(TheNewswire)
VANCOUVER, CANADA – TheNewswire- February 09, 2023 – DeepRock Minerals Inc.(the “ Company ”) (CSE:DEEP), is pleased to announceit has entered into an option agreement to acquire a 100% interest inthe Esperança Lithium Property (the “Property”) with BHBCEXPLORAÇÃO MINERAL LTDA. and RTB GEOLOGIA E MINERAÇÃO LTDA, bothlimited companies incorporated and existing under the laws of Brazil(together the “Optionor”). The Esperança Lithium Property is a2,969.15-hectare mineral claim package comprising 1.5 contiguous claimblocks in Brazil’s Minas Gerais State, a mining-friendlyjurisdiction located approximately 40 kms west of Sigma Lithium’sGrota do Cirilo property, the largest lithium hard rock deposit in theAmericas.
The Property covers mapped metasediments of the SalinasFormation (unit 1), comprising mica-quartz and quartz-mica schists, aswell as locally occurring meta-conglomerates and micaceous quartzites(CPRM Geology map, 1:250:000 scale; 2016). This is the same unit ofthe Salinas Formation that has been mined by CBL for spodumene lithiumfor almost 30 years and hosts Sigma’s Grota do Cirilo deposit. DeepRock intends to immediately start prospecting, sampling,detailed mapping, and multispectral analysis of satellite data toidentify potential exploration targets.
Claims map of the Esperança Lithium Property inrelation to CBL and SIGMA. Salinas Formation in blue, intrudinggranitoids in various shades of pink to red (After CPRM Geology Map,2016).
DeepRock’s option to acquire a 100% right, title, andownership interest in the Property over a 3-term period comprisingCA$100,000 in total cash payments, issuance of 200,000 common shares,and an accumulative expenditure of CA$200,000 in exploration work. BHBC will retain a 2% Net Smelter Royalty (“NSR”), but the Companywill have the right to purchase 1% of the NSR for CA$500,000.
The Option Periods and paymentschedule (in Canadian dollars):
Option Period 1 – February 8, 2023 to September 30,2023
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$25,000 cash and issuance of 100,000 shares within 5days of signing the term option agreement;
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$100,000 in exploration expenditures before September20, 2023.
Option Period 2 – October 1, 2023 to September 30,2024
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$25,000 cash and issuance of 100,000 shares due October1 st ,2023;
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$100,000 in exploration expenditures before September20, 2024
Option Period 3 – October 1, 2024 to September 30,2025
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$50,000 cash payment before September 20,2025.
Doug Blanchflower (P.Geo.), a qualified person inaccordance with National Instrument 43-101, has reviewed and approvedthe technical content 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 news release and the Companydisclaims any obligation, other than as required by law, to update anyforward-looking information for any reason. There can be no assurancethat forward-looking information will prove to be accurate and thereader is cautioned not to place undue reliance on suchforward-looking information.
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