(TheNewswire)
VANCOUVER, CANADA, September 26, 2023 – DeepRockMinerals Inc. (the “ Company ” or “DeepRock”) (CSE: “DEEP”), is pleased to announce it has entered into an option agreementto acquire a 100% interest in the Galileia Lithium Property (the“Galileia Property”) with ANTARES MINERAIS ENERGÉTICOS LTDA (the“Optionor” or (Antares”), a limited company incorporated andexisting under the laws of Brazil (the “Optionor”).
The Galileia Property covers 6,600 hectares comprising4 exploration permits and is in Brazil’s Minas Gerais State, amining-friendly jurisdiction. The geology shows the presence ofpegmatitic bodies formed during the Brasiliano age, associated withthe São Tomé Formation and the Rio Doce Group, which are commongeological units in south-eastern Brazil. These geological units arenotable for their association with critical minerals, includinglithium, niobium, tantalum, beryllium, and rare earth elements. Amongthese minerals, spodumene stands out as a key lithium-bearing mineral.
These pegmatite bodies also extend into the GaliléiaTonalite and Palmital Granodiorite, as well as various granitic rockformations. They occupy discordant fractures and typically have athickness of a few metres. In schistose hosts these pegmatites exhibitmedium to large dimensions, lenticular shapes, and zoning patterns.Tourmalines, feldspar, and muscovite features are commonly associatedwith these formations.
A recent surface sampling program conducted on theGalileia Property by Antares detected lithium (Li) along with elementslike rubidium, cesium, strontium, tantalum, and beryllium. Thesefindings suggest the potential presence of minerals such as spodumene,amblygonite, and lepidolite that may host lithium. The highlyweathered nature of surface soils and rocks in this region implies thepossible leaching of elements to deeper layers over time.
“In 2023 our strategic focus is on amassing asignificant land portfolio in Brazil to give us the best chances for anew lithium discovery. DeepRock has now assembled 9,600 hectares ofprospective ground in Minas Gerais, and we are very excited with thisprogress and the relationships we are developing in Brazil”commented Andrew Lee, CEO of DeepRock Minerals. He added“DeepRock’s initial lithium project, the Esperança Property, islocated just 40 kilometres west of Sigma Lithium drawing substantialregional attention. We remain committed to exploring the untappedlithium potential in Minas Gerais and will continue positioningourselves at the forefront in this endeavour.”
Figure 1. Location map of the Galileia Property in thestate of Minas Gerais, Brazil
Summary of DeepRock’s option toacquire a 100% interest in the Galileia Property:
-
A due diligence period ending October 21 st ,2023;
-
A cash payment of US$25,000 to be paid on or beforeOctober 20 th , 2023 to execute an 18-month exclusivity period to completeearn-in;
-
Complete a minimum US$200,000 in exploration work in 12months and a minimum US$300,000 in total exploration expendituresduring the option period;
-
To complete the purchase of the permits, the Companywill pay the Optionor US$300,000 in cash or shares at the solediscretion of the Optionor;
-
Additional compensation of US$800,000 (in cash orshares) with an inferred resource estimate of 5 million tonnes with aminimum average grade of 1.3% Li2O is established in a preliminaryeconomic assessment report (“PEA”);
-
Further compensation of US$200,000 (in cash or shares)should the resource estimate be expanded to 15 million tonnes or morewith a minimum average grade of 1.3% Li2O; and
-
The Optionor will retain a 2% net smelter royalty(“NSR”).
Doug Blanchflower (P.Geo.), a qualified person in accordance withNational Instrument 43-101, has reviewed and approved the technicalcontent of this news release.
About DeepRock Minerals Inc.
DeepRock Minerals is a Canadian mineral explorationcompany headquartered in Vancouver, British Columbia engaged in theacquisition, exploration, and development of mineral resourceproperties.
ON BEHALF OF THE BOARD OFDIRECTORS
Andrew Lee
Chief Executive Officer
andrew@deeprockmineralsinc.com
778-302-2257
Cautionary Note RegardingForward-Looking Statements:
Neither the Canadian Stock Exchangenor its Regulation Services Provider accepts responsibility for theadequacy or accuracy of this release. This news release contains"forward-looking information" including statements withrespect to the future exploration performance of the Company. Thisforward-looking information involves known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any future results, performance or achievements of the Company,expressed or implied by such forward-looking statements. These risks,as well as others, are disclosed within the Company's filing on SEDAR,which investors are encouraged to review prior to any transactioninvolving the securities of the Company. The forward-lookinginformation contained herein is provided as of the date of this newsrelease and the Company disclaims any obligation, other than asrequired by law, to update any forward-looking information for anyreason. There can be no assurance that forward-looking informationwill prove to be accurate and the reader is cautioned not to placeundue reliance on such forward-looking information.
Copyright (c) 2023 TheNewswire - All rights reserved.