Impact: Positive
Brunswick reported the final set of assays from its 36-hole (5,090m) drill program, completed at its 100%-owned Mirage Li-pegmatite project in the James Bay region of Quebec. Eight of the ten reported holes were completed at the Central zone and identified two new pegmatite dykes (MR-5 and MR-6). We believe this maiden drill campaign was very successful with mineralization encountered in almost all 36 holes completed and several blind discoveries made. Five of the six dykes drilled returned grades of over 1.5% Li2O over widths of +10m, within an area measuring 2km x 2km. Brunswick continues to be one of our top picks and we believe the ~28% decline in the stock price on the back of this news was unwarranted. We attribute the drop to the general weakness in Li equities and believe the lower price point represents a valuable buying opportunity for investors interested in the grassroots Li exploration space.
