Rover Metals Signs Definitive Option Agreement for Brownfields Critical Minerals Project at 60th Parallel, NT, Canada
Rover Metals Signs Definitive Option Agreement for Brownfields Critical
Minerals Project at 60th Parallel, NT, Canada
VANCOUVER, British Columbia, Sept. 14, 2022 -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO)
(“Rover” or the “Company”) announces that further to its release of August 16, 2022, the Company has signed a definitive
option agreement (the “Option Agreement ”) with Panarc Resources Ltd. (“Panarc”) for the staged acquisition of up to a 90%
ownership interest in the Indian Mountain Lake VMS project, NT, Canada (the “Project”).
Indian Mountain Lake VMS Project
The Indian Mountain Lake VMS Project has had exploration dating back to the 1940s and has a historical resource spread
across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons
grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone,
the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the
BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake.
Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the Project from Thompson Landing in
the 1970s. If this right of way were to be brushed out, it would provide barge access at Thompson Landing, from Yellowknife,
with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-
energy infrastructure could come close to the Project if the Taltson Hydro Dam expansion proceeds through the eastern arm of
Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine
Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic
data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain
Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
Summary of the First Year Terms of the Indian Mountain Lake Definitive Option Agreement
In accordance with the terms of the Option Agreement, during the first year following the date of the Option Agreement, the
Company has committed to incurring $200,000 in exploration expenditures on the Project and making a cash payment of
$20,000 to Panarc. In addition, and subject to the approval by the TSX Venture Exchange, Rover will issue Panarc an
aggregate of 3,500,000 common shares in the capital of the Company (the “ Common Shares ”) within six months of the
signing of the Option Agreement. The Common Shares, if authorized for issuance, will be subject to the standard four-month
regulatory hold period.
Upcoming Conference
Rover Metals will be presenting at the Redefining Electric Metals Conference in Calgary, AB, on September 19 th and 20 th.
Registration is at www.redefiningelectricalmetals.com
New Website
An updated Corporate Fact Sheet is now available on our new website.
Judson Culter, CEO at Rover Metals, states “We see tremendous growth coming for critical minerals fueled by domestic EV
demand in the U.S. and Canada. 97% of the Indian Mountain Lake greenstone belt, or approximately 30,000 acres, remains
largely unexplored with the drill bit, so we are very excited about this project’s future.”
Corporate Update
A Q&A interview with Rover’s CEO, Judson Culter, is now also available for viewing here.
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, 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 mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
You can follow Rover on its social media channels:
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Website: https://www.rovermetals.com/
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.