VANCOUVER, BC / ACCESSWIRE / December 11, 2023 / Rover Metals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) ("Rover" or the "Company") is pleased to announce that the NI 43-101 Technical Report for the Cabin Lake Gold project (the "Cabin Technical Report") near to Yellowknife, NT, Canada, is nearing completion. The Company is incorporating three years of exploration data and drill programs (from 2020 to 2022) into the Cabin Technical Report. The Company anticipates that the report will be available the in the middle of Q1-2024.
On November 24, 2020, the Company reported multiple high-grade gold drill intercepts. Highlights of this release included drill results from the Arrow Zone at Cabin Lake of:
Hole ID | From | To | Length | Au g/t (weighted) |
CL-20-08 | 17.5m | 49.4m | 31.9m | 13.66 g/t Au |
CL-20-01 | 24.6m | 46.6m | 22.0m | 7.94 g/t Au |
CL-20-03 | 41.2m | 54.8m | 13.7m | 6.97 g/t Au |
CL-20-06 | 13.1m | 20.5m | 7.49m | 7.55 g/t Au |
For a full copy of the release click on the link above.
In 2021, the Company performed extensive geophysical exploration programs including LiDAR and regional airborne magnetic surveys, as well as detailed ground IP geophysics work that identified multiple sulphide anomalies along the Bugow Iron Formation that still have not been drilled. The Bugow Iron Formation at Cabin Lake is over 15km in surface length, and is considered to structurally control the gold at the project across multiple reported zones (the Arrow Zone, the Beaver Zone, and the Andrew Zone). Comparabes for the project are the historic Lupin Gold mine, as well as the Back River gold project in Nunavut, Canada.
Yellowknife, NT, Canada
The Yellowknife area of Canada is a proven mining district hosting an endowment of precious metals, diamonds, critical minerals such as lithium and cobalt, as well as several rare earth elements. Late-stage brownfields exploration projects in the area promise to bring new infrastructure and investment to the area aided by the Government of Canada's $1.5B Critical Minerals Infrastructure Fund. Fortune Minerals' NICO cobalt-gold-copper-bismuth project is a recent recipient of this federal government funding. The Cabin Lake Gold project is located approximately 40km from the NICO project. Other regional junior mining companies are likely to receive federal government funding in 2024. Lithium pegmatite discoveries made this summer in the Yellowknife Pegmatite Province by companies such as Canadian listed Li-FT Power and Australian listed Loyal Lithium are also contributing to increased private sector investment into the area on a global scale.
Terms for Sale
The 100% owned Cabin Lake Gold project is being offered for sale under a staged-ownership purchase option, including an up-front cash payment. The Company intends to retain a royalty on the project. The Cabin Technical Report will qualify the project as a listing asset for multiple stock exchanges. The report can be made compliant for an ASX listing upon request. Interested parties should contact the Company at info@rovermetals.com.
Judson Culter, CEO at Rover Metals, states, "The sale of an option for the Cabin Lake Gold project will help bring-in needed working capital for 2024. Management at Rover is focussed on the continued permitting work at its Let's Go Lithium project, NV, USA. The Company also has identified hard rock pegmatites at its IML project in the Northwest Territories. In 2024, we will be renewing our efforts to further explore and identify pegmatites at the IML project, including regional exploration in the Yellowknife Pegmatite Province, where the IML project is located. We have received a territorial government grant of $153,000 for exploration work at the IML project and we are pursuing federal government funding opportunities for the project as well."
Technical information in this news release has been approved by Dave White, M.Sc., P.Geo., Technical Advisor of Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
"Judson Culter"
Chief Executive Officer and Director
For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover's actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover's expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
SOURCE: Rover Metals Corp.
View the original press release on accesswire.com