Rover Metals Corp. (TSX-V: ROVR) (OTCQB: ROVMF) further to its release of June 1, 2021, announcing its First Closing, Rover is pleased to announce that is has raised a total of $2,425,000.00 under its non-brokered $0.10 Unit Financing. A total of 24,250,000 units have been issued in connection with this financing. Each Unit is comprised of one common share and one common share purchase warrant. Further to the June 1st First Closing, the Company has raised $1,378,700.00 under this Second and Final Closing (the “Second Units”). Each Second Unit is priced at $0.10 and is comprised of one common share and one common share purchase warrant. The Second Warrants have an exercise price of $0.15 per warrant share, and a life of two years. The Company has paid total cash finder’s fees of $103,602.10 and issued finder’s warrants of 761,221 in connection with this financing. The finder’s warrants bear the same terms as the warrants issued under this financing. The Second Units will bear the minimum four-month regulatory hold period from the date of issuance.
Use of Proceeds
The use of proceeds of the $0.10 Unit Financing will be to finance exploration and exploration drilling at the Company’s 100% owned Cabin Gold Projects. Summer exploration is already underway at all three gold properties: Cabin Gold, Slemon Gold, and Camp Gold.
About the Cabin Gold Projects
On September 8, 2020, Rover kicked-off its first exploration drilling program at the historic Cabin Gold Project. The exploration program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the Bugow “Cabin Lake Gold Zone.” Rover’s expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at the Cabin Lake Gold Zone (see Figure 1 below). As released on November 24, 2020, drill hole CL-20-08 intersected 32 meters of continuous gold averaging 13.6 grams per ton Au. The significance of hole CL-20-08 is that economic gold grades start at just 17.5 meters from surface, and the hole has identified a northwest trend and plunge at depth, of the gold mineralization in the ore shoot zone. Hole CL-20-08 also intersected and confirmed historic holes DDH86-12 (15.77 g/t Au over 8.02m) and DDH86-28 (11.74 g/t Au over 16.0m).
Rover’s September 2020 drill program was the initial step towards confirming and expanding the historic 100,000 tons at 0.30 Oz/ton Au* historic resource estimate, reported for the Bugow Cabin Lake Gold Zone, towards a NI 43-101 compliant mineral resource estimate. Historic drill intersects reported in the Bugow Cabin Lake Gold Zone also include reported holes DDH 86-13 of 14.23 g/t Au over 6.1m; and DDH 86-10 with 10.84 g/t Au over 10.0m. As released on May 6, 2021, the Company is now drilling at the historic Beaver Zone and Andrew South Zone, as part of its Phase Two Exploration Program.
(*) 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., 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 existing projects in the Northwest Territories of Canada (60th parallel). The Company has recently re-branded, and has a new corporate logo, and has updated the look and feel of its website, and corporate documents.
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We acknowledge the [financial] support of the Government of Canada.