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DeepRock Minerals Signs Agreement to Acquire Land Package Near Sigma Lithium in Brazil
VANCOUVER, CANADA – TheNewswire - February 09, 2023 – DeepRock Minerals Inc. (the “Company”) (CSE:DEEP), is pleased to announce it has entered into an option ag
About this update from Allied Critical Metals Inc.
[{"type":"text","content":"VANCOUVER, CANADA – TheNewswire - February 09, 2023 – DeepRock Minerals Inc. (the “Company”) (CSE:DEEP), is pleased to announce it has entered into an option agreement to acquire a 100% interest in the Esperança Lithium Property (the “Property”) with BHBC EXPLORAÇÃO MINERAL LTDA. and RTB GEOLOGIA E MINERAÇÃO LTDA, both limited companies incorporated and existing under the laws of Brazil (together the “Optionor”). The Esperança Lithium Property is a 2,969.15-hectare mineral claim package comprising 1.5 contiguous claim blocks in Brazil’s Minas Gerais State, a mining-friendly jurisdiction located approximately 40 kms west of Sigma Lithium’s Grota do Cirilo property, the largest lithium hard rock deposit in the Americas. The Property covers mapped metasediments of the Salinas Formation (unit 1), comprising mica-quartz and quartz-mica schists, as well as locally occurring meta-conglomerates and micaceous quartzites (CPRM Geology map, 1:250:000 scale; 2016). This is the same unit of the Salinas Formation that has been mined by CBL for spodumene lithium for 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 to identify potential exploration targets. Claims map of the Esperança Lithium Property in relation to CBL and SIGMA. Salinas Formation in blue, intruding granitoids in various shades of pink to red (After CPRM Geology Map, 2016). DeepRock’s option to acquire a 100% right, title, and ownership interest in the Property over a 3-term period comprising CA$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 Company will have the right to purchase 1% of the NSR for CA$500,000. The Option Periods and payment schedule (in Canadian dollars): Option Period 1 – February 8, 2023 to September 30, 2023 $25,000 cash and issuance of 100,000 shares within 5 days of signing the term option agreement; $100,000 in exploration expenditures before September 20, 2023. Option Period 2 – October 1, 2023 to September 30, 2024 $25,000 cash and issuance of 100,000 shares due October 1st, 2023; $100,000 in exploration expenditures before Septe...