Update on Exploration Drilling at High-Grade Gold Cabin Lake Project
The Company is pleased to announce that it has successfully intersected the sulfide replacement of the Bugow Iron formation in the target zone.
Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (“Rover Metals” or the “Company”) further to its release of September 8, 2020, the Company has completed drilling and logging of its first drill hole at its 100% owned Cabin Lake gold project, NWT, Canada. The Company is pleased to announce that it has successfully intersected the sulfide replacement of the Bugow Iron formation in the target zone.
Cabin Lake Exploration Program
Drilling is progressing at Cabin Lake and the first hole has been completed successfully intersecting the gold mineralized zone at the Bugow Iron formation in the vicinity of drill hole 86-28 that historically reported 14.98 g/t Au over 12.1m. New hole CL-20-01 successfully intersected the sulfidized Bugow Iron formation, host of the gold mineralization at 24.29m in a sheared/deformed upper zone (see link below), consistently showing up to 50% sulfide mineralization (pyrite, pyrrhotite replacements), and pervasive quartz veining/flooding. Sulphide mineralization along with deformation/shearing and quartz flooding continues from 24.29m to 44.90m. Below this mark, the sulphide mineralization within the Bugow Iron Formation drops to less than five percent (5%), and the deformation drops its intensity, being more amphibolitic rich, and magnetite rich towards the lower contact at 80.53m.
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 compliant 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.
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
Chief Executive Officer and Director
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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.
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