DeepRock Minerals Acquires Additional 6,600 Hectares to Expand Lithium Portfolio in Minas Gerais, Brazil
Page 1 of 3 | DeepRock Minerals Inc. | #1518 – 800 West Pender St., Vancouver, BC V6C 2V6
DeepRock Minerals Acquires Additional 6,600 Hectares to Expand
Lithium Portfolio in Minas Gerais, Brazil
VANCOUVER, CANADA, September 26, 2023 – DeepRock Minerals Inc. (the “Company” or
“DeepRock”) (CSE: “DEEP”), is pleased to announce it has entered into an option agreement to acquire a
100% interest in the Galileia Lithium Property (the “ Galileia Property”) with ANTARES MINERAIS
ENERGÉTICOS LTDA (the “Optionor” or (Antares”), a limited company incorporated and existing under
the laws of Brazil (the “Optionor”).
The Galileia Property covers 6,600 hectares comprising 4 exploration permits and is in Brazil’s Minas
Gerais State, a mining-friendly jurisdiction. The geology shows the presence of pegmatitic bodies formed
during the Brasiliano age, associated with the São Tomé Formation and the Rio Doce Group, which are
common geological units in south -eastern Brazil. These geological units are notable for their association
with critical minerals, including lithium, niobium, tantalum, beryllium, and rare earth elements. Among
these minerals, spodumene stands out as a key lithium-bearing mineral.
These pegmatite bodies also extend into the Galiléia Tonalite and Palmital Granodiorite, as well as various
granitic rock formations. They occupy discordant fractures and typically have a thickness of a few metres.
In schist ose hosts these pegmatites exhibit medium to large dimensions, lenticular shapes, and zoning
patterns. Tourmalines, feldspar, and muscovite features are commonly associated with these formations.
A recent surface sampling program conducted on the Galileia Property by Antares detected lithium (Li)
along with elements like rubidium, cesium, strontium, tantalum, and beryllium. These findings suggest the
potential presence of minerals such as spodumene, amblygonite, and lepidolite that may host lithium. The
highly weathered nature of surface soils and rocks in this region implies the possible leaching of elements
to deeper layers over time.
“In 2023 our strategic focus is on amassing a significant land portfolio in Brazil to give us the best chances
for a new lithium discovery. DeepRock has now assembled 9,600 hectares of prospective ground in Minas
Gerais, and we are very excited with th is progress and the relationships we are developing in Brazil ”
commented Andrew Lee, CEO of DeepRock Minerals. He added “DeepRock’s initial lithium project, the
Esperança Property , is located just 40 kilometres west of Sigma Lithium drawing substantial regional
attention. We remain committed to exploring the untapped lithium potential in Minas Gerais and will
continue positioning ourselves at the forefront in this endeavour.”
Page 2 of 3 | DeepRock Minerals Inc. | #1518 – 800 West Pender St., Vancouver, BC V6C 2V6
Figure 1. Location map of the Galileia Property in the state of Minas Gerais, Brazil
Summary of DeepRock’s option to acquire a 100% interest in the Galileia Property:
• A due diligence period ending October 21st, 2023;
• A cash payment of US$25,000 to be paid on or before October 20th, 2023 to execute an 18-month
exclusivity period to complete earn-in;
• Complete a minimum US$200,000 in exploration work in 12 months and a minimum
US$300,000 in total exploration expenditures during the option period;
• To complete the purchase of the permits, the Company will pay the Optionor US$300,000 in cash
or shares at the sole discretion of the Optionor;
• Additional compensation of US$800,000 (in cash or shares) with an inferred resource estimate of
5 million tonnes with a minimum average grade of 1.3% Li2O is established in a preliminary
economic assessment report (“PEA”);
• Further compensation of US$200,000 (in cash or shares) should the resource estimate be
expanded to 15 million tonnes or more with a minimum average grade of 1.3% Li2O; and
• The Optionor will retain a 2% net smelter royalty (“NSR”).
Doug Blanchflower (P.Geo.), a qualified person in accordance with National Instrument 43-101, has
reviewed and approved the technical content of this news release.
Page 3 of 3 | DeepRock Minerals Inc. | #1518 – 800 West Pender St., Vancouver, BC V6C 2V6
About DeepRock Minerals Inc.
DeepRock Minerals is a Canadian mineral exploration company headquartered in Vancouver, British
Columbia engaged in the acquisition, exploration, and development of mineral resource properties.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew Lee
Chief Executive Officer
778-302-2257
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