DeepRock enters lithium market with Brazilian acquisition

Canadian-based DeepRock Minerals has signed an option agreement with BHBC Exploração Mineral and RTB Geologia e Mineração to acquire the Esperança lithium property in southeast Brazil. 

The 2,969.15-hectare mineral claim package in the state of Minas Gerais is approximately 40 kilometres west of Sigma Lithium’s Grota do Cirilo property – the largest lithium hard rock deposit in the Americas.

Per the agreement, DeepRock can acquire a 100% right, title and ownership interest in the property over a three-term period comprising C$100,000 in total cash payments, issuance of 200,000 common shares, and an accumulative expenditure of $200,000 in exploration work. BHBC will retain a 2% net smelter royalty with the right to purchase 1% for $500,000.

DeepRock said it intends to immediately start prospecting, sampling, detailed mapping, and multispectral analysis of satellite data to identify potential exploration targets.

The junior miner has a polymetallic project in Romania as well as gold and gold/VMS projects in Canada.

Source: DeepRock Minerals

Related posts