14 December 2021
Vancouver, British Columbia – (December 14, 2021) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4X0) (“Rover” or the “Company”) is pleased to announce that it has received a $100,000 exploration grant for its Cabin Gold Project, NT, Canada from the Government of the Northwest Territories’ Mining Incentive Program (“MIP”). MIP received additional 2021 funding from the Canadian Northern Economic Development Agency (CanNor) under its mandate to ensure that mineral resource exploration and development continues to flourish in the north.
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 length. On November 24, 2020, the Company reported an intersection of 32 meters of continuous gold averaging 13.6 grams per ton Au from the Arrow Zone. Rover’s 2020 expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at the Arrow Zone. The Arrow Zone remains open at depth, underneath Cabin Lake, and is only accessible for expansion drilling in the winter months. 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. The Arrow Zone will see expansion drilling commencing in Q1-2022.
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. As released on December 6, 2021, the Company has delineated a second medium-to-high grade zone at the Beaver Zone, highlights which included 6.4 meters of 4.63 g/t Au (from 42.6m to 49.0m), including 2.6 meters of 7.80 g/t Au. The Beaver Zone will see expansion drilling commencing 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 the mineral inventory 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.
Judson Culter, CEO at Rover Metals, states “adding $100,000 to our working capital sets us up for success in Q1-2022 as we focus on expansion drilling at the highest-grade gold zones on the Cabin Gold Project. Receiving tailwinds like these from government really make us feel excited about the future of this project.”