TSXV:ROVR

Update on Exploration a high grade gold Cabin Lake Project

 

Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (" Rover Metals " or the " Company ") further to its releases of September 15, 2020, and September 21, 2020, the Company is pleased to provide an update on its drilling at its 100% owned Cabin Lake gold project .

 

   Cabin Lake Exploration Program   
As of Friday, October 2, 2020, 550 meters of diamond core drilling has been distributed over seven holes. The seven holes are twinning the majority of the high-grade gold mineralized intercepts reported in the historic holes of the historical mineral resource estimate completed by Aber Resources Ltd (* ) .

 

Six of the seven holes have successfully intersected the equivalent intervals of the historic gold mineralized zone at the Bugow Iron Formation location at Cabin Lake. Drilling is targeting the sheared sulfide-rich upper contact in two different orientations: one set of holes have been drilled parallel to the historic sections (twinning), and the second set of holes have drilled oblique to both (a) the iron formation and (b) to what the company has interpreted as a conceptual model of a possible deformation zone, testing its influence in the distribution and control of the sulfide enrichment and subsequent gold mineralization.

 
  • Hole CL-20-04 targeted the equivalent gold mineralized interval historically reported in hole 86-13 (7.74 g/t Au over 1.52m and 6.85g/t Au over 3.04m and 15.77g/t Au over 6.09m)
  •  
  • Hole CL-20-05 targeted the equivalent gold mineralized interval historically reported in hole 86-10 (9.53 g/t Au over 0.95m and 12.0 g/t Au over 8.84m) and 86-26 (12.54 g/t Au over 4.1m)
  •  
  • Hole CL-20-06 targeted the equivalent to the upper sheared contact of the Bugow Iron Formation based on the projection of holes 86-24 and 86-29, with no historic mineralized intervals reported. However, new hole CL-20-06 intersected a strongly sulfidized zone in the upper contact of the iron formation at shallow depth (see photo below)
  •  

  Strongly sulfidized (pyrite-pyrrhotite) upper contact of the Bugow amphibolitic iron formation in hole   CL-20-06  

 
  • Hole CL-20-07 targeted the equivalent gold mineralized interval historically reported in hole 86-23 (9.81 g/t Au over 6.15m, including 14.46g/t Au over 2.80m)
  •  

The Company has now achieved its confirmation drilling goals for its Fall 2020 drill program. The remaining holes planned for this Fall 2020 drill program will step out to the north of the Cabin Lake gold zone following the sheared sulfidized upper contact of the Bugow Iron Formation in areas of sparser historical drilling testing for continuity.

 

(*) 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.

 

   Advisor Compensation
 
The Company has also applied to the Toronto Venture Exchange (the "TSXV") to seek approval of a common shares for services agreement with Robert Schafer, for $2,500 per month in Advisor services for the period of May 16, 2020 through to March 31, 2021 (the "Schafer Agreement"). The Schafer Agreement is subject to approval by the TSXV, including the per share value of the common shares. If approved, the Company intends to make settlement of Schafer Agreement on a quarterly basis. Any future common shares issued pursuant to the Schafer Agreement will be subject to the required regulatory hold period. This is an initial press release. The Company plans to issue a further press release once it has completed the pending conditions and provide the information prescribed by applicable policies of the TSXV related to the Schafer Agreement.

 

  Judson Culter, CEO at Rover Metals, states, "   Robert Schafer   , P.Geo   ,   is a key member of our business development team.   Mr. Schafer has nearly 40 years of experience in the mineral industry, working in the international sector with both major and junior mining companies. He is founder and Managing Director of Eagle Mines Management, a globally active private natural resources corporation. He has held executive and senior management positions with Hunter Dickinson Inc., Kinross Gold Corp., and BHP Minerals over the past 20 years. Throughout his career Mr. Schafer has worked internationally, with notable experience in the far east of Russia, Southern Africa, South America and Australia. His work has included the structuring and implementation of successful exploration strategies, project reviews and valuations leading to acquisitions, and the management of local and expatriate exploration teams operating in a wide variety of geologic environments. "

 

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 Metals is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects.

 

You can follow Rover Metals on its social media channels:

 

Twitter: https://twitter.com/rovermetals  

 

LinkedIn: https://www.linkedin.com/company/rover-metals/  

 

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

 

  Primary Logo 

 

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Gold bars with text: "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Avanti Gold Gains 158 Percent on Misisi Settlement

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its June Labour Force Survey on Friday (July 11). The data indicated that 83,000 new jobs were added to the workforce, led by 34,000 new employees in the wholesale and retail trade category and a 17,000 worker rise in the healthcare and social assistance category.

In other positive news for the Canadian job market, the overall employment rate rose by 0.1 percent to 60.9 percent, while the unemployment rate declined by 0.1 percent to 6.9 percent.

Keep reading...Show less
Gold bar on nuggets with "5 Top Australian Mining Stocks" text overlay.

Top 5 Australian Mining Stocks This Week: Yandal Shares Double on Arrakis Drilling Results

Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.

This week's top-performing stocks list is dominated by oil and gas companies, alongside gold and lithium companies.

In Australian mining news, the Fair Work Commission ruled that BHP (ASX:BHP,NYSE:BHP,LSE:BHP) must raise the wages of 2,200 workers at three coal mines in Queensland. The workers in question were employed indirectly through a hiring firm and were being paid significantly less than their peers working directly under BHP.

The case was brought by two worker's unions and based on the Same Job, Same Pay reforms made by the government last year. To align wages, the FWC ruled BHP must raise the labour hire employees' wages by AU$30,000 each.

Keep reading...Show less
Pilbara region, Western Australia, Australia.

Pilbara 2.0: Inside Australia’s Newest Gold Frontier

The Central Pilbara region of Western Australia is undergoing a quiet revolution that is rapidly reshaping the global gold exploration landscape.

Once dismissed as a technically challenging and geologically inconsistent terrain, Pilbara is now emerging as one of the world’s most exciting new gold frontiers and drawing serious attention from institutional investors, driven by transformative discoveries, a maturing geological model and a wave of junior explorers tapping into underexplored intrusive-hosted systems.

Anchored by the multimillion-ounce Hemi discovery — one of the most significant gold finds in Australia in over a decade — this region is not just proving its geological potential, but also demonstrating the kind of scale, consistency and margin profile that modern gold investors seek. As the discovery window remains wide open and valuations are still accessible, the Central Pilbara presents a rare opportunity for early exposure to what may become one of Australia’s next tier-one gold districts.

Keep reading...Show less
A mining truck within the outline of Australia's map on a clear day.

Is Australia on the Brink of a New Mining Super Cycle?

Mining remains as a cornerstone of Australia’s GDP and export earnings, but current global challenges such as trade disputes and price changes may be straining its foundations.

A recent FocusEconomics report tackled Australia’s resource wealth, tracing from the gold rushes of the 1850s to the iron ore and coal booms of the 21st century.

Keep reading...Show less
Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

 
  •   High-grade gold intercepts highlighted by 15.5 m at 2.30 g/t Au, incl. 8.3 m at 3.43 g/t Au at the Road Cut Zone  
  •  
  •   Initial drilling on the gap between Jagger and Road Cut Zone confirms target structure, warrants further testing  
  •  
  •   Current drill phase complete; Geological modelling and planning underway for 15,000 m drill program expected to begin in H2 2025  
  •  

 

 Kobo Resources Inc. (" Kobo" or the " Company ") ( TSX.V: KRI ) is pleased to report additional diamond drill results from the Road Cut Zone at its 100%-owned Kossou Gold Project (" Kossou ") in Côte d'Ivoire. Results from these holes continue to strengthen the Company's understanding of the key structural controls that define this prospective target area.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×