Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF)
(“
Rover” or the “
Company”) is
pleased to announce a non-brokered flow-through unit financing (the
“Units”) for $200,000. Each Unit is priced at $0.08 and is
comprised of one common share and one-half (1/2) of a common share
purchase warrant (the “$0.08 FT Unit Financing”). The warrants have
an exercise price of $0.12 per warrant share, and a life of two
years. Rover is also pleased to announce that the financing is now
fully subscribed and that it has received permission from the
Toronto Venture Exchange (the “TSXV”) to close, as of the date
hereof. There will be 2,500,000 common shares and 1,250,000 common
share purchase warrants issued in connection with this financing.
There will be the standard 4-month regulatory hold period for both
the common shares and the common share purchase warrants in
connection with this financing. No financing fees have been paid in
connection with this financing.
Closing of the $0.08 FT Unit
Financing
Legendary junior mining investor, Tookie Angus,
has purchased 100% of the $0.08 FT Unit Financing allocation,
adding to his existing position in the Company.
Use of Proceeds
The use of proceeds of the financing will be for
Phase 3 Winter Exploration activities at the Cabin Gold Project.
Starting this month, the Company will begin building the ice drill
pads on Cabin Lake needed for follow-up drilling at the Arrow Zone.
In Q4-2020, the Company reported an intersection of 32
meters of continuous gold averaging 13.6 grams per ton Au
from the Arrow Zone. The Arrow Zone remains open at depth,
underneath Cabin Lake, and is only accessible for expansion
drilling in the winter months. The release of the map location of
the ice drill pads will be part of a future updating news
release.
Update on Timing of Summer 2021 Phase 2
Exploration Results
COVID-19 logistic delays at the testing
laboratories continue to cause delays in the reporting process for
junior miners. Rover expects to have a news release out next week
with an update on the timing of the release dates of its Summer
Phase 2 Exploration Results.
About the Cabin Gold
Project
In September 2020, Rover kicked-off its first
exploration drilling program at the historic Cabin Gold Project.
The exploration program included both confirmation and expansion
drilling of historical high grade gold drill intercepts in the
“Arrow Zone” area of the historic Bugow Iron Formation. The Bugow
Iron Formation is the controlling structure for the gold
mineralization on the property and is over 15 km in at or near
surface length. Rover’s 2020 expansion drilling included the
discovery of what it believes to be a primary gold bearing ore
shoot at the Arrow Zone. Rover’s 2020 drill program was the initial
step towards confirming and expanding the historic 100,000 tons at
0.30 Oz/ton Au* historic resource estimate, reported for the Arrow
Zone, towards a NI 43-101 compliant mineral resource estimate.
In July 2021, Rover commenced a Phase 2
Exploration Program at the Cabin Gold Project. The goal of the
Phase 2 Exploration Program was the discovery and definition of
new, near surface, gold bearing zones along the Bugow Iron
Formation. The Company focussed on five known historic targets
areas: (1) the Beaver; (2) the Andrew South; (3) the Andrew North;
(4) the Camp South; and (5) Camp North. As of the date hereof, the
Company is still waiting on results of its summer exploration
program. Any new discoveries will form part of the Company’s Phase
3 Winter Exploration Program slated to begin in Q1-2022.
(*) 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 Metals
Rover is a precious metals exploration company
specialized in North American precious metal resources, that is
currently advancing the gold potential of its existing projects in
the Northwest Territories of Canada (60th parallel). The Company
commenced Phase 2 Exploration at its Cabin Gold Project in the
summer of 2021, and is planning to commence Phase 3 Exploration in
Q1-2022.
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.comPhone: +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 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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