⚠️ SPONSORED CONTENT ⚠️
Brunswick Exploration’s two main Quebec assets are the Mirage project and the Anatacau Main project, both in the Eeyou Istchee James Bay region. It also has early-stage ground in Greenland and Saudi Arabia. Most of this conversation was about the recent 202 m spodumene-bearing pegmatite intercept at the Anaïs dyke on Anatacau, and what it means for the company’s priorities, with a shorter update on Greenland and Saudi.
TL;DR
Hole 15 at Anatacau hit 202m (aparent width) of pegmatite with a visual estimate of about 25% spodumene and an estimated true thickness of roughly 150m. Assays are pending, but Killian said he expects 1.3% to 1.6% Li2O. The hole about 130 m above it graded 1.31% over a width that included more host rock. He openly said Anatacau could replace Mirage (52 Mt inferred resource at about 1%) as the flagship. The company has about C$2.5M in hard dollars, which he said is enough to finish this program and the year. He also said a raise is possible “with the right shareholders,” and that insiders have taken part in every past financing. Hole 15 assays are expected in the first half of October, the remaining Anatacau holes by early November, and then a larger follow-up program is expected.
What have they done for shareholders lately?
Since we last spoke in April, they started the summer season at Mirage, testing near-surface, higher-grade zones outside the current resource. The goal there is to lock in roughly the first 10 years at well above resource grade before starting an economic study in about 12 months. Forest fires delayed the start by about three weeks. Partway through the Mirage program, they moved the rig to Anatacau and hit the 202 m interval. Killian told me the host basalt around the dyke carries over 1% lithium in alteration. He also said they are seeing 2% to 3% cesium over 5 to 10 m, which the Galaxy deposit 20 km away never showed. He reads this as a separate, strong system that thickens at depth. I asked whether the 202 m is one dyke or several stacked ones. He said it is one dyke with small host rock inclusions, and that the 9 m and 21 m pegmatites higher in the hole are separate. Holes 11 and 13 fell outside the main structure. Hole 11 still hit near-surface pegmatite.
How much money do they have and what are they spending it on?
They have about C$2.5M in hard dollars. The market cap is about C$56.5M on 282.5M shares at C$0.20. Current spending is on finishing helicopter-supported drilling at Anatacau, with the last hole wrapping up by the end of September. After that they will design a larger program, possibly 5,000 to 10,000 m and possibly ground-supported to cut costs. No financing was announced. Killian mentioned non-dilutive options, and said insiders are blacked out for now but he expects more insider buying later. He said G&A has stayed low because the same team runs all the projects, and that Saudi work is cheap because it is done by road.
Upcoming catalysts
Technical: Hole 15 assays in the first half of October. Assays for the remaining Anatacau holes by the end of October or early November. Mirage assays after that, since he deliberately wants the market to absorb Anatacau first. A larger Anatacau drill program is planned for the winter.
Operational: Prospecting in Saudi Arabia is planned for the winter months, and drilling in Greenland has been pushed to next year.
Corporate: A possible financing once the blackout lifts, possible insider buying, and a heavy conference and roadshow schedule in North America and Europe over the next six months.
Risks in the next months
The new part of the BRW story currently rests on one hole with visual estimates only. If assays come in below the 1.3% to 1.6% range Killian gave, much of the recent share price move could reverse. The thickening at depth and the single-dyke interpretation are still management’s working model, and they need more drilling to confirm. Whether there was one intrusive pulse or several is still open. With about C$2.5M in cash and a bigger program coming, dilution is likely. Greenland has already slipped once and could slip again. Management also flagged the risk of stretching the team across Anatacau, Mirage, Greenland and Saudi at the same time.
Brunswick Exploration CEO Interview
VERY IMPORTANT WARNING
Please note that this company has paid Resource Talks for the creation of this content. This website is a business that charges for the creation and publication of content. This means there will always be a potential conflict of interest which means you can never rely on anything said herein.
By consuming this content, you acknowledge that Resource Talks and/or its affiliates and/or their personnel may own, have owned, or will own interests in and/or may have a business relationship with some or all companies/entities mentioned/featured in this publication. You further acknowledge that entities which may be referenced or featured in this publication or their related parties may hold an interest in Resource Talks or its affiliates, which may create further conflict of interest.
The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.
