Rover Metals Begins Drilling at Cabin Lake
Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) is pleased to announce that after more than 30 years, exploration drilling has started at its 100% owned Cabin Lake gold project.
Rover Metals Corp. (TSXV:ROVR,OTCQB:ROVMF) (“Rover Metals” or the “Company”) is pleased to announce that after more than 30 years, exploration drilling has started at its 100% owned Cabin Lake gold project. The Company has budgeted for approximately 1,100 meters of drilling which will include confirmation drilling of historical high grade gold drill intercepts in the Bugow Cabin Lake gold zone. The drill program is the initial step towards bringing confirming and expanding the historic 100,000 tons at 0.30 Oz/ton* Bugow historic resource estimate to a NI 43-101 complaint mineral resource estimate and is also a stepping-stone to advancing the Company’s new exploration strategy for the property. Historic drill intersects reported in the Cabin Lake Gold Zone include DDH86-28 with 14.98 g/t Au over 12.1m.
Other high-grade gold historic intersects include holes DDH 86-13 with multiple gold intersects including 7.74g/t Au over 1.52m and 6.85 g/t Au over 3.04m and 15.77 gpt Au over 6.09m. DDH 86-10 reported 9.53 g/t Au over 0.95m and 12 g/t Au over 8.84m. DDH 86-12 reported 15.77 g/t Au over 8.02m. Rover Metals’ program is designed to go back to that zone to both confirm those grades. (*)
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. Unit Financing As released on September 4, 2020, the Company has now closed the second tranche of the Unit Financing for gross proceeds of $349,920.00 (the “Second Units”).
Each unit is comprised of one common share and one common share purchase warrant (the “Second Warrants”). The Second Units were issued at $0.06 per unit, resulting in the issuance of 5,832,000 common shares and 5,832,000 warrants. The Second Warrants have an exercise price of $0.12 per warrant share, a life of two years, and an acceleration clause if the Company’s common shares trade at $0.20 per common share for five consecutive days. The Company has now raised a total of $624,920.04 from both the first and second closings of this financing. The Company expects to close the remainder of the $475,079.94 left in the Unit Financing, shortly. 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 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.
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ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director For further information, please contact: Judson Culter Email: email@example.com Phone: (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.