DeepRock Minerals to acquire lithium project in Brazil
DeepRock Minerals announces option to buy 100% interest in Esperança Lithium Property in Brazil with BHBC EXPLORAÇÃO MINERAL and RTB GEOLOGIA E MINERAÇÃO. The 2,969.15-hectare property is located near Sigma Lithium's deposit and covers metasediments of the Salinas Formation. DeepRock will start exploring the area for potential targets.
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.
The acquisition terms include cash payments, stock issuance, and exploration spending over 3 years. BHBC will retain a 2% NSR, but DeepRock has the option to buy 1% for CA$500,000.