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Coventry Resources Inc.: Drilling Underway at Caribou Dome Copper Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 13, 2015) - Coventry Resources Inc. ("Coventry" or the "Company") (CYY.AX) is pleased to announce that during the weekend, diamond core drilling commenced at the Company's highly prospective high-grade Caribou Dome Copper Project in Alaska, USA (the "Caribou Dome Project" or "the Project").
Inaugural Drilling Program
The Company's inaugural drilling program will comprise a combination of:
Confirmatory drilling - to verify the results of previous drilling so that, in due course, historic drilling data can be incorporated into a mineral resource estimate for the Project in accordance with the JORC Code and Canadian National Instrument 43-101; and
Initial exploratory drilling - designed to target extensions of known mineralisation and to test previously undrilled high-priority exploration targets; both of which are being further refined following the recent completion of a detailed ground geophysics survey.
The initial hole, CD15-01 was drilled to validate results reported from historic exploration drilling that targeted the upper portions of Lense 6.
Two significant zones of mineralisation were intersected in CD15-01, approximately 12 and 4 metres thick respectively. The depths and thicknesses of this mineralisation are in line with the Company's expectations. The core from CD15-01 is currently being logged and sampled. Samples will be sent to a laboratory for analysis in accordance with JORC Code and NI43-101 standards. It is anticipated that assay results from this first hole will be available in two to three weeks.
To view images please click on the following link: http://media3.marketwire.com/docs/CYY0713.pdf
Drilling has commenced on the Company's second hole, CD15-02 which is also being drilled to verify mineralisation intersected previously at Lense 6.
Ground Geophysics Survey
During the past three weeks contractors have undertaken ground geophysics surveying at the Project to help delineate extensions of the known mineralisation, which comprises semi-massive to massive sulphides and accordingly responds very well to electrical geophysical techniques.
A detailed three-dimensional Induced Polarisation (3DIP) survey was undertaken over approximately 1500 metres of strike. Final data from this survey was received this weekend. The 3DIP survey has highlighted multiple highly chargeable zones that coincide with known mineralisation together with comparable responses that appear to highlight significant extensions of the known mineralisation. Additional discrete chargeability anomalies in prospective geological settings have also been delineated.
The Company is now completing its initial interpretation of the 3DIP data, which will be incorporated into planning for the current drilling program. A further update on the 3DIP survey and targets arising will be provided once interpretation is completed in the near term.
Project Background
Mineralisation was first discovered at the Caribou Dome Project in 1963. Between 1964 and 1970 nine lenses of sediment-hosted copper mineralisation were delineated over approximately 750 metres of strike. Some 95 diamond core holes were drilled during this period from surface and underground, with exceptional results returned including:
18.1m at 9.34% copper
18.4m at 6.25% copper
15.4m at 7.01% copper
13.1m at 7.20% copper
11.0m at 8.20% copper
10.4m at 7.94% copper
12.8m at 5.78% copper
Very limited exploration has been undertaken since 1970, until now.
Previous drilling focused on just 250m of strike. Outcropping copper mineralisation is evident over more than 15,000m of strike within the Project area. The Company's Directors believe there is considerable potential to delineate additional mineralisation.
Qualified and Competent Person
The information in this announcement that relates to exploration results for the Project has been approved by Mr Ben Vallerine, who is a consultant to the Company and holds an indirect shareholding in the Company. Mr Vallerine has reviewed the exploration results disclosed in this release, but has not verified the information due to the programs having been undertaken by the previous owners of the Project.
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.
