Update on Exploration at the Cabin Lake Gold Project and Closing of Unit Financing
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Update on Exploration at the Cabin Lake Gold Project and Closing of Unit Financing
Vancouver, British Columbia – (September 21, 20 20) – Rover Metals Corp. (TSXV: ROVR) (OTCQB:
ROVMF) (“Rover Metals” or the “ Company”) further to its release of September 15, 2020, the Company has
completed drilling and logging of its third drill hole at its100% owned Cabin Lake gold project, NWT, Canada. The
Company is pleased to announce that it has made a second successful intersection of the sulfide replacement of the
Bugow Iron formation in the target zone.
Cabin Lake Exploration Program
Drilling is progressing at Cabin Lake and the third hole has been completed successfully intersecting the historic
gold mineralized zone at the Bugow Iron formation in the vicinity of historic drill holes 86-10 (historically reported
9.53 g/t Au over 0.95m and 12 gpt Au over 8.84m); 86-11 (historically reported 8.22gpt Au over 4.72m); and 86-
26 (historically reported 12.54gpt Au over 4.1m).
Hole CL-20-03 intersected the sulfidized Bugow Iron formation, host of the gold mineralization at a depth of 43m
targeting the u pper sheared/deformed zone (see image below), consistently showing up to 50% sulfide
mineralization (pyrite, pyrrhotite replacements), and pervasive quartz veining/flooding. Sulphide mineralization
occurs along with deformation/shearing to a depth of 54.85m. Below this zone, the sulphide mineralization within
the Bugow Iron Formation drops to less than 5%, as well as the intensity in deformation. The Iron formation turns
to sub parallel to core axis due to folding and despite the hole being still in the iro n formation, it was decided to
stop it at a depth of 91m and move to next pad as it turned into a more amphibolitic and magnetite rich facies at
depth.
The company has also managed to locate most of the historic drill collars in the field, and after dril ling the first
three holes, it is now updating the historic database for a possible deviation of the historic holes noted when
comparing to the spatial distribution of the historic intersects and the current depths of the mineralized contacts in
the 2020 drill holes targeting those zones at an angle. Future releases will provide updated drill plan views and drill
hole sections incorporating the current 2020 drill holes in relation to the historic ones.
Extensive sulphide mineralization in the upper contact of the Bugow Iron formation in drill hole CL-20-03
equivalent to the mineralized zone at historic hole 86-10 in the Cabin Lake Gold zone
The Company has budgeted for approximately 1,100 meters of drilling which will include confirmation drilling of
historical high grade gold drill intercepts in the Bugow Cabin Lake gold zone.
Unit Financing
Further to its releases of August 4, 2020, August 28, 2020, and September 4, 2020, announcing a non-brokered Unit
Financing and Closings of the Unit Financing, it has now closed the Third and Final tranche of the Unit Financing
for gross proceeds of $585,079.96 (the “ Third Units”). Each unit is comprised of one common share and one
common share purchase warrant (the “Third Warrants”). The Third Units were issued at $0.06 per unit, resulting in
the issuance of 9,751,332 common shares and 9,751,332 warrants. The Third Warrants have an exercise price of
$0.12 per warrant share, a life of two years, and an accele ration clause if the Company’s common shares trade at
$0.20 per common share for five consecutive days. A total of $1,209,999.96 was raised under the Unit Financing
resulting in the issuance of 20,166,666 common shares and 20,166,666 common share purchase warrants (the
“Warrants”). All of the Warrants have an exercise price of $0.12 per warrant share, a life of two years, and an
acceleration clause if the Company’s common shares trade at $0.20 per common share for five consecutive days.
Cash finders’ commissions were paid to an exempt market dealer and a brokerage firm in the amount of $92,507.99.
The Company also issued 1,541,693 finders ’ warrants (the “Finder Warrants”) in connection with the financing.
The Finder Warrants have an exercise price of $0.12 per warrant share, a life of two years, and an acceleration
clause if the Company’s common shares trade at $0.20 per common share for five consecutive days.
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COVID-19 Strategy
Rover Metals has engaged Aurora Geosciences as project manager for the Cabin Lake Exploration Program. Aurora
Geosciences is a Yellowknife, NT, Canada -based geological consulting firm that follows the employment and
mining exploration health and safety guidelines recommended by the Government of the Northwest Territories. All
employees and contractors involved in Rover Metals’ exploration program will b e personnel that are based in the
Northwest Territories of Canada. There will be no extra-territorial travel required to complete the program. As part
of this project management restructuring, Ronald Woo has resigned as the Company’s Chief Operating Officer. Mr.
Woo will join the Company’s advisory team, and will continue to assist the Company on a case-by-case basis with
First Nation relations and ongoing permitting for new and existing projects.
Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., Technical Advisor
and shareholder of Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals
Rover Metals is a precious metals exploration company specialized in North American precious metal resources,
that is currently advancing the gold potential of its existing projects.
You can follow Rover Metals on its social media channels:
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for corporate videos.
Website: https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:
Judson Culter
Email: [email protected]
Phone: (604) 449-5347
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
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update these forward -looking statements in the event that management's belief s, 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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