Rover Metals has announced the start of Phase 3 drilling at the Cabin Gold Project in the Northwest Territories, Canada. CanadianBusinessJournal

Not for distribution to US newswire services or for dissemination in the US

Vancouver, British Columbia, March 21, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE: 4XO) (“”Rover” or “society”) Announces that Phase 3 exploration drilling has begun on a 100% owned Cabin Gold project in the Northwest Territories, Canada. The goal of the Phase 3 program is to drill the project’s finest proven zones along deep and surface strikes. We will target the Arrow Zone and Beaver Zone, which were the focus of our Phase 1 and Phase 2 exploration programs during this program.

Arrow Zone Phase 3
On November 24, 2020, we reported on the confirmation and expansion of past results reported by Aber Resources in the Arrow Zone in the 1980s. As a result of excavation at Arrow (formerly known as “Cabin Lake Zone”) in 2020, high-grade gold ore was found in succession, extending 120 m above the surface of the earth and descending northwest under the cabin lake. Highlights of 2020 results include crossed DDHCL-20-08 32m 13.6g / t Au.. The hole in CL-20-08 was excavated from the coastline of Lake Cabin under the lake (mineralization begins 12 m above the surface). The company’s Phase 3 drill target sits on the frozen ice of Cabin Lake and is designed to track arrow ore shootdown dips and prove continuity at depths less than 60m. The company plans a minimum of seven drill holes, averaging about 150m per arrow hole.

Arrow Zone Drill Color and Depth Conceptual Model

Photo of the drill crew on site

Beaver Zone Phase 3
On December 7, 2021, we reported on the reclamation and depiction of the historic Beaver Zone. Rover’s December 2021 drill results are more than double the historic gold grades reported by Beaver. The highlights of the 2021 results are: Includes 6.4m 4.63 g / t Au and 2.6m 7.80 g / t Au Located in the southeastern part of the zone. On January 25, 2022, we also reported on the discovery of a large-scale IP anomaly extending 200 meters southeast of the drill hole (DDH CL-21-39) in the southeastern part of the Beaver Zone. The IP anomaly has never been excavated and extends southeast parallel to the arrow zone. The company plans to drill holes near the surface to test this anomaly, hoping to extend the length of the surface strike at the beaver.

Beaver zone IP error

Beaver zone drill collar and conceptual model along the strike

The technical information in this news release is for Rover’s technical advisor and qualified personnel David White, P. Geo, for the purposes of National Instrument 43-101. Approved by.

$ 0.05 Unit Finance
Rover is pleased to announce a non-intermediary loan of at least $ 1,000,000 and up to $ 2,000,000. Financing is a combination of units and flow-through stock. Each unit is priced at $ 0.05 and consists of one common stock and half the common stock purchase warrant (“unit”). Flow-through shares are offered for $ 0.055 per share (no warrants). The unit’s warrant exercise price is $ 0.075 per share of warrant and has a useful life of three years. Assuming the funding is fully subscribed, up to 40,000,000 common shares will be issued in connection with this financing, 18,6340,900 shares of common stock purchase warrants, and a finder fee warrant will be issued. Will be done.

In addition to the above announcement, Rover has completed the first tranche of funding totaling $ 1,180,510 (“First Closing”). First Closing consists of $ 1,044,000 worth of units and $ 136,510 worth of flow-through shares, with 23,362,000 common shares and 10,440,000 warrants issued. Finder commissions are paid in connection with the initial closing with a cash commission of $ 64,450.70 and a finder warrant amount of 1,279,340. The finder’s warrant exercise price is $ 0.075 and has a useful life of three years. Shares and warrants issued under First Closing have a regulatory hold period of at least 4 months from the date of issue.

The use of revenue from First Closing will fund Phase 3 exploration drilling in our wholly owned Cabin Gold project.

About Rover Metal
Rover is a precious metal exploration company specializing in precious metal resources in North America (Canada and the United States) and is currently driving the gold potential of existing projects in the Northwest Territories of Canada (60).th parallel). We own 5 gold projects. In addition to Phase 3 exploration in the cabin, our secondary asset Uptown Gold Project (25% ownership), Yellowknife, Northwest Territories, Canada, also Phase 2 exploration drilling in the fourth quarter of 2021. Has been completed. , And assay results are expected in Q1-2022.

You can follow Rover on that social media channel:
Facebook: Daily company updates and industry news, and
YouTube: Corporate video

On behalf of the board
“Judson Carter”
Chief Executive Officer and Director

For more information, please contact:
Phone number: +1 (778) 754-2617

Statement of information on future prospects
This news release contains statements that make up the Forward-Looking Statement. Such forward-looking statements are largely such that Rover’s actual results, performance or outcomes, or industry developments are expressed or implied by such forward-looking statements as expected outcomes, performances, or outcomes. It includes known and unknown risks, uncertainties, and other factors that can cause different causes. statement. Forward-looking statements are not historical facts and are not always, but generally “expect”, “plan”, “expect”, “believe”, “intend”, “estimate”. , A description identified by the word “project”. “Possible” and similar expressions, or the expression “occurs”, “occurs”, “possible”, “possible”, or “must occur” for an event or condition. There is no guarantee that such statements will be proven to be accurate. Actual results and future events may differ materially from those expected in such statements, and readers should be careful not to place undue reliance on these forward-looking statements. For some reason, actual results may differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions, or other factors change.

The forward-looking information contained in this news release represents the company’s expectations as of the date of this news release and is therefore subject to change after that date. Readers should not overemphasize information about future prospects and should not rely on this information as of any other date. The company may choose, but does not promise to update this information at any particular time unless required by applicable law.

Neither the TSX Venture Exchange nor its regulatory provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity of this release.

CBJ News Maker

Rover Metals has announced the start of Phase 3 drilling at the Cabin Gold Project in the Northwest Territories, Canada. CanadianBusinessJournal

Source link Rover Metals has announced the start of Phase 3 drilling at the Cabin Gold Project in the Northwest Territories, Canada. CanadianBusinessJournal

Related Articles

Back to top button