Rover Metals Corp. (TSXV:ROVR) (OTCQB:ROVMF) (“Rover Metals” or the “Company”) is pleased to announce that further to its April 10, 2019 news release, it has made progress on several of the conditions needed to complete the Toquima precious metals property acquisition (the “Transaction”). Rover Metals has completed its technical due diligence on the Toquima silver and gold property (the “Toquima Property”) and has filed and received approval for the NI 43-101 technical report for the Toquima Property with the TSX Venture Exchange (the “TSXV”). Financial Statement due diligence on Centennial Mining Inc. is also approximately 60% completed. This is an updating press release. The Company plans to issue a further press release once it has completed the pending conditions and provide the information prescribed by applicable policies of the TSXV related to the Transaction.
Further to its April 10, 2019 news release, the Company continues to seek to raise an aggregate of $1.25 million through the issuance of up to 20,833,333 units of the Company (each a “Unit”) at a price of $0.06 per Unit. Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.12 for a period of five (5) years from the date of issuance. The Company has made progress on the private placement financing and hopes to do an initial closing of the financing in the coming weeks. The Private Placement remains priced below the closing price of the Company’s shares on the date that the Transaction was announced (April 10, 2019). Since announcing the private placement on April 10, 2019, the price of gold has appreciated significantly to over USD1,400 per ounce. The Company would also like to point out to the reader that several creditable publications have released gold reserve estimates for the producing miners and the trends continue to show precious metals reserves are reaching a ten year low. The Company encourages the reader to research such publications and consider the value proposition of the five year warrant being offering in connection with the Company’s current financing.
The Company currently anticipates that the net proceeds of the Private Placement will be allocated as follows: 65% for Toquima Project, 15% for Cabin Lake, and 20% for general and administrative expenses. Rover Metals anticipates closing the Private Placement in multiple closings and as funds are received. The Company intends to finance further exploration at Cabin Lake with a future flow-through share offering later this year.
Rover Metals Corp. (TSXV:ROVR) (OTCQB:ROVMF) (“Rover Metals” or the “Company”) is pleased to announce that it has entered into a non-binding letter of intent dated April 10, 2019 to acquire (the “Transaction”) all of the issued and outstanding shares of Centennial Mining, an arm’s length Nevada corporation, from a private US-based entity (the “Vendor”) in consideration of the issuance to the shareholders of the Vendor of 40,000,000 common shares in the capital of Rover Metals (the “Consideration Shares”). The Consideration Shares will be distributed to the shareholders of the Vendor, resulting in no single person holding more than 9.79% of the issued and outstanding common shares of the Company following the completion of the Transaction (post Transaction individual ownership does not give consideration to the number of shares to be issued in connection with the Company’s current private placement financing disclosed below). Centennial Mining owns, among other things, a 100% interest in the Toquima precious metals property (the “Toquima Property”) located in Corcoran Canyon, Nevada, USA.
The Company also announces that it has re-priced its previously announced private placement (the “Private Placement”) (see Rover’s March 4, 2019 press release). The Company announces that it will seek to raise an aggregate of $1.25 million through the issuance of up to 20,833,333 units of the Company (each a “Unit”) at a price of $0.06 per Unit. Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.12 for a period of five (5) years from the date of issuance.
Rover Metals Corp. (TSXV:ROVR) (OTCQB:ROVMF) (“Rover Metals” or the “Company”) is pleased to announce the appointment of Oliver Foeste, CPA, CA as Chief Financial Officer. Mr. Foeste is currently the Managing Partner of Invictus Accounting Group (based in Vancouver, BC), and brings over a decade of financial and business advisory as well as executive and directorship experience across a number of sectors including mining, natural resources, technology, real estate, cannabis, and more. Oliver currently holds strategic CFO roles for a select number of private and public companies, and previously held senior management and executive positions in multinational and small capitalization companies listed in both Canada and the United States. During the earlier years of Oliver’s career he was at Deloitte where he led audit and assurance engagements for both private and public companies, and at Walsh King Chartered Accountants where he prepared tax returns and financial statements for private clients.
Rover Metals Corp. (TSXV:ROVR) (OTCQB:ROVMF) (“Rover Metals” or the “Company”) will make a best effort basis to raise a non-brokered private placement for gross proceeds of up to CAD1,250,000 at CAD0.08 per unit (the “$0.08 Unit Financing”). The $0.08 Unit Financing contemplates Rover Metals raising aggregate gross proceeds of up to CAD1,250,000 via the issuance of up to 15,625,000 units of Rover Metals (each a “Unit”). Each Unit of Rover Metals is at a price of $0.08 per Unit and consists of one Rover Metals common share and one Rover Metals common share purchase warrant exercisable into one Rover Metals common share at $0.15 for a period of 24 months following the date of issuance.
Rover Metals Corp. (TSXV: ROVR)(OTCQB: ROVMF) (“Rover Metals” or the “Company”) is pleased to announce that it has completed its U.S. OTCQB listing and will trade under the symbol “ROVMF” on the OTCQB. The Company is also pleased to announce that it will begin working with newsletter writer, Bob Moriarty of 321 Gold acclaim, over the next 12 months. To access the full news release click here.
Rover Metals Corp. (TSXV: ROVR)(OTC Pink Sheets: ROVMF) (“Rover Metals” or the “Company”) is pleased to announce that the Company’s technical team has identified its drill targets for the Cabin Lake Gold Project (the “Property”) based on a combination of (i) its interpretation of historic workings and (ii) the recently completed geophysical and geochemical program performed in Q3 and Q4 of 2018. Judson Culter, CEO at Rover Metals, states: “The 2018 magnetic survey and soil sampling program results have identified new gold anomalous zones and expanded on the known gold mineralized zones. Within these zones we have identified the best drill targets for converting the historic drill results into current NI 43-101 resource standards. The new targets were developed from the re-interpretation of the historic work programs completed to date, which included over 7,500 meters of diamond drill data purchased from North Arrow Minerals – a legacy asset from exploration drilling completed by Aber Resources (Grenville Thomas) in the late 1980’s.” To access the full news release click here.
Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the “Company”) is pleased to report that the Responsible Ministers of the Governments of Canada and the Northwest Territories (“GNWT”) have accepted the environmental assessment approval for the Tłı̨chǫ All-Season Road (“Tłı̨chǫ Road”) incorporating the modified measures developed together with the Tłı̨chǫ Government through the consult to modify process with the Mackenzie Valley Environmental Impact Review Board (the “Board”). The Tłı̨chǫ Government also approved the Board’s recommendation with modifications. To access the full news release click here.
The Tłı̨chǫ Road (as plotted on Rover Metals' Cabin Lake map) improves Rover Metals' access to its 100% owned Cabin Lake Group of Gold Properties, most specifically, the Camp Lake and Slemon Lake gold projects.
Rover Metals Corp. (TSXV: ROVR) (“Rover Metals” or the “Company”) is pleased to announce results of its soil geochemical survey on its 100% owned Cabin Lake Gold Project, NT, Canada. Rover Metals’ Fall 2018 Exploration Program at its Cabin Lake Gold Project has focused on revisiting the historic gold zone occurrences over the gold-rich iron formation to better understand the system, geology, structure and mineralization. The Fall 2018 Exploration Program has combined a detailed Total Magnetic Field UAS Survey with a Soil Geochemistry Survey. The second phase of the Cabin Lake Gold Project exploration program will consist of diamond drilling scheduled for the upcoming winter months. The results from the Geochemical Survey, even at the ultra-trace level, reveal strong coincident gold anomalies around and on known historic gold mineralization areas, particularly over the Camp and Andrew South Zones. The survey also shows a new additional well-defined anomalous zone in the south-east zone of the property. The interpretation of the results from field reconnaissance, the magnetic survey and the preliminary soil sampling analysis supports the hypothesis of a gold bearing system in the form of a shear corridor intersecting a series of folded iron formations, with gold preferentially being deposited within sulphidized sections of the iron formations in such zones. Rover Metals’ interpretation supported by the new gold in-soil anomalies, also supports the hypothesis that there is a much more extensive gold system than initially discovered by Aber Resources’ historic exploration drilling in the late 1980’s which only focused on one folded section of the Bugow Iron Formation. Rover Metals has identified repetitive targets within these northeast-southeast shear corridors. The Company believes the Cabin Lake system is similar in kind and style to the historic Lupin Gold Mine in Nunavut, Canada, and to some extent to the Musselwhite Gold Mine in Ontario, Canada. To access the full news release click here.
Rover Metals Corp. (TSXV: ROVR) (“Rover Metals” or the “Company”) is pleased to announce the successful completion of the first phase of its fall-2018 exploration program on its 100% owned Cabin Lake property. Phase one of exploration was comprised of an Unmanned Aerial Survey (“UAS”) Supported Total Field Magnetic Survey. The Total Field Magnetic UAS (see image at Table 1 below) covered the entirety of the property for a total of 102 line-kilometers of collected data. Survey lines were placed at 25m and 50m spacings and readings were taken at one second intervals. The survey has proven to be very effective in delineating the Bugow Iron Formation and multiple other anomalous zones similar in kind to the known gold bearing zones tested by previous explorers with much higher resolution than in previous campaigns. Rover Metals is also pleased to announce that its geochemical survey which commenced on September 20, 2018 has now been completed. The geochemical survey covered an area of approximately 1.5km x 1km in the Southeastern part of the property at close sample spacing (25m between samples within lines 50m apart from each other in a North-South line orientation) for a total of 485 sampled stations. The geochemical survey was bounded at the western side by the known Cabin Lake, Beaver and Camp gold zones east (Andrew South zone) covering an area of high density of NE-SW lineaments/faults/shear zones and their intersection by repetition of folding of the Bugow Iron Formation, host of the Cabin Lake Gold zone and other gold zones within the property. Structural reconnaissance and surface outcrop mapping was done concurrently to the geochemical survey to expand the overall understanding on the structures controlling gold mineralization. Rover Metals expects to announce the results of geochemical survey in the coming weeks.
Rover Metals Corp. (TSXV: ROVR) (“Rover Metals” or the “Company”) announces the appointment of Saurabh Handa as Chief Financial Officer (“CFO”) of the Company effective September 10, 2018. Saurabh Handa, CPA, CA, is a Partner at Invictus Accounting Group and has over 10 years of experience in the mining industry working mostly with public and private mining companies in numerous international jurisdictions and at various stages of development, from early-stage exploration to openpit and underground producing mines. His prior positions include: the CFO for Titan Mining Corporation, Vice President, Finance for Imperial Metals Corp., CFO for Meryllion Resources Corp., CFO for Yellowhead Mining Inc., and Corporate Controller for SouthGobi Resources Ltd. Prior to that, Mr. Handa worked at Deloitte & Touché LLP as a Senior Staff Accountant working in its audit and valuation practices primarily on international mining companies. Saurabh also currently serves as a Director and Chair of the Audit Committee for K92 Mining Inc. Mr. Handa is a Chartered Public Accountant certified by the Chartered Professional Accountants of British Columbia and holds a Diploma in Accounting from the University of British Columbia, a Bachelor of Science in Cellular Biology and Genetics from the University of British Columbia, and a Diploma in Computer Systems Technology from the British Columbia Institute of Technology.
Rover Metals Corp. (TSXV: ROVR) (“Rover” or the “Company”) announces that it has entered into an agreement (the “Amending Agreement”) with Silver Range Resources Ltd. (“Silver Range”) and Panarc Resources Ltd. amending the terms of Rover’s option (the “Option Agreement”) to acquire a 100% interest in the Up Town Gold Property (the “Property”). The Amending Agreement provides for, among other things, an extension of the timeframes within which Rover must incur certain expenditures on the Property an extension of the timeframes for the amount of certain payments required to be made by Rover to Silver Range. Pursuant to the Amending Agreement, the Company must make the following payment so Silver Range in order to exercise the First Option (as defined in the Option Agreement) and acquire a 75% undivided interest in the Property: (a) $45,000 by September 9, 2018; (b) $45,000 by April 30, 2019 (payable in cash or shares at the option of Rover); and (c) $120,000 by February 2020. The Amending Agreement also provides for an amendment to the terms upon which the Company can exercise the Second Option (as defined in the Option Agreement) to acquire an additional 25% undivided interest in the Property. Rover can exercise the Second Option by issuing to Silver Range on or before September 30, 2020 the lesser of (a) 4.5% of its outstanding common shares, on a fully-diluted basis, and (b) 2,500,000 common shares. A copy of the Amending Agreement is available for viewing on the Company’s profile on the SEDAR website at www.sedar.com.
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. 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 mineralization; and secondly, the soil geochemical survey is to delineate additional gold mineralization 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.
Rover Metals Corp. (TSXV: ROVR) ("Rover Metals" or the "Company") is pleased to announce on August 9, 2018 it completed its acquisition of the historic Cabin Lake property (the “Cabin Lake Property”) from Silver Range Resources (TSXV: SNG). Pursuant to the acquisition, Silver Range Resources has retained a 2% net smelter royalty, buyable down to 0.5%. Historically, the Cabin Lake project was incubated, and explored by Grenville Thomas through his legacy company, Aber Resources, in the late 1980’s. Rover Metals acquired over 10,000 meters of historical exploration data from North Arrow Minerals (TSXV: NAR) in March of this year. The Cabin Lake property is located 110 kilometres northwest of Yellowknife and 38 kilometres north of Behchoko in the Tlicho Traditional Territory, central Northwest Territories. The property hosts high-grade gold in iron formation within Archean metasedimentary rocks. Historic work by Cominco Ltd., Freeport McMoRan Gold Company, and Aber Resources Ltd. centred on a steeply east-plunging package of folded sulphidized iron formation containing pyrite, pyrrhotite, chalcopyrite and arsenopyrite. Three historic resources are reported on the property in the NWT Minerals Database (NORMIN 085OSW0001). On the south limb of the fold, Aber Resources Ltd. reported a resource of 100,000 tons at 0.30 ounces per ton gold in their annual report while on the north limb of the fold, Energy Mines and Resource Canada Mineral Bulletin MR223 records a mineral inventory of 43,900 tonnes at 4.39 grams per tonne gold in the Bugow Zone and 18,100 tonnes grading 7.89 grams per tonne gold in the Andrew North Zone. The reader is cautioned that these resources are historic in nature, do not comply with National Instrument 43-101 and have not been verified by Rover Metals. Rover Metals also owns 100% interests in both the Slemon Lake and Camp Lake projects which are located approximately 10 km and 20 km away, respectively, from the Cabin Lake Property.
Technical information in this news release has been approved by Mike Power, M.Sc., P.Geo., President and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of National Instrument 43-101.
Rover Metals Corp. (TSX.V: ROVR - the "Company" or "Rover Metals"), is pleased to announce that it has received a five-year land use permit (the “Land Use Permit”) from the Wek’eezhii Land and Water Board and the Mackenzie Valley Land and Water Board. The Land Use Permit includes the historic Cabin Lake project, the historic Slemon Lake project, and the historic Camp Lake project, collectively, the "Cabin Lake Group of Properties.” The Cabin Lake Group of Properties are located approximately 110 km northwest of Yellowknife, in the Northwest Territories.
Rover Metals Corp. (TSX.V: ROVR - the "Company" or "Rover"), is pleased to announce it has obtained a public listing for its securities on the TSX Venture Exchange. As a result, the Company will be listed as a Tier 2 Mining Issuer on the exchange. In conjunction with the listing, Rover raised CAD$1,520,553 through a non-brokered private placement financing. Trading in the shares of the Rover is expected to commence under the symbol “ROVR” following the issuance of the exchange’s final bulletin on or about June 29, 2018.
Rover Metals is pleased to announce that it has received Conditional Acceptance from the TSXV for the listing of its shares. The Special Meeting materials in connection with the listing have now been mailed out to shareholders.
Rover Metals is pleased to announce that it has acquired historical exploration data, for an 840 square kilometer area at Cabin Lake and surrounding area, from North Arrow Minerals Inc (TSXV:NAR). The historical exploration data includes approximately 10,000 meters of diamond drilling, and geophysics.
Rover Metals is pleased to announce that it has entered into an amalgamation agreement (the "Agreement") with a TSXV Capital Pool Company that trades under the symbol "RLS". The terms of the Agreement are such that a minimum of CAD$1,137,500 will be raised under Rover's current private placement financing to close the transaction.
Rover Metals is pleased to announce a non-brokered private placement financing, the "$0.125 Unit Financing". Proceeds of the $0.125 Unit Financing will be used to further exploration work at Up Town Gold and to start exploration work at Cabin Lake. The $0.125 Unit Financing is priced at CAD$0.125 per unit (the "Units") and CAD$0.140 per Canadian Tax flow-through unit (the "Flow-through Units"). Each Unit is comprised of one common share and one common share purchase warrant (priced at CAD$0.25 in year one and CAD$0.50 in year two). Each Flow-through Unit is comprised of one flow-through common share and one common share purchase warrant (priced at CAD$0.28 in year one and CAD$0.56 in year two).
Rover Metals is pleased to announce that it has entered into a letter of intent to acquire the Cabin Lake property. Cabin Lake is located 110 km northwest of Yellowknife and 60 km southeast of Fortune Minerals and close to the new Tlicho All Season Road. The property hosts high-grade gold in iron formation in archean metasedimentary. The Cabin Lake zone has a combined resource of 100,000t's grading 0.3 oz/ton Au at Cabin Lake and 43,000t's grading 4.46 g/t Au at Bugow (non NI 43-101 compliant).
Rover Metals is pleased to announce that Keith Minty, a current Director of the Company, has been appointed to the Management Team as President.
Rover Metals Summer 2017 Drill Results intersect high-grade gold veins at the Up Town Gold Property. The diamond drilling program confirmed previous known mineralized zones and has expanded these mineralized zones along strike and to depth. Gold assay highlights from the Rod Zone include 3.3 meters averaging 3.73 g/t Au (including 0.3 meters of 35.00 g/t Au) where drilling intersected Archean lode veins. Highlights from the Fox South Zone include 7.1 meters averaging 0.62 g/t Au (including 0.3 meters of 5.12 g/t Au) where drilling intersected a number of shear zones. For a complete summary of the Summer 2017 drill results click here.
Rover Metals is pleased to announce that it has raised CAD$1,000,000 under its $0.10 Unit Financing, consisting of three tranches through September 29, 2017.
Rover Metals is pleased to announce that NQ diamond drilling at the Up Town Gold Property commenced today on schedule.
Rover Metals has signed a letter of intent for a Reverse Take-over Transaction ("RTO") of a private BC Corporation with greater than 150 shareholders. Rover Metals will be seeking a direct IPO listing on the TSXV in Q4 2017. The private BC Corporation will have approximately 1,500,000 shares outstanding at time of the RTO transaction.
Rover Metals has decided not to pursue its take-over bid for GGL Resources, as previously announced in its Feb-19-2017 news release.
Rover Metals is pleased to announce that it has received its Exploration Permit for the Up Town Gold Property.
Rover Metals is pleased to announce that Keith Minty, P.Eng, MBA, has joined our Board of Directors.
Rover Metals is pleased to announce the results of the Summer 2016 Exploration Program for the Up Town Gold Property in Yellowknife, NWT.
Rover Metals is pleased to announce it has Optioned the Up Town Gold Property in Yellowknife, NWT. The claims are continguos to TerraX Minerals' Northbelt claims and the historic Giant Mine.