Business
DeepRock Minerals Amends Golden Gate Project Option Agreements To Expedite Earn-In
Vancouver, BC, April 17th, 2024 – TheNewswire – DeepRock Minerals Inc. (CSE: DEEP) ("DeepRock" or "the Company"), is pleased to announce amendments to its optio
About this update from Allied Critical Metals Inc.
[{"type":"text","content":"Vancouver, BC, April 17th, 2024 – TheNewswire – DeepRock Minerals Inc. (CSE: DEEP) (\"DeepRock\" or \"the Company\"), is pleased to announce amendments to its option agreements concerning the Fall Grid Property and the Lugar Property, comprising the Golden Gate Project. Under these amendments, there is no change in the total cash payments, however, the transactions will involve the issuance of shares and eliminate all commitments on exploration expenditures. Falls Grid Property Under the revised terms, DeepRock will achieve full earn-in status for the Falls Grid property by making a cash payment of $50,000 and issuing 500,000 shares ($10,000 value) to the Optionor. The Optionor will retain a 2% Net Smelter Returns (“NSR”) royalty on the Falls Grid property. For more details on the Falls Grid option agreement please read the August 7th, 2019 news release. https://tinyurl.com/4r243rrt Lugar Property Similarly, DeepRock will acquire 100% interest in the Lugar property through a cash payment of $105,000 and the issuance of 1,000,000 shares ($20,000 value) to the Lugar Optionor (“Lugar Optionor”), with no further exploration expenditure requirements. The Lugar Optionor will also retain a 1.25% NSR royalty on the property. For further information on the Lugar option agreement please read the July 22nd, 2021 news release. https://tinyurl.com/46fysf7d The acquisition of both properties is expected to be finalized on or before April 30th, 2024. Andrew Lee, CEO of DeepRock Minerals, stated: \"This marks a significant milestone in our restructuring plans for the Company. With these agreements in place, we are on track to finalize the acquisition of two key properties in New Brunswick, securing 100% interest. I feel DeepRock is very close now to being in a great position to deliver substantial value to our shareholders.\" About the Golden Gate Project The Golden Gate project is situated within the Bathurst Mining Camp which lies towards the northern end of a northeasterly trending belt or terrane of Cambrian- to Ordovician-age, sedimentary and volcanic rocks. This terrane is unconformably overlain by or in fault contact with Silurian rocks to the north and west, and unconformably overlain by Carboniferous rocks to the east. The regional geology has rocks that belong to the Dunnage and Gander zones of the Canadian Appalachians an...