Brigadier More Than Doubles the Size of its Nemaska2 Quebec Lithium Project
VANCOUVER, BC / ACCESSWIRE / March 22, 2023 / Brigadier Gold Limited (the "Company") (TSXV:BRG) | (FSE:B7LM) | (OTC PINK:BGADF) is pleased to announce that it has entered into a property option agreement (the "Option Agreement") dated March 20, 2023 with a private British Columbia corporation (the "Optionor"), to acquire a 100% undivided interest in one hundred and five (105) mining claims, covering approximately 5,300 hectares, located in the Nemaska area of Quebec, approximately 160 kilometres west of James Bay, Quebec (the "Nemaska2 Extension").
The Nemaska2 Extension lithium project is located directly adjacent to Li-Ft Power Lithium Project to the south, directly adjacent to Brunswick and Dios Explorations lithium projects to the north and ~23km west of Nemaska Lithium's Whabouchi lithium mine which hosts 27.3 million tonnes (Mt) of proven and probable reserves. The Nemaska2 Extension is a continuous extension of the Company's existing Nemaska2 lithium project (see March 17, 2023 Press Release for details) bringing the total land package to 8,300 hectares. The Nemaska2 Extension covers several geological areas, containing Archean pink granite and pegmatite as well several outcrops with similar geology as Pontax Lithium showing with the Formation d'Anatacau-Pivert 1 amphibolitized basalt and amphibolite. The Pontax Lithium showing is located 40km to the west. There are several lithium metal lake bottom sediment anomalies combined with other anomalous critical elements. The geochemical signature is comparable to that observed at Pivert-Rose and Pontax-Lithium, with higher values in the secondary environment.
Rob Birmingham, CEO of Brigadier Gold Limited, comments, "We are very pleased to have quickly closed on this key extension to Nemaska2, bringing our total claims in the James Bay region to 8,300 hectares. Importantly, the contiguous land package hosts easily accessible on-site infrastructure, including the regions primary east-west highway, powerline, aerodrome, railway and an accommodations camp; thus allowing for an expeditious and cost efficient exploration program. We look forward to updating our shareholders in the near future as we prepare to examine the property for its lithium potential."
Option Agreement Terms
Under the terms of the Option Agreement, in order to acquire a 100% interest in and to the Nemaska2 Extension, subject to a 2% NSR and Bonus in favor of the Optionor, the Vendor must pay an aggregate of $250,000, including a cash payment of $10,000 within fourteen days of the effective date of the Option Agreement; a cash payment of $40,000 within ninety days of the effective date of the Option Agreement; and cash payments of $100,000 or at the Company's discretion, issuance to the Optionor of shares in the Company with a then equivalent value of $100,000, on each of the first, and second anniversaries of the Effective Date of the Option Agreement. Under the terms of the Option Agreement, the Optionor will receive a one-time payment in the amount of $1 million, in cash or shares of the Company, in the event a report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") establishes mineral resources valued over $100,000,000 with respect to the Nemaska2 Extension (the "Bonus").
Closing of the transaction is subject to approval of the TSXV.
Mr. Garry Clark, P. Geo., a member of the Company's Board of Directors, a "Qualified Person" under NI 43-101, is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
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 release.
Forward-Looking Information Cautionary Statement
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements include those relating to obtaining TSXV consent for the transaction, as there is no assurance the transaction will be completed as planned or at all. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's ability to complete all payments and expenditures required under its mineral property option agreements; and other risks and uncertainties relating to the actual results of current exploration activities; the possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company's expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); environmental and regulatory requirements; availability of permits, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company 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 Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: Brigadier Gold Limited
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