Rover Announces Drill Targets for Phase 2 Exploration at Cabin Lake Gold Project, NT, Canada

Rhea-AI Summary

Rover Metals Corp. (OTCQB: ROVMF) announces its Phase 2 Exploration Program at the 100% owned Cabin Lake Gold Project in Canada, following a successful Phase 1 that confirmed a high-grade gold ore shoot. Phase 2 will focus on testing targets at the Beaver and Andrew South Zones, with initial work starting in June 2021. Historical data indicates promising gold mineralization potential in these areas, with significant concentrations of pyrite. Crew camp construction is set to begin around May 15, 2021. CEO Judson Culter highlighted the importance of LiDAR technology in pinpointing drill locations.

Positive

• Successful Phase 1 Exploration confirmed high-grade gold ore shoot with drill hole CL-20-08 reporting 31.9 meters at 13.66 g/t Au.
• Phase 2 targets at Beaver and Andrew South Zones show promise based on historical drill results indicating potential gold mineralization.
• Crew camp construction scheduled to start May 15, 2021, facilitating immediate exploration efforts.

Negative

• None.

VANCOUVER, British Columbia, May 06, 2021 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE: 4XO) (“Rover” or the “Company”) is pleased to announce its Phase 2 Exploration Program for its 100% owned Cabin Lake Gold Project, NT, Canada.

Recap of the 2020 Phase 1 Exploration at Cabin Lake
The 2020 Phase 1 Exploration Program was the initial step towards confirming and expanding upon the historic resource gold estimate for Cabin Lake to a NI 43-101 compliant mineral resource estimate. The program was also a stepping-stone to advancing the Company’s new exploration strategy for the property. There are several historic zones (see Phase 2 below) on the Cabin Lake Property, and Phase 1 drilling focussed on the singular Cabin Lake Zone. On November 24, 2020, the Company reported its discovery of a high-grade gold ore shoot at the Cabin Lake Zone, that extends 140 meters at surface and is open at depth. Highlights of the November 24, 2020, news release includes drill hole CL-20-08 which reported 31.9 meters of continuous high grade gold mineralization averaging 13.66 g/t Au.

Phase 2 Exploration Targets for Cabin Lake
Following the successful results of the 2020 exploration program at the singular Cabin Lake Gold Zone, Rover is planning a Phase 2 Exploration Program that will focus on testing new targets at the historical Beaver and Andrew South Zones. The exploration season is anticipated to start early June 2021, starting with LiDAR imagery and DEM studies covering the entire Cabin Lake property, including the historic Slemon and Camp Lake gold projects which are an extension of the project land package to the northwest. Crew camp construction is scheduled to start on or around May 15th, 2021.

Detailed inspection and analysis of the 2020 drill core in Q1-2021 has revealed the direct relationship between fine-grained primary semi-massive pyrite mineralization with the gold distribution. In reviewing the historic drill database, a geological exploration model for 2021 has been developed targeting zones of high fine-grained pyrite content described in the 1985 to 1991 drill logs. Two zones, historically named the Beaver Zone and Andrew South Zone, have been identified as the most favorable in terms of: (1) sulfide content (>30% pyrite); and (2) historically reported gold assays in the same pyrite-rich intervals. Follow-up drilling is needed in these zones as the historic drilling was done with small BQ sized drill core and was limited to a few surface holes. Rover will be recovering larger NQ sized core to provide a better, more representative sample.

Figure 1 – Phase 2 Exploration Drill Targets

Beaver Zone
At the Beaver Zone, historic hole 88-61 reported a thick, >5m zone with >30% pyrite, reporting gold assays of 5m averaging 3.0 g/t Au, and 15m averaging 1.1 g/t Au. Nearby historic holes 87-49 and 88-63 show continuity of the >30% sulfide zone over a length of >20 meters, indicating the potential for a second gold mineralized shoot/zone.

Figure 2 – Beaver Zone Drill Target

Andrew South Zone
At the Andrew South Zone, historic hole 87-45 intersected another thick (>5m) interval where continuous 30% pyrite content is described in the drill logs with gold assays reporting 5.4m averaging 2.8 g/t Au. Step-out historic hole 87-56 intersected two sulfide rich zones (both limbs around the hinge zone of the tightly folded, sulfidized iron formation) returning an anomalous, but continuous low-grade gold interval, of 15m at 0.9 g/t Au.

Figure 3 – Andrew South Zone Drill Target

Other Zones
There are other zones on the property with strong potential for gold mineralization based on the review of historic drill logs that describe sulfidization in the iron formation that is coincident with the trace of the Bugow Iron Formation (>15km in length). The iron formation was delineated and reinterpreted from recent airborne magnetic airborne surveys, particularly in the northernmost end of the property (V-Showing, 0.22 oz/ton Au over 7 feet in a trench) and along the fold hinge immediately north of the Andrew North Zone.

Judson Culter, CEO at Rover Metals, states “we are excited to get back to exploration at the Cabin Lake Gold Project. LiDAR is the perfect next step for the project and will be another valuable tool for enabling our technical team to pinpoint the drill collar locations for the Beaver and Andrew South Zones. We have already identified the first drill collar locations for the Beaver Zone, and we are waiting on the snow to melt, so that we can mobilize for exploration.”

Rover’s technical team, led by Raul Sanabria, will continue to work on updates to the company’s website in the coming weeks. Near-term updates will include interpretation of the LiDAR imagery. The Company believes that the Cabin Lake Gold Project shares many comparable geological features with other Northwest Territories Archean load gold deposits which commonly have a statistical one-to-eight horizontal-to-vertical aspect ratio for mineralization at depth and an association with banded iron formation.

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 Cabin Lake Gold Property, NT, Canada.

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:
Judson Culter
Email: judson@rovermetals.com 
Phone: (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 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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/7cb4cf4c-dc9d-437a-b657-cba2931daea1

https://www.globenewswire.com/NewsRoom/AttachmentNg/5ddc47d1-86cb-4bd2-90ea-41b9982751d9

https://www.globenewswire.com/NewsRoom/AttachmentNg/f4337194-775d-428c-a995-991be11f9e6e

FAQ

What are the key goals of Rover Metals' Phase 2 Exploration Program at Cabin Lake?

The key goals include testing targets at Beaver and Andrew South Zones and advancing exploration based on promising historical data.

When is the Phase 2 Exploration Program expected to start for Rover Metals?

The Phase 2 Exploration Program is anticipated to start in early June 2021.

What significant findings were reported in Rover Metals' Phase 1 Exploration at Cabin Lake?

The Phase 1 Exploration confirmed a high-grade gold ore shoot, with drill hole CL-20-08 revealing 31.9 meters of gold mineralization averaging 13.66 g/t Au.

How will LiDAR technology be utilized in Rover Metals' upcoming exploration?

LiDAR technology will be used to accurately pinpoint drill collar locations for the Beaver and Andrew South Zones.

What historical data supports Rover Metals' exploration targets at Cabin Lake?

Historic drilling results indicate significant sulfide content and gold mineralization in the targeted zones, particularly >30% pyrite in multiple historic holes.