DeepRock Minerals Inc. announced 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 schistose 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.

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 USD 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 USD 200,000 in exploration work in 12 months and a minimum USD 300,000 in total exploration expenditures during the option period; To complete the purchase of the permits, the Company will pay the Optionor USD 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 USD 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.