TSX-V-listed Rover Metals has been awarded an C$85 000 exploration grant from the Northwest Territories’ mining incentive programme to advance the Cabin Lake gold project, north-west of Yellowknife.
The funding will assist the company to conduct a multi-stage exploration programme starting in September, aimed at further outlining the iron formation and delineating additional gold mineralisation along the highly prospective shear corridor and its intersections with satellite iron formation.
The work programme will be conducted in two phases. The first phase, which will be completed in September, will focus on mapping, sampling, structural reconnaissance, ground-based magnetic survey, to test the surface expression of the new exploration model. The second phase, beginning in early 2019, will include up to 2 000 m of diamond-core drilling and will test the continuity of mineralisation at depth.
Stock in Rover Metals jumped 60% to trade at C$0.08 a share on Thursday.