Rover Metals Receives TSXV Approval to Acquire Nevada Lithium Project

Rover Metals Corp.

Rover Metals Corp.

VANCOUVER, British Columbia, Nov. 21, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“rover” or the “company”) announces that, following its disclosures of September 20, 2022 and November 17, 2022, it is pleased to announce that it has now received Toronto Venture Exchange (“TSXV”) approval for its definitive agreement to option a 100% interest in a claystone-lithium project (the “Option Agreement”) located in the southwestern lithium jurisdiction of the State of Nevada, USA. The option agreement is dated November 16, 2022. The land package under option is a district scale lithium claystone deposit located on Bureau of Land Management land.

Let’s Go Lithium Property, NV, USA
The Let’s Go Lithium claystone property is located in Nevada’s famous southwest lithium jurisdiction and is approximately 6,000 acres in size. The Company, through the vendor of the project and through ALS Laboratories, has verified surface high-grade lithium samples on the project. Highlights of these surface grab samples processed by ALS Laboratories include: Sample #AMZ-8 from 780ppm Li, Sample No. AMZ-26 from 910ppm Li, and Sample No. AMZ-28 from 710 ppm Li. The Company has collected additional surface grab samples from the project and analyzed them using hand-held laser-induced decay spectroscopy (“HH LIBS”). HH LIBS highlights include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li and 707 ppm Li.

The project includes green energy infrastructure of hydroelectric power lines and has direct road access and a nearby town with readily available labor.

Comparable later stage claystone-lithium projects include Cypress Development’s Clayton Valley project; American Lithium’s TLC project; Noram Lithium’s Zeus Project and Iconic Minerals’ Bonnie Claire Project. All of the above companies are later stage mining companies with a NI 43-101 compliant resource definition. Rover’s Nevada Lithium Project is inherently greenfield as no drilling has been completed to date. Historical water well drilling on the Let’s Go Lithium property by the USGS shows that the claystone is near surface and averages over 90 meters thick.

Summary of future obligations under the option agreement
In order to earn a 100% interest in the Let’s Go Lithium Project, the Company must compensate the Project Owner as follows:

Cash

common shares

Exploration Commitments

year 1

zero

$20,000 of common stock to be issued at the greater of: (1) the 5-day VWAP prior to January 31, 2023; or (2) $0.065.

zero

year 2

$20,000

$100,000 in common shares issued at the greater of: (1) the 5-day VWAP prior to January 31, 2024; or (2) $0.065.

$200,000

year 3

$75,000

$150,000 of common stock to be issued at the greater of: (1) the 5-day VWAP through January 31, 2025; or (2) $0.065.

zero

year 4

$80,000

Common stock of US$250,000 to be issued at the greater of: (1) the 5-day VWAP prior to January 31, 2026; or (2) $0.065.

zero

year 5

$100,000

zero

zero

year 6

$150,000

zero

zero

year 7

$75,000

zero

zero

Milestone payment at any time, including after Year 7, of US$500,000 and US$500,000 in Rover Metals common stock to be issued at the greater of: (1) the 5-day VWAP prior to the issue date; or (2) $0.065.

A 2% Net Smelter Royalty (“NSR”) on the first marketable product on the property, less allowable deductions. The NSR covers a one mile area of ​​interest surrounding the project.

Technical information has been approved by David White, P.Geo., QP for NI 43-101 purposes. ALS Laboratories is ISO/IEC 17025:2017 and ISO 9001:2015 certified.

Rover Metals CEO Judson Culter states, “The Biden administration’s inflation and energy reduction bill sets milestones for the production of critical minerals like lithium in North America beginning January 1, 2023. Given the mining-friendly jurisdictions of Nevada and Due to the nature of claystones, we view the Let’s Go Lithium project as a shovel-ready, rapid development opportunity.”

About Rover Metals
Rover is a publicly traded junior mining company trading on the TSXV under the symbol ROVR, on the OTCQB under the symbol ROVMF (temporarily as ROVMD) and on the FSE under the symbol 4XO. The Company is now developing both: (1) critical mineral projects; and (2) precious metals projects. The company operates exclusively in the mining regions of Canada and the USA. Five of the Company’s existing mineral resource development projects are located near the town of Yellowknife, 60th parallel, Canada.

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ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Coulter”
Chief Executive Officer and Director

For more information please contact:
Email: [email protected]
Telephone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information
This press release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Rover’s actual results, performance or achievements or developments in the industry to differ materially from the anticipated results, performance or achievements expressed in such forward-looking statements or statements are implied. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “project,” “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 PRESS RELEASE REPRESENTS THE COMPANY’S EXPECTATIONS AS OF THE DATE OF THIS PRESS RELEASE AND IS SUBJECT TO CHANGE ACCORDINGLY AFTER THAT DATE. READERS SHOULD NOT ASSERT ANY FORWARD-LOOKING INFORMATION WITH IMPLEMENTATION, AND SHOULD NOT RELY ON SUCH INFORMATION AT ANY OTHER TIME. COMPANY MAY CHOOSE, UNDER NO OBLIGATION, TO UPDATE THIS INFORMATION AT ANY SPECIFIC TIME EXCEPT AS REQUIRED BY APPLICABLE LAW.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONS PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NOTICE.

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