Rover obtains Winter Access Road Permit to Cabin Lake Gold Property and Mobilizes for Winter Exploration

Rhea-AI Summary

Rover Metals Corp. (ROVMF) has secured an amendment to its exploration land use permit for the Cabin Lake Gold Property, allowing winter road access, which will significantly reduce exploration costs by 35%. This access is approved until July 19, 2023, with a potential two-year extension. The company plans to mobilize its drilling equipment and commence exploration in early March 2021. Previous drilling at the site reported high-grade gold intercepts, and Rover aims to confirm and expand these historical resources. The upcoming drilling will focus on the ore shoot and other promising targets.

Positive

• Secured a permit amendment for winter road access, reducing winter exploration costs by approximately 35%.
• Plans to commence exploration drilling in early March 2021.
• Previous drilling yielded high-grade gold results, including 32 meters averaging 13.6 grams per ton Au.

Negative

• None.

VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE: 4XO) (“Rover” or the “Company”) is pleased to announce that it has obtained an amendment to its exploration land use permit at its Cabin Lake Gold Property to allow for winter road access (the “Cabin Lake Access Road”). The amendment allows for winter road access off of Highway NT3, at the town of Behchoko, NT, directly to site. The First Nations Tlicho Government, in additional to the territorial government and regulatory water board, were all approving parties to the permit amendment and access agreement. Use of the Cabin Lake Access Road will extend to July 19, 2023 (extendable for an additional two years thereafter) and will materially decrease the Company’s winter exploration costs (see below). Upon receipt of the good news, the Company has now made plans to immediately mobilize its winter exploration equipment to Cabin Lake, and it anticipates commencing exploration drilling in early March (see below).

Judson Culter, CEO at Rover, states, “The Cabin Lake Access Road is a huge win and a stepping-stone for the Company and its stakeholders. The access road will reduce the Company’s all-in diamond drilling costs by approximately 35% moving forward, and allow it to maximize stakeholder value. The access road also opens the door to other future opportunities such as potential access to mills and mining operations in the area. Cabin Lake is situated 120km from the city of Yellowknife.”

Winter Exploration Plans for Cabin Lake Gold Property
On September 8, 2020, Rover kicked-off its first exploration drilling program the Cabin Lake Gold Property. The exploration program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the Bugow “Cabin Lake Gold Zone.” Rover’s expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at the Cabin Lake Gold Zone (see Figure 1 below). As released on November 24, 2020, drill hole CL-20-08 intersected 32 meters of continuous gold averaging 13.6 grams per ton Au. The significance of hole CL-20-08 is that economic gold grades start at just 17.5 meters from surface, and the hole has identified a northwest trend and a plunge at depth, of the gold mineralization in the ore shoot zone. Hole CL-20-08 also intersected and confirmed historic holes DDH86-12 (15.77 g/t Au over 8.02m) and DDH86-28 (11.74 g/t Au over 16.0m). Rover believes the ore shoot is open at depth and along strike.

Figure 1 – Drill Plan View Featuring Ore Shoot

Rover’s September 2020 drill program was the initial step towards confirming and expanding the historic 100,000 tons at 0.30 Oz/ton Au* Bugow historic resource estimate towards a NI 43-101 compliant mineral resource estimate. Historic drill intersects reported in the Bugow Cabin Lake Gold Zone also include reported holes DDH 86-13 of 14.23 g/t Au over 6.1m; and DDH 86-10 with 10.84 g/t Au over 10.0m.

Starting in March 2021, the Company plans to drill the Cabin Lake Gold Zone ore shoot at depth, as well as several other brownfields targets that exist along the Bugow Iron Formation (for example, the Andrew North Zone, the Andrew South Zone, and the Beaver Zone – all part of the Cabin Lake Property). The Company currently has identified at least 12 targets as potential new ore shoot discoveries on the property. This is an initial release. More details in terms of exact start date, planned meterage and drilling budget will be released in the coming weeks.

(*) 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 that 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. 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.

You can follow Rover on its social media channels:
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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: (604) 449-5347

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 the significance of the Cabin Lake Access Road for Rover Metals Corp (ROVMF)?

The Cabin Lake Access Road allows winter access to the exploration site, reducing costs by 35% and facilitating exploration efforts.

When does Rover Metals plan to start drilling at the Cabin Lake Gold Property?

Rover Metals plans to start drilling in early March 2021.

What were the previous drilling results at the Cabin Lake Gold Property?

Previous drilling at the site reported high-grade gold intercepts, including 32 meters averaging 13.6 grams per ton Au.

How long is the winter road access permit valid for Rover Metals Corp (ROVMF)?

The winter road access permit is valid until July 19, 2023, with an option to extend for an additional two years.

What are Rover Metals' future exploration plans at the Cabin Lake Property?

Rover Metals plans to drill the Cabin Lake Gold Zone ore shoot at depth and explore several other identified targets.