VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2015) - Coventry Resources Inc. (ASX:CYY) -
- Assay results received for five more diamond core holes drilled at the Caribou Dome Copper Project
- Significant new intersections include:
- 7.0m @ 6.8% Cu from 35.1m
- 3.7m @ 7.3% Cu from 39.0m
- 1.8m @ 10.4% Cu from 30.4m
- 5.1m @ 2.1% Cu from 201.4m
- 1.5m @ 4.2% Cu from 87.6m
- 1.2m @ 5.6% Cu from 30.8m
- Analytical results have now been received for all 7 holes drilled over 120m of strike to follow-up on the discovery of new mineralisation at the Lense 7/8 Target:
- Very high-grade assay results returned from all 7 holes
- Multiple parallel lodes of mineralisation are evident
- High-grade mineralisation outcrops; has been intersected at >125m depth; and remains open at depth
- Mineralisation remains open in both directions along strike, particularly to the northeast where the prospective geology extends for >13km where no drilling has ever been undertaken and there is significant potential to discover additional high-grade mineralisation
- New analytical results confirm high-grade mineralisation extends to >200m depth at Lense 2
- Assay results still pending for 3 recently drilled holes
2. NEW ASSYS 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 5 holes (CD15-20, 22, 23, 25 and 27) 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 mapped previously at Lenses 7 and 8 (see Figures 1 and 5). 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 1-4).
Multiple intervals of semi-massive to massive copper-sulphide mineralisation were intersected in all 6 follow-up holes.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1029485_FIGURE_1.pdf.
Assay results from CD15-15, 19 and 21 were announced on 30 September and 9 October 2015. Assay results from the final three holes, CD15-23, 25 and 27 have now been received. These 3 holes were drilled on 3 different fences spaced 40 metres apart.
Significant intersections in CD15-23 include:
- 1.5m @ 4.2% Cu from 87.6m
- 1.1m @ 1.6% Cu from 142.6m, and
- 5.1m @ 2.1% Cu from 201.4m
Significant intersections in CD15-25 include:
- 1.8m @ 10.4% Cu from 30.4, and
- 3.7m @ 7.3% Cu from 39.0m
Significant intersections in CD15-27 include:
- 1.2m @ 5.6% Cu from 30.8m
- 7.0m @ 6.8% Cu from 35.1m
- 0.5m @ 9.8% Cu from 59.1m
- 2.6m @ 1.2% Cu from 82.6m, and
- 4.5m @ 0.8% Cu from 137.5m
In almost all cases, the reported thicknesses are believed to be close to true widths (see below).
2.1.1 Initial Geological Interpretation
Drilling to test the 175m-long Lense 7/8 Target remains relatively broadly spaced, with single holes drilled on two drill fences, two holes drilled on one drill fence, and three holes drilled on a fourth drill fence. Notwithstanding this, initial interpretation of the results from the seven holes drilled to date to test this corridor indicate:
- Mineralisation is hosted by both sedimentary and volcanic rocks, with the majority of, and invariably the higher-grade, mineralisation hosted by sediments, while mineralisation in the volcanics comprises sulphides that may have been remobilised into structures
- There are multiple, extensive, parallel, steeply-dipping lodes of high-grade copper mineralisation, many of which come to surface (see Figures 2 and 3)
- There appears to be some "pinching and swelling" of the high-grade mineralisation both along strike and vertically, which is typical in geological environments such as this where structural events have rotated the once horizontal-lying sediments into their current sub-vertical orientation
- This initial phase of drilling has verified that the multiple parallel lenses of high-grade mineralisation have considerable strike and depth continuity. Infill drilling will be undertaken to more accurately delineate the thickness, extents and grade of the mineralisation
- New high-grade mineralisation has now been identified in this particular corridor over >120m of strike. It remains open along strike in both directions and at depth
- There are multiple undrilled IP anomalies both immediately along strike and at depth, which potentially arise from extensions of the mineralisation (see below)
- Further drilling along strike and at depth will be undertaken to delineate extensions of the mineralisation
To view Figure 2 and Figure 3, please visit the following link: http://media3.marketwire.com/docs/1029485_FIGURE_2_and_3.pdf.
2.1.2 Undrilled IP Targets for Immediate Follow-up
Four very high-priority undrilled IP anomalies are evident in close proximity to the high-grade mineralisation delineated to date at the Lense 7/8 Target (see Figure 5), namely:
||the Menel Target - located 250m directly along strike from Lenses 7 and 9;
||the Guardian Target - located 200m north of Lense 9
||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
||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 4, please visit the following link: http://media3.marketwire.com/docs/1029485_FIGURE_4.pdf.
2.2 Drilling at Lense 2
Analytical results have been received for two more holes drilled recently to commence evaluation of the depth extents of the mineralisation at Lense 2. CD15-20 and CD15-22 were drilled at the western end of Lense 2 (see Figure 4).
Despite passing through a thick sequence of the same sediments that host mineralisation elsewhere at Lense 2, no economic intersections of copper mineralisation were encountered in CD15-20.
In the second deepest hole the Company has drilled at the Project to date, CD15-22 intersected:
- 0.3m @ 3.9% Cu from 243.3m, and
- 0.4m @ 1.5% Cu from 256.1m
These results indicate:
- High-grade mineralisation is present >200m below surface at Lense 2, and remains open at depth and along strike
- There may also be structurally controlled "pinching and swelling" of the mineralisation at Lense 2, as seems to be the case at the Lense 7/8 Target.
So far only 4 broadly-spaced holes have been drilled to commence evaluation of the deeper mineralisation at Lense 2, and assay results are pending for one of these holes (CD15-24). Further drilling is definitely warranted.
3. FORWARD PLANS
3.1 Remaining Assay Results from Recent Drilling Program
The Company recently drilled 28 diamond core holes for a total of 4,300 metres. Substantial thicknesses of high-grade copper mineralisation were intersected over more than 700 metres of strike. Mineralisation remains open in all directions, including at depth, providing immediate extensional upside.
Analytical data are yet to be received for 3 of these drill holes (CD15-24, 26 and 28). These results are expected in late-October.
Upon receiving the final 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. With most assay results now received suitable composite samples will be prepared in advance of commencing follow-up metallurgical testwork.
3.3 Environmental Baseline Data Acquisition
Surface water samples have recently been collected and analysed, forming the initial phase of a baseline environmental data acquisition program. Plans continue to be refined for the implementation of a comprehensive environmental baseline program, which is an essential component in preparing future mine permit applications.
3.4 Regional Exploration
Initial assay data from the Company's first regional exploration program, where more than 600 soil samples were collected over approximately 7,000 metres of strike, have now been received. These samples have predominantly been collected where the prospective sedimentary sequence that hosts mineralisation abuts the underlying sequence of volcanic rocks. Although numerous copper occurrences have previously been identified along this contact, which extends over 15km of strike within the Company's Project boundary, negligible exploration had previously been undertaken.
Results from the recent drilling programs have reinforced the Company's belief that there is considerable potential to discover additional mineralisation along the entire 15km of strike.
Assay results are being compiled and assessed. It is expected that additional new exploration targets will be delineated.
To view Figure 5, please visit the following link: http://media3.marketwire.com/docs/1029485_FIGURE_5.pdf.
Mike Haynes, CEO/President
To view Table 1, please visit the following link: http://media3.marketwire.com/docs/1029485_TABLE.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=594&mode=1)