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VANCOUVER, Aug. 13, 2018 /CNW/ - Rover Metals Corp. (TSXV: ROVR) ("Rover Metals" or the "Company") is pleased to announce on August 9, 2018 it completed its acquisition of the historic Cabin Lake property (the "Cabin Lake Property") from Silver Range Resources (TSXV: SNG). Pursuant to the acquisition, Silver Range Resources has retained a 2% net smelter royalty, buyable down to 0.5%.
Historically, the Cabin Lake project was incubated, and explored by Grenville Thomas through his legacy company, Aber Resources, in the late 1980's. Rover Metals acquired over 10,000 meters of historical exploration data from North Arrow Minerals (TSXV: NAR) in March of this year. The Cabin Lake property is located 110 kilometres northwest of Yellowknife and 38 kilometres north of Behchoko in the Tlicho Traditional Territory, central Northwest Territories. The property hosts high-grade gold in iron formation within Archean metasedimentary rocks. Historic work by Cominco Ltd., Freeport McMoRan Gold Company, and Aber Resources Ltd. centred on a steeply east-plunging package of folded sulphidized iron formation containing pyrite, pyrrhotite, chalcopyrite and arsenopyrite. Three historic resources are reported on the property in the NWT Minerals Database (NORMIN 085OSW0001). On the south limb of the fold, Aber Resources Ltd. reported a resource of 100,000 tons at 0.30 ounces per ton gold in their annual report while on the north limb of the fold, Energy Mines and Resource Canada Mineral Bulletin MR223 records a mineral inventory of 43,900 tonnes at 4.39 grams per tonne gold in the Bugow Zone and 18,100 tonnes grading 7.89 grams per tonne gold in the Andrew North Zone.mThe reader is cautioned that these resources are historic in nature, do not comply with National Instrument 43-101 and have not been verified by Rover Metals.
Rover Metals also owns 100% interests in both the Slemon Lake and Camp Lake projects which are located approximately 10 km and 20 km away, respectively, from the Cabin Lake Property.
On July 24, 2018 Rover Metals announced that it has received a five-year land use permit (the "Land Use Permit") from the Wek'eezhii Land and Water Board and the Mackenzie Valley Land and Water Board. The Land Use Permit incudes the historic Cabin Lake project, the historic Slemon Lake project, and the historic Camp Lake project, collectively, the "Cabin Lake Group of Properties."
Technical information in this news release has been approved by Mike Power, M.Sc., P.Geo., President and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of National Instrument 43-101.
Rover Metals is a natural resource exploration company specialized in Canadian precious metal resources and is currently focused on the Northwest Territories of Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
"Judson Culter" 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.
SOURCE Rover Metals Corp.
For further information: Judson Culter, Email: [email protected], Phone: (604) 449-5347