VANCOUVER, BC, Aug. 24, 2020 /CNW/ - Rover Metals Corp.
(TSXV: ROVR) (OTCQB: ROVMF) ("Rover Metals" or the
"Company") is pleased to announce that further to its press
release of August 4, 2020, announcing
a non-brokered Unit Financing, it anticipates performing a first
closing of the Unit Financing shortly, and expects to commence
exploration drilling at its Cabin Lake gold project as early as
August 31, 2020.
Financing Status
As announced, each "Unit" is priced
at $0.06 and is comprised of one
common share and one common share purchase warrant (the "Warrant").
Each Warrant has a two year life and an exercise price of
$0.12 per warrant, with an
acceleration clause if the Company's shares trade at $0.20 per share for five consecutive trading
days. The company anticipates closing the Unit Financing by the end
of August.
In addition, Rover Metals' working capital is assisted by a
$40,000 CEBA relief loan recently
received from the Federal Government of Canada. The $40,000 loan is interest free through to
December 31, 2022, and $10,000 of loan is forgivable if the loan is
repaid in full by December 31,
2022.
Cabin Lake Exploration Program
The proceeds of the
financing will be used to commence exploration drilling at the
Company's 100% owned Cabin Lake gold project. The Company has
budgeted for approximately 500 meters of drilling which will
include confirmation drilling of historical high grade gold drill
intercepts in the Bugow Cabin Lake gold zone. The drill
program is the initial step towards bringing confirming and
expanding the historic 100,000 tons at 0.30 Oz/ton* Bugow historic
resource estimate to a NI 43-101 complaint mineral resource
estimate and is also a stepping-stone to advancing the Company's
new exploration strategy for the property. Historic drill
intersects reported in the Cabin Lake Gold Zone include DDH86-28
with 14.98 g/t Au over 12.1m. Other
high-grade gold historic intersects include holes DDH 86-13 with
multiple gold intersects including 7.74g/t Au over 1.52m and 6.85 g/t Au over 3.04m and 15.77 gpt Au over 6.09m. DDH 86-10 reported 9.53 g/t Au over
0.95m and 12 g/t Au over 8.84m. DDH 86-12 reported 15.77 g/t Au over
8.02m. Rover Metals' program is
designed to go back to that zone to both confirm those grades.
(*) 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.
COVID-19 Strategy
Rover Metals has engaged Aurora
Geosciences as project manager for the Cabin Lake Exploration
Program. Aurora Geosciences is a Yellowknife, NT, Canada-based geological consulting firm that
follows the employment and mining exploration health and safety
guidelines recommended by the Government of the Northwest Territories. All employees and
contractors involved in Rover Metals' exploration program will be
personnel that are based in the Northwest
Territories of Canada.
There will be no extra-territorial travel required to complete the
program.
Raul Sanabria, P.Geo., is a
qualified person as defined by NI 43-101 and has reviewed and
approved the technical contents of this news release. Mr.
Sanabria is not independent to the Company as he is an Advisor and
a shareholder.
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.
https://www.rovermetals.com/
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.
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SOURCE Rover Metals Corp.