Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF)
(“
Rover Metals” or the “
Company”)
further to its releases of September 15, 2020, and September 21,
2020, the Company is pleased to provide an update on its drilling
at its 100% owned Cabin Lake gold project.
Cabin Lake Exploration
ProgramAs of Friday, October 2, 2020, 550 meters of
diamond core drilling has been distributed over seven holes. The
seven holes are twinning the majority of the high-grade gold
mineralized intercepts reported in the historic holes of the
historical mineral resource estimate completed by Aber Resources
Ltd(*).
Six of the seven holes have successfully
intersected the equivalent intervals of the historic gold
mineralized zone at the Bugow Iron Formation location at Cabin
Lake. Drilling is targeting the sheared sulfide-rich upper contact
in two different orientations: one set of holes have been drilled
parallel to the historic sections (twinning), and the second set of
holes have drilled oblique to both (a) the iron formation and (b)
to what the company has interpreted as a conceptual model of a
possible deformation zone, testing its influence in the
distribution and control of the sulfide enrichment and subsequent
gold mineralization.
- Hole CL-20-04
targeted the equivalent gold mineralized interval historically
reported in hole 86-13 (7.74 g/t Au over 1.52m and 6.85g/t Au over
3.04m and 15.77g/t Au over 6.09m)
- Hole CL-20-05
targeted the equivalent gold mineralized interval historically
reported in hole 86-10 (9.53 g/t Au over 0.95m and 12.0 g/t Au over
8.84m) and 86-26 (12.54 g/t Au over 4.1m)
- Hole CL-20-06
targeted the equivalent to the upper sheared contact of the Bugow
Iron Formation based on the projection of holes 86-24 and 86-29,
with no historic mineralized intervals reported. However, new hole
CL-20-06 intersected a strongly sulfidized zone in the upper
contact of the iron formation at shallow depth (see photo
below)
Strongly sulfidized (pyrite-pyrrhotite) upper
contact of the Bugow amphibolitic iron formation in hole
CL-20-06
- Hole CL-20-07
targeted the equivalent gold mineralized interval historically
reported in hole 86-23 (9.81 g/t Au over 6.15m, including 14.46g/t
Au over 2.80m)
The Company has now achieved its confirmation
drilling goals for its Fall 2020 drill program. The remaining holes
planned for this Fall 2020 drill program will step out to the north
of the Cabin Lake gold zone following the sheared sulfidized upper
contact of the Bugow Iron Formation in areas of sparser historical
drilling testing for continuity.
(*) As per Section 2.4 of NI 43-101, Aber
Resources Ltd. reported a mineral inventory (that does not compare
to the current CIM Definitions Standards mineral resource
categories) of 100,000 tons at 0.30 ounces per ton gold at the
Cabin Lake Gold zone on the north limb of the folded Bugow Iron
Formation in their 1986 and 1987 annual reports. The parameters
used for the resource calculation are unknown. These results are
relevant as to delineate a larger zone of gold mineralization at
the Cabin Lake Gold Zone, but further drilling is needed to bring
that up to CIM Definition Standards. The reader is cautioned that a
Qualified Person has not done sufficient work to classify the
historical estimates as current mineral resources and Rover Metals
is not treating the historical estimates as current mineral
resources.
Advisor CompensationThe Company
has also applied to the Toronto Venture Exchange (the “TSXV”) to
seek approval of a common shares for services agreement with Robert
Schafer, for $2,500 per month in Advisor services for the period of
May 16, 2020 through to March 31, 2021 (the “Schafer Agreement”).
The Schafer Agreement is subject to approval by the TSXV, including
the per share value of the common shares. If approved, the Company
intends to make settlement of Schafer Agreement on a quarterly
basis. Any future common shares issued pursuant to the Schafer
Agreement will be subject to the required regulatory hold period.
This is an initial press release. The Company plans to issue a
further press release once it has completed the pending conditions
and provide the information prescribed by applicable policies of
the TSXV related to the Schafer Agreement.
Judson Culter, CEO at Rover Metals, states,
“Robert Schafer, P.Geo, is a key member of our business development
team. Mr. Schafer has nearly 40 years of experience in the mineral
industry, working in the international sector with both major and
junior mining companies. He is founder and Managing Director of
Eagle Mines Management, a globally active private natural resources
corporation. He has held executive and senior management positions
with Hunter Dickinson Inc., Kinross Gold Corp., and BHP Minerals
over the past 20 years. Throughout his career Mr. Schafer has
worked internationally, with notable experience in the far east of
Russia, Southern Africa, South America and Australia. His work has
included the structuring and implementation of successful
exploration strategies, project reviews and valuations leading to
acquisitions, and the management of local and expatriate
exploration teams operating in a wide variety of geologic
environments.”
Technical information in this news release has
been approved by Raul Sanabria, M.Sc., P.Geo., Technical Advisor
and shareholder of Rover Metals Corp. and a Qualified Person for
the purposes of National Instrument 43-101.
About Rover MetalsRover Metals
is a precious metals exploration company specialized in North
American precious metal resources, that is currently advancing the
gold potential of its existing projects.
You can follow Rover Metals 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: Judson Culter Email:
judson@rovermetals.comPhone: (604) 449-5347
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 or
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 will 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 or 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.
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