VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 8, 2015) - Coventry Resources Inc. (ASX:CYY) -
1. HIGHLIGHTS
- Assay results received for three more diamond core holes drilled at the Caribou Dome Copper Project
- Significant new intersections include:
- 2.0m @ 13.9% Cu from 79.4m
- 6.4m @ 2.8% Cu from 173.3m, including
- 1.3m @ 10.1% Cu from 175.0m
- 2.0m @ 5.2% Cu from 24.0m
- Drill results continue to increase the strike extent of high-grade mineralisation at the Project, with significant intersections now returned over >700m of strike, while mineralisation remains open in all directions
- Four very-high priority undrilled IP targets located in close proximity to the very high-grade mineralisation at Lenses 3, 7, 8 and 9 will be targeted in the next phase of drilling
- Assay results still pending for 8 recently drilled holes
- Representative samples for further metallurgical testwork have been collected
2. NEW ANALYTICAL DATA FROM DRILLING AT CARIBOU DOME
Coventry Resources Inc. (ASX:CYY) ("Coventry" or "the Company") is pleased to announce that it has received assay results for a further 3 holes (CD15-18, 19 and 21) drilled recently at the Caribou Dome Copper Project in Alaska, USA (the "Caribou Dome Project" or "the Project").
2.1 Drilling at the Lense 7/8 Target
The Lense 7/8 Target comprises a previously undrilled, strong, 175m long induced polarisation ("IP") anomaly located adjacent to outcropping mineralisation at Lenses 7 and 8 (see Figures 1-3). On 10 September 2015 Coventry announced it had intersected substantial thicknesses of very high-grade copper mineralisation in CD15-14, the first hole drilled to evaluate the Lense 7/8 Target. Assay results included:
- 0.8m @ 12.4% Cu from 128.7m
- 14.1m @ 9.9% Cu from 134.6m
- 2.4m @ 3.7% Cu from 159.8m, and
- 0.4m @ 13.6% Cu from 167.4m
A further 6 holes have since been drilled at the Lense 7/8 Target to test for extensions of this mineralisation (CD15-15, 19, 21, 23, 25 and 27). These holes have been drilled on 4 separate drill fences nominally spaced 40 metres apart; covering a total of 120 metres of strike (see Figures 1 and 2).
In each of these 6 holes multiple intervals of semi-massive to massive copper-sulphide mineralisation have been intersected.
Assay results from the first of these 6 follow-up holes (CD15-15) were announced on 30 September 2015. Assay results from two additional holes, CD15-19 and CD15-21 have now been received. These holes were drilled 40 metres west and east of CD15-14 and CD15-15, respectively.
Significant intersections in CD15-19 include:
- 2.0m @ 5.2% Cu from 24.0m, and
- 2.0m @ 13.9% Cu from 79.4m
Significant intersections in CD15-21 include:
- 0.3m @ 11.7% Cu from 55.6m, and
- 6.4m @ 2.8% Cu from 173.3m, including
- 1.3m @ 10.1% Cu from 175.0m
It is anticipated that assay results for the other 3 follow-up holes at the Lense 7/8 Target (CD15-23, 25 and 27) will also be received during October.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1027946_FIGURE_1.pdf.
Mineralisation remains open in both directions along strike as well as at depth at the Lense 7/8 Target.
In addition, four very high-priority undrilled induced polarisation ("IP") anomalies are evident in close proximity to this high-grade mineralisation (see Figure 3), namely:
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i. |
the Menel Target - located 250m directly along strike from Lenses 7 and 9; |
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ii. |
the Guardian Target - located 200m north of Lense 9 |
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iii. |
the Lense 3 IP Target - located immediately down-dip of the high-grade mineralisation intersected in (only) shallow drilling undertaken to date at Lense 3; and |
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iv. |
The Lense 9 IP Target - located immediately down-dip of the high-grade mineralisation intersected in (only) shallow drilling undertaken to date at Lense 9. |
These targets all provide excellent opportunities to delineate additional high-grade mineralisation and will be evaluated in the next phase of drilling.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/1027946_FIGURE_2.pdf.
2.2 Drilling at Lense 2
CD15-18 was drilled to evaluate the potential deeper extensions of mineralisation intersected in CD15-09 at the western end of Lense 2 (see Figure 2). Coventry previously (24 August 2015) reported that CD15-09 intersected:
- 3.4m @ 4.8% Cu from 51.6m, and
- 3.5m @ 1.9% Cu from 67.9m
Analytical results show that CD15-18 intersected:
- 1.3m @ 1.7% Cu from 107.9m
Assay results are pending for three other holes drilled recently at Lense 2 (CD15-20, 22 and 24). Following receipt of those results (over the coming weeks) the geometry of the mineralisation at Lense 2, which remains open in all directions, will be better defined. Further drilling will then be planned.
3. FORWARD PLANS
3.1 Drilling
Since acquiring the rights to the Caribou Dome Project in late February 2015, the Company has now completed an IP survey followed by two diamond drilling programs. Drilling has comprised a total of 28 holes for 4,300 metres. Substantial thicknesses of high-grade mineralisation have now been intersected over more than 700 metres of strike. Mineralisation still remains open in all directions, including at depth, providing immediate extensional upside.
Analytical data are yet to be received for 8 completed drill holes (CD15-20 and CD15-22 to 28). These results are expected progressively during October.
Upon receiving the remaining analytical data, the geological model will be refined and further drilling will be planned.
3.2 Metallurgical Testwork
Representative samples of mineralisation have been collected from multiple drill holes across the Project. A suitable program of follow-up metallurgical testwork is planned and will be implemented over the coming months.
3.3 Environmental Baseline Data Acquisition
Surface water samples have been collected and analysed recently, forming the initial phase of a baseline environmental data acquisition program. Discussions have been initiated with several parties well qualified to coordinate this program, which is an essential component of preparation for future mine permit applications.
3.4 Regional Exploration
Since its initial involvement, Coventry has deliberately expanded the Project area to secure mineral rights over more than 15 kilometres of the sedimentary sequence that hosts mineralisation. Although numerous copper occurrences have previously been identified along this entire 15 km of strike, negligible exploration has been undertaken previously.
Results from the Company's recent drilling programs have reinforced its belief that there is considerable potential to discover additional mineralisation along the entire 15km of strike, particularly where this prospective sedimentary sequence abuts the underlying sequence of volcanic rocks.
Initial regional exploration has comprised collection of more than 600 soil samples over approximately 7,000 metres of strike. Assay results are pending and may provide more new targets.
Satellite imagery data has also been acquired to assist mapping the prospective horizon. Ground geophysics has proven to be a highly effective exploration tool around the known mineralisation; hence further ground geophysics surveying will be undertaken.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/1027946_FIGURE_3.pdf.
Mike Haynes, CEO/President
To view Table 1, please visit the following link: http://media3.marketwire.com/docs/1027946_TABLE_1.pdf.
Qualified and Competent Person
The information in this announcement that relates to exploration results for the Project is based on information compiled by Mr Ben Vallerine, who is a consultant to the Company and holds an indirect shareholding in the Company. Mr Vallerine is a Member of the Australian Institute of Geoscientists. Mr Vallerine has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results (JORC Code). Mr Vallerine is also a Qualified Person as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr Vallerine consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
Forward Looking Statements
This news release may contain "forward-looking statements" and/or "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, forward-looking information"). Any forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Coventry Resources Inc. ("Coventry") does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to resource project identification and evaluation and expected outcomes. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
Any forward-looking information contained in this news release is based on certain assumptions that Coventry believes are reasonable, including, that the current price of and demand for mineral commodities will be sustained or will improve, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and local community approval required to conduct Coventry's planned exploration and development activities will be available on reasonable terms and that Coventry will not experience any material accident, labour dispute, or failure of equipment.
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Coventry to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks and uncertainties relating to the actual results of exploration activities being different than anticipated, cost of labour increasing more than expected, cost of equipment or materials increasing more than expected, fluctuations in the commodity prices, currency fluctuations, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failing to obtain governmental or community approvals or financing. Although Coventry has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.
APPENDIX 1 -
JORC CODE 2012 EDITION, TABLE 1 REPORT
(to view the Table 1 Report click on the link - http://coventryres.com/editor/articles/getfile.php?productindex=592&mode=1)
