Rover Metals Receives $153,000 Grant for IML Critical Minerals Project, NT, Canada
27 July 2023 - 11:00PM
Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF)
(FSE:4XO) (“
Rover” or the
“
Company”) is pleased to announce that it has
received a
$153,000 exploration grant from the
Government of the Northwest Territories’ Mining Incentive Program
to further exploration at its IML critical minerals project.
IML ProjectThe IML project is
located 195 km east-northeast of Yellowknife, NT, east of the
Yellowknife Pegmatite Group, on the eastern arm of Great Slave
Lake, within the rear earth element and pegmatite focus area. Great
Slave Lake is located in the south of the Northwest
Territories.
Area Map
The IML Vulcanic Massive Sulphide project has
had exploration dating back to the 1940s and has a historical
resource spread across four zones on the project. The BB Zone and
Kennedy Lake Zone have a combined historic resource of 1,400,000
tons grading 10% combined zinc and lead with 3.5 OPT (ounces per
ton) of silver*. Approximately 900 metres west of the BB Zone, the
Kennedy Lake West Zone has a historic resource of 610,000 tons
grading 1.15% copper*. About 8 km southeast of the BB Zone, the
Susu Lake Zone, has a historical resource consisting of 142,500
tons grading 0.95% copper*. The project is one of the last
unexplored greenstone belts in the world, and has district scale
potential. The historic resource is coming from just 3% of the
30,000 acre greenstone belt. Pegmatites have been
identified in the historic drill core, and management of the
Company has planned a Phase 1 Exploration Program to further
explore for lithium in the pegmatites associated with the
greenstone belt, as well as those that may exist from surrounding
prominent granitic intrusions.
InfrastructureUnlike some projects in the
Northwest Territories of Canada, the project benefits from primary
barge infrastructure, and is located within a prolific area of
lithium and rare earth elements exploration, where recent
discoveries (for example, LiFT Power) are bound to bring new
infrastructure to the area. Seasonal access to the IML project
currently relies upon fixed or rotor wing support, or ice road. A
right of way was cleared to the project from the deep lake port of
Thompson Landing, NT, in the 1970s, providing barge access with
ground transportation, considerably lowering any logistical costs.
Future Government of Canada federally funded hydro-energy
infrastructure could come close to the project if the Taltson Hydro
Dam expansion proceeds through the eastern arm of Great Slave Lake
into Yellowknife. At the southwest-end of Great Slave Lake, Osisko
Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At
nearby Hay River, NT, there is a rail line to the Teck Resources
Zinc Refinery in Trail, BC.
Use of Grant ProceedsThe Company has outlined a
Phase 1 Exploration Program that relies heavily on airborne and
ground geophysics to connect and model all of the historic zones of
the project. The intent of the Phase 1 program is to ready the
project for drilling in H2-2024. Rover Metals is seeking Joint
Venture partners to option the project in 2024 for drilling.
*These resources are historic in nature. Further
drilling is needed to bring them up to CIM Definition Standards.
The historic data has not been verified by Rover. The historic
information is provided in the 2103 Assessment Report for Indian
Mountain Lake which is in public record with the Government of the
Northwest Territories.
Technical information has been approved by Gary
Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
Judson Culter, CEO at Rover Metals, states,
“Zinc, Copper, and Lithium are on the Canadian Government’s
Critical Minerals List, and have been prioritized for development.
We’re thrilled the Government of the Northwest Territories has
selected the IML project for grant funding. The recent discovery by
LiFT Power of economic grade lithium in the area is shining a light
on the jurisdiction, and we think the timing is right to plan an
exploration program for IML.”
Current FinancingFurther to the Company’s
release of July 20th, 2023, the third and final closing of the
Company’s $0.08 Unit Financing has been allocated towards the Phase
1 Exploration Program for the IML project.
About Rover MetalsRover is a
publicly traded junior mining company that trades on the TSXV under
symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under
symbol 4XO. The Company has a diverse portfolio of mining resource
development projects with varying exploration timelines. Its
critical mineral projects include lithium, zinc, and copper. Its
precious metals projects include gold and silver. The Company is
exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media
channels:Twitter: https://twitter.com/rovermetalsLinkedIn:
https://www.linkedin.com/company/rover-metals/Facebook:
https://www.facebook.com/RoverMetals/for daily company updates and
industry news, andYouTube:
https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriberfor
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:Email:
info@rovermetals.comPhone: +1 (778) 754-2617
Statement Regarding Forward-Looking
InformationThis news release contains statements that
constitute "forward-looking statements." Such forward-looking
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Actual results and future events could differ materially from those
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place undue reliance on these forward-looking statements. Any
factor could cause actual results to differ materially from Rover’s
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forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
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