With multiple significant lithium discoveries under its belt and a proven exploration strategy that yields results, Brunswick Exploration makes a compelling investment proposition in the ever- expanding lithium space.
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, the company has staked major under-explored pegmatite fields across Quebec, Newfoundland and Labrador, Nova Scotia, New Brunswick, Ontario, Manitoba, Saskatchewan and Greenland.
Brunswick Exploration’s 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. The 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 its executive chairman Robert Wares, who co- founded the original Osisko Mining and was responsible for discovering the Canadian Malartic bulk tonnage gold mine. That mine was subsequently developed by Osisko 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.
In 2024, Brunswick Exploration successfully discovered Greenland’s first lithium-bearing spodumene pegmatitewithin the Ivisaartoq pegmatite field covered by the company’s Nuuk license. The Ivisaartoq pegmatite field is Mesoarchean in age and contains amphibolites, metasediments, ultramafics, gneiss, gabbros, granites and pegmatites. Following this discovery, the company is now seeking to expand its licence in the the Nuuk area, and has acquired new landholding in new regions in Western Greenland.
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 mineralogy than the discovered outcrops.
In 2023, BRW completed a 5,000-meter drill program at the Mirage project. Phase 1 of the 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.
In 2024, Brunswick Exploration signed an agreement with Sirios Resources to repurchase an existing 0.5 percent NSR on certain claims within the Mirage 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.
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 reported multiple high spodumene grain countson the Anatacau West property during a till sampling campaign undertaken in the summer of 2024. These highly encouraging results (up to 1,225 spodumene grains in a single sample) further reinforce lithium potential in the bedrock and delineate a new, highly prospective unexplored area at the Anatacau West property beyond the previously drilled pegmatites.
Since its confirmation of Greenland’s lithium potential, Brunswick Exploration has a renewed focus on further strengthening its targets in Greenland. The company now controls one of the most significant grassroots exploration portfolios in the country and is the only company actively exploring for lithium in Greenland, according to president and CEO Killian Charles.
The Nuuk holdings host the new Ivisaartoq discovery within the Ivisaartoq belt. The company has applied to stake the adjacent Ujarassuit amphibolite belt that is up to 1 km in width and roughly 40 km in strike length. The company has also staked additional amphibolite belts within the Fiskefjord Complex, 95 kilometers north of Nuuk, and 75 kilometers southeast of the community of Maniitsoq. These belts are up to 4.5 km in width and 20 km in strike length. In total, the new claims contain hundreds of mapped and interpreted pegmatite outcrops including six that are between 500 and 2,000 meters in strike length for a total license expansion area of 33,138 hectares.
The Disko Bay licenses are located roughly 30 to 80 km from the coastal city of Ilulissat, which is the third largest city in Greenland. The licenses are near multiple seaports and container terminals, including Ilulissat. The area is situated within the Aasiaat domain, part of the Paleoproterozoic Nagssugtoqidian Orogen, sandwiched to the south by the Archean North Atlantic Craton and to the north by the Archean Rae Craton. The Orogen extends west into the Trans-Hudson orogeny of Canada that continues to the lithium deposits near Snow Lake Manitoba and the Black Hills of South Dakota.
Multiple amphibolite and metasedimentary belts were acquired with some belts being over 20 km in strike length. The new claims have hundreds of mapped and interpreted pegmatite targets with a total license area of 49,639 hectares.
The licenses are located roughly 70 km from the coastal city of Uummannaq, about 80 km north of Ilulissat. Uummannaq has a population of about 1,660, an airport and a ferry terminal as well as a nearby container terminal. The area is located within the Archean Rae Craton that is intermixed with the Paleoproterozoic Rinkian fold-thrust belt, both of which are in contact with the Paleoproterozoic Nagssugtoqidian Orogen to the south.
The new license contains multiple amphibolite and metasedimentary belts with dozens of mapped and interpreted pegmatites with a total license area of 9,770 hectares.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.
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 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 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 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. Charles 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 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Brunswick Exploration Inc. (" BRW " or the " Corporation ") is pleased to announce a non-brokered private placement (the " Offering ") to raise gross proceeds of up to $3,000,000 from the sale of the following:
Killian Charles, President & CEO of BRW, commented: "Over the previous twelve months, we outlined one of Quebec's premier lithium projects with our exciting Mirage Project. We have continued to delineate and expand multiple, near-surface spodumene pegmatites all of which remain open. With high priority targets planned for drilling in Q1 and beyond, we have launched a prudent financing which will benefit from strong management and board participation. Concurrent to our plans at Mirage, we will also complete follow-up work at our latest discovery at the Anatacau West Project and continue to advance the first confirmed lithium discovery in Greenland throughout 2025."
The Corporation intends to use the proceeds raised from the Offering to accelerate drilling at the Mirage Project and begin testing the recently announced discovery at the Elrond Project. Proceeds from the sale of Offered Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Tax Act, "flow through mining expenditures" as defined in subsection 127(9) of the Tax Act and, for Quebec-eligible proceeds using the two 10% enhancements under section 726.4.9 and section 726.4.17.1 of the Québec Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the sale of Offered Shares.
The Offering is scheduled to close on or around December 16, 2024 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange (" TSX-V ").
The Offered Shares will be subject to a statutory four month and one day hold period. The Offered Shares have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Corporation is focused on grassroots exploration for lithium, 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 in Greenland.
Investor Relations/information
Mr. Killian Charles, President ( info@BRWexplo.com )
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. Such forward-looking information includes, but is not limited to, statements concerning the Corporation's expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering; the completion of the Offering and the date of such completion. 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-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; " BRW " or the " Company ") is excited to announce that, following the recent discovery of spodumene near Nuuk, Greenland, it has applied for additional licenses in the Nuuk area. The Company has also increased its holdings in new regions of Western Greenland subsequent to further compilation work including the Disko Bay and Uummannaq areas.
Mr. Killian Charles, President and CEO of BRW, commented: "With the lithium potential of Greenland newly confirmed, we have rapidly consolidated all high priority targets in western Greenland. BRW now controls one of the most significant grassroot exploration portfolios in Greenland and is the only company actively exploring for lithium in the country. Our new holdings all benefit from proximity to communities and tidal water to ensure that logistical and infrastructure needs are in place for potential future development. Between our new Ivisaartoq discovery and our expanded portfolio, we look forward to launching a major lithium exploration initiative in 2025 across Greenland as soon as possible. We are very keen to work with the Greenlandic communities, government and European Commission as we launch this exciting endeavor."
Figure 1: BRW Lithium Portfolio
"With several discoveries across its expanding portfolio, BRW will continue to leverage its lithium expertise to generate and advance targets to the benefit of its shareholders. With continuous drilling success at Mirage, the potential for new discoveries at Anatacau West and the start of a significant exploration campaign in Greenland, BRW is well positioned to deliver exciting results throughout 2025."
All new license areas have been applied for and are pending final government approval. They were staked based on favorable geological environments and satellite imagery. Greenland has exceptional outcrop exposure and BRW's 2024 discovery showcases significant lithium potential for the country. In total, BRW acquired 92,547 hectares of new license area that contains hundreds of mapped and interpreted pegmatites of which 90 are between 500 and 2,000 meters in length. None of the new areas staked by BRW have been previously explored for lithium.
Brunswick Exploration would like to thank Xploration Services Greenland A/S for their assistance in the applications as well as other project aspects during the 2024 season.
Nuuk Expansion
The Nuuk holdings host the new Ivisaartoq discovery within the Ivisaartoq belt (see press release October 30 th ). The Company has applied to stake the adjacent Ujarassuit amphibolite belt that is up to 1 kilometer in width and roughly 40 kilometers in strike length. In addition, the company has staked additional amphibolite belts within the Fiskefjord Complex, 95 kilometers north of Nuuk, and 75 kilometers southeast of the community of Maniitsoq. These belts are up to 4.5 kilometers in width and 20 kilometers in strike length. In total, the new claims contain hundreds of mapped and interpreted pegmatite outcrops including 6 that are between 500 and 2,000 meters in strike length for a total license expansion area of 33,138 hectares. (See Figure 2).
Figure 2: Newly Expanded Nuuk License
Disko Bay
The Disko Bay licenses are located roughly 30-80 kilometers from the coastal city of Ilulissat, which is the 3 rd largest city in Greenland. The licenses are near multiple seaports and container terminals, including Ilulissat, which has a population of over 4,500 people. The area is situated within the Aasiaat domain, part of the Paleoproterozoic Nagssugtoqidian Orogen, sandwiched to the south by the Archean North Atlantic Craton and to the North by the Archean Rae Craton. The Orogen extends west into the Trans-Hudson orogeny of Canada that continues to the lithium deposits near Snow Lake Manitoba and the Black Hills of South Dakota.
Multiple amphibolite and metasedimentary belts were acquired with some belts being over 20 kilometers in strike length. The new claims have hundreds of mapped and interpreted pegmatite targets including 54 that are between 500 and 2,000 meters in strike length for a total license area of 49,639 hectares.
Figure 3: Disko Bay License Overview
Uummannaq
The licenses are located roughly 70 kilometers from the coastal city of Uummannaq, which is roughly 80 kilometers north of Ilulissat. Uummannaq has a population of roughly 1,660, an airport and a ferry terminal as well as a nearby container terminal. The area is located within the Archean Rae Craton that is intermixed with the Paleoproterozoic Rinkian fold-thrust belt, both of which are in contact with the Paleoproterozoic Nagssugtoqidian Orogen to the south.
The new license contains multiple amphibolite and metasedimentary belts with dozens of mapped and interpreted pegmatites of which 30 are between 500 and 2,000 meters in strike length with a total license area of 9,770 hectares.
Figure 4: Uummannaq License Overview
Qualified Person
The scientific and technical information related to this press release has been reviewed and approved by Mr. Charles Kodors, Manager Atlantic Canada. He is a Profession Geologist registered in New Brunswick, Nova Scotia, Newfoundland, 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 its extensive portfolio of lithium projects in Canada and Greenland including the Mirage and the Anatacau Projects and the new Ivisaartoq lithium discovery.
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
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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; " BRW " or the " Company ") is extremely pleased to announce that it has discovered a lithium-bearing pegmatite containing spodumene within the company's Nuuk License, located roughly 90 kilometers north-east of Nuuk, the capital of Greenland (Figure 1). The newly discovered pegmatite outcrop is open in all directions and is part of a significant evolved pegmatite field measuring over 20 kilometers long known as the Ivisaartoq Field, marking the first confirmed lithium discovery in the country.
Mr. Killian Charles, President and CEO of BRW, commented: "We are delighted to announce the first hard rock lithium discovery in Greenland. This discovery was made near the end of our field season after spending limited time in the country and leveraged Brunswick's strong exploration expertise. Prior to our discovery at Ivisaartoq, there were no confirmed showings in Greenland and it demonstrates the strong potential for additional discoveries across the entire country which has never been previously explored for lithium. Importantly, it represents a significant opportunity for the Company as we remain first movers for lithium exploration in Greenland."
Figure 1: Location of Greenland Spodumene Discovery
"Outcrop exposure and proximity to tidal water at Ivisaartoq and across our Greenland portfolio is exceptional. The country is one of the best mining and exploration jurisdictions globally with strong community and government support. We are thrilled to make the first of, hopefully, many more discoveries in Greenland alongside our flagship Mirage project with the goal of identifying lithium sources for both the North American and European supply chains."
Nuuk License - Ivisaartoq Discovery
The Ivisaartoq pegmatite field is part of the larger Nuuk License, hosted within the Ivisaartoq Greenstone Belt. The trend is located roughly 90 kilometers northeast of Nuuk, the capital of Greenland, on the Western central coast of the country. This area of Greenland is part of the North Atlantic Craton that extends into Nunavut and Labrador. The belt is Mesoarchean in age and contains amphibolites, metasediments, ultramafics, genesis, gabbros, granites and pegmatites (Figure 2).
Figure 2: Geological Map of Ivisaartoq Greenstone Belt
The spodumene-bearing dyke was traced and interpreted to be roughly 400 meters with an exposed width of roughly 5 meters containing up to 50% centimetric green and white spodumene (Figure 3). The spodumene was confirmed by UV light as well as LIBS ("Laser Induced breakdown spectroscopy"). The dyke is open in all directions and is part of a larger evolved dyke field containing several dozen pegmatites that are metric to kilometric in scale which remain to be prospected. The Ivisaartoq belt is divided in two distinct trends: the South trend which is roughly three kilometers wide by approximately 20 kilometers long and the North trend which is roughly 1.5 kilometers wide by 20 kilometers long. Work in 2024 was largely limited to the South trend where the discovery dyke is located due to time constraints. However, both the North and South trend require much more prospecting in 2025 as the discovery was made late in the campaign and hundreds of mapped and interpreted pegmatite outcrops remain untested.
Figure 3: Spodumene in Pegmatite
First pass prospecting was conducted on all land holdings within the Nuuk license, with the northeastern block containing the most anomalous results (Figure 1). This initial pass identified over 20 pegmatites, all in the Ivisaartoq pegmatite field, with mineralogy and K/Rb ratios, measured in potassium feldspars, that are indicative of a high degree of fractionation. The evolved pegmatites are up to 1,700 meters in strike length (Figure 4). The Company believes there is strong potential to discover more spodumene-bearing pegmatites within these highly evolved pegmatites.
Figure 4: Evolved Pegmatites at Ivisaartoq
Due to the extensive size of the pegmatite field and time constraints, the team focused on collecting as many pXRF samples as possible. With the rapid exploration success in Greenland, a second phase of prospecting is planned in 2025, as soon as possible, to map all evolved pegmatites from the 2024 program and prospect pegmatites that were not visited to prepare for advanced exploration programs in 2025.
Paamiut License
The Paamiut license is located roughly 250 kilometers south of Nuuk along the coast, near the community of Paamiut. A limited, first pass prospecting campaign was completed in September. Following initial work, the company increased its license area to include a greenstone belt measuring roughly 10 kilometers long by two kilometers wide that hosts an unconfirmed and unreferenced historical database spodumene showing with a reported assay 1.23% Li2O from the early 1970s. The initial BRW work generated several pegmatite samples that had evolved K/Rb ratios of less than 30 in potassium feldspars within two dykes. The two evolved pegmatite dykes contained beryl and tourmaline and are approximately 170 meters long by five meters wide. More work is needed to validate the historical showing and the Company is awaiting assay results to plan the next steps in the region.
Jurisdiction of Greenland
While much of Greenland is geologically contained within the North Atlantic Craton, it is an autonomous country that is geopolitically linked to the European Union, via Denmark. The EU has adopted the ambitious European Green Deal and is investing substantial capital in initiatives such as the Critical Raw Materials Act and Horizon Europe. This September, Nuuk hosted the first EU-Greenland Business Mission on Critical Raw Materials and Renewable Energy, solidifying its commitment towards critical minerals. Greenland has past and current mining operations and has applications for proposed mines in progress. The EU also opened an office in Nuuk earlier this year after the November 2023 memorandum of understanding and strategic partnership with Greenland was announced to develop sustainable raw minerals value chains to support Greenland and the EU. (see https://ec.europa.eu/commission/presscorner/detail/en/ip_23_6166 ).
Midland Exploration and 1Minerals Option Agreements
Following the company's 2023 and 2024 exploration campaigns at the Elrond, Mythril and Mirage projects, the company has decided to terminate the Midland Exploration agreement (See press release dated November 10, 2022) as well as the 1Minerals option agreement (See press release dated October 06, 2023) to better focus its efforts on its high priority projects.
Qualified Person
The scientific and technical information related to this press release has been reviewed and approved by Mr. Charles Kodors, Manager, Atlantic Canada. He is a Professional Geologist registered in New Brunswick, Nova Scotia, Newfoundland, 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.
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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to report multiple high spodumene grain counts in till samples collected on the Anatacau West Property (the "project") which is the immediate extension of Arcadium's James Bay Lithium project. These highly encouraging results ( up to 1,225 spodumene grains in a single sample ) further reinforce lithium potential in the bedrock and delineate a new, highly prospective unexplored area at Anatacau West property (Figure 1) beyond the previously drilled pegmatites.
Figure 1 : Spodumene Grain Count at Anatacau West
Mr. Killian Charles, President and CEO of BRW, commented: "Arcadium's James Bay Lithium project is one of the most exciting lithium projects in Quebec and today's results greatly expand the lithium potential we first outlined in drilling last year on our neighboring project. With the recent announcement of Rio Tinto's acquisition of Arcadium, the Anatacau West project is strategically positioned to benefit from any advancement at the James Bay Lithium project. Our work in 2023 was initially focused on the known showing on the western edge of the property where pegmatites found on Arcadium's claims continue onto the Anatacau West project. The major spodumene grain count anomalies found to the east of the drilled lithium showing potentially extend the pegmatite trends for several kilometers. Following these highly encouraging results, we will rapidly evaluate next steps at Anatacau West to test this highly prospective trend."
"I am particularly pleased to see Brunswick's exploration portfolio continue to demonstrate significant upside in one of the most exciting lithium districts globally. In the coming weeks, we expect more results from Mirage alongside further updates to our multiple exploration initiatives."
Anatacau West Till Program
During summer 2024, the Company conducted a widely spaced till sampling campaign on its Anatacau West project. Out of a total of 24 samples collected, four scattered samples returned very significant spodumene grains counts (1,226; 914; 47; 37) in the coarse sieved fraction in the
These high spodumene grain count till results demonstrate that an important mineralized trend extends further to the east on Brunswick's claims and that there is therefore a strong potential for new discoveries of near-surface spodumene dykes up-ice. With the new drone magnetic interpretation, we believe that the three holes drilled in 2023 to the east, which returned only anomalous lithium values, were located further north and outside of the main mineralized trend.
Currently Brunswick is resampling core from the 2023 drill campaign to evaluate the existence of lithium alteration halos in the adjacent host rock in the drilled area and the potential for new dykes immediately on strike and at depth to the existing pegmatites. This data will be incorporated into Brunswick's forthcoming plans at Anatacau West.
Anatacau West Project Overview
In 2023, Brunswick conducted a short drilling campaign (3,712 m) in the western portion of the property and near the boundary with the Arcadium claims. Several pegmatite dykes were identified by drilling with grades up to 26.5 m at 1.51% Li2O m; 18.2m at 1.33% Li2O; 25.1m at 1.00% Li2O and 18.2m at 1.37% li2O (see press release dated July 20, 2023 ). The various dykes are stacked, range from 5 to 30m in thickness and are oriented NNE dipping strongly at 70 degrees to the west similar to pegmatites defined on Arcadium's James Bay Lithium project.
The drilling campaign did not continue further east due to marshier ground reducing access to surface geological information. A drone magnetic survey was therefore undertaken by the Company in February 2024 and indicates that the known mineralized spodumene rich dykes at Anatacau West are contained within an ESE-oriented major deformation corridor which also host the neighboring Arcadium James Bay Lithium deposit (110.2 Mt @ 1.3% Li2O) located approximately 2.5km west of Brunswick claim boundary.
The Anatacau West Project comprises 13 claims located 2.5 kilometers east of the Trans-Taiga major Highway. The property is accessible yearlong and near the "Relais Routier Km 381" truck stop. Anatacau West is part of the large Anatacau property package which also includes the Anatacau Main project where the Anais showing was discovered in 2023, containing a total of 704 claims, representing 37,058 hectares (370 sq. km.) currently under option agreement with ODEV.
Quality control
Tills samples were collected in the C-horizon from hand-dug pits at depths up to 1 m. These samples are separated approximately 500 m apart. Each till sample (12-20 kg) was placed in a plastic bag and securely sealed with fibertape. The 10-kg samples were treated by Big Nugget Laboratories of Saint-Alexis-des-Monts, Québec, who proceeded with the spodumene grain count after concentration of a dense mineral fraction of approximately 300g. The quantities of grains mentioned in the text and shown in figures correspond to the obtained counts normalized to 10kg of processed till matrix (
The sampling procedures and the quality control related to the till surveys followed protocols developed by Brunswick, Inlandsis and ALS. Data interpretation was done by Remi Charbonneau from Inlandsis.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. François Goulet, Exploration Manager Quebec. 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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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; " BRW " or the " Company ") is pleased to report the first set of results from the Mirage summer 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. This drilling program concluded with a total of 23 drill holes for 4,871 meters. Since the beginning of 2024, BRW has drilled approximately 12,000 meters to discover, delineate and expand the spodumene bearing pegmatites dykes at Mirage.
This campaign focused on the Central Zone, including the MR-6 and MR-3 dykes (see June 4, 2024 press release), and has continued to intersect wide and well mineralized intervals on their extension and at depth.
Highlights include:
Mr. Killian Charles, President and CEO of BRW, commented: "Once again, our drilling underscores the significant potential of the Mirage project. We continue to rapidly identify and expand multiple pegmatite dykes in the core of the project in the Central Zone. These dykes still remain open in multiple directions with continued evidence of near-surface dyke staking. As we continue to delineate these targets, we have begun preparation for metallurgical studies which we believe will highlight the typically coarse mineralization observed at Mirage."
"With more exciting results forthcoming at Mirage and several important exploration updates on our grassroot portfolio to be released in the coming weeks, I invite BRW shareholders to follow closely our expected press releases this fall."
Figure 1 : Surface Map of the Mirage Project
Table 1 : Summary of summer campaign drill hole collars
| Hole ID | Azimut | Dip | Length (m) | UTM NAD83 z18 East | UTM NAD83 z18 North |
| MR-24-72 | 360 | -88 | 172 | 683105 | 5941146 |
| MR-24-73 | 360 | -88 | 189 | 683029 | 5941185 |
| MR-24-74 | 360 | -86 | 222 | 682991 | 5941259 |
| MR-24-75 | 325 | -45 | 330 | 683048 | 5941032 |
| MR-24-76 | 285 | -45 | 345 | 683524 | 5941310 |
| MR-24-77 | 300 | -45 | 282 | 681999 | 5940882 |
| MR-24-78 | 285 | -65 | 351 | 683440 | 5941298 |
| MR-24-79 | 330 | -85 | 219 | 682313 | 5940305 |
| MR-24-80 | 280 | -88 | 258 | 683256 | 5941330 |
| MR-24-81 | 290 | -45 | 270 | 683374 | 5941326 |
| MR-24-82 | 300 | -85 | 183 | 683215 | 5941426 |
| MR-24-83 | 325 | -45 | 216 | 683215 | 5941426 |
| MR-24-84 | 260 | -90 | 276 | 682913 | 5941247 |
| MR-24-85 | 325 | -75 | 228 | 683351 | 5941278 |
| MR-24-86 | 280 | -60 | 246 | 682670 | 5940962 |
| MR-24-87 | 290 | -45 | 246 | 682762 | 5940992 |
| MR-24-88 | 290 | -55 | 177 | 682573 | 5941039 |
| MR-24-89 | 290 | -70 | 206 | 682762 | 5940992 |
| MR-24-90 | 330 | -60 | 57 | 682465 | 5940418 |
| MR-24-91 | 315 | -85 | 108 | 683084 | 5941192 |
| MR-24-92 | 330 | -60 | 120 | 682427 | 5940392 |
| MR-24-93 | 330 | -89 | 99 | 682427 | 5940392 |
| MR-24-94 | 317 | -85 | 71 | 682750 | 5941186 |
Table 2 : Highlights from 2024 Summer Drilling Program Mentioned in this Release
| Hole ID | Dyke | From (m) | To (m) | Length (m) | Li2O (%) | Ta2O5 (ppm) |
| MR-24-72 | MR-6 | 3.4 | 5.2 | 1.8 | 1.05 | 223 |
| MR-24-72 | 21.52 | 37.45 | 15.93 | 1.25 | 255 | |
| incl. | 24.4 | 28 | 3.6 | 2.12 | 310 | |
| MR-24-72 | 43.7 | 49 | 5.3 | 1.75 | 197 | |
| MR-24-72 | 55.85 | 57.65 | 1.8 | 2.15 | 281 | |
| MR-24-72 | 60.75 | 61.25 | 0.5 | 2.09 | 272 | |
| MR-24-72 | 62.45 | 65.85 | 3.4 | 1.71 | 211 | |
| MR-24-72 | 70.2 | 82 | 11.8 | 1.94 | 167 | |
| incl. | 73 | 80 | 7 | 2.62 | 199 | |
| MR-24-72 | 114.2 | 131.95 | 17.75 | 1.42 | 110 | |
| MR-24-72 | 154.05 | 158.15 | 4.1 | 1.20 | 131 | |
| MR-24-73 | MR-6 | 88.2 | 128.6 | 40.4 | 1.75 | 154 |
| incl. | 109 | 116 | 7 | 2.34 | 136 | |
| MR-24-73 | 165 | 172 | 7 | 1.40 | 154 | |
| MR-24-74 | MR-6 | 111.45 | 135.45 | 24 | 1.07 | 125 |
| MR-24-76 | 57 | 58.7 | 1.7 | 1.66 | 233 | |
| MR-24-76 | 83.7 | 91.9 | 8.2 | 1.38 | 294 | |
| MR-24-76 | 125 | 151 | 26 | 1.25 | 328 | |
| MR-24-76 | 162.65 | 164.25 | 1.6 | 1.53 | 263 | |
| MR-24-76 | 179.1 | 205.3 | 26.2 | 1.49 | 248 | |
| incl. | 189 | 195.55 | 6.55 | 2.24 | 416 | |
| MR-24-76 | 215.6 | 220.65 | 5.05 | 1.12 | 232 | |
| MR-24-76 | 258 | 260.9 | 2.9 | 0.64 | 240 | |
| MR-24-76 | 294.65 | 317 | 22.35 | 1.93 | 492 | |
| incl. | 295.7 | 306.55 | 10.85 | 3.09 | 663 | |
| MR-24-77 | 60.45 | 62.45 | 2 | 0.01 | 669 |
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.
The summer drilling campaign focused on extending the mineralized dykes recognized during the last two drilling campaigns. The holes MR-24-72, Mr-24-73 and MR-24-74 (see Figure 3) extended the MR-6 dyke over 100 meters to the West and to the South. MR-6 has been now drill traced over an area measuring 250 meters by 250 meters as seen on Figure 2 with an average thickness of 60 meters. Mainly identified at surface from 0 to 100 meters starting from drill hole MR-24-28, it plunges to the West up to 200 meters vertical. MR-6 remains open to the West and to the North .
Evidence of significant stacking was discovered 35 meters under MR-6 where drill hole MR-24-73 intercepted 17.75 meters at 1.42% Li2O and hole MR-24-73 cut 7 meters at 1.40% Li2O.
Figure 2 : Central Zone of the Mirage Project
Figure 3 : Cross Sections A to A'
The hole MR-24-76 (see Figure 4) expanded the three major mineralized dykes identified in hole MR-24-60 (see April 25, 2024 press release). This new hole continues to intersect similar wide high-grade mineralization observed to date. At this time, it is believed they are not related to MR-6 even if they occur in close proximity to the dyke as they appear to stand as a new stacked dyke geometry. The dykes remain open to the North, South and East.
Figure 4 : Cross Sections B to B'
Finally, hole MR-24-77, located about one kilometer WSW of MR-6, discovered a previously unknown lithium-tantalum pegmatite dyke measuring approximately two meters near the start of the hole. This new intersection significantly extends the lithium bearing pegmatite field of the Central Zone, west of MR-3. However, the hole was unable to explain the targeted gravity anomaly. Analysis of the hole revealed a major lithium anomaly in the country rock throughout its entire length indicative of a potential neighboring lithium dyke. Further drilling will be required to expand the full potential of this new area.
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 reject, 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.
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/52449bf6-09ea-407b-93e5-a6f02f95b94b
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Investor Relations/information Mr. Killian Charles, President and CEO (info@brwexplo.ca)
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November 27th, 2024 TheNewswire - Vancouver, B.C. Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTCQB: OPWEF) (the "Company" or "Opawica") a Canadian mineral exploration company focused on precious and base metal projects.
Opawica to Present on the Emerging Growth Conference on the 5 th of December 2025
Opawica invites individual and institutional investors as well as advisors and analysts to attend its real-time, interactive presentation on the Emerging Growth Conference.
The next Emerging Growth Conference is presenting on 5 th of December 2025. This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the CEO and President Blake Morgan in real time. Blake Morgan CEO and President will perform a presentation and may subsequently open the floor for questions.
Please submit your questions in advance to Questions@EmergingGrowth.com or ask your questions during the event and Blake Morgan CEO will do his best to get through as many of them as possible.
Presentation link: https://goto.webcasts.com/starthere.jsp?ei=1677198&tp_key=9effb22694&sti=opwef
Blake Morgan CEO and President states, "We are thrilled to be presenting at the Emerging Growth Conference live at 4:25 - 4:55pm Eastern standard time on Thursday, December 5, 2024. With Opawica's phase two drilling program closing in, the time is right to bring more eyes to the Company and the opportunity that exists. With high priority drill targets now confirmed, we are excited to tell the story and opportunity at Opawica Exploration Inc. www.opawica.com
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on www.EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference . We will release a link to that after the event.
About the Emerging Growth Conference
The Emerging Growth conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time efficient manner. The Conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products & amp, services, focused strategy, execution, and the overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts. All sessions will be conducted through video webcasts and will take place in the Eastern time zone.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
Blake Morgan
President and Chief Executive Officer
Telephone: 236-878-4938
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances as required by applicable law.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce the first results from a 12,500 metre drilling program at the La Colorada Mine in Sonora, Mexico. La Colorada is currently producing gold from residual leaching having ceased mining in late 2023. Heliostar is reviewing the potential to restart mining in 2025 and is completing a drill program intended to expand the mineral reserve ahead of this decision.
HIGHLIGHTS:
Heliostar CEO, Charles Funk, commented, "La Colorada has long been a successful mine that helped build El Dorado Gold in 1990s and Argonaut Gold in the 2010s. It has operated profitably over its history and has reserves to support growth. Mining ceased in 2023 when stripping to expand the pit was not completed. This pre-strip is now a capital project and the opportunity to restart is a priority for Heliostar in 2025. Our team recognized that there are significant opportunities to expand shallow mineralization and today's results demonstrate the potential to convert a portion of the previously assumed waste into ore. This can result in lower capital costs and higher cash flow at the beginning of the restart. We value speed as a guiding business principle at Heliostar and have hit the ground running to deliver these results at the mine. I believe La Colorada will help build a third mining company over the next decade!"
Drill Results Summary
Mineralization at La Colorada's Creston Pit is predominantly hosted in three veins: the North, Intermediate and South Veins (Figure 1). These veins trend northeast-southwest to east-west, dip northward and are surrounded by halos of smaller mineralized vein zones. The Creston Pit has historically mined all three of these veins. Drilling prior to Heliostar's acquisition of the mine had successfully focussed on these veins beneath the pit and had expanded the mineral reserve.
Reviewing the expansion potential revealed two opportunities for reserve growth; near surface extensions of known veins where little or no drilling had been completed and upgrading and expanding mineralization beneath the pit. Both opportunities were defined using historical drilling, blasthole data, mining shapes, and the geological model.
High density blast hole data strongly emphasizes the potential for continuation of veins at shallow depth. It defines elevated gold grades continuing to the edge of the pit walls where they remain open for expansion.
Figure 1: Plan view of the Creston Pit showing historic drilling, blast hole samples and new Heliostar drillholes
To view an enhanced version of this graphic, please visit:
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Twenty-four holes are reported in this release for a total of 3257.1 metres, principally targeting shallow zones to the east and west of the Creston Pit. The results show narrow to wide, low to high grade oxide gold intercepts. They consistently return intercepts above the average above the mining cutoff of the pit while it was in operation and suggest that areas of waste could be converted to ore in an updated reserve model.
Next Steps
An updated technical report will be completed in January 2025 using the existing resource model at La Colorada. This report will not include the drill results presented in this press release. Results from the current drill program will be incorporated into a resource model and will support a reserve update that will be published with a feasibility study in mid-2025.
Should the drilling define a significant enough volume of gold mineralization, the results have the potential to reduce the capital requirements and improve the economics of the feasibility study. This study will be the basis of a construction decision for the restart of mining from the Creston Pit at La Colorada in mid-2025.
Drilling continues at the mine with three areas of focus. Additional shallow drilling, to follow up these results, is designed to bring production ounces forward in the mine plan. A program of infill and expansion drilling deeper in the pit will attempt to grow the overall gold reserves. A small allocation of drill metres will also test new areas of potential gold mineralization.
The Company anticipates additional drilling results from the current program will be released early next year.
Drilling Results Table
Table 1: Significant Drill Intersections
| Hole ID | From | To | Interval | Au | Ag | % True Width | Comment |
| 24-LCDD-218 | 24.85 | 35.0 | 10.15 | 0.85 | 9.8 | 100 | Intermediate Vein |
| 24-LCDD-219 | 77.9 | 87.75 | 9.85 | 0.25 | 19.7 | 90 | South Vein |
| 24-LCDD-220 | 47.0 | 53.0 | 6.0 | 0.37 | 7.2 | 100 | North Vein |
| 24-LCDD-221 | No significant intervals | ||||||
| 24-LCDD-222 | 9.9 | 21.75 | 11.85 | 1.71 | 21.6 | 100 | North Vein |
| including | 15.55 | 16.8 | 1.25 | 13.1 | 20.5 | 100 | North Vein |
| 24-LCDD-223 | 74.4 | 76.4 | 2.0 | 0.55 | 38.8 | 100 | South Vein |
| 24-LCDD-224 | 0.0 | 22.15 | 22.15 | 0.40 | 8.8 | 85 | Intermediate Vein |
| 24-LCDD-225 | 22.2 | 23.15 | 0.95 | 4.43 | 0.5 | 100 | North Vein |
| and | 35.75 | 45.5 | 9.75 | 0.16 | 8.1 | 100 | North Vein |
| and | 93.0 | 101.35 | 8.35 | 0.22 | 53.9 | 95 | Intermediate Vein |
| 24-LCDD-226 | 18.05 | 35.9 | 17.85 | 0.34 | 69.0 | 90 | South Vein |
| 24-LCDD-227 | 1.1 | 14.8 | 13.7 | 0.25 | 37.5 | 90 | South Vein |
| 24-LCDD-228 | 27.15 | 39.1 | 11.95 | 0.18 | 35.7 | 90 | South Vein |
| and | 46.7 | 51.15 | 4.45 | 0.29 | 43.8 | 90 | South Vein |
| 24-LCDD-229 | 15.45 | 19.55 | 4.1 | 2.27 | 4.0 | 100 | North Vein |
| and | 82.2 | 89.15 | 6.95 | 0.38 | 3.4 | 85 | Intermediate Vein |
| 24-LCDD-230 | 73.8 | 79.9 | 6.1 | 0.79 | 3.3 | 90 | South Vein |
| 24-LCDD-231 | 0.0 | 13.0 | 13.0 | 2.22 | 5.1 | 90 | Intermediate Vein |
| including | 0.0 | 3.0 | 3.0 | 8.79 | 4.8 | 90 | Intermediate Vein |
| and | 36.5 | 41.5 | 5.0 | 18.5 | 20.3 | 90 | Intermediate Vein |
| 36.5 | 41.5 | 5.0 | 6.62 | 20.3 | 90 | Top-cut to 23 g/t gold | |
| and | 67.4 | 73.5 | 6.1 | 0.34 | 3.5 | 100 | South Vein |
| and | 96.2 | 133.15 | 36.95 | 1.24 | 5.4 | 85 | South Vein |
| 24-LCDD-232 | 65.0 | 82.5 | 17.5 | 0.39 | 4.9 | 95 | North Vein |
| 24-LCDD-233 | 168.3 | 171.55 | 3.25 | 0.26 | 123 | 90 | North Vein |
| 24-LCDD-234 | 79.5 | 89.3 | 9.8 | 0.36 | 4.8 | 95 | North Vein |
| 24-LCDD-235 | 82.55 | 86.1 | 3.55 | 0.25 | 8.9 | 95 | North Vein |
| and | 169.5 | 184.0 | 14.5 | 1.69 | 5.2 | 100 | North Vein |
| including | 174.35 | 175.6 | 1.25 | 16.6 | 13.6 | 100 | North Vein |
| 24-LCDD-236 | 43.0 | 53.4 | 10.4 | 0.26 | 25.7 | 90 | South Vein |
| 24-LCDD-237 | 45.9 | 58.25 | 12.35 | 0.20 | 26.4 | 100 | South Vein |
| 24-LCDD-238 | Assays pending | ||||||
| 24-LCDD-239 | No significant intervals | ||||||
| 24-LCDD-240 | Assays pending | ||||||
| 24-LCDD-241 | 81.25 | 86.0 | 4.75 | 0.49 | 158 | 100 | South Vein |
Figure 2: Longitudinal section view of the western end of the Creston Pit highlighting the lack of previous drilling beyond the pit boundary. Section shows historic drilling, blast hole samples and new Heliostar drillhole results.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/231392_cd32a07ff498da60_004full.jpg
Drilling Coordinates Table
Table 2: Drill Hole Details
| Hole ID | Northing | Easting | Elevation | Azimuth | Inclination | Length |
| 24-LCDD-218 | 3185843 | 543104 | 442.1 | 180 | -40 | 118.20 |
| 24-LCDD-219 | 3185579 | 542101 | 455.8 | 155 | -47 | 156.45 |
| 24-LCDD-220 | 3185874 | 543079 | 445.9 | 180 | -40 | 150.75 |
| 24-LCDD-221 | 3185629 | 542111 | 450.9 | 175 | -50 | 175.50 |
| 24-LCDD-222 | 3185837 | 543080 | 440.9 | 180 | -40 | 100.00 |
| 24-LCDD-223 | 3185603 | 542104 | 453.3 | 167 | -48 | 147.20 |
| 24-LCDD-224 | 3185798 | 543080 | 437.8 | 180 | -40 | 97.40 |
| 24-LCDD-225 | 3185881 | 543105 | 442.3 | 180 | -40 | 136.45 |
| 24-LCDD-226 | 3185537 | 542126 | 441.3 | 160 | -55 | 66.70 |
| 24-LCDD-227 | 3185581 | 542191 | 382.0 | 180 | -55 | 77.30 |
| 24-LCDD-228 | 3185603 | 542195 | 380.4 | 191 | -57 | 107.20 |
| 24-LCDD-229 | 3185871 | 543129 | 443.4 | 180 | -45 | 128.70 |
| 24-LCDD-230 | 3185835 | 543128 | 441.0 | 180 | -45 | 88.45 |
| 24-LCDD-231 | 3185732 | 542533 | 190.9 | 139 | -45 | 142.70 |
| 24-LCDD-232 | 3185892 | 543053 | 444.3 | 180 | -40 | 140.85 |
| 24-LCDD-233 | 3185887 | 542390 | 346.9 | 180 | -49 | 175.25 |
| 24-LCDD-234 | 3185899 | 543025 | 441.6 | 180 | -49 | 191.50 |
| 24-LCDD-235 | 3185974 | 542975 | 475.0 | 180 | -42 | 267.40 |
| 24-LCDD-236 | 3185625 | 542212 | 378.8 | 180 | -50 | 78.80 |
| 24-LCDD-237 | 3185563 | 542091 | 457.5 | 180 | -45 | 78.70 |
| 24-LCDD-238 | 3186027 | 542850 | 479.7 | 180 | -51 | 419.85 |
| 24-LCDD-239 | 3185594 | 542089 | 454.8 | 180 | -45 | 89.35 |
| 24-LCDD-240 | 3185472 | 542671 | 405.9 | 355 | -40 | 200.35 |
| 24-LCDD-241 | 3185607 | 542101 | 453.2 | 146 | -40 | 122.40 |
Quality Assurance / Quality Control
Core samples were shipped to ALS Limited in Hermosillo, Sonora, Mexico for sample preparation and for analysis at the ALS laboratory in North Vancouver. The Hermosillo and North Vancouver ALS facilities are ISO/IEC 17025 certified. Gold was assayed by 30-gram fire assay with atomic absorption spectroscopy finish and overlimits were analysed by 30-gram fire assay with gravimetric finish.
Control samples comprising certified reference and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's quality assurance / quality control protocol.
Statement of Qualified Person
Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr Harris is employed as Exploration Manager of the Company.
About Heliostar Metals Ltd.
Heliostar is a gold producer with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and San Agustin Mine in Durango. The Company also has a strong portfolio of development projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska, USA.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045
Neither 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 release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, the Company's plans, prospects and business strategies; the potential update and expansion of mineral reserves; the Company's integration of acquisitions and any anticipated benefits thereof; the completion of a Feasibility Study on the La Colorada Mine in 2025; the potential re-start of mining operations at the Creston Pit;; the release of an updated technical report on the La Colorada Mine; exploration and development plans, including drilling; and expectations for other economic, business, and/or competitive factors.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
