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VANCOUVER, Aug. 30, 2018 /CNW/ - Rover Metals Corp. (TSXV: ROVR) ("Rover Metals" or the "Company") is pleased to announce that on August 27, 2018 it was awarded an $85,000 exploration grant from the Northwest Territories ("NT") Government's Mining Incentive Program ("MIP") for its 100% owned Cabin Lake gold project, totalling 400 hectares and located approximately 110 km northwest of Yellowknife, NT, Canada and 40 km northwest of the community of Behchokǫ̀, NT, Canada.
The NT Government's Mining Incentive Program provides funding to exploration companies who propose new exploration projects in the NT or are already carrying out NT mineral exploration work. MIP grants are awarded based on a review by technical panel voting committee that consider the economic impact of exploration projects vis-à-vis planned NT government infrastructure and other criteria such as innovativeness of exploration approach.
Judson Culter, CEO & Director, states: "I am extremely pleased that Rover Metals has received this grant, which further justifies the merits of the Cabin Lake gold project and the quality of the Rover Metals team. This funding will be used for our September exploration program at Cabin Lake consisting of a UAS-EM geophysical surveying and soil geochemical sampling."
The company will be conducting a multi-stage exploration program commencing in September, following a revised geological interpretation upon reviewing the recently acquired and very comprehensive exploration data for Cabin Lake that Rover Metals purchased from North Arrow Minerals (TSXV: NAR). The purpose of the September program is twofold: firstly, an airborne magnetic survey will further outline the iron formation which is known to contain gold anomalies; and secondly, the soil geochemical survey is to delineate additional gold anomalies along the highly prospective shear corridor and its intersects with satellite iron formations. The previous exploration work done by Aber Resources (Grenville Thomas) in the late 1980's, focused on a specific geologic model of gold exclusively associated to fold hinges of iron formations, a model that was very robust and worked well when interpreting other similar deposits, but not fully-adjusted for the Cabin Lake property.
In order to advance the property, Rover Metals proposes to test new zones that step out from the classic Iron Formation Gold deposit model and transition it to the shear-hosted gold deposit. Special emphasis will be put into improving the understanding on the structures controlling gold mineralization, and soil geochemistry and detailed ground magnetometer surveys will serve the purpose. The work program would be conducted in two phases. The first phase, which will be completed in September, will focus on mapping, sampling, structural reconnaissance, ground-based magnetic survey, to test the surface expression of the new exploration model. The second phase, beginning in Q1-2019, will include up to 2,000 meters of NQ diamond-core drilling and will test the continuity of mineralization at depth.
Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., VP, Exploration Rover Metals Corp. 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 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.
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SOURCE Rover Metals Corp.
For further information: Judson Culter, Email: firstname.lastname@example.org, Phone: (604) 449-5347