{kanada_flagge}Rover Metals Corp (TSXV:ROVR,OTCQB:ROVMF;FRA:4XO) has secured access to a 24 km² claystone lithium project outside of Las Vegas, Nevada. The 100% ownership acquisition was finalized on November 16, 2022, the company announced today. The purchase option agreement is subject to final approval by the Toronto Venture Exchange. The move moves Rover, which has been exclusively engaged in gold exploration, into the field of lithium ventures. Well-known advanced-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.
{kanada_flagge}Rover Metals Corp (TSXV:ROVR,OTCQB:ROVMF;FRA:4XO) has secured access to a 24 km² claystone lithium project outside of Las Vegas, Nevada. The 100% ownership acquisition was finalized on November 16, 2022, the company announced today. The purchase option agreement is subject to final approval by the Toronto Venture Exchange. The move moves Rover, which has been exclusively engaged in gold exploration, into the field of lithium ventures. Well-known advanced-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.
The Let’s Go Lithium property is located in Nevada’s famous southwestern lithium district and is approximately 6,000 acres (24 km²) in size. The Company has verified high-grade surface lithium samples on the project through the project’s vendor and ALS Laboratories. Highlights of these surface samples processed by ALS Laboratories include: Sample No. AMZ-8 at 780ppm Li, Sample No. AMZ-26 at 910ppm Li and Sample No. AMZ-28 at 710ppm Li. The Company has collected additional surface samples from the project and analyzed them using Handheld Laser Induced Breakdown Spectroscopy (“HH LIBS”). Highlights from the HH LIBS include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li.
Rover’s Nevada Lithium Project is a late-stage greenfield project with no drilling to date. Historical water drilling on the Let’s Go Lithium property by the USGS indicates that the target claystone ore body is near surface and has an average thickness of over 90 meters. The project has good energy infrastructure with hydroelectric power and direct road access. A nearby town facilitates access to labor.
Under the option agreement, Rover agrees to spend $200,000 for exploration purposes within 24 months of signing a definitive agreement and to pay $20,000 worth of common shares of the company on January 31, 2023 to earn a 100% interest in the Claystone lithium project.
Judson Culter, CEO of Rover Metals, stated, “The Biden Administration’s Inflation Reduction and Energy Act sets milestones for critical minerals like lithium to be produced in North America beginning January 1, 2023. Given the mining-friendly jurisdiction in Nevada and the nature of the claystones, we see the Let’s Go Lithium project as extremely promising.”
Bottom line: Rover’s development timeline is set to fill the supply gap that Benchmark Mineral Intelligence has forecasted for H2-2026 (see graph), but the project has all the right ingredients at first glance. If the more advanced companies are successful with their claystone lithium projects, Rover’s chances increase as well. In Q3 and Q4 of this year, Cypress Development Corp (TSXV:CYP) has proven the ability to refine battery grade lithium from its pilot plant. Cypress Development’s Clayton Valley project is at the Feasiblity Stage of development in just three years’ time from it’s initial drill program. The Biden Inflation Act has provided a boost to the lithium industry in the United States. Rover, which has just gone through a painful roll-back of its shares, certainly has a better chance of success with its lithium project right now than with its gold project. Actually, things ought to get better for the shareholders anyway: at a share price of 0.085 CAD, Rover currently brings it to a stock market value of just 2.2 million CAD. We see good upside growth in this stock.
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