Rover obtains Winter Access Road Permit to Cabin Lake Gold Property and Mobilizes for Winter Exploration
February 16 2021 - 8:00AM
Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:
4XO) (“
Rover” or the
“
Company”) is pleased to announce that it has
obtained an amendment to its exploration land use permit at its
Cabin Lake Gold Property to allow for winter road access (the
“Cabin Lake Access Road”). The amendment allows for winter road
access off of Highway NT3, at the town of Behchoko, NT, directly to
site. The First Nations Tlicho Government, in additional to the
territorial government and regulatory water board, were all
approving parties to the permit amendment and access agreement. Use
of the Cabin Lake Access Road will extend to July 19, 2023
(extendable for an additional two years thereafter) and will
materially decrease the Company’s winter exploration costs (see
below). Upon receipt of the good news, the Company has now made
plans to immediately mobilize its winter exploration equipment to
Cabin Lake, and it anticipates commencing exploration drilling in
early March (see below).
Judson Culter, CEO at Rover, states, “The Cabin
Lake Access Road is a huge win and a stepping-stone for the Company
and its stakeholders. The access road will reduce the
Company’s all-in diamond drilling costs by approximately
35% moving forward, and allow it to maximize stakeholder
value. The access road also opens the door to other future
opportunities such as potential access to mills and mining
operations in the area. Cabin Lake is situated 120km from the city
of Yellowknife.”
Winter Exploration Plans for Cabin Lake
Gold PropertyOn September 8, 2020, Rover kicked-off its
first exploration drilling program the Cabin Lake Gold Property.
The exploration program included both confirmation and expansion
drilling of historical high grade gold drill intercepts in the
Bugow “Cabin Lake Gold Zone.” Rover’s expansion drilling included
the discovery of what it believes to be a primary gold bearing ore
shoot at the Cabin Lake Gold Zone (see Figure 1 below). As released
on November 24, 2020, drill hole CL-20-08 intersected 32
meters of continuous gold averaging 13.6 grams per ton Au.
The significance of hole CL-20-08 is that economic gold grades
start at just 17.5 meters from surface, and the hole has identified
a northwest trend and a plunge at depth, of the gold mineralization
in the ore shoot zone. Hole CL-20-08 also intersected and confirmed
historic holes DDH86-12 (15.77 g/t Au over 8.02m) and DDH86-28
(11.74 g/t Au over 16.0m). Rover believes the ore shoot is open at
depth and along strike.
Figure 1 – Drill Plan View Featuring Ore
Shoot
Rover’s September 2020 drill program was the
initial step towards confirming and expanding the historic 100,000
tons at 0.30 Oz/ton Au* Bugow historic resource estimate towards a
NI 43-101 compliant mineral resource estimate. Historic drill
intersects reported in the Bugow Cabin Lake Gold Zone also include
reported holes DDH 86-13 of 14.23 g/t Au over 6.1m; and DDH 86-10
with 10.84 g/t Au over 10.0m.
Starting in March 2021, the Company
plans to drill the Cabin Lake Gold Zone ore shoot at depth, as well
as several other brownfields targets that exist along the Bugow
Iron Formation (for example, the Andrew North Zone, the
Andrew South Zone, and the Beaver Zone – all part of the Cabin Lake
Property). The Company currently has identified at least 12 targets
as potential new ore shoot discoveries on the property. This is an
initial release. More details in terms of exact start date, planned
meterage and drilling budget will be released in the coming
weeks.
(*) 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. 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 is a
precious metals exploration company specialized in North American
precious metal resources, that is currently advancing the gold
potential of its Cabin Lake Gold Property.
You can follow Rover on its social media
channels:Twitter: https://twitter.com/rovermetalsLinkedIn:
https://www.linkedin.com/company/rover-metals/Facebook:
https://www.facebook.com/RoverMetals/for daily company updates and
industry news, andYouTube:
https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriberfor
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
InformationThis 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 be 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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