Rover Metals Announces Phase 2 Exploration Drilling to Commence at Up Town Gold Project, NWT, Canada

Rhea-AI Summary

Rover Metals Corp. (TSXV: ROVR, OTCQB: ROVMF) announced the commencement of Phase 2 Exploration Drilling at its Up Town Gold project in Northwest Territories, set to begin on September 30, 2021. The company has optioned a 75% interest in the project to Melius Capital Corp., which plans a public listing soon. The Up Town Gold project includes high-grade gold occurrences and significant historical drill results. The upcoming drill program will focus on largely unexplored veins, utilizing recent geophysical data to guide target selection.

Positive

• Commencement of Phase 2 Exploration Drilling at Up Town Gold project is a significant step for Rover.
• Strong historical results include samples returning up to 318 g/t Au and previous drilling yielding up to 5.4 m @ 4.28 g/t Au.
• Melius Capital's intention to list publicly may enhance financial resources and investment interest.

Negative

• Exploration drilling in largely unexplored areas poses risks and uncertainties.
• Potential investment in Melius Capital may distract focus from Rover's direct exploration efforts.

VANCOUVER, British Columbia, Sept. 14, 2021 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4X0) (“Rover” or the “Company”) is pleased to announce that Phase 2 Exploration Drilling is set to commence at the Up Town Gold project, NWT, Canada (60^th parallel) on September 30, 2021.The Company has optioned a 75% interest in the project to Melius Capital Corp (“Melius Capital”). Melius Capital is seeking a public listing of its shares on the Canadian Securities Exchange (the “CSE”) in Q4-2021, and expects to change its name to Artic Fox Minerals. Eligible shareholders can find more information about the Melius Capital public listing here.

Up Town Gold Project

The Up Town Gold project is located on the outskirts of city limits of the city of Yellowknife. The Up Town Gold project is an Archean lode-gold prospect adjoining the historic 7.2 million ounces¹ (0.564 ounces per tonne Au or 16 g/t Au) Giant Mine gold deposit in Yellowknife, Northwest Territories and Gold Terra Resources’ (TSXV: YGT) Yellowknife City Gold Project. The 3,227 hectare property hosts ten high-grade gold occurrences. Most work to date has been conducted at the Rod Vein which was drilled to a shallow depth in the 1960’s and mined on a small scale in 1979 by previous owners. Recent historic surface sampling at the Rod Vein returned grab samples up to 318 g/t Au and channel samples up to 1.20 m @ 17.27 g/t Au². Drilling by Rover Metals in 2017 at the Rod Vein returned significant gold intersections in all of three holes drilled with best results of 5.4 m @ 4.28 g/t Au including 0.9 m @ 22.10 g/t Au (Rover Metals Press Release dated October 4, 2017). At the Fox South zone, a different style of wide, disseminated, shear zone hosted mineralization returned historic surface samples up to 30.3 g/t Au. Rover tested the Fox South zone with three drill holes in 2017 with best results of 7.1 m @ 0.62 g/t Au including 0.3 m @ 5.12 g/t Au.

Phase 2 Exploration Drill Program
The north-east quadrant of the property, adjoining Gold Terra’s Yellowknife City Gold Project, to the north of the city of Yellowknife, has remained largely unexplored in recent years. The north-east quadrant is now the focus of the Phase 2 Exploration Drill program. Specifically, the No.1 Vein, the J-7 Vein, and the Big Vein have not seen any drilling since the 1960’s. In 1964, the No. 1 Vein reported a historic drill intersection of 34.3 g/t Au over 0.7 meters². The J-7 Vein reported a drill intersection of 1.33 g/t over 1.77 meters². Subsequent sampling by Manson Creek in 2012 at J-7 returned 2.1 meters @ 7.99 g/t Au from a chip sample and 6.3 meters @ 3.98 g/t Au (including 1.55 meters @ 15.74 g/t Au) from a sawn channel sample². The Big Vein reported a 1963 drill intersection of 34.3 g/t Au over 0.7 meters². Recent geophysics conducted in H1-2021 by Melius Capital has further helped to delineate the drill targets for each of the No.1 Vein, the J-7 Vein and the Big Vein.

1. Silke, R. 2009. The Operational History of Mines in the Northwest Territories, Canada. Tables 3,4,5,and 6 from pages 266, 269, and 270.
2. The Up Town Gold property contains eight principle showings documented in the NWT mineral showing database (NORMIN).

Historic property scale geochemical and geophysical surveys defined several large-scale structural corridors localizing the principal gold showings and parallel to the Giant Shear Zone in the Yellowknife Greenstone Belt. Mineralization at the Up Town Gold property is granitoid-hosted and belongs to the recently-recognized class of Archean granitoid-hosted lode gold deposits. Prominent examples include Woodcutters Goldfields in Australia; Buzwagi in Tanzania; Renabie, Cote Lake, Hammond Reef and Hasaga in Ontario; and several mines in the Bourlamarque Batholith in Quebec.

Judson Culter, CEO at Rover Metals, states “We are excited to see more gold exploration commence in and around Yellowknife Campbell Shear. The Yellowknife jurisdiction has really been heating up with several competing junior miners in the area recently disclosing multi-million-ounce gold resources. Last year, when Newmont optioned off some of its Con Mine claims to Gold Terra, there was a renewed sentiment of future economic growth in the mining sector for the city.”

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 existing projects in the Northwest Territories of Canada (60^th parallel). The Company commenced Phase 2 Exploration at its 100% owned Cabin Gold Project in the summer of 2021, and exploration work continues at Cabin Gold through to the date of this release.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals

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Facebook: https://www.facebook.com/RoverMetals/

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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:
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 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 be 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.

FAQ

What is Rover Metals' upcoming exploration plan for the Up Town Gold project?

Rover Metals will commence Phase 2 Exploration Drilling at the Up Town Gold project on September 30, 2021, focusing on largely unexplored veins.

What historical results have been reported for the Up Town Gold project?

Historic results include samples with values up to 318 g/t Au and drill intersections returning 5.4 m @ 4.28 g/t Au.

How does Melius Capital's public listing impact Rover Metals?

Melius Capital plans to list publicly, which may enhance financial resources and investment interest in the Rover Metals' projects.

What areas will the Phase 2 drilling focus on at the Up Town Gold project?

The drilling will focus on the No.1 Vein, J-7 Vein, and the Big Vein, which have not been drilled since the 1960s.

When is Melius Capital's public listing expected?

Melius Capital expects to change its name and list on the Canadian Securities Exchange in Q4 2021.