September 21, 2022 (Investorideas.com Newswire) Rover Metals Inc. is shifting shortly because it eyes the all-important vital metals and minerals sector with a district-scale claystone lithium venture in Nevada.
Rover Metals Corp. (ROVR:TSX.V; ROVMF:OTCQB; 4X0:FRA) is constant its pivot from gold to vital metals and minerals by signing a letter of intent to choice a 100% possession curiosity in a district-scale claystone lithium venture in Nevada.
The corporate simply introduced final week that it had closed on its deal involving the Indian Mountain Lake copper and zinc venture within the Northwest Territories.
Rover doesn’t plan to exit from its Cabin and Up City gold tasks however stated it’s attempting to get forward of the curve in a world that is hungry for the metals and components wanted for electrical autos (EVs), solar energy, and lots of navy functions.
China has about 85% of the world’s uncommon earth aspect (REE) processing functionality and processes many of the world’s lithium, as effectively.
“The western world doesn’t prefer to be beholden to the Chinese language,” uncommon earths skilled Michael Thomsen, government chairman and founding director of North American Strategic Minerals Inc., informed Streetwise Experiences. “The European and the U.S. governments … are scrambling for different sources. That presents a chance for mining corporations which can be prepared to try a special commodity. It is not stunning that … teams are switching from valuable metals and base metals to uncommon earths.”
Rover stated it has verified high-grade lithium floor samples on the venture of 780 elements per million lithium (ppm Li), 910 ppm Li, and 710 ppm Li. Additional evaluation of samples utilizing handheld laser-induced breakdown spectroscopy discovered outcomes of 1,218 ppm Li, 778 ppm Li, and 724 ppm Li, the corporate stated.
Chief Government Officer and Director Judson Culter stated the corporate is readying a US$200,000 reverse-circulation drill program to comply with up on these high-grade samples. That exploration cash may even be the corporate’s required earn-in to a 100% possession of the venture.
The greenfields lithium venture contains hydro energy traces, direct street entry, and a close-by city with a available workforce, the corporate stated.
The corporate owns the Cabin and Up City gold tasks outright, so Culter stated it made sense to carry onto these tasks. However Rover introduced it will be dropping its acquisition plans for the Tobin gold venture, which can also be in Nevada.
Lithium and different vital components just like the copper and zinc at Indian Mountain Lake are wanted in large portions for the world’s shift to inexperienced power. Lithium is a serious element of EV batteries, and REEs are utilized in purifying water, MRIs, fertilizers, weapons, analysis, wind generators, computer systems, and everlasting magnet motors for EVs.
China solely has lower than 1 / 4 of the world’s lithium sources however managed about two-thirds of the world’s lithium processing and refining capability in 2021, Rystad Power stated.
One out of 5 autos bought worldwide could possibly be an EV in lower than two years, and Ford and Normal Motors have set a objective of attaining 40-50% of their gross sales from EVs within the U.S. by 2030.
The local weather and power package deal simply handed by the US is bringing new urgency to EV metals and minerals. To qualify for tax credit, a major proportion of batteries and minerals in batteries should come from the U.S. or Canada, a regional trade-treaty nation.
“Lithium aligns with our power technique and our objective of working towards a greener future by supplying the U.S. automotive business,” Culter stated. “Nevada is the most effective mining jurisdiction within the U.S. if you will get a superb venture.”
Thomsen stated making a pivot like Rover’s isn’t troublesome to do. “If in case you have folks with good expertise, they’ll exit and establish good gold programs and (additionally) exit and establish potential uncommon earth programs. … So long as you’ve gotten some folks with skilled eyes trying on the rocks,” he stated.
Culter and relations personal about 12 million shares of Rover, and administrators Keith Minty and Louis Covello personal about 1 million and about 400,000, respectively. There aren’t any institutional shareholders, and the remaining are retail.
Rover’s market cap is CA$3.94 million, and it has 157.56 million shares excellent, 149.5 million of them free-floating. It trades in a 52-week vary of CA$0.08 and CA$0.02.
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