Rover Provides Update on Timing of Phase 2 Exploration Results at Cabin Gold Project, NT, Canada

Rhea-AI Summary

Rover Metals Corp. (ROVMF) has announced an update on its Summer 2021 Phase 2 Drill Program at the Cabin Gold Project, with results expected by the end of November and a news release planned for early December. The Phase 2 program aims to discover new gold-bearing zones along the Bugow Iron Formation, focusing on five historic target areas. The project previously reported a significant intersection of 32 meters of gold averaging 13.6 grams per ton. Expansion drilling is planned for Q1-2022 to further explore the Arrow Zone.

Positive

• Successful completion of Phase 2 Drill Program with results anticipated before December.
• Previous drilling revealed 32 meters of gold averaging 13.6 grams per ton.

Negative

• Delay in receiving drill results may impact investor confidence.
• Historical resource estimates require further verification to meet current standards.

VANCOUVER, British Columbia, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (“Rover” or the “Company”) has received an update from ALS Canada and expects to be fully reported on the results of its Summer 2021 Phase 2 Drill Program, at its Cabin Gold Project, by the end of November. The Company anticipates issuing a news release on the results in early December.

About the Cabin Gold Project
In September 2020, Rover kicked-off its first exploration drilling program at the historic Cabin Gold Project. The exploration program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the “Arrow Zone” area of the historic Bugow Iron Formation. The Bugow Iron Formation is the controlling structure for the gold mineralization on the property and is over 15 km in at or near surface length. In Q4-2020, the Company reported an intersection of 32 meters of continuous gold averaging 13.6 grams per ton Au from the Arrow Zone. Rover’s 2020 expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at the Arrow Zone. The Arrow Zone remains open at depth, underneath Cabin Lake, and is only accessible for expansion drilling in the winter months. Rover’s 2020 drill program was the initial step towards confirming and expanding the historic 100,000 tons at 0.30 Oz/ton Au* historic resource estimate, reported for the Arrow Zone, towards a NI 43-101 compliant mineral resource estimate. The Arrow Zone will see expansion drilling commencing in Q1-2022, as soon as the ice drill pads and ice road to site have been constructed.

In July 2021, Rover commenced a Phase 2 Exploration Program at the Cabin Gold Project. The goal of the Phase 2 Exploration Program was the discovery and definition of new, near surface, gold bearing zones along the Bugow Iron Formation. The Company focussed on five known historic targets areas: (1) the Beaver; (2) the Andrew South; (3) the Andrew North; (4) the Camp South; and (5) Camp North. As of the date hereof, the Company is still waiting on results of its summer exploration program. Any new discoveries will form part of the Company’s Phase 3 Winter Exploration Program slated to begin in Q1-2022.

(*) 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 existing projects in the Northwest Territories of Canada (60th parallel). The Company commenced Phase 2 Exploration at its Cabin Gold Project in the summer of 2021, and is planning to commence Phase 3 Exploration in Q1-2022.

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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 are the expected results from Rover's Summer 2021 Phase 2 Drill Program?

Rover Metals anticipates reporting results from its Phase 2 Drill Program at the Cabin Gold Project by the end of November 2021.

What did Rover discover during its previous drilling at the Cabin Gold Project?

In its previous drilling, Rover discovered 32 meters of gold averaging 13.6 grams per ton.

When will Rover begin its Phase 3 Exploration Program?

Rover is planning to commence its Phase 3 Exploration Program in Q1-2022.

What historic targets is Rover focusing on in its exploration?

Rover is focusing on five known historic target areas along the Bugow Iron Formation.

What is the significance of the Arrow Zone in Rover's exploration?

The Arrow Zone is critical for Rover's exploration as it has previously indicated high-grade gold intercepts and remains open for further drilling.