Rover Metals Corp. announced that further to its September 20th, 2022 announcement, it has now completed the definitive agreement to option a 100% ownership interest in a claystone lithium project (Option Agreement) situated in Nevada’s southwest lithium region.
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The effective date of the option agreement is November 16th, 2022. The optioned land package is a district-scale lithium claystone deposit on Bureau of Land Management land. The Toronto Venture Exchange (TSXV) must approve the Option Agreement in its entirety. Once the Company has obtained TSXV approval, an updated release will be issued.
Let’s Go Lithium Property
The Let’s Go Lithium property is roughly 6,000 acres in size and is situated in Nevada’s well-known southwest lithium region. The Company has validated high-grade lithium surface samples at the project via the project’s vendor and ALS Laboratories.
ALS Laboratories processed surface grab samples with the following numbers: Sample# AMZ-8 (780 ppm Li), Sample# AMZ-26 (910 ppm Li), and Sample# AMZ-28 (710 ppm Li). More surface grab samples from the project were collected and analyzed using Handheld Laser Induced Breakdown Spectroscopy (HH LIBS). The HH LIBS contain 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li.
The project features green energy infrastructure such as hydro power lines, direct road access, and a neighboring town with a ready workforce.
Equivalent claystone lithium projects in later stages include Cypress Development’s Clayton Valley, American Lithium’s TLC, Noram Lithium’s Zeus, and Iconic Minerals’ Bonnie Claire.
All of the companies listed above are in the later stages of development and have an NI 43-101 resource definition. Rover’s Nevada Lithium project is entirely greenfields, with no drilling to date. The USGS has already drilled water wells on the Let’s Go Lithium site, indicating that the claystone is near the surface and has an average thickness of more than 90 m.
Summary of First Year Commitments Under the Option Agreement
For the Company to obtain 100% ownership in the claystone lithium project, it must spend USD 200,000 on exploration within 24 months after the signing of a definitive agreement and issue USD 20,000 worth of common shares by January 31st, 2023.
The Biden Administration’s Bill for Inflation Reduction and Energy puts milestones in place for critical minerals like Lithium to be produced within North America effective January 1, 2023. Given the mining friendly jurisdiction of Nevada, and the nature of claystones, we see the Let’s Go Lithium project as a shovel ready, fast-tracked opportunity for development.
Judson Culter, CEO, Rover Metals Corp