Rover Metals Corp. Concludes Acquisition of the Cabin Lake Property, NT, Canada
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VANCOUVER, Aug. 13, 2018 /CNW/ – Rover Metals Corp. (TSXV:ROVR.V – News) (« 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.V – News). 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.V – News) 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.mThe 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.
On July 24, 2018 Rover Metals announced 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 incudes the historic Cabin Lake project, the historic Slemon Lake project, and the historic Camp Lake project, collectively, the « Cabin Lake Group of Properties. »
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.
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
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