Option 1 states that both statements are true and that Statement II is the correct explanation of Statement I. Let`s analyze each statement individually to determine their accuracy.

Statement I claims that minerals are formed by the slow cooling of magma. This statement is generally true. When magma cools slowly, the atoms have more time to arrange themselves into a crystalline structure, resulting in larger crystals. These crystals are the minerals that form.

Statement II claims that very small crystals are formed when lava cools quickly on the surface. This statement is also true. When lava cools quickly, there is less time for the atoms to arrange themselves into a crystalline structure, resulting in smaller crystals or even no visible crystal formation.

Now, let`s assess whether Statement II is a correct explanation of Statement I. Although both statements discuss the cooling process and crystal formation, they are not directly related. Statement II does not provide an explanation for the formation of minerals through slow cooling of magma. Instead, it discusses the formation of small crystals when lava cools quickly. Therefore, Option 1 is incorrect.

Option 2 states that both statements are individually true but Statement II is not the correct explanation of Statement I. This option is correct based on our analysis.

Option 3 claims that Statement I is true