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Be the first with the news that moves the market- Brunswick Exploration Inc. (BRW) has acquired additional mining claims in Quebec, including the new Mirage Project from Globex Mining Enterprises Inc. (GMX)
- The Mirage Project is made up of 198 claims that show lithium anomalies above 100 parts per million
- The project acquisition also includes an option on the Lac Escale claim block from Globex
- Brunswick Exploration Inc. (BRW) is up 8.93 per cent, trading at $0.61 per share as of 11:31 a.m. EST
- Globex Mining Enterprises Inc. (GMX) is down 3.30 per cent, trading at $0.88 per share as of 11:32 a.m. EST
Brunswick Exploration Inc. (BRW) has acquired additional mining claims in the James Bay-Eeyou Istchee region of Quebec.
Acquired claims include the new Mirage Project from Globex Mining Enterprises Inc. (GMX).
The Mirage Project is made up of 198 claims with a total surface area of 8,884 hectares. Compilation work indicated the overall claim group hosts lithium anomalies above 100 parts per million.
Killian Charles, President and CEO of Brunswick Exploration, commented,
“The presence of sizeable angular spodumene-bearing float on the project combined with lithium geochemical anomalies point to the local presence of [lithium-cesium-tantalum] pegmatites.”
The project acquisition also includes an option on the Lac Escale claim block from Globex. This property forms a connecting block with Brunswick Exploration’s newly staked ground. The company can acquire and exercise this option by paying $500,000 in cash and shares over a three-year period upon closing the formal agreement.
Brunswick Exploration will also be required to fund $1 million in work expenditures on the claims.
Once the option agreement has closed, Brunswick Exploration will sign a royalty agreement granting a 3.00 per cent gross metal royalty to Globex and apply to any newly staked mineral rights done by either party within one kilometre of the current claim boundaries. The company may buy back 1.00 per cent of the royalty for $1 million.
After certain fifth-year milestones, Brunswick Exploration will start paying Globex an annual $100,000 advance royalty payment deductible from production royalty.
Brunswick Exploration Inc. (BRW) is up 8.93 per cent, trading at $0.61 per share as of 11:31 a.m. EST.
Globex Mining Enterprises Inc. (GMX) is down 3.30 per cent, trading at $0.88 per share as of 11:32 a.m. EST.
