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VANCOUVER, Aug. 30, 2018 /CNW/ - Rover Metals
Corp. (TSXV: ROVR) ("Rover Metals" or the
"Company") is pleased to announce that on August 27, 2018 it was awarded an $85,000 exploration grant from the Northwest Territories ("NT") Government's
Mining Incentive Program ("MIP") for its 100% owned Cabin Lake gold
project, totalling 400 hectares and located approximately 110 km
northwest of Yellowknife, NT,
Canada and 40 km northwest of the
community of Behchokǫ̀, NT, Canada.
The NT Government's Mining Incentive Program provides funding to
exploration companies who propose new exploration projects in the
NT or are already carrying out NT mineral exploration work.
MIP grants are awarded based on a review by technical panel voting
committee that consider the economic impact of exploration projects
vis-à-vis planned NT government infrastructure and other criteria
such as innovativeness of exploration approach.
Judson Culter, CEO & Director, states: "I am extremely
pleased that Rover Metals has received this grant, which further
justifies the merits of the Cabin Lake gold project and the quality
of the Rover Metals team. This funding will be used for our
September exploration program at Cabin Lake consisting of a UAS-EM
geophysical surveying and soil geochemical sampling."
The company will be conducting a multi-stage exploration program
commencing in September, following a revised geological
interpretation upon reviewing the recently acquired and very
comprehensive exploration data for Cabin Lake that Rover Metals
purchased from North Arrow Minerals (TSXV: NAR). The purpose of the
September program is twofold: firstly, an airborne magnetic survey
will further outline the iron formation which is known to contain
gold anomalies; and secondly, the soil geochemical survey is to
delineate additional gold anomalies along the highly prospective
shear corridor and its intersects with satellite iron formations.
The previous exploration work done by Aber Resources (Grenville Thomas) in the late 1980's, focused on
a specific geologic model of gold exclusively associated to fold
hinges of iron formations, a model that was very robust and worked
well when interpreting other similar deposits, but not
fully-adjusted for the Cabin Lake property.
In order to advance the property, Rover Metals proposes to test
new zones that step out from the classic Iron Formation Gold
deposit model and transition it to the shear-hosted gold deposit.
Special emphasis will be put into improving the understanding on
the structures controlling gold mineralization, and soil
geochemistry and detailed ground magnetometer surveys will serve
the purpose. The work program would be conducted in two phases. The
first phase, which will be completed in September, will focus on
mapping, sampling, structural reconnaissance, ground-based magnetic
survey, to test the surface expression of the new exploration
model. The second phase, beginning in Q1-2019, will include up to
2,000 meters of NQ diamond-core drilling and will test the
continuity of mineralization at depth.
Technical information in this news release has been approved by
Raul Sanabria, M.Sc., P.Geo., VP,
Exploration Rover Metals Corp. and a Qualified Person for the
purposes of National Instrument 43-101.
About Rover
Rover Metals is a natural resource exploration company
specialized in Canadian precious metal resources and is
currently focused on the Northwest
Territories of Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
"Judson
Culter"
Judson Culter 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
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RELEASE.
SOURCE Rover Metals Corp.