Rover Metals Receives TSXV Approval for Nevada Lithium Project Acquisition
Rover Metals Receives TSXV Approval for Nevada Lithium Project Acquisition
VANCOUVER, British Columbia, Nov. 21, 2022 -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO)
(“Rover” or the “Company”) announces that further to its releases of September 20, 2022 , and November 17, 2022, it is
pleased to announce that it has now received Toronto Venture Exchange (“TSXV”) approval of its definitive agreement to option
a 100% ownership interest in a claystone lithium project (the “Option Agreement”) located in the southwest lithium jurisdiction
of the state of Nevada, USA. The Option Agreement is dated with an effective date of November 16, 2022. The land package
under option is a district scale lithium claystone deposit situated on Bureau of Land Management land.
Let’s Go Lithium Property, NV, USA
The Let’s Go Lithium claystone property is located in Nevada’s famous southwest lithium jurisdiction and is approximately
6,000 acres in size. The Company, through the vendor of the project, and through ALS Laboratories, has verified high-grade
lithium surface samples at the project. Highlights of these surface grab samples processed by ALS Laboratories include:
Sample# AMZ-8 of 780ppm Li, Sample# AMZ-26 of 910ppm Li, and Sample# AMZ-28 of 710ppm Li . The Company has
pulled additional surface grab samples from the project and analysed them with a Handheld Laser Induced Breakdown
Spectroscopy (“HH LIBS”). Highlights of the HH LIBS include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li .
The project includes green energy infrastructure of hydro power lines, and has direct road access, and a nearby town with a
readily available work force.
Later-stage comparable claystone lithium projects include Cypress Development’s Clayton Valley project; American Lithium’s
TLC project; Noram Lithium’s Zeus project, and Iconic Minerals’ Bonnie Claire project. All of the aforementioned companies
are later-stage mining companies, with a NI 43-101 resource definition. Rover’s Nevada Lithium project is greenfields in nature,
with no drilling to date. Historic water well drilling at the Let’s Go Lithium property by the USGS indicates that the
claystone is near to surface, and over 90 meters in average thickness.
Summary of Future Commitments Under the Option Agreement
To earn a 100% ownership interest in the Let’s Go Lithium project the company is required to compensate the owner of project
as follows:
Cash Common Shares
Exploration
Commitments
Year 1 Nil USD20,000 worth of common shares to be issued at the greater of: (1)
the 5-day VWAP leading up to January 31, 2023; or (2) $0.065.
Nil
Year 2 USD20,000 USD100,000 of common shares to be issued at the greater of: (1) the 5-
day VWAP leading up to January 31, 2024; or (2) $0.065.
USD200,000
Year 3 USD75,000 USD150,000 of common shares to be issued at the greater of: (1) the 5-
day VWAP leading up to January 31, 2025; or (2) $0.065.
Nil
Year 4 USD80,000 USD250,000 of common shares to be issued at the greater of: (1) the 5-
day VWAP leading up to January 31, 2026; or (2) $0.065.
Nil
Year 5 USD100,000 Nil Nil
Year 6 USD150,000 Nil Nil
Year 7 USD75,000 Nil Nil
Milestone payment at anytime, including after Year 7, of USD500,000 and Rover Metals’ common shares worth
USD500,000 to be issued at the greater of: (1) the 5-day VWAP leading up to the date of issuance; or (2) $0.065.
A 2% net smelter royalty (“NSR”) on the first marketable product from the property, less allowable deductions. The NSR
includes a one-mile area of interest surrounding the project.
Technical information has been approved by David White, P.Geo., QP for the purposes of NI 43-101. ALS Laboratories is
ISO/IEC 17025:2017 and ISO 9001:2015 certified.
Judson Culter, CEO at Rover Metals, states, “The Biden Administration’s Bill for Inflation Reduction and Energy puts
milestones in place for critical minerals like Lithium to be produced within North America effective January 1, 2023. Given the
mining friendly jurisdiction of Nevada, and the nature of claystones, we see the Let’s Go Lithium project as a shovel ready, fast
-tracked opportunity for development.”
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 (temporarily as ROVMD), 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 existing mineral resource development projects are located near to the city of Yellowknife, 60th
parallel, Canada.
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ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:
Email: [email protected]
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.