Rover raises $1.278MM under $0.10 Unit Financing

VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (“Rover” or the “Company”) further to its releases of January 6, 2021, and January 18, 2021, announcing a non-brokered $0.10 Unit Financing, Rover has now closed the Second and Final tranche of the $0.10 Unit Financing for gross proceeds of $270,000.00 (the “Second Units”). A total of $1,277,500.00 has now been raised under the $0.10 Unit Financing. The use of proceeds of the financing include plans for a resumption of exploration drilling at its 100% owned Cabin Lake gold project, NT, Canada as soon as this February, 2021. Further to its release of January 4, 2021, the Company is on track to obtain an ice road permit this winter to access the Cabin Lake project directly off Highway NT3, at the town of Behchoko. Ice road access to the property will materially decrease the Company’s exploration costs.

About the Cabin Lake Gold Property

On September 8, 2020, Rover kicked-off its first exploration drilling program at the Cabin Lake Gold Property. The exploration program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the Bugow “Cabin Lake Gold Zone.” Rover’s expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at the Cabin Lake Gold Zone (see Figure 1 below). As released on November 24, 2020, drill hole CL-20-08 intersected 32 meters of continuous gold averaging 13.6 grams per ton Au. The significance of hole CL-20-08 is that economic gold grades start at just 17.5 meters from surface, and the hole has identified a northwest trend and plunge at depth, of the gold mineralization in the ore shoot zone. Hole CL-20-08 also intersected and confirmed historic holes DDH86-12 (15.77 g/t Au over 8.02m) and DDH86-28 (11.74 g/t Au over 16.0m).

Figure 1 – Drill Plan View Featuring Ore Shoot

Rover’s September 2020 drill program was the initial step towards confirming and expanding the historic 100,000 tons at 0.30 Oz/ton Au* Bugow historic resource estimate towards a NI 43-101 compliant mineral resource estimate. Historic drill intersects reported in the Bugow Cabin Lake Gold Zone also include reported holes DDH 86-13 of 14.23 g/t Au over 6.1m; and DDH 86-10 with 10.84 g/t Au over 10.0m. Starting in February 2021, the Company plans to drill the Cabin Lake Gold Zone ore shoot at depth, as well as several other brownfields targets that exist along the Bugow Iron Formation (for example, the Andrew North Zone, the Andrew South Zone, and the Beaver Zone – all part of the Cabin Lake Property). The Company currently has identified at least 12 targets as potential new ore shoot discoveries on the property.