Hearst

The Hearst Project comprises 1,418 cells and 226 claim blocks with a total surface area of 29,805 hectares, located roughly 15 kilometers south of Hearst, Ontario with easy access by forestry roads. The property package contains over 130 mapped/interpreted pegmatite dykes of which 25 are between 500-2100 metres in strike length. Claims were staked based on preferred geologic environments and historical mapping and most of this area has seen little to no exploration. The project is located within the Quetico Subprovince and contains a variety of evolved S-type granitoids and pegmatites hosted by metamorphosed sediments (paragneisses) and metavolcanics.

The Hearst Project

Lowther Pegmatite Property

Lowther

The Hearst package includes an option on the Lowther Pegmatite Property which contains 12 cells representing 251 hectares. The property is adjacent to BRW’s newly staked ground and was acquired to assess two known LCT pegmatites, the Decoy and Moskito pegmatites. The Decoy pegmatite contains both a spodumene and a lepidolite (lithium-rich mica) zone, and is exposed over 100 metres in strike length with a current true width of 23 metres. It remains open to the east with historical chip samples grading up to 5.15% Li2O. The Moskito pegmatite is located 130 metres south of Decoy, is 5 metres wide and is exposed over a strike length of 33 metres, being open in both directions along strike. Neither pegmatite has ever been drilled for lithium evaluation.

Option Terms

The option allows BRW to acquire a 100% interest in the Property, from a private prospector, for a total consideration of $700,000 in cash over a 4-year period upon closing of the formal agreement, under the following terms:

  • A cash payment of $35,000 within five (5) business of the Effective Date of the Agreement;
  • A cash payment of $50,000, on or before the 1st year anniversary of the effective date
  • A cash payment of $150,000, on or before the 2nd year anniversary of the effective date
  • A cash payment of $200,000, on or before the 3rd year anniversary of the effective date
  • A cash payment of $300,000, on or before the 4th year anniversary of the effective date

In order to exercise the Option, Brunswick Exploration shall fund an aggregate amount of $1,000,000 in Work Expenditures in accordance with the following schedule:

  • An aggregate of $50,000, on or before the 1st year anniversary of the Effective Date
  • An aggregate of $200,000, on or before the 2nd year anniversary of the Effective Date
  • An aggregate of $400,000, on or before the 3rd year anniversary of the Effective Date
  • An aggregate of $1,000,000, on or before the 4th year anniversary of the Effective Date

Brunswick Exploration will grant a 2% NSR of which half of the NSR may be repurchased by BRW for $1,000,000. Following repurchase, the Project would have a residual encumbrance of 1% NSR, and BRW will retain a right of first refusal on the disposal or sale of any portion of the residual NSR.