Update on Exploration Drilling at High-Grade Gold Cabin Lake Project
VANCOUVER, Sept. 15, 2020 - Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (“Rover Metals” or the “Company”) further to its release of September 8, 2020, the Company has completed drilling and logging of its first drill hole at its 100% owned Cabin Lake gold project, NWT, Canada. The Company is pleased to announce that it has successfully intersected the sulfide replacement of the Bugow Iron formation in the target zone.
Cabin Lake Exploration Program
Drilling is progressing at Cabin Lake and the first hole has been completed successfully intersecting the gold mineralized zone at the Bugow Iron formation in the vicinity of drill hole 86-28 that historically reported 14.98 g/t Au over 12.1m. New hole CL-20-01 successfully intersected the sulfidized Bugow Iron formation, host of the gold mineralization at 24.29m in a sheared/deformed upper zone (see link below), consistently showing up to 50% sulfide mineralization (pyrite, pyrrhotite replacements), and pervasive quartz veining/flooding. Sulphide mineralization along with deformation/shearing and quartz flooding continues from 24.29m to 44.90m. Below this mark, the sulphide mineralization within the Bugow Iron Formation drops to less than five percent (5%), and the deformation drops its intensity, being more amphibolitic rich, and magnetite rich towards the lower contact at 80.53m.
Sheared upper contact of the Bugow (sulfidized) Iron formation in hole CL-20-01 at the target depth of historic drill hole 86-28
Semi-massive zones of sulfide replacement of the Bugow Iron formation in hole CL-20-01 (approx. depth 35m)
Selective sulfide replacement of sedimentary alternating banding at the Bugow Iron Formation in hole CL-20-01
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. The drill program is the initial step towards bringing confirming and expanding the historic 100,000 tons at 0.30 Oz/ton* Bugow historic resource estimate to a NI 43-101 compliant mineral resource estimate and is also a stepping-stone to advancing the Company’s new exploration strategy for the property. Historic drill intersects reported in the Cabin Lake Gold Zone include DDH86-28 with 14.98 g/t Au over 12.1m. Other high-grade gold historic intersects include holes DDH 86-13 with multiple gold intersects including 7.74g/t Au over 1.52m and 6.85 g/t Au over 3.04m and 15.77 gpt Au over 6.09m. DDH 86-10 reported 9.53 g/t Au over 0.95m and 12 g/t Au over 8.84m. DDH 86-12 reported 15.77 g/t Au over 8.02m. Rover Metals’ program is designed to go back to that zone to both confirm those grades.
(*) As per Section 2.4 of NI 43-101, Aber Resources Ltd. reported a mineral inventory (that does not compare to the current CIM Definitions Standards mineral resource categories) of 100,000 tons at 0.30 ounces per ton gold at the Cabin Lake Gold zone on the north limb of the folded Bugow Iron Formation in their 1986 and 1987 annual reports. The parameters used for the resource calculation are unknown. These results are relevant as to delineate a larger zone of gold mineralization at the Cabin Lake Gold Zone, but further drilling is needed to bring that up to CIM Definition Standards. The reader is cautioned that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources and Rover Metals is not treating the historical estimates as current mineral resources.
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.
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ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and Director
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