Sep 21 2022Reviewed by Mila Perera
Rover Metals Corp. has signed a letter of intent to option a 100% ownership stake in the Nevada claystone lithium project. A district-scale lithium claystone deposit is located on Bureau of Land Management land and is part of the land package under option.
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Nevada Claystone Lithium Project
The company has confirmed high-grade lithium surface samples at the project through the project vendor and ALS Laboratories.
ALS Laboratories processed surface grab samples include Sample# AMZ-8, which contained 780 ppm Li, Sample# AMZ-26, which contained 910 ppm Li, and Sample# AMZ-28, which contained 710 ppm Li.
The company has taken additional surface grab samples from the project and analyzed them using a Handheld Laser Induced Breakdown Spectroscopy (HH LIBS). The HH LIBS have notable Li concentrations of 1,218 ppm, 778 ppm, 724 ppm, and 707 ppm.
Rover Metals Corp. has developed a USD200,000 Reverse Circulation Drill Program to follow up on the high-grade sections of the project based on the findings of its surface sample campaign there.
The project comprises a local town with a ready labor pool, direct road access, and green energy infrastructure, including hydropower lines.
The Clayton Valley project by Cypress Development, the TLC project by American Lithium, the McGee project by Spearmint Resources, the Zeus project by Noram Lithium, and the Bonnie Claire project by Iconic Minerals are some later-stages comparable claystone lithium prospects.
The aforementioned companies have NI 43-101 resource definitions and are later-stage mining companies. The Nevada Lithium Project for Rover is a greenfield endeavor; no drilling has been done so far.
Summary of First Year Commitments Under the LOI
Within 24 months of signing a binding agreement, the company must spend USD 200,000 on exploration as part of its earn-in to 100% ownership of the claystone lithium project.
Once the company signs a definitive option agreement, a new release will be issued.
Tobin Gold Project
Due to the Tobin project’s annual advance royalty holding charges and in light of the news on the acquisition of a new Nevada lithium property, Rover Metals has decided to abandon its acquisition plans for the Tobin Gold Project, NV, USA.
The Biden Administration’s Bill for Inflation Reduction and Energy puts milestones in place for critical minerals like Lithium to be effective January 1, 2023. Rover’s management looked all over the US and Canada and ultimately decided on Nevada as the best jurisdiction to advance a lithium project.
Judson Culter, Chief Executive Officer and Director, Rover Metals Corp.
Cutler added, “Yes, the project is greenfields in nature, however, Rover’s management team has a proven track record in deploying millions of dollars in exploration capital into mineral resource projects. We see tremendous near-term growth at this project. Our corporate website will be updated in the coming days to reflect the Lithium asset addition.”
Source: https://rovermetals.com/