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DeepRock Minerals Expands Land Package in Romania By 461%



DeepRock Minerals Inc.

 

VANCOUVER, CANADA – TheNewswire - September 1, 2021 - DeepRock Minerals Inc. (the “Company” or “DeepRock”) (CSE:DEEP) (CNSX:DEEP.CN) is pleased to announce the Company has entered into a purchase agreement to acquire a 100% interest in a prospective exploration property located in Romania’s northern Apuseni Mountains and approximately 5 km NE from the Company’s Zapozilor Polymetallic Gold Project.  This expansion will increase DeepRock’s land position in Romania from 764 hectares to 3,528 hectares (461%).

 


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Google Earth – Plan View

 

This land package also represents a significant gain in resource exploration upside potential for DeepRock, with both properties hosting significant reported gold-bearing mineral showings and historical underground workings with advanced development projects.  

 

The purchase agreement’s key terms for DeepRock to acquire 100% right, title and ownership interest in the property and exploration license include:

 
  • - Cash payment of $275,000 CAD on signing;

 
  • - Issuance of 9 million common shares of the Company at a deemed price of $0.08 per common share to the Vendor when the exploration license is granted to DeepRock or its subsidiary;

 
  • - Bonus shares - issuance of an additional 9 million common shares of the Company at a deemed price of $0.08 per common share to the Vendor upon the acceptance for filing of an independent resource estimate of no less than one million ounces of gold with a minimum cut-off grade of 1 gpt in accordance with NI 43-101;

 
  • - 2% Net Smelter Royalty (“NSR”) payable to the Vendor whereby DeepRock can purchase or buy back each half (or 1%) of NSR for one million CAD.

  • - No third-party finder fees are applicable to the above.

 

“After completing our restructuring 6 months ago, we have strategically increased our land positions in 2 key areas, first in New Brunswick from 270 to 3,070 hectares, and now in Romania to over 3,500 hectares.  We believe we have built a solid foundation for strong exploration upside potential once drills start turning.” commented, Andrew Lee, CEO of DeepRock.

 

Corporately, DeepRock is pleased to announce the appointment of Mr. Keith Margetson, CPA as the Company’s new CFO. Mr. Margetson qualified as a chartered accountant in 1975 and has had his own firm since 1992.  He has been in public accounting for over four decades, both as an auditor and in providing services to public and private companies.  He is a member of the BC Institute of Chartered Professional Accountants and has served as CFO for six other publicly traded companies.

 

Douglas Blanchflower, P. Geo., a Qualified Person in accordance with NI 43-101, has reviewed and accepted the technical disclosure contained in this news release.

 

About DeepRock Minerals Inc.

 

DeepRock Minerals is a Canadian mineral exploration company headquartered in Vancouver, British Columbia. DeepRock’s primary focus is in acquiring and developing advanced stage exploration and development mining projects.

  

ON BEHALF OF THE BOARD OF DIRECTORS

 

Andrew Lee

Chief Executive Officer, Director

andrew@deeprockmineralsinc.com

778-302-2257

 

Cautionary Note Regarding Forward-Looking Statements:

 

Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.