Judson Culter, CEO of Rover Metals, speaks with Maurice Jackson of Confirmed and Probably about historic exploration on his firm's properties, in addition to present exploration plans.
Maurice Jackson: Welcome to Confirmed and Possible. I’m your host, Maurice Jackson, and Judson Culter, Chief Govt Officer and Director of Rover Metals Corp., joins us for our dialog (ROVR: TSX.V; ROVMF: OTCQB). Mr. Culter, welcome to the present.
Judson Culter: Thanks for inviting Maurice.
Maurice Jackson: It's good to see you again in this system. We final met for the primary time in January 2018 and since then Rover Metals has accomplished its IPO and carried out a methodical course of of making an exploration firm that’s positioning itself for fulfillment by way of acquisitions of land, license approval, OTC itemizing, possibility agreements and the primary part of the 2018 exploration program. However earlier than we start, Mr. Culter, for the primary time, who’s Rover Metals?
Judson Culter: Rover Metals, we’re a treasured metals exploration firm, our enterprise being gold. We’re listed in the US. OTCQB: ROVMF, in addition to Canada on the TSX.V. ROVR. Our venture portfolio is concentrated in and across the Northwest Territories of Yellowknife, some of the favorable jurisdictions for the mining sector in Canada and North America. I say that just because that’s the place our diamond mines are (from Canada). That is traditionally the place lots of our gold mines have been. It's actually the largest employer within the Northwest Territories. Outdoors the federal government, mining is actual.
Maurice Jackson: Why has Rover Metals attracted such curiosity these days?
Judson Culter: I believe the reply is twofold. The primary is simply credibility. Again in 2017 with you, Maurice, when you hearken to this interview, we defined how we might grow to be public, how we have been going to take advantage of our sources and the way we have been going to search for new sources. in the same Yellowknife space code.
We’ve got achieved all these duties efficiently. I imagine now we have a stable elementary basis amongst our present shareholders. We’ve got lots of credibility with them. We’ve got lots of phrase of mouth. I believe that goes very far in a market that may be somewhat saturated within the junior mining space with which initiatives or administration groups assist you. I actually assume we at the moment are conscious of it, which actually contributes to our present success.
The reply within the second half issues the initiatives themselves. Rover has the Cabin Lake venture, which actually matches the market demand, and that’s the reason we purchased it. Once we obtain the outcomes of our drilling, we imagine that we’ll have a excessive grade historic gold useful resource that may include very excessive grades that the market desires to see as a affirmation that it may act from the following gold mine in Yellowknife, Northwest Territories.
To not point out that this venture itself has all of the deserves of a speculator. We’ve got a stable infrastructure, the Blue Fish hydroelectric dam, roads, the entire accessible and confirmed space of the earlier producers. The market is starting to acknowledge the credibility of the administration workforce and property. As well as, the eye of traders can also be drawn to the truth that we’re about to drill within the not too distant future.
Maurice Jackson: Justin, what’s Rover Metals' principal thesis for the Kevin Lake gold venture?
Judson Culter: The motor thesis has not modified. It’s the similar thesis as on the finish of the 1980s. There’s a venture known as Lupine Gold Mine, produced from 1983 to 2003 within the north of the nation, which is an iron formation, l 39; gold at very excessive grade. The thought on the time was to go get one other one, and that’s what they thought that they had right here. It was at this level that Cominco and Freeport McMoRan, then Aber Assets, instructed themselves what they thought that they had right here. They traveled 7,500 meters of excessive grade gold containing iron on the floor or close to the floor. The one purpose they stopped, is as a result of somebody discovered kimberlites just a few years later and the diamond growth within the territories started.
This venture has been placed on the again burner. Aber Assets, the proprietor of the time, naturally discovered the kimberlites. That is the historic background of this venture and why it has simply come again to life.
Maurice Jackson: Inform us in regards to the that means of enterprise right here. When and the way was Rover Metals in a position to purchase the Cabin Lake gold venture in such a extremely contested and sought-after district?
Judson Culter: It was not straightforward. Once we appeared on the enterprise case, we discovered that it was not sufficient to roll up the sleeves, get on the market and meet the fitting folks, whereas recognizing that there This was an space requiring new mines and new initiatives.
I didn’t assume it might be like in different elements of British Columbia, for instance British Columbia, it may be very tough to get assist from the First Nation . There are such a lot of competing industries that folks can actually have a life-style in a jurisdiction like British Columbia, whereas, realizing a bit in regards to the Northwest Territories, the mining trade is essential there. Folks wish to see initiatives succeed.
Once we began the Cabin Lake venture, we knew we needed to get some permits to get licenses. We knew we needed to interact our neighbors, the Tlicho First Nations. We additionally did our homework and knew that the Tlicho First Nations had already labored with Fortune Minerals, in addition to Nighthawk Gold. Once we did, a cadre was in place. There was a authorities that had been fashioned.
The Tlicho Authorities and the official land use plan during which to work, to acquire permits and purposes are offered. So, as soon as we bought there, it solely took us 4 months to get the authorization. I believe it appeared to grow to be simpler for us, and it ended up being a choice that appears to be the fitting one to take.
Maurice Jackson: Are there any return pursuits in mineral rights in your venture portfolio?
Judson Culter: We’ve got a most nominal charge of return of 1.5%, which is sustainable as much as half a proportion level, or C $ 250,000 per quarter.
Maurice Jackson: And does Rover Metals have 100% mining rights?
Judson Culter: That's superb. Sure, not solely to Cabin Lake, however to the Cabin Lake venture group. The claims themselves are 10 kilometers aside; so there are three. Sure, for all initiatives, now we have a 100% curiosity in mining rights.
Maurice Jackson: Let's transfer rapidly to 2018 and focus on your exploration program. What have been the outcomes of this program and the way has this improved confidence within the gold venture?
Judson Culter: It helped us higher monitor iron info. So we spent six months, from March to the acquisition of the venture, in October, to the digitization of all historic paperwork. Within the 1980s, this was meticulously preserved and handwritten. We scan seven packing containers of financial institution information, in addition to three card packing containers. Then we put that in a GPS and label the colours and every thing else.
Subsequent, what we wished to do to trace this information was to launch a modern-day geophysics program. We had many choices to do it, however in a really economical method, but additionally to do it in a really detailed sort of coaching utilizing a drone. Because the mineralization is on the floor or close to the floor, in addition to the knowledge on the iron itself on the floor or close to the floor, it proved to be good through the magnetic survey that we flew over the floor. above the property. Thus, by combining the drill outcomes and the magnetic survey, our geologist was in a position to receive a greater interpretation of the iron formation all through the venture. Actually, it actually opened the best way to the place we’ll drill after we begin drilling this yr in 2019.
Past the knowledge on iron, we additionally realized that the venture consisted of an outcrop of quartz on either side. Traditionally, quartz has by no means been examined for mineralization. So we additionally had a geochemistry program in October. This has proven us that the PPM and PPB readings of gold from the world of the quartz outcrop recommend that it is usually very prone to be a bunch for the primary time. gold on this venture. This has by no means been examined traditionally. That is the joy of 2018 and this led to the 2019 drilling program, which was nonetheless attempting to be between March and the tip of April. We’re at all times attempting to fulfill that deadline.
The necklaces are prepared. Presently, we imagine that to start drilling, we have to proceed with a small funding that we’ll in all probability launch within the subsequent two to 3 weeks.
Maurice Jackson: So, let's assessment the worth proposition we had earlier than. Is it right? It’s a probably exploitable and exploitable early stage gold exploration venture with historic excessive grade ore sources close to a brand new cobalt and cobalt mine. gold. Is it right?
Judson Culter: Sure, and that's one factor I’ve not touched on, it's the historic useful resource itself. This represents 85,000 unconfirmed ounces in comparison with what our present requirements permit us to doc as a historic useful resource. What we’re allowed to doc in press releases and every thing else is 50,000 ounces of about 10 to 12 grams of gold per tonne. The remaining 35,000 ounces have by no means been permitted by a certified particular person, however that is within the NORMIN database within the Northwest Territories. That is in areas of the Andrew space, which now we have documented. Rover will do the job we have to do in line with the 43-101 requirements to take these 35,000 additional ounces and make them compliant.
On our aspect, we think about it a useful resource of 85,000 ounces of 12 grams of gold per tonne on common. Once we discuss it publicly, now we have to say 50,000 folks when it comes to historic sources, however you might be completely proper, we’re 20 kilometers from what might be the primary cobalt mine in Canada. The explanation I say it's this venture has been 20 years within the making; it's on the feasibility stage. I imagine that they’re actually seeking to increase cash to get to work. That is an open pit cobalt mine. The excellent news is that it’s truly a cobalt gold bismuth. So there’s a gold processor that will likely be constructed 20 kilometers from us. What higher information can you’ve once you develop a floor useful resource?
Maurice Jackson: The situation itself makes the event very fascinating, however having an open pit is for me a cherry on the cake. Is the aim to promote the venture or develop a business scale mine?
Judson Culter: The aim is unquestionably to promote it within the subsequent three years. So I wish to make investments $ 10 million within the soil and pack and promote all of it. Finish of the story.
Maurice Jackson: What are you able to share with us relating to the infrastructure?
Judson Culter: What you're seeing in Yellowknife proper now could be what's going to occur within the pipeline within the subsequent two or three years within the Pine Level zinc mine that's resuming manufacturing, and that's Osisko. A part of that’s to cut back the prices related to the Taltson hydroelectric dam and switch them to Yellowknife itself, in addition to to Hay River. Federal and territorial funds will likely be allotted to hold out an environmental examine that ought to be introduced by the use of a moderately quick order this yr.
Following a federal-funded environmental examine to judge the twinning of the Taltson Hydroelectric Dam, the success achieved will result in the modernization of the Yellowknife hydroelectric facility. With the modernization of Yellowknife, the hydroelectric dams at Snare and Strutt Lake, situated about 5 km from Camp Lake, will likely be a surplus power financial system, one in all our claims being a part of the Cabin Lake Group. . This energy turns into an extra of energy. Hastily, this releases for the longer term the viability of truly promoting the venture, since you now have an extra of energy 5 kilometers away. How is that?
Maurice Jackson: Altering gears. The board of administrators and advisers of Rover Metals are composed of the next individuals:
Maurice Jackson: The biographies in regards to the administration time are given beneath:
Maurice Jackson: Let's focus on some figures. Please share your capital construction.
Judson Culter: We’ve got 47 million shares to distribute right this moment. These are our frequent shares issued and excellent. There are mandates there. We’ve got 10 million warrants at $ zero.20 cents and 10 million warrants at $ zero.25 cents.
Maurice Jackson: How a lot do you’ve money and money?
Judson Culter: The Treasury at the moment sits round $ 450,000. Then, there have been advance funds for future work commitments associated to our exploration plans for this yr, as I discussed, we’re doing lots of our progress when it comes to advertising and marketing and shareholding in the US. I believe our pay as you go stability, when you have a look at that right this moment, ought to rise to about C $ 200,000, only for occasions, as I discussed, planning for # 39; exploration. When you add this to our money place, now we have present property of about C $ 650,000.
Maurice Jackson: What’s your burn charge?
Judson Culter: Our consumption charge is about $ 30,000 CAD per 30 days, which solely consists of every thing. We intentionally have an workplace on this market. We’re a bootstrap firm. We’ve got dwelling workplaces, and we are sometimes on the highway. We’ve got a free exploration workplace with our exploration companion, Aurora Geosciences. It's actually there that lots of exhausting work is achieved. Then there may be merely no head workplace. I don’t really feel the necessity, so it helps.
Maurice Jackson: How a lot debt do you’ve?
Judson Culter: We’ve got accounts payable from, I believe we're going to settle about $ 40,000 CAD in shares. Along with that, now we have money owed of $ 25,000 CA, along with that, we pays in money. It's only a legacy of exploration from final yr.
Maurice Jackson: Who funds the venture and what’s their stage of dedication?
Judson Culter: Simply subtle mining traders. He was excessive web investor at this level. This may proceed till we grow to be a $ 10 million market capitalization firm, as a result of we’re nonetheless unable to entry institutional funds, and that’s superb. If Rover is doing every thing we hope to do within the subsequent part of drilling, which we hope within the subsequent 60 to 90 days, we ought to be a $ 10 million firm with a market capitalization of greater than $ 10 million; and effectively on our solution to the institutional forex.
Maurice Jackson: Who’re the most important shareholders?
Judson Culter: I’m a serious shareholder. I've sown Rover not solely with time, however with my very own cash; since its inception in 2014. Tookie Angus, who’s a advisor, is at the moment our third largest shareholder. Then it actually begins to fall in small slices, however there’s a notable title on the record: Ashwath Mehra, president of GT Gold; he’s a comparatively vital shareholder.
Administration, together with Ron Woo. Ron has additionally created this enterprise. I believe Ron might be the fourth largest shareholder. Keith Minty is a serious shareholder; 38% of our excellent shares are owned by insiders, administration and the board of administrators. This can be a good factor as a result of it signifies that our shares are immobilized for 3 years.
Maurice Jackson: Judson, primarily based on the out there information, what sort of worth proposition do now we have for comparability?
Judson Culter: Nicely, the market worth, let's simply say, I believe it ought to be $ eight.5 million, simply on what we introduced right this moment. That's my private opinion. I believe that later, it's value it, it's simply the fact of reserve shares in North America. We’re going to do what we have to do to take advantage of this historic useful resource and produce it as much as present requirements, in addition to to easily broaden the place the place they stopped drilling, and easily present them that it’s protected. is a possible asset of a number of million ounces.
I believe we are able to do it with the drilling program we’re planning. We’re planning a program of about one thousand meters. I believe the worth proposition is that we’re in a market capitalization of $ three.5 million right this moment. I believe we’ll go to $ 10-15 million over the following six months. Look ahead to me.
Maurice Jackson: Actually, sir. Multi-level query: what’s the subsequent unanswered query for Rover Metals? When can we watch for the reply? How a lot will the reply value? What determines success?
Judson Culter: This will likely be our exploration drill marketing campaign within the first and second quarters. I used to be going to make clear this, it is dependent upon the longer term success of our funding effort (click on right here), which we hope to announce in about two weeks.
This may verify the historic outcomes on high-grade gold, reminiscent of open-air financial information, to develop the recognized mineralization in iron formation, in addition to to reveal the proof of high-grade gold. a bigger space and that's extra Q2 / Q3 work, for the Slemon Lake and Camp Lake claims, situated 10 kilometers northwest of Cabin Lake, and we’ll carry out this operation with a B10 aerial survey. This may present that the drilling we did at Cabin Lake within the iron formation is absolutely truthful, these two different claims, or districts, an extension of the identical geology, which every thing we've learn reveals us traditionally.
Maurice Jackson: Mr. Culter, please share the coordinates of Rover Metals.
Judson Culter: Please go to our web site www.RoverMetals.com. Right here one can find our social media hyperlinks, particularly LinkedIn, Twitter, our Fb web page and CEO.ca.
Our social media channels actually have a day by day content material. We publish information releases each two weeks, however lots of our traders actually admire the day by day updates on the state of affairs within the Northwest Territories. That is the perfect place to remain tuned.
You can too subscribe to our mailing record. We often do an electronic mail replace each two weeks as effectively. When you go to the underside of the house web page of the web site and easily ship your electronic mail, you might be subscribed to our mailing record.
Maurice Jackson: And final however not least, please go to our web site, provenandprobable.com, to be taught extra about mining and bullion gross sales. You possibly can attain us at [email protected] .
Judson Culter of Rover Metals, thanks for becoming a member of us right this moment for the confirmed and possible doc.
Maurice Jackson is the founding father of Confirmed and Possible, a web site that goals to counterpoint its subscribers by way of coaching in treasured metals and younger mining firms that may enrich the world.[NLINSERT]
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