VANCOUVER, Jan. 16, 2019 /PRNewswire/ - Rover Metals Corp. (ROVR.V)(OTC Pink Sheets: ROVMF) ("Rover Metals" or the "Company") announces that as a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure. The Company's technical team has identified its drill targets for the Cabin Lake Gold Project (the "Property") based on a combination of (i) its interpretation of historic workings and (ii) the recently completed geophysical and geochemical program performed in Q3 and Q4 of 2018.
Judson Culter, CEO at Rover Metals, states: "The 2018 magnetic survey and soil sampling program results have identified new gold anomalous zones and expanded on the known gold mineralized zones. Within these zones we have identified the best drill targets for converting the historic drill results into current NI 43-101 resource standards. The new targets were developed from the re-interpretation of the historic work programs completed to date, which included over 7,500 meters of diamond drill data purchased from North Arrow Minerals – a legacy asset from exploration drilling completed by Aber Resources (Grenville Thomas) in the late 1980's."
The Company has found and GPS referenced all the historic blasted trenches and small pits at the Andrew North and South Zones, as well as those located at the Beaver Camp and other locations within the Property. The UAS magnetic survey was key to providing the desired resolution and contrast on the Bugow Iron Formation, a known host of the Property's gold mineralization. The 2018 ground geochemical soil survey produced multi-element (Au-Ag-As-S-Cu) anomalies over known mineralization zones and additional zones coincident with conceptual mineralized targets.
Three zones were prioritized for the 2019 diamond core drilling campaign: the Cabin Lake Gold Zone, the Andrew South Hinge Zone and the Andrew North Hinge Zone.
Cabin Lake Gold Zone
The Cabin Lake Gold Zone is the anchor mineralized zone for the Property. It has a historical resource estimate of 100,000 tons grading 10 g/t Au(*) tested for a strike length of over 100m and to a depth of 70m from surface. The best historic mineralized diamond drill holes reported by Aber Resources include 15.0g/t Au over 12.1m (in hole DDH86-28); 15.8 g/t Au over 8.02m and 9.6 g/t Au over 1.04m (in hole DDH86-12); and 12.5 g/t Au over 4.1m (in hole DDH86-26), amongst other encouraging drill intercepts.
Rover Metals will continue diamond drilling this zone at different hole geometries, with a larger size core diameter (NQ2 or HQ) in order to both validate the grades found at the historical drill hole intercepts and continue to expand the mineralized zone along strike and depth.
Andrew South Hinge Zone (Former Bugow Zone in earlier reports prior to Aber Resources)
This mineralized zone has been expanded from the re-interpretation of the historical data. The Bugow Iron Formation magnetic response from the UAS magnetic survey clearly indicates the historic mineralized zone geometry is exposed at the flank of a tight syncline fold near the closure (hinge) that wraps along the Bugow Iron Formation and continues to the northwest. More than 20 historic pits/trenches from the 1940's that previously returned highly encouraging gold values have been relocated and surveyed with GPS, including a 300 foot open cut excavated at the hinge zone. The recessive topography on the northern flank of the synform combined with the lower relative intensity of the total magnetic response within the iron formation may indicate sulphidization, in a very similar arrangement as it occurs at the Cabin Lake Gold Zone.
A diamond drilling program has been designed to target the hinge zone down-dip under the historic open cut, and progressive step outs following the northern fold limb in areas of higher strain and reduced magnetic intensity that suggest higher sulphide content as replacements of the iron formation.
Andrew North Hinge Zone
This mineralized zone has been also reinterpreted from the UAS magnetic survey. The fold closure (hinge) geometry corresponds to an antiform and it is more open than that at the Andrew South zone. Most of the historic trenches/pits have been GPS located in the northern flank of the fold ending near the hinge zone where historical encouraging elevated gold values had been reported.
A diamond drilling program has been designed to further investigate areas of reduced magnetic intensity within the Bugow Iron Formation at the hinge zone coincident with recessive topography, aimed to test for gold mineralization.
Additional shear zones and parallel sets of sulphidized iron formations have been located in other parts of the Property and a meaningful exploration program has been designed to perform prospecting, mapping, and sampling.
(*)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., VP of Exploration at Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals
Rover Metals is a natural resource exploration company specialized in Canadian precious metal resources that is currently focused on the Northwest Territories of Canada, one of the most mining friendly jurisdictions in North America. Rover Metals will have a booth (#911) at the upcoming Vancouver Resource Investor Conference on January 20-21, 2019 featuring a 3D rendering of its exploration model for the Cabin Lake Gold Project.
ON BEHALF OF THE BOARD OF DIRECTORS
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.