VANCOUVER, British Columbia, Sept. 08, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) further to its release of August 16, 2022, Rover is pleased to announce the launch of its new website showcasing the pivot by the Company into critical minerals. On August 16, 2022, the Company announced its intent to option a 90% ownership interest in the Indian Mountain Lake VMS project, NT, Canada.
Indian Mountain Lake VMS Project
The Indian Mountain Lake VMS Project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the project from Thompson Landing in the 1970s. If this right of way were to be brushed out it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Indian_Mountain_Lake%252C_Pennsylvania%253BCompany%253BGreat_Slave_Lake%253BTSX_Venture_Exchange%253BGovernment_of_Canada%253BYellowknife%253BCanada%253BVancouver%253BMetal%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522536092c9-1665-3bdf-9dc6-31420ca7ae8e%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
An updating release will be provided once the Company has executed its Definitive Option Agreement for the Indian Mountain Lake project.
Judson Culter, CEO at Rover Metals, states “We see tremendous growth coming for critical minerals fueled by domestic EV demand in the U.S. and Canada. We are also excited to see initiatives being put in place by the securities regulators to help publicly traded junior mining companies succeed, this includes enforcing rules against manipulative stock trading practices, such as naked short selling.”
A Q&A interview with Rover’s CEO, Judson Culter, is now also available for viewing here.
Rover Metals will be presenting at the Redefining Electric Metals Conference in Calgary, AB, on September 19th and 20th. Registration is at www.redefiningelectricalmetals.com
Shares for Services Agreement
The Toronto Venture Exchange (TSXV) has approved a shares for services agreement with one of the Company’s Advisors (the “Services Agreement”). The Services Agreement calls for monthly advisory services of $7,500 to be settled through the issuance of common shares in the Company for a three-month period beginning July 1, 2022 and ending on September 30, 2022. Thereafter, for the final three months of the contract, the monthly fee shall revert to $5,000 per month, with up to 50% of the $5,000 monthly fee to be settled in common shares of the Company, at the option of the Company. The share issuances shall be made on a quarterly basis, and the conversion price shall be the higher of: (1) closing price on the last trading day of the calendar business quarter, or (2) the five day VWAP at the end of the quarter. In connection with TSXV policy, the conversion price shall not be lower then $0.05 per share.
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. The Company is now developing both: (1) critical minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of Canada and the U.S. Five of the Company’s mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
You can follow Rover on its social media channels:
for daily company updates and industry news, and
for corporate videos.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and Director
For further information, please contact:
Phone: +1 (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 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.