Rover Critical Minerals (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) has announced that it signed a letter of intent to acquire a 100% interest in the Silicon Valley Silica Project near Golden, British Columbia. The 1,760-hectare project is located close to the town of Golden and features approximately 12 kilometers of high-purity quartzite beds from the Mount Wilson Formation.

Silicon Valley Silica Project Overview

The Silicon Valley Silica Project boasts an average of 99.6% SiO2 purity. In 2017, sampling revealed up to 99.9% SiO2 along a 190-meter traverse. Deleterious elements were found to be very low, averaging 0.03% Fe2O3, 0.02% CaO, 0.02% MgO, 0.01% P2O5, and 0.10% Al2O3.

Strategic Acquisition Amid Growing Demand

As global demand for renewable energy sources like solar power increases, the market for high-purity silica expands. CEO Judson Culter noted that Canada recently included silicon metal in its Critical Minerals List, and the U.S. also considers it a critical mineral, possibly making the project eligible for government funding.

CEO’s Statement

Culter said, “Rover is gaining a strategic and timely position in one of Canada’s most sought-after high-purity silica districts. With current industry trends, including Intel’s $20 billion investment in Ohio, this deal has a bright future.”

President’s Comments

Paddy J. Moylan, Rover’s President and Director, emphasized, “Silicon Valley is transformational for our company and investors. We have boots on the ground and anticipate finalizing the agreement soon.”

About High Purity Silica

High-purity silica is crucial for manufacturing solar panels, computer chips, and semiconductors. Though abundant in the Earth’s crust, silica deposits with over 99% SiO2 purity and significant volume are rare, especially in North America.

Canada’s Critical Minerals List Update

The Critical Minerals List includes minerals essential for Canada’s green and digital economies. Silicon metal was added to the list due to its importance in various industries, including semiconductor and chip manufacturing.

Project Highlights

The Silicon Valley Project spans 1,760 hectares near Golden, B.C. It features high-purity quartzite from the Mount Wilson Formation, with strike lengths of up to 12 kilometers and widths of up to 300 meters.

Transaction Terms

Rover agreed to incur exploration expenditures totaling $1,020,000 and issue common shares to the vendor. The Company will make cash payments aggregating $855,000 to complete the acquisition.

Related Party Transaction

Rover’s recent $0.03/unit financing closed with orders totaling $327,344. A director participated, acquiring 10,000,000 units for $300,000.

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