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DeepRock Minerals to acquire lithium property in Brazil

Published by , Editorial Assistant
Global Mining Review,

DeepRock Minerals Inc. has announced that it has entered into an option agreement to acquire a 100% interest in the Esperança Lithium Property with BHBC EXPLORAÇÃO MINERAL LTDA. and RTB GEOLOGIA E MINERAÇÃO LTDA, both limited companies incorporated and existing under the laws of Brazil. The Esperança Lithium Property is a 2969.15 ha. mineral claim package comprising 1.5 contiguous claim blocks in Brazil’s Minas Gerais State, a mining-friendly jurisdiction located approximately 40 km 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, comprising mica-quartz and quartz-mica schists, as well as locally occurring meta-conglomerates and micaceous quartzites. 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.

DeepRock’s option to acquire a 100% right, title, and ownership interest in the property over a 3-term period comprising CAN$100 000 in total cash payments, issuance of 200 000 common shares, and an accumulative expenditure of CAN$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 CAN$500 000.

Read the article online at: https://www.globalminingreview.com/mining/10022023/deeprock-minerals-to-acquire-lithium-property-in-brazil/

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Lithium mining news South American mining news