DeepRock Minerals to acquire lithium property in Brazil

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/