MONTREAL, March 13, 2025 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; "BRW" or the "Company") is pleased to announce that, as compilation work by the BRW team continues, it has identified new high potential areas in Greenland and has proceeded to immediately apply for a mineral license covering these targets. BRW is the only company delineating the lithium potential of the country.
Mr. Killian Charles, President and CEO of BRW, commented: "I am particularly pleased to continue expanding our portfolio in a country which has significant untapped exploration potential. Our Greenland lithium portfolio benefits from cost-effective exploration programs with little to no overburden, allowing for rapid testing similar to our first Greenlandic lithium discovery in late 2024.
Furthermore, as we continue to outline and expand the lithium potential of Greenland, we are confident any future spodumene concentrate can reach both North American and European markets by boat without requiring transportation by more expensive truck or rail infrastructure. With our current land position in western and eastern Greenland, we now have hundreds of staked and untested targets across Greenland and are very excited about our 2025 exploration campaign.
We are also progressing aggressively through our drill targets at our Mirage project and first results are expected in the coming weeks."
Hinksland License
The new license contains 5 blocks and is located roughly 240 kilometers from the community of Ittoqqortoormiit and roughly 200 kilometers from the airstrip in Nerlerit (Figure 1). Ittoqqortoormiit is a coastal community with a helipad that is home to roughly 300 people. The license is a mix of Mesoproterozoic metasediments and the Archean Rae Craton that extends from the western coast, where BRW's Uummannaq project is located. In east Greenland, the Rae Craton has been reworked by the Caledonian orogeny, which extends southeast to the Leinster lithium district of Ireland, continues southwest to Newfoundland's Killick lithium project, and extends to the Carolinas' lithium region in the United States of America.
The License is also located 110 kilometers from the Malmberg molybdenum project that is nearly through the process of obtaining an exploitation license as it seeks to transition from development to mining.
The new license blocks have over 50 mapped and interpreted pegmatite outcrops, including nine that are between 500 and roughly 10,000 meters in strike length, for a total new license area of roughly 17,800 hectares. The license and surrounding area contain key geologic markers for BRW including a 2-mica granite and ultramafic rocks. Licence applications have been submitted and are awaiting government final approval.
BRW plans to visit this new region in 2025 and would also like to thank Xploration Services Greenland A/S for their assistance with license applications and various logistics for the 2025 season.
Figure 1: Hinksland License Area
Clarification regarding December 2024 Private Placement
There was a discrepancy in a news release of the Corporation dated December 20, 2024 regarding the private placement that closed on the same date (the "Private Placement"). The news release reported that $170,872.79 was paid to finders in relation to the Private Placement. The accurate amount should have been $169,262.79. Additionally, the number of shares subscribed by insiders in connection with the Private Placement is 1,977,000 (or 3,539,501 when including shares purchased by an insider as a final purchaser of charity flow-through shares), rather than the previously stated 2,887,501 shares.
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, Newfoundland, and Quebec.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under the 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, including the Mirage Project.
Investor Relations/information
Mr. Killian Charles, President and CEO
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da3c3232-c47e-463e-9fec-819acff957bb
