16 August 2022
Vancouver, British Columbia – (August 16, 2022) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that it has signed a letter of intent to option a 90% ownership interest in the Indian Mountain Lake Volcanic Massive Sulphide project, NT, Canada. The Indian Mountain Lake Project, is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt. The project has a historical Zinc-Lead-Silver-Copper geological resource.
The Indian Mountain Lake VMS Project has had exploration dating back to the 1940’s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the project from Thompson Landing in the 1970’s. If this right of way were to be brushed out it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Tech Resources Zinc Refinery in Trial, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
Judson Culter, CEO at Rover Metals, states “we believe the Indian Mountain Lake VMS Project has the potential to be a Tier 1 Zinc and Copper project. The historical resource represents only 3% of the total land package. The blue sky on the remaining 97% of the greenstone belt is: (1) for additional zinc resources and; (2) a significant new copper discovery. Historical workings also document the presence of copper-gold skarn systems. The historic zones are open along strike and below a vertical depth of 150 meters.
In Canada, Zinc and Copper are on the Federal Government’s Critical Minerals List, and part of the Canadian Government’s Critical Minerals Strategy. As a result, the project qualifies for the 30% critical mineral flow-through investor tax credit.
Management of the Company also remain committed to the further development of its gold projects, and hope to be able to provide a news release about the Cabin Gold Project in the coming weeks.”