in July 2024 that included an updated resource estimate for the site, with total measured and indicated resources of 499,000 MT of lithium with an additional inferred resource of 384,400 MT.
While the company hasn't released news recently, it saw significant gains in its share price this week.
4. Jervois Global (TSXV:JRV)
Weekly gain: 50 percent
Market cap: C$32.67
Share price: C$0.015
Jervois Global is working to advance a global portfolio of nickel and cobalt projects. It owns the Idaho Cobalt Operations in the US, at which it suspended mine construction in 2023 due to low cobalt prices.
According to Jervois, the Idaho Cobalt Operations have the largest US cobalt resource. A 2020 feasibility study shows that they have a measured and indicated resource of 50.1 million pounds of cobalt from 5.24 million MT grading 0.44 percent, with inferred values of 12 million pounds of cobalt from 1.57 million MT grading 0.35 percent.
The company announced in June 2023 that it had entered into a US$15 million agreement through the US Department of Defense’s Defense Production Act for exploration activities at its property.
In its most recent announcement from the project, released on July 31, Jervois reported that extensional drilling at the Idaho Cobalt Operations had shown positive resource growth potential, with cobalt, gold and copper mineralization at depth. In the announcement, the company provides a highlighted result of 1.1 percent cobalt, 1.18 percent gold and 0.69 g/t gold over 1.8 meters.
Shares in Jervois Global saw gains this past week but the company did not release news.
5. P2 Gold (TSXV:PGLD)
Weekly gain: 46.15 percent
Market cap: C$13.1 million
Share price: C$0.095
P2 Gold is a gold exploration and development company working to advance projects in the US and Canada.
Its flagship Gabbs gold and copper project is located 233 kilometers from Reno, Nevada, and consists of 543 lode claims and one mining claim covering 4,500 hectares.
In a preliminary economic assessment for the project released on July 4, the company reported an after-tax net present value (NPV) of US$550 million and an internal rate of return of 21 percent with a payback period of 3 years based on a gold price of US$1,950 per ounce. However, the company noted that with a gold price of US$2,414 per ounce, the NPV increases to US$949.2 million.
Additionally, the report included mineral resource estimates for the site with indicated resources of 720,000 ounces of gold, 2.2 million ounces of silver and 297 million pounds of copper from 49.8 million MT, with additional inferred resources of 1.28 million ounces of gold, 3 million ounces of silver and 567.1 million pounds of copper from 112.2 million MT.
The most recent news from the company came on September 17 when it announced it had upsized and closed the final tranche of its non-brokered private placement to raise gross proceeds of US$1 million from the sale of 20 million shares. Proceeds will be used to fund exploration and development expenditures and general corporate purposes.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on October 4, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Vertex Minerals: Australia’s Next High-grade, Green Gold Producer
Vertex Minerals (ASX:VTX) is a near-term gold producer in one of the highest-grade, if not the highest-grade, gold mining districts in Australia. The company is advancing its Reward gold mine, scheduled to commence production in January 2025, with a current mineral resource estimate of 419,000 tonnes at a high-grade of 16.7 grams per ton (g/t) gold for 225,000 oz contained gold.
The Reward gold mine is committed to sustainable, low-impact, low-cost operations through the use of gravity separation technique, which has been hailed as one of the more sustainable alternatives for ore recovery. Gravity technology reduces the use of harsh chemicals, resulting in a more environmentally friendly extraction process. Among its other benefits include, reduced power consumption, faster and efficient processing, lower operating costs, and improved recovery rates.
The Hill End gold project is a historic gold mining town in the Bathurst Regional Council in New South Wales. The Hill End trough is a 70 km-wide and more than 200 km long, deep marine basin that is underlain by Ordovician volcanic rocks that lie between the Molong Volcanic Belt to the west and the Rockley-Gulgong Volcanic Belt to the east. Both these volcanic belts belong to the Ordovician Macquarie Arc in the Lachlan Fold Belt of eastern Australia.
Vertex Mineral plans to reinstall a refurbished 110 ktpa Gekko gravity gold plant, commence gold production from existing stockpiles and develop the Reward mine.
Company Highlights
- Vertex Minerals is a gold exploration and production company focused on the historic, high-grade Hill End gold property, with the ultimate goal of becoming Australia’s high-grade, green gold producer.
- The company’s Reward underground mine is expected to be operational by early 2025, with a PFS showing excellent economics.
- The Reward mine has a current mineral resource estimate of 419,000 tonnes at a high-grade of 16.7 g/t gold for 225,000 oz contained gold.
- Using gravity separation technology will enable low-cost, high-efficiency and sustainable gold production.
This Vertex Minerals profile is part of a paid investor education campaign.*
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Awale Resources Limited
Investor Insight
With several significant gold and copper discoveries in recent years, Awalé Resources has built a compelling value proposition that allows investors exposure to West Africa’s rich mineral resource.
Overview
Awalé Resources (TSX:ARIC) is a mineral exploration company focused on high-quality gold and copper-gold deposits. The company’s Odienné project is located in Côte d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali.
Côte d’lvoire has earned a reputation as an attractive investment destination for mining, based on several factors. First, its stable regulatory framework mirrors French civil law, and the government has reduced bureaucracy and established transparency. Second, the region has excellent infrastructure comprising road networks, ports, airports, and electricity networks. Third, the country’s attractive geological profile is rich in several minerals including gold, copper, manganese, bauxite and iron. West Africa is widely regarded as a promising gold-producing region with 300 Moz of gold resources. Fourth, its socio-economic environment reflects its diverse economy with a substantial labor force. Lastly, the country offers several tax incentives to attract foreign investors.Why Awalé Resources is a brand new opportunity
The Odienné project offers Awalé Resources a major foothold in this promising gold province. The project area spans 2,462 sq km over seven permits and is home to several gold and copper-gold discoveries.
The project has seen four significant discoveries, including three in 2023 (Empire, Charger, and Sceptre East) and one in early 2024 (BBM). Empire returned high-grade gold intercepts, while Charger and Sceptre East returned iron oxide copper gold (IOCG) style mineralization.
The BBM target, discovered in January 2024, is a new gold-copper discovery with significant scope for rapid expansion. In addition to the new discovery, further significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of BBM.
Another important feature of the company’s bright prospects is its relationship with Newmont, the world’s leading gold company. Newmont increased its stake in Awalé to 15.48 percent in December 2023 following a private placement of nearly C$1 million. This investment will enable Awalé to accelerate the exploration of its wholly owned permits and signals a vote of confidence in the significant potential of Awalé.
Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is funding 100 percent of the exploration on the JV permits. Newmont has the option to earn up to a 75 percent interest in the Odienné project by funding US$15 million in exploration expenditures and defining a gold resource of 2 million ounces.
Under the initial phase, Newmont invested US$5 million in exploration expenditure which will allow it to earn 51 percent interest in the Odienné project. With successful Phase 1 results, including positive drill results and four discoveries, Newmont has progressed to Phase 2 of the earn-in agreement. This is a significant milestone that underscores the ongoing success and potential of the Odienné gold-copper project through which Newmont could earn a further 14 percent interest (for a total 65 percent interest) by spending $10 million in exploration and defining a minimum 2-million-ounce gold resource.
Awalé underwent a major overhaul in May 2023, appointing a new CEO and board. Under the new management, led by CEO Andrew Chubb, the Awalé team is well positioned to lead the company in its future growth endeavors.
Company Highlights
- Awalé Resources is a mineral exploration company focused on discovering gold and copper-gold deposits in Côte d’Ivoire (Ivory Coast).
- The company’s flagship Odienné project is located in the northwest Denguélé Region of Côte d’Ivoire in West Africa.
- The project spans over 2,462 sq. km in area with seven permits and is in a region that boasts over 300 million ounces (Moz) of gold deposits. The geological setting of the Odienné district is comparable to that of other significant iron oxide copper gold (IOCG) provinces globally, increasing the chances of the Odienné Project becoming the first major IOCG deposit in West Africa.
- The project yielded three significant discoveries in 2023 – Empire, Charger, and Sceptre East. Moreover, in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
- A key positive for the company is its relationship with Newmont, the world’s leading gold mining company. Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is a significant shareholder, owning 11.2 percent of the company.
- Under the leadership of CEO Andrew Chubb, the company has achieved significant milestones, including four discoveries, and is well positioned on its growth journey.
Key Project
Odienné Project
The Odienné project is the company’s flagship asset. The project spans over 2,462 sq km and comprises seven permits, of which two are under a JV agreement with Newmont. These permits hold great promise for gold and copper-gold deposits.
The project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper. It is in West Africa, which boasts over 300 Moz of gold deposits. There are several +10 Moz deposits adjacent to the project’s boundaries. Other adjacent gold resources include Predictive’s deposit in Guinea, and Centamin’s deposit which is roughly 50 kilometres south of the Odienné project.
The project is characterized by several high-potential targets and discoveries. These include: 1) Empire discovery located along the 20-kilometre Empire Gold Corridor; 2) Sceptre East and Main copper-gold targets; 3) Charger, a high-grade gold-copper discovery; 4) Lando, a 4-kilometre-long copper-gold target; 5) and BBM, a 3.5-kilometre-long copper-gold target.
The first discovery was at Empire, a high-potential gold prospect located around 5 kilometres from Sceptre and other copper-gold targets on the 20-kilometre-long Empire structural corridor.
So far, only five kilometres of this trend have been drilled. The key results for this target include - 1) Hole OEDD-2: 27 metres at 3.1 grams per ton (g/t) gold from 43.2 metres, and 2) Hole OEDD-24: 15 metres at 13.1 g/t gold from 69 metres. Beyond this main target, there is potential for discovering large gold deposits along the east-west corridor.
The second discovery was at Charger, where several phases of drilling have been completed. A total of 11 holes were drilled at Charger with Hole OEDD-45 containing three high-grade intervals within a 65-metre-wide zone of mineralization, including 12 metres at 4.9 g/t gold. Some of the key results at Charger include 32 metres @ 3.0 g/t gold, 0.17 percent copper, and 6.6 g/t silver, including 4 metres @ 12.4 g/t gold, 0.7 percent copper, and 30 g/t silver from 78 metres.
The third discovery was at the Sceptre East target that spans around a 1.5-kilometere-long copper-gold-molybdenum-silver anomaly. Sceptre East is part of the large 20 sq km gold/copper/silver/molybdenum bearing mineralized system, called Sceptre. Discovery drilling commenced at Sceptre East in Q4 2022, and the initial phase comprised a total of seven holes totaling 1,092.2 metres. Follow-up drilling in Q2 2023 consisted of nine reverse circulation (RC) and three diamond drill holes for a total of 1,730 metres. The key results in the follow-up program include hole OEDD-43, which returned 358.5 metres at 0.34 percent copper equivalent from 6.5 metres downhole.
Besides these three discoveries, the company announced a new gold-copper discovery in January 2024 at the BBM target. A total of four holes were drilled at BBM, all of which intersected high-grade gold. The key results were:
- Hole OEDD-59: 44 metres at 1.1 g/t gold and 0.2 percent copper
- Hole OEDD-61: 51.9 metres @ 0.5 g/t gold, 0.27 percent copper and 1.5 g/t silver from 25 metres
- Hole OEDD-62: 18.25 metres at 1.8 g/t gold, 0.3 percent copper and 1.4 g/t silver from 156 metres
Furthermore, significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of the new BBM discovery. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target.
Management Team
Andrew Chubb – CEO
Andre Chubb holds a BSc degree from the University of New England, Australia, and is a member of the Australian Institute of Geologists and the Society of Economic Geologists. He is a geologist with more than two decades of experience in exploration and mining in different geographies, including Africa, Europe and Australia. His experience spans different domains including leading large teams, operations and advisory roles. He was involved in leading the Mantra Resources’ Mkuju Project in Tanzania, from exploration through to feasibility and finally to takeover by ARMZ/Uranium One for AU$1.02 billion.
Andrew Smith - VP Exploration
Andrew Smith is an accomplished economic geologist with over 14 years of exploration and mining experience. Smith has proven discovery success in both greenfield and near-mine gold exploration. He has well-developed skills in both technical and management roles for exploration and development projects across West Africa and Canada. More recently, this has included roles as director of exploration geology for Coeur Mining, chief geologist for Awalé Resources, and exploration manager for Randgold Resources in Senegal. Smith has an Honours Degree in Geology and Petroleum Geology from the University of Aberdeen in Scotland, is a fellow of the Geological Society of London, and member of the Society of Exploration Geologists.
Ardem Keshishian - VP Corporate Development and Investor Relations
Ardem Keshishian brings over 15 years of progressive experience in corporate development, investor relations, finance, and capital markets, specializing in the mining sector. Most recently, Ardem served as VP of corporate development and investor relations at Moneta Gold, a Canadian gold developer with assets in the Timmins Gold Camp, Ontario, until its merger with Nighthawk Gold. Prior to Moneta Gold, he held roles at Royal Road Minerals, Pollitt & Co., Haywood Securities, and Van Berkom & Associates. He is a CFA charter holder and holds a Bachelor of Science from Concordia University and a Master of Business Administration from the John Molson School of Business.
Stephen Stewart - Chair of the Board of Directors
Stephen Stewart holds a BA degree from Western University in London, Ontario, an MBA from the University of Toronto, and an MSc degree from the University of Florida. He has more than 18 years of senior leadership experience with several Canadian companies, including Orecap, QC Copper & Gold, Mistango River Resources and Baselode Energy. He is also the founder and chairman of the largest mining-focused charitable organization and fund in Canada, the Young Mining Professionals Scholarship Fund.
Anthony Moreau – Director
Anthony Moreau is the CEO and Director of American Eagle Gold and also serves as a Director of QC Copper & Gold, Orecap Invest, and Mistango River Resources. He was formerly with IAMGOLD, where he held various roles in Business Development and Innovation. Anthony is also the leader of the Young Mining Professionals Toronto. He also co-founded the YMP Scholarship Fund, which has raised over $1.25 million since its inception seven years ago. Anthony is a Queen's School of Business graduate and a Chartered Financial Analyst (CFA).
Karl Akueson – Director
Karl Akueson is an Ivorian born natural resources entrepreneur who co-founded Awalé Resources following a career in metals and mining investment banking at BMO Capital Markets in London. He recently founded and is the current CEO of Switch Metals, a private exploration company focused on technology metals in Cote d'Ivoire. Karl is based in Abidjan. He is a graduate from Imperial College Royal School of Mines - MSc Metals and Energy Finance, and the University of Manchester - MEng Chemical Engineering.
Charles Beaudry – Director
Charles Beaudry holds a BSc degree in geology from the University of Ottawa and a master's degree in geology from McGill University. He has three decades of experience in business development, exploration, and project management. Previously, he has been associated with IAMGOLD and Noranda-Falconbridge-Xstrata.
John Scott - Principal Geologist
Dr. John Scott is a results-focused exploration geologist, with more than 27 years of experience within teams that have delivered numerous discoveries and significant business growth in both near-mine and greenfield settings internationally. John's career as a seasoned technical lead has spanned North America, Sub-Saharan Africa, the Middle East, Southeast Asia and Australasia. Scott specializes in practical mentorship to upskill field teams, target generation, identifying mineralization controls, and developing robust geologic models at deposit, district and country scales. He holds a Bachelor of Science with Honors (First Class) from the University of Adelaide, Australia, as well as a PhD in Structural Geology from the University of Otago, New Zealand. Scott is also a fellow of the Society of Economic Geologists and a member of both the Australasian Institute of Mining and Metallurgy, and the Society for Geology Applied to Mineral Deposits.
Kirmat Noormohamed - Exploration Manager
Kirmat Noormohamed is an exploration geologist with technical and operational skills developed through more than 25 years in company and consulting roles within the mining and exploration industry across multiple countries in Africa. She has extensive experience from greenfield exploration to feasibility studies as part of diverse teams within multinational companies such as Anglo American, AngloGold Ashanti, Falconbridge, Redback Mining, Kinross Gold and Teranga Gold, where she has led and been part of teams discovering over 2.5 million ounces of gold. She holds a BSc from Abilene Christian University in the US, and is currently completing her MBA at University of Illinois.
Sharon Cooper - CFO
Sharon Cooper is qualified as a chartered accountant, with over 10 years of experience in accounting and auditing roles for mining and mining-related companies. Before Awalé, she was associated with Ernst and Young and several junior exploration and mining companies.
Karl Akueson – Local Advisor
Karl Akueson holds an MSc degree in chemical engineering from the University of Manchester and MSc in metals and energy finance from the Royal School of Mines. He is a co-founder of the company and has served as an advisor since listing. He has also worked with BMO Capital Markets in London.
Metal Hawk: Gold-focused Exploration in Western Australia’s Eastern Goldfields Region
Metal Hawk (ASX:MHK) has a solid strategy to increase shareholder value through early-stage exploration success. The company explores for gold and nickel driven by a technically proficient team with a proven track record of identifying high-potential mineral exploration projects and executing early-stage discoveries.
Metal Hawk’s portfolio is primarily concentrated in the prolific Eastern Goldfields of Western Australia. The company’s exploration strategy combines traditional geological methods with innovative technologies to unlock the full potential of its tenements.
The flagship Leinster South project is located 30 kilometers south of Leinster in Western Australia’s Eastern Goldfields region. Covering approximately 127 square kilometers of granted tenure, this project is highly prospective for gold and nickel mineralization. Its proximity to the Agnew-Lawlers mining center, which has produced over 5 million ounces of gold at an average grade of 5 grams per ton (g/t), further enhances its significance. The project sits within the Agnew-Wiluna greenstone belt and along the eastern limb of the Lawlers Anticline, a key structural feature associated with major gold discoveries in the region.
Company Highlights
- A gold-focused exploration company backed by a highly experienced technical team with a track record of identifying high-potential projects and making early-stage discoveries.
- The company’s flagship project is the Leinster South project, which hosts the high-grade Siberian Tiger gold prospect.
- Recent rock chip sampling at Siberian Tiger returned assays as high as 20.2 g/t gold.
- Metal Hawk has completed a UAV magnetic survey at Leinster South to assist with drill targeting.
- The company is progressing through heritage negotiations and awaiting approval for a maiden RC drilling campaign at Siberian Tiger.
This Metal Hawk profile is part of a paid investor education campaign.*
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Further Highly Encouraging Results from Pearl Copper Project in Arizona, USA
Golden Mile Resources Ltd (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to announce the portable X-Ray Fluorescent (pXRF) results from the preliminary field mapping at the Ford Prospect, contained within the Pearl Copper Project (“the Project”). The polymetallic Ford Mine mineralisation is exposed at the surface within an eight-metre wide fault zone. Within this zone is visible copper mineralisation within a broader, intensely iron oxide alteration zone.
VISIBLE COPPER MINERALISATION AT FORD PROSPECT
- Mapping revealed an intensely altered eight-meter-wide fault zone with visible malachite (hydrated copper carbonate) mineralization.
- Significant pXRF Results highlight the polymetallic potential including:
- Copper values up to 13.4%
- Lead values up to 1.29%
- Zinc values up to 7.22%
Figure 1: Ford fault structure. Intense iron and clay alteration with pXRF results. Approximately 528,613mE, and 3618522mN (UTM Zone12, NAD83)
The alteration zone was mapped and supported by a total of ten pXRF readings (Figure 1). Copper (Cu) ranged from 0.02% up to 13.4%, lead (Pb) ranged from 0.08% to 1.3%, and zinc (Zn) ranged from 0.04% to 7.2%.
Golden Mile’s Managing Director Damon Dormer commented: “These exceptional preliminary results underscore the high-grade potential and polymetallic nature of the Ford Prospect. The pXRF readings are consistent with historical data, further strengthening our confidence in the project’s exploration potential. We look forward to advancing Ford as a key drill target alongside the Odyssey Prospect”
These pXRF results were attained by Golden Mile personnel utilising an Olympus Vanta Instrument pXRF, Model VMR-CCC-G3-A. All readings were 30 second, three beam spot readings directly on outcropping, in situ material. A total of 10 readings were taken in close proximity to each other across the mineralised zone.
Table 1: Ford Prospect In-field pXRF readings from outcrop (coordinates in UTM Zone 12 (NAD83))
Cautionary Statement on pXRF. pXRF (Portable X-Ray Fluorescence) results that are announced in this report are from uncrushed rock-chip samples that are preliminary only. The use of pXRF is an indication only, of the order of magnitude of further rock chip assay results. This first pass assessment was for due diligence purposes only, during the exclusivity period of the Binding Term Sheet. It should be noted that these values are not formal assays and are effectively estimates of grade only and are thus used only as a guide for follow-up, detailed and systematic mapping and sampling programs.
These results are highly encouraging and indicate the presence of significant grades of copper, lead, and zinc. This area will undergo detailed lithological and structural mapping, followed by systematic rock-chip and channel sampling. These steps will precede an upcoming drilling program aimed at unlocking the full potential of the Ford Prospect.
Click here for the full ASX Release
This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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