Precious Metals

Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE: 4XO) (" Rover " or the " Company ") is pleased to announce its Phase 2 Exploration Program for its 100% owned Cabin Lake Gold Project, NT, Canada.

Recap of the 2020 Phase 1 Exploration at Cabin Lake
The 2020 Phase 1 Exploration Program was the initial step towards confirming and expanding upon the historic resource gold estimate for Cabin Lake to a NI 43-101 compliant mineral resource estimate. The program was also a stepping-stone to advancing the Company's new exploration strategy for the property. There are several historic zones (see Phase 2 below) on the Cabin Lake Property, and Phase 1 drilling focussed on the singular Cabin Lake Zone. On November 24, 2020 , the Company reported its discovery of a high-grade gold ore shoot at the Cabin Lake Zone, that extends 140 meters at surface and is open at depth. Highlights of the November 24, 2020, news release includes drill hole CL-20-08 which reported 31.9 meters of continuous high grade gold mineralization averaging 13.66 g/t Au .

Phase 2 Exploration Targets for Cabin Lake
Following the successful results of the 2020 exploration program at the singular Cabin Lake Gold Zone, Rover is planning a Phase 2 Exploration Program that will focus on testing new targets at the historical Beaver and Andrew South Zones. The exploration season is anticipated to start early June 2021, starting with LiDAR imagery and DEM studies covering the entire Cabin Lake property, including the historic Slemon and Camp Lake gold projects which are an extension of the project land package to the northwest. Crew camp construction is scheduled to start on or around May 15th, 2021.

Detailed inspection and analysis of the 2020 drill core in Q1-2021 has revealed the direct relationship between fine-grained primary semi-massive pyrite mineralization with the gold distribution. In reviewing the historic drill database, a geological exploration model for 2021 has been developed targeting zones of high fine-grained pyrite content described in the 1985 to 1991 drill logs. Two zones, historically named the Beaver Zone and Andrew South Zone, have been identified as the most favorable in terms of: (1) sulfide content (>30% pyrite); and (2) historically reported gold assays in the same pyrite-rich intervals. Follow-up drilling is needed in these zones as the historic drilling was done with small BQ sized drill core and was limited to a few surface holes. Rover will be recovering larger NQ sized core to provide a better, more representative sample.

Figure 1 – Phase 2 Exploration Drill Targets

Beaver Zone
At the Beaver Zone, historic hole 88-61 reported a thick, >5m zone with >30% pyrite, reporting gold assays of 5m averaging 3.0 g/t Au, and 15m averaging 1.1 g/t Au. Nearby historic holes 87-49 and 88-63 show continuity of the >30% sulfide zone over a length of >20 meters, indicating the potential for a second gold mineralized shoot/zone.

Figure 2 – Beaver Zone Drill Target

Andrew South Zone
At the Andrew South Zone, historic hole 87-45 intersected another thick (>5m) interval where continuous 30% pyrite content is described in the drill logs with gold assays reporting 5.4m averaging 2.8 g/t Au. Step-out historic hole 87-56 intersected two sulfide rich zones (both limbs around the hinge zone of the tightly folded, sulfidized iron formation) returning an anomalous, but continuous low-grade gold interval, of 15m at 0.9 g/t Au.

Figure 3 – Andrew South Zone Drill Target

Other Zones
There are other zones on the property with strong potential for gold mineralization based on the review of historic drill logs that describe sulfidization in the iron formation that is coincident with the trace of the Bugow Iron Formation (>15km in length). The iron formation was delineated and reinterpreted from recent airborne magnetic airborne surveys, particularly in the northernmost end of the property (V-Showing, 0.22 oz/ton Au over 7 feet in a trench) and along the fold hinge immediately north of the Andrew North Zone.

Judson Culter, CEO at Rover Metals, states "we are excited to get back to exploration at the Cabin Lake Gold Project. LiDAR is the perfect next step for the project and will be another valuable tool for enabling our technical team to pinpoint the drill collar locations for the Beaver and Andrew South Zones. We have already identified the first drill collar locations for the Beaver Zone, and we are waiting on the snow to melt, so that we can mobilize for exploration."

Rover's technical team, led by Raul Sanabria, will continue to work on updates to the company's website in the coming weeks. Near-term updates will include interpretation of the LiDAR imagery. The Company believes that the Cabin Lake Gold Project shares many comparable geological features with other Northwest Territories Archean load gold deposits which commonly have a statistical one-to-eight horizontal-to-vertical aspect ratio for mineralization at depth and an association with banded iron formation.

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 , NT, Canada.

You can follow Rover 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: (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 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. 

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/7cb4cf4c-dc9d-437a-b657-cba2931daea1

https://www.globenewswire.com/NewsRoom/AttachmentNg/5ddc47d1-86cb-4bd2-90ea-41b9982751d9

https://www.globenewswire.com/NewsRoom/AttachmentNg/f4337194-775d-428c-a995-991be11f9e6e


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

gold bars with stock chart

5 Top Weekly TSX Performers: Assay Results Send Xtra-Gold Higher

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 19,030.09 early last Friday (June 24) morning. The index was on the rebound, and managed to close the week up at 19,061.98.

Looking over to the commodities sector, oil prices were on the rise by the end of the week, while gold and silver were on track for weekly declines.

"Our expectation is that prices do rise beyond September, October," Jeffrey Christian of CPM Group told the Investing News Network at this year’s Prospectors and Developers Association of Canada convention.

Keep reading...Show less
four stacks of gold coins superimposed over a city nightscape

5 Top Weekly TSXV Performers: Gold Explorers Find Support as Commodities Prices Fall

Major markets were on course for their first weekly gain in a month last Friday (June 24), while the S&P/TSX Venture Composite Index (INDEXTSI:JX) began to claw back losses seen late Thursday (June 23).

Dipping to a five day low of 623.48 overnight, Canada’s junior index moved to 637.83 after the morning bell. It ultimately closed the period slightly higher at 647.33.

Growing recession concerns were bolstered last week after reports that Canada’s inflation rate rose to a 39 year high of 7.7 percent in May. These fears are mounting below the border as well, and have been reflected in the plunging value of copper, a base and industrial metal heavily that is correlated to economic growth.

Keep reading...Show less
Challenger Exploration

Ongoing Drilling at Hualilan Solidifies Outlook for a Significant Uplift to Recently Reported Maiden MRE

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from recent drilling targeting extensions to the mineralisation at the Company's flagship Hualilan Gold Project, in San Juan Argentina. The results include the first drill holes that were not included in the Company’s recent maiden 2.1 million ounce AuEq1 Mineral Resource Estimate (MRE) which includes a high-grade core of 1.1 Moz at 5.6 g/t AuEq1 .

Keep reading...Show less
Top 10 Central Bank Gold Holdings (Updated 2022)

Top 10 Central Bank Gold Holdings (Updated 2022)

Global central bank gold reserves top 35,500 metric tons (MT), approximately one-fifth of all the gold ever mined. The vast majority of central bank gold holdings were acquired in the last decade, when national banks became net buyers of the yellow metal.

Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. In its most recent annual survey released in June 2022, the World Gold Council (WGC) said that 61 percent of central bankers expect global gold reserves to increase over the next 12 months. Nearly three-quarters of respondents cited the precious metal’s “long-term store of value” as a guiding factor in gold purchases.

Central banks added 463 MT of gold to their vaults in 2021, signaling a significant turnaround in demand after the 255 MT decade low experienced in 2020.

Keep reading...Show less
gold bar with stock chart

VIDEO — Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for Gold

Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for Goldyoutu.be

The US Federal Reserve hiked interest rates by 75 basis points last week in its ongoing fight against inflation, amping up its efforts to tame prices and leaving market watchers wondering what's next.

Speaking just ahead of the central bank's meeting, Adrian Day, president of Adrian Day Asset Management, said usually the Fed starts out hawkish and then backs off. But this time around the opposite is happening.

This is due to various factors, but US President Joe Biden's recent meeting with Fed Chair Jerome Powell is among them — in their discussion, Biden expressed that inflation is the Fed's responsibility.

Keep reading...Show less

Latest Press Releases

Related News

×