Rover Announces Intent to Pursue Strategic Alternatives for Its Cabin Gold Project

Rhea-AI Summary

Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) announced the completion of a NI 43-101 Technical Report for its 100% owned Cabin Gold project in NT, Canada. The company is exploring strategic alternatives, including potential divestment via spin-out or reverse take-over. No definitive agreements have been made yet. Rover's Cabin Gold project, located near Yellowknife, boasts high-grade gold exploration potential with historical and recent drilling results confirming substantial gold deposits. The project has seen significant investment, and nearby infrastructure developments could benefit its progress. Further updates will be provided upon identifying a suitable transaction.

Positive

• Completion of NI 43-101 Technical Report for Cabin Gold project.
• Exploring strategic alternatives, potentially increasing shareholder value.
• Cabin Gold project has historical and recent data confirming substantial gold deposits.
• Significant investment in exploration: over CAD4,000,000 in four years.
• Proximity to Fortune Minerals' NICO mine, which has secured government funding.

Negative

• No definitive agreements with potential transaction counterparties yet.
• Uncertainty regarding the approval of TSX Venture Exchange and shareholders for any potential transaction.
• Potential risks associated with divesting the Cabin Gold project.

VANCOUVER, BC / ACCESSWIRE / June 4, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) ("Rover" or the "Company") is pleased to announce the completion of a NI 43-101 Technical Report for its 100% owned Cabin Gold project (the "Cabin Technical Report"), NT, Canada.

The Company is also pleased to announce that it is considering strategic alternatives for its Cabin Gold project. In particular, the board of directors are considering a potential transaction pursuant to which the Company could potentially divest itself of the Cabin Gold project, either by way of a spin-out transaction, or by transacting with a Capital Pool Company ("CPC"), or a similar reverse take-over transaction. The Company has not yet identified a CPC, or other potential counterparties, or entered into any agreements in that regard. The Company anticipates disseminating a subsequent news release if and when a potential transaction is identified. Any transaction proposed to be undertaken by the Company will be subject to all requisite approvals, including the approval of the TSX Venture Exchange ("TSXV") and, potentially, the Company's shareholders.

Management of the Company do not intend to file the Cabin Technical Report on SEDAR+ until such time as they have entered into a definitive agreement with respect to a potential transaction. Parties that are able to introduce suitable transactions to the Company are invited to contact management if they wish to obtain a copy of the Cabin Technical Report.

Cabin Gold Project, NT, Canada

Rover owns a 100% interest in the Cabin Gold project, which is located 110 km northwest of the city of Yellowknife, NT, and is winter road accessible off of Highway NT3, and located at the north end of Russell Lake. The Cabin Gold project is 40km southeast of Fortune Minerals' NICO mine and the project is available for access off of the new Tlicho All-Season Road ("TASR"). The Cabin Gold project is considered to be a high-grade gold exploration project with gold hosted in iron-formation, near to surface. Exploration at Cabin dates back to the 1940's and the project has been owned and operated by legendary mining companies such as Echo Bay Mines and Aber Resources. The project has a historic resource estimate, and the Company, with diamond drilling, has both confirmed the grades of the historic drillholes, as well as, expanded the historic gold mineralized zones. Historical interest in the project has been the potential for a Lupin gold mine type of discovery. Rover is still working to establish the connectivity of the proven gold zones at Cabin, and has invested over CAD4,000,000 into exploration at the project over four years. The exploration work includes extensive ground and airborne magnetics, ground IP surveys, LiDAR mapping, and three diamond drilling campaigns. The Company has prepared an NI 43-101 Technical Report to showcase its work on the project, as well as to provide the recommended next steps for exploration.

Highlights of the Cabin Gold project include the Company's release from November 24, 2020, when the Company announced drilling 32 meters of continuous gold averaging 13.6 grams per ton at the Arrow Zone, plus multiple other near surface, high-grade gold intercepts at the Arrow Zone. The Arrow Zone is one of the zones at Cabin which have reported historical gold resources.

Infrastructure in the area near to the Cabin project will likely benefit from Fortune Minerals recent announcements that it has secured U.S. and Canadian government funding to further the development of the neighbouring NICO mine. The NICO mine is projected to include a gold processing circuit.

Judson Culter, CEO at Rover, states: "The Northwest Territories, as a mining jurisdiction, is not as well known as the jurisdiction of Quebec, Ontario, or British Columbia, but that is starting to change. There's been a lot of positive news generated in the past year that is leading to the recognition of the NT as a jurisdiction for both gold and critical minerals. Some big critical mineral discoveries have recently been made by companies such as LiFT Power, and Loyal Lithium. Companies like Stllr Gold, continue to advance new gold mining in the territories. The Cabin Gold project can only benefit from the infrastructure being advanced by Fortune Minerals at their NICO project."

Paddy Moylan, Rover's President, comments: "We always have a laser like focus on doing good deals for our holders to create long term growth. Sometimes you have to pivot when you see an opportunity. We have been doing preliminary work on this initiative for some time and it is time to update the market accordingly. We are going to do a very good deal here for our holders. This exciting Cabin Gold project is potentially world class and it deserves to have its own listing and focus. I look forward to updating the market imminently as we make progress."

Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., Eur.Geol., a Qualified Person for the purposes of National Instrument 43-101.

About Rover Critical Minerals

Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is focussed on the permitting and exploration of the LGL project, a claystone lithium project in the Amargosa Valley of Nevada, USA.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals

LinkedIn: https://www.linkedin.com/company/rover-critical-minerals/mycompany/?viewAsMember=true

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.rovercriticalminerals.com/

ON BEHALF OF THE BOARD OF DIRECTORS

"Judson Culter"

Chief Executive Officer and Director

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (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, 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. Forward-looking statements in this news release include information relating to Rover's business plans, including with respect to a potential transaction involving the divestment or spin-out of the Cabin Gold Project or other similar transaction (including TSXV approval and shareholder approval for any such transaction). There can be no assurance that such statements will prove to be accurate or the terms and conditions upon which a transaction involving the Cabin Gold Project will occur or if a transaction will occur at all. 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, 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.

SOURCE: Rover Critical Minerals Corp.

View the original press release on accesswire.com

FAQ

What is the stock symbol for Rover Critical Minerals Corp.?

The stock symbol for Rover Critical Minerals Corp. is ROVMF on the OTCQB.

What strategic alternatives is Rover considering for the Cabin Gold project?

Rover is considering divestment via a spin-out transaction or a reverse take-over with a Capital Pool Company.

Has Rover identified any potential transaction counterparties for the Cabin Gold project?

No, Rover has not yet identified any potential transaction counterparties for the Cabin Gold project.

Where is the Cabin Gold project located?

The Cabin Gold project is located 110 km northwest of Yellowknife, NT, Canada.

What is the significance of the NI 43-101 Technical Report for the Cabin Gold project?

The NI 43-101 Technical Report confirms the substantial gold deposits and outlines the recommended next steps for exploration.