VANCOUVER, British Columbia, March 02, 2023 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) reports that it has amended its royalty agreement on the Cabin Gold project (the “Cabin Royalty Agreement”). The Cabin Royalty Agreement is held by Silver Range Resources (TSXV: SNG)(“Silver Range”). Pursuant to the Company’s Royalty Agreement with Silver Range, the Company is required to make an advance royalty payment of $30,000 on or before March 3, 2023 (the “2023 Advance Royalty Payment”). The Company and Silver Range Resources have agreed that the 2023 Advance Royalty payment shall be settled by the issuance of common shares in the capital of Rover Metals Corp. with a deemed price of $0.091 per common share resulting in the issuance of 329,670 of common shares in the capital of Rover Metals Corp. The Toronto Venture Exchange has approved the issuance and the common shares shall bear the TSXV’s standard regulatory hold period of four months.
Cabin Gold Project, NT, Canada
The Cabin Gold project is one of the Company’s two gold projects located in the Northwest Territories of Canada. The project is considered to host high-grade gold in iron-formation, near to surface. The Bugow Iron Formation has been measured to extend approximately 15km at surface, and so far, remains open at depth with multiple documented twists and folds of the iron formation below surface. The project has a historic gold resource that has been both confirmed and expanded upon by the Company. A Phase 2 Exploration Program at the project that spanned from 2020 to 2022 (due to seasonality) uncovered multiple high-grade gold drill results. For a summary of results please refer to Company’s website. A later-stage geological comparable to the Cabin Gold project would be Sabina Gold and Silver’s Back River Gold project in Nunavut, Canada.
Judson Culter, CEO at Rover Metals, states “We have no immediate plans to resume exploration at the Cabin Gold project. Our focus for 2023 is the development of our claystone lithium project in southwest Nevada. We are actively monitoring Fortune Minerals’ progress in the area of the Cabin Gold project. If and when, Fortune Minerals breaks-ground on the construction of its NICO mine (cobalt-gold-bismuth), Rover management believes the timing would be right to resume exploration activities at Cabin. Another positive future catalyst for the jurisdiction would be Gold Terra Resources updating its resource disclosure at its Yellowknife City Gold project. Gold Terra is currently in the middle of its winter drilling program.
We still believe the future is bright for the Cabin Gold project. Iron-formation hosted gold projects in north-central Canada, specifically, the NWT and Nunavut, have a history of becoming mines. The historic Lupin Gold Mine is a good example, as is the Goose Gold Mine being built by Sabina Gold and Silver. On February 13, 2023, B2Gold Corp. announced its intent to acquire Sabina Gold and Silver. Of course, if Newmont were to also take serious interest in the Yellowknife City Gold project, that would be a real positive signal that things are heating up for gold mining in the territories. Rover holds a 100% ownership interest in the Cabin Gold project, and we continue to value the project as one of our core assets.”
About Rover Metals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
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ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2855
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 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.
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