VANCOUVER, Jan. 16, 2019 /CNW/ - Rover Metals Corp.
(TSXV: ROVR)(OTC Pink Sheets: ROVMF) ("Rover Metals" or
the "Company") announces that as a result of a review by the
British Columbia Securities Commission, we are issuing the
following news release to clarify our disclosure. The Company's
technical team has identified its drill targets for the Cabin Lake
Gold Project (the "Property") based on a combination of (i) its
interpretation of historic workings and (ii) the recently completed
geophysical and geochemical program performed in Q3 and Q4 of
2018.
Judson Culter, CEO at Rover Metals, states: "The 2018 magnetic
survey and soil sampling program results have identified new gold
anomalous zones and expanded on the known gold mineralized zones.
Within these zones we have identified the best drill targets for
converting the historic drill results into current NI 43-101
resource standards. The new targets were developed from the
re-interpretation of the historic work programs completed to date,
which included over 7,500 meters of diamond drill data purchased
from North Arrow Minerals – a legacy asset from exploration
drilling completed by Aber Resources (Grenville Thomas) in the late 1980's."
The Company has found and GPS referenced all the historic
blasted trenches and small pits at the Andrew North and South
Zones, as well as those located at the Beaver Camp and other
locations within the Property. The UAS magnetic survey was key to
providing the desired resolution and contrast on the Bugow Iron
Formation, a known host of the Property's gold mineralization. The
2018 ground geochemical soil survey produced multi-element
(Au-Ag-As-S-Cu) anomalies over known mineralization zones and
additional zones coincident with conceptual mineralized
targets.
Three zones were prioritized for the 2019 diamond core drilling
campaign: the Cabin Lake Gold Zone, the Andrew South Hinge Zone and
the Andrew North Hinge Zone.
Cabin Lake Gold Zone
The Cabin Lake Gold Zone is the anchor mineralized zone for the
Property. It has a historical resource estimate of 100,000 tons
grading 10 g/t Au(*) tested for a strike length of over
100m and to a depth of 70m from surface. The best historic mineralized
diamond drill holes reported by Aber Resources include 15.0g/t Au
over 12.1m (in hole DDH86-28); 15.8
g/t Au over 8.02m and 9.6 g/t Au over
1.04m (in hole DDH86-12); and 12.5
g/t Au over 4.1m (in hole DDH86-26),
amongst other encouraging drill intercepts.
Rover Metals will continue diamond drilling this zone at
different hole geometries, with a larger size core diameter (NQ2 or
HQ) in order to both validate the grades found at the historical
drill hole intercepts and continue to expand the mineralized zone
along strike and depth.
Andrew South Hinge Zone (Former Bugow Zone in earlier reports
prior to Aber Resources)
This mineralized zone has been expanded from the
re-interpretation of the historical data. The Bugow Iron Formation
magnetic response from the UAS magnetic survey clearly indicates
the historic mineralized zone geometry is exposed at the flank of a
tight syncline fold near the closure (hinge) that wraps along the
Bugow Iron Formation and continues to the northwest. More than 20
historic pits/trenches from the 1940's that previously returned
highly encouraging gold values have been relocated and surveyed
with GPS, including a 300 foot open cut excavated at the hinge
zone. The recessive topography on the northern flank of the synform
combined with the lower relative intensity of the total magnetic
response within the iron formation may indicate sulphidization, in
a very similar arrangement as it occurs at the Cabin Lake Gold
Zone.
A diamond drilling program has been designed to target the hinge
zone down-dip under the historic open cut, and progressive step
outs following the northern fold limb in areas of higher strain and
reduced magnetic intensity that suggest higher sulphide content as
replacements of the iron formation.
Andrew North Hinge Zone
This mineralized zone has been also reinterpreted from the UAS
magnetic survey. The fold closure (hinge) geometry corresponds to
an antiform and it is more open than that at the Andrew South zone.
Most of the historic trenches/pits have been GPS located in the
northern flank of the fold ending near the hinge zone where
historical encouraging elevated gold values had been reported.
A diamond drilling program has been designed to further
investigate areas of reduced magnetic intensity within the Bugow
Iron Formation at the hinge zone coincident with recessive
topography, aimed to test for gold mineralization.
Other zones
Additional shear zones and parallel sets of sulphidized iron
formations have been located in other parts of the Property and a
meaningful exploration program has been designed to perform
prospecting, mapping, and sampling.
(*)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., VP of
Exploration at Rover Metals Corp. and a Qualified Person for the
purposes of National Instrument 43-101.
About Rover Metals
Rover Metals is a natural
resource exploration company specialized in Canadian precious metal
resources that is currently focused on the Northwest Territories of Canada, one of the most mining friendly
jurisdictions in North America.
Rover Metals will have a booth (#911) at the upcoming Vancouver
Resource Investor Conference on January
20-21, 2019 featuring a 3D rendering of its exploration
model for the Cabin Lake Gold Project.
ON BEHALF OF THE BOARD OF DIRECTORS
"Judson
Culter"
Chief Executive Officer and Director
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.
View original
content:http://www.prnewswire.com/news-releases/rover-metals-corp-announces-exploration-targets-at-its-cabin-lake-gold-project-300779141.html
SOURCE Rover Metals Corp.