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Explorer Reports Drill Results on Canadian Prospect
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Maurice Jackson In this conversation with Maurice Jackson of Proven and Probable, the CEO of Rover Metals describes "high-grade" assays from three holes, and believes more positive results from the company's drill program will follow later in November.

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Maurice Jackson: Joining us for a conversation is Judson Culter, the CEO and director of Rover Metals Corp. (ROVR:TSX.V; ROVMF:OTCQB).

Always a pleasure to have you back on our program to provide us with an update on the 2020 drill program on the historical high-grade Cabin Lake Gold Project. But before we begin, Mr. Culter, who is Rover Metals, and what is the opportunity the company presents to the market?

Judson Culter: Rover Metals is a precious metals exploration company. We're focused on advancing our existing gold assets, which are located in northern Canada. And the opportunity to the market is we're days away from releasing the remainder of our summer-fall drill program. I would say roughly 70% of the results are still to come, and that should be in the near term.

Maurice Jackson: Absolutely. And speaking of the Cabin Lake Gold Project, Rover Metals embarked on an exploration drill program this summer on nine holes. Was the objective to twin the historical high-grade intersects?

Judson Culter: It was, but not identical twinning in terms of just going right next to the hole. We were just twinning an area, the high-grade area of the Bugow iron formation at Cabin Lake. And that's going down dip, and also coming at the drilling from different angles. And that includes leaving it in the mineralization until it's the hanging wall on the footwall. So really, it's not just textbook twinning. There is step-out exploration here.

Maurice Jackson: Good to hear. The company just released the first three assay results on the exploration drill program. What can you share with us, sir?

Judson Culter: The results were great. No one has been there in 30 years. Historically, they used a much smaller core size. So there was, of course, going to be deviation, and just most likely a lesser drill rig than 30 years ago.

So we learned about how to follow the high-grade on the first three holes. It was the second hole that we learned a lot about the deviation of the historical drilling. And we were able to correct the remainder of the drill program, namely holes three to nine, based on what we learned from hole two. And in doing so, we did stay and achieve our target holes.

I'll talk about the grades from the first hole. We had a long-intersect, continuous gold grades of 22 meters, and the average grams per ton (g/t) on that was 8 g/t. But certainly, there were some spikes as high as 46 g/t on smaller intervals. And then hole three—which is again, after we'd learned about the deviation from hole two—a similar story, where we found another large intersection of the high grade that we were chasing. That was roughly 6.5 g/t over 15 meters on that hole three. And when we pulled the core—we've logged all the core for the entire program—we knew what to look for. It's this iron formation that is highly sulfidized. So, I'm pretty confident to say that the best is yet to come on this drill program.

Maurice Jackson: The company just answered an unanswered question. Were these the results that Rover was anticipating?

Judson Culter: I think that the surprise has been the length of this economic grade of gold. I mean the historical drilling, the longest intersect was about 15 meters. So, we're well above that now and learning a lot more about how to chase the folding of this iron formation, which is where the high grade is located.

Maurice Jackson: When should shareholders expect to receive the assay results on holes four through nine?

Judson Culter: I would expect within the next couple of weeks; mid-November. We did two batches of samples. So the second batch of samples, which is holes four to nine, is at the lab, and they're prepping it. So I think we should be in pretty good shape here for mid-November.

Maurice Jackson: Sounds good. Switching gears, Mr. Culter, please provide us with an update on the capital structure for Rover Metals.

Judson Culter: Rover Metals has 77 million shares outstanding and roughly 15 million warrants, and those warrants have a strike price at $0.12.

Maurice Jackson: What is the burn rate right now?

Judson Culter: The burn rate is, I would say, outside of the exploration program that we just finished—let's go with $50,000 a month outside of the exploration season.

Maurice Jackson: And how is the treasury looking right now?

Judson Culter: Treasury is great. Once we pay for this drill program, we should still have about $150,000 in the bank. And we'll be looking for new financing sometime either the end of Q4/20 or early Q1/21.

Maurice Jackson: In closing, Judson, why is this the perfect time to become a shareholder of Rover Metals?

Judson Culter: Well, I think we've seen a little bit of come-off in gold, but the forecast for 2021 and 2022 is it's going to continue to be a very strong and healthy gold price. And we're just really in the right timing in terms of that gold cycle. We're hoping to be able to get an Inferred resource here, after this drill program.

If one looks at the mining life cycle, we're in that part of the mining life cycle that can add the most shareholder value, which is this discovery to the potential. . .over the next three years, grow to an economic mine deposit. That's the cycle of investment that you're seeing with Rover Metals. Now is the time to get in, really—before the resource continues to grow in size.

Maurice Jackson: Sir, what keeps you up at night that we don't know about?

Judson Culter: My next interview with Proven and Probable, but that's okay. After today, we've got probably a couple of more weeks.

Maurice Jackson: Last question, sir. What did I forget to ask?

Judson Culter: In terms of business development, we're working on a few things right now in the background, and if that continues in the direction that it seems to be headed, might be able to have some news for the market here, as well in the coming weeks.

Maurice Jackson: Mr. Culter, if investors want to get more information about Rover Metals, please share the contact information.

Judson Culter: Just visit our website at www.rovermetals.com and visit the Contact Us page.

Maurice Jackson: Mr. Culter, thank you for joining us today, and wishing you and Rover Metals the absolute best, sir.

As a reminder, I'm a licensed broker for Miles Franklin Precious Metals Investments where we provide unlimited options to expand your precious metals portfolio, from physical delivery, offshore depositories, and precious metals IRAs. Call me directly at (855) 505-1900 or you may email [email protected].

Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

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Disclosure:
1) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Rover Metals. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Rover Metals is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
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