Rover Metals provides update on intent to acquire the Toquima precious metals property, Nevada, USA, and concurrent ...
19 Août 2019 - 11:06PM
InvestorsHub NewsWire
Rover Metals provides update on intent to acquire the
Toquima precious metals property, Nevada, USA, and concurrent
private placement
financing
Vancouver, British Columbia -- August 19, 2019 --
InvestorsHub NewsWire -- Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF)
(“Rover Metals” or
the “Company”) is pleased to announce that further
to its April 10, 2019 and June 26, 2019 news releases, it continues
to make progress on its acquisition of the Toquima precious metals
property (the “Transaction”). Rover Metals has now
filed and received approval for the Transaction from the TSX
Venture Exchange (the “TSXV”), subject to
raising the minimum financing requirement (see below) and
completion of a definitive acquisition
agreement.
Judson Culter, CEO at Rover Metals, states: “The Toquima
Property brings Rover Metals a lower cost per meter precious metals
exploration project in the mining friendly jurisdiction of central
Nevada. The Toquima Property is available for year-round
exploration. A 3D video rendering of the historical
silver-gold resource (discussed below) can be viewed at
the following link.”
Trading in the Company’s common
shares remains halted on the TSXV. The halt is expected to continue
pending the completion of the private placement for minimum
proceeds of at least
$800,000.
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.
Private Placement
Further to its April 10, 2019 and June 26, 2019 news releases,
the Company continues to seek to raise an aggregate of up to $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
USD1,500 per ounce. The Company would 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 metal 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 a fully subscribed 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.
About the Toquima
Property, Nevada, USA
The Toquima Property is a gold and
silver project located northeast of Tonopah, in central Nevada,
USA. The Property comprises 253 contiguous, unpatented mineral
claims with an area of approximately 1,958.6 hectares (ha) (4,840
acres). Eight (8) Core claims are under option from Shasta Gold
Corp.,19 CX claims are under option from MinQuest Inc., and 226 AR
claims were staked in 2016 by Centennial. All claims are in good
standing until August 31, 2019.
The Property has been explored since 1970. Between 1970 and
2011, a total of 123 holes, both core and reverse-circulation, with
an aggregate length of 17,895 m (58,712 ft) were drilled on the
Property. Of this total, approximately 11,500 meters in 78 holes
have been drilled within the Silver Reef Zone, the most significant
of the known mineral occurrences on the Property. Two historical
resource estimates in the context of National Instrument 43-101
exist for the Property. The first was done in 1984 by Copper Range
Exploration and estimated 4 million short tons at grades of 2.91
opt Ag and 0.014 opt Au, (3.6 million metric tonnes grading 100 g/t
Ag and 0.48 g/t Au). This historical resource estimate was done by
hand and none of the key assumptions, parameters, and methods used
to prepare this historical resource estimate are available. The
second historical resource estimate was done in 1988 by Echo Bay
Explorations Inc. which reported “probable” and “possible”
resources of 1,251,808 short tons at an uncut grade of 7.22 ounces
per ton (opt) Ag and 0.026 opt Au, (1,135,621 metric tonnes grading
247.54 grams per tonne (g/t) Ag and 0.891 g/t Au). A qualified
person has not done sufficient work to classify this historical
estimate as a current mineral resource, and Rover is not treating
them as a current mineral resource.
The Toquima Property is located on the eastern edge of the
Toquima Range, a NNE-trending range typical of the Basin-and-Range
Province. Most of the Toquima Range is underlain by volcanic rocks
of Upper Oligocene to Lower Miocene age, comprising ash-flow tuffs
ranging in composition from dacite to high-silica rhyolite.
Structure in the Toquima Range is dominated by the generally
NE-trending range-front faults on the east and west edges of the
range, smaller NE-trending faults, older NW-striking
pre-Basin-Range faults, and the circular faults and caldera margins
of the Toquima Caldera Complex.
The Toquima Range and the San Antonio Range to the south contain
the Northumberland -Tonopah gold-silver belt that hosts at least
ten gold-silver mines and properties in addition to the Toquima
Property, including Round Mountain (Kinross), Gold Hill,
Northumberland, Manhattan, Belmont, and Tonopah. The Property
exhibits similarities with most of the other Au-Ag properties in
the belt: low-sulfidation epithermal mineralization in caldera
margin and/or range front fault zones in veins, stockworks, and
breccias hosted in hydrothermally-altered felsic volcanic rocks.
Mineralization in the Silver Reef Zone is hosted in the Late
Oligocene-age Corcoran Canyon Tuff dated at 27.7 Ma and the Trail
Canyon Tuff dated at 23.6 Ma. Three types of felsic intrusions are
present on the Property, one or more of which may be related to
mineralization.
Exploration on the Property over the last 46 years has outlined
the Silver Reef Zone and discovered other mineralized zones. The
Silver Reef Ag-Au deposit, a potentially economic zone of pervasive
quartz-adularia-sulfide veining, stockwork, and disseminated
mineralization accompanied by intense quartz-sericite-pyrite
alteration, occurs in a NE-trending, northwest-dipping, zone 500 m
wide and 600 m long and has been defined by surface mapping and
sampling as well as drilling.
Elsewhere on the Property, exploration identified four
additional mineralized zones: Zone M/N is located west of the
Silver Reef zone and consists of pervasive quartz-sericite
alteration and quartz-adularia veining in a NE trending zone about
800 meters long. Zone R/S is a large area of strong quartz-sericite
alteration on the western end of the Property, with anomalous rock
and soil assay values. Zone L comprises an ENE-trending Au-Sb-As
soil-rock anomaly 100 m long, over a silicified breccia zone. In
Zone F, Echo Bay reported rock assays up to 30 g/t Ag, NW of Silver
Reef. Although Echo Bay’s subsequent soil samples did not generate
an anomaly, Bullion River reported one Au-anomalous rock sample in
a rhyolite intrusion.
Technical information in this news release has been approved by
Raul Sanabria, M.Sc., P.Geo., VP of Exploration at Rover Metals
Corp. and a Qualified Person for the purposes of National
Instrument 43-101.
About Rover Metals
Rover Metals is a natural resource
exploration company specialized in North American precious metal
resources, that is currently advancing the gold potential of its
existing projects.
You can follow Rover Metals on its
social media channels Twitter: https://twitter.com/rovermetals, LinkedIn: https://www.linkedin.com/company/rover-metals/, and Facebook: https://www.facebook.com/RoverMetals/ for daily company updates and industry
news.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Judson
Culter”
Chief Executive Officer and
Director
For further information, please
contact:
Judson Culter
Email: judson@rovermetals.com
Phone: (604)
449-5347
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 PROVIDER (AS THAT TERM IS DEFINED IN
THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OF THIS RELEASE.
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