Coventry Announces the Initial Dogpaw Gold Deposit Mineral Resource Estimate, Part of the Cameron Gold Camp, Ontario
13 Maio 2013 - 9:45AM
Marketwired Canada
Coventry Resources Inc. (TSX VENTURE:CYY)(ASX:CYY) ("Coventry" and the
"Company") is pleased to announce the initial NI 43-101 and JORC-Code (2012
Edition) compliant mineral resource estimate (Table 1) for the Dogpaw Gold
Deposit ("Dogpaw"), one of several deposits within the Company's Cameron Gold
Camp Project in NW Ontario, Canada ("Project").
The Dogpaw Gold Deposit is located 10km west of the Company's flagship Cameron
Gold Deposit; immediately adjacent to an all-weather road that provides the main
access to the Project (Figure 1). The addition of resources at Dogpaw continues
to validate the Company's success as it implements its strategy of advancing
satellite deposits that are proximal to the Cameron Gold Deposit, with a view to
providing additional feed to its proposed mining operation at the Cameron
Deposit. As part of this strategy Coventry plans to conduct further exploration
drilling during the second quarter of 2013 to evaluate other highly prospective
gold zones within the West Cedartree Gold Project, that the Company recently
acquired from Houston Lake Mining Inc. ("Houston Lake"), particularly the
Robertson and McLennan Prospects.
Table 1- NI 43-101 and JORC-Code Compliant Mineral Resource Estimate, Dogpaw
Gold Deposit(i)
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Cut-off grade Grade
(g/t gold) Category Tonnes (g/t gold) Ounces of Gold
----------------------------------------------------------------------------
0.5 Indicated 259,000 2.99 24,900
----------------------------------------------------------------------------
Inferred 158,000 2.71 13,800
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(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures are rounded to reflect the relative accuracy
of the estimate.
This initial mineral resource estimate for Dogpaw is in addition to the
previously reported mineral resource estimates for the Cameron and Dubenski Gold
Deposits (Appendix 1) which formed part of a positive Preliminary Economic
Assessment (PEA) announced by Coventry for the Cameron Gold Camp Project on 16
January 2013.
The Dogpaw Gold Deposit comprises a mineralised zone that extends over a strike
of 310m and to a vertical depth of 210m. Gold mineralization occurs in the form
of disseminated pyrite and silica with associated carbonate, mainly in gabbro,
at a contact with mafic volcanic rocks where porphyry intrusions are apparently
localized by a series of northwest-trending faults.
The mineralization at Dogpaw remains open to the east-northeast and at depth.
Datageo Geological Consultants, which completed the independent resource
estimation, has recommended further work that may result in the delineation of
additional near surface mineralization.
Table 2 reports the mineral resource estimates within 150m of surface at the
Dogpaw Gold Deposit as it is considered that open pit mining will be the most
applicable method of mining.
Table 2- NI 43-101 and JORC-Code Compliant Mineral Resources at various cut-off
grades, within 150m of surface, Dogpaw Gold Deposit (includes allowance for
previous bulk sample)(i).
----------------------------------------------------------------------------
Cut-off grade Grade
(g/t gold) Category Tonnes (g/t gold) Ounces of gold
----------------------------------------------------------------------------
0.5 Indicated 247,000 3.02 24,000
----------------------------------------------------------------------------
Inferred 64,000 2.27 4,600
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1.0 Indicated 202,000 3.54 23,000
----------------------------------------------------------------------------
Inferred 54,000 2.54 4,400
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(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures are rounded to reflect the relative accuracy
of the estimate.
Figure 1 - Location map of the Cameron and West Cedartree Gold Projects, with
main deposits highlighted, including the Dogpaw Gold Deposit, as well as gold
prospects and occurrences is available at the following address:
http://media3.marketwire.com/docs/130513_Figure-1_map.pdf.
The Dogpaw mineral resource estimate was completed in accordance with the
guidelines of NI 43-101 and JORC-Code (2012 edition) by independent consultants
Datageo Geological Consultants, which audited and validated Coventry's
geological deposit model. As part of the estimate process Coventry resampled 25%
of previously sampled drill core to apply modern QAQC protocols and to validate
historic assay data. This program produced statistically acceptable results
validating the historic data.
It is understood that gold mineralisation at Dogpaw was first discovered in the
early 1900's. The first recorded drilling was conducted by Noranda in 1944.
Additional drilling was undertaken by Consolidated Golden Arrow and Nuinsco
Resources during the 1960's and 1980's, however data derived from these programs
is poorly-preserved. Between 1997 and 2008 Houston Lake completed an additional
102 diamond drill holes (11,811.9 metres). Data from the majority of these
drillholes were utilised in the mineral resource estimate. As part of broader
exploration at the West Cedartree Gold Project, Houston Lake also conducted
extensive mechanical stripping and channel sampling at Dogpaw as well as at six
other vein sets it identified.
In 1995, a 500 ton bulk sample was extracted from Dogpaw by selective open pit
mining and processed at a third party facility. The average grade of this sample
was 6.53 g/t gold. Removal of this material has been accounted for in the
resource model.
ABOUT COVENTRY RESOURCES INC.
Coventry Resources Inc. is advancing the Cameron Gold Camp in northwestern
Ontario, Canada towards production. In addition to the existing resource,
Coventry has identified a number of exploration targets along the Cameron Lake
Shear Zone and at its highly-prospective Rainy River District properties where
the Company believes it can continue to expand Coventry's resource base. The
Company is led by a strong management team with the proven ability to explore,
develop, finance and operate mining projects.
QUALIFIED AND COMPETANT PERSONS
The mineral resource statement was prepared by Mr Peter Ball of Datageo
Geological Consultants, an, "independent qualified person" as that term is
defined in National Instrument 43-101. Datageo's Technical Report will be filed
on SEDAR within the prescribed 45 days following the date of issuance of this
news release.
Tony Goddard, Vice-President Exploration and Director of Coventry Resources
Inc., who is supervising the Company's exploration at the Cameron Gold Camp
Project of which the Dogpaw Gold Deposit is a part of, is the Company's
Qualified Person, as defined by National Instrument 43-101 and is responsible
for the content of this press release.
The information in this report that relates to Mineral Resources or Ore Reserves
is based on information compiled by Mr Peter Ball who is a Chartered
Professional and Member of the Australasian Institute of Mining and Metallurgy.
Mr Ball is the Director of DataGeo Geological Consultants. Mr Ball has
sufficient experience which is relevant to the style of mineralization and type
of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves. Mr Ball consents to the inclusion in the announcement of the
matters based on his information in the form and context in which it appears.
The information in this announcement that relates to Exploration Results is
based on information compiled by or under the supervision of Anthony Brendon
Goddard. Mr Goddard is Vice-President Exploration and a Director of Coventry
Resources Inc. and a Member of the Australian Institute of Geoscientists. Mr
Goddard has sufficient experience which is relevant to the style of
mineralization 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, Mineral Resources
and Ore Reserves". Mr Goddard consents to the inclusion in the announcement of
the matters based on his 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 mineral resource estimates, drill plans, planned work programs,
future upgrading of mineral resources 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, with
respect to any mineral resource estimates, the key assumptions and parameters on
which such estimates are based, that the current price of and demand for gold
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 price of gold and
other commodities, currency fluctuations, mineral resources not being as
estimated, unexpected variations in mineral resources, grade or recovery rates,
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
NI 43-101 and JORC-Code (2004) compliant mineral resource estimate(i) for the
Cameron Gold Deposit, part of the Cameron Gold Camp Project.
----------------------------------------------------------------------------
Cut-off grade Grade
(g/t gold) Category Tonnes (g/t gold) Ounces of Gold
----------------------------------------------------------------------------
1.0 Measured 2,472,000 2.68 213,000
----------------------------------------------------------------------------
Indicated 4,724,000 2.33 354,000
----------------------------------------------------------------------------
Measured & 7,196,000 2.45 567,000
Indicated
----------------------------------------------------------------------------
Inferred 12,226,000 2.11 829,000
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(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures are rounded to reflect the relative accuracy
of the estimate.
NI 43-101 and JORC-Code (2004) compliant mineral resource estimate(i) for the
Dubenski Gold Deposit, part of the Cameron Gold Camp Project.
----------------------------------------------------------------------------
Cut-off grade Grade
(g/t gold) Category Tonnes (g/t gold) Ounces of Gold
----------------------------------------------------------------------------
1.0 Indicated 806,000 2.28 59,000
----------------------------------------------------------------------------
Inferred 392,000 1.44 18,200
----------------------------------------------------------------------------
(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures are rounded to reflect the relative accuracy
of the estimate.
A map is available on the Marketwired Website at the following address:
http://media3.marketwire.com/docs/130513_Figure-1_map.pdf.
This press release is available in .pdf at the following address:
http://file.marketwire.com/release/cova.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Coventry Resources Inc.
Steven Chadwick
President and CEO
+61 8 9324 1266
schadwick@coventryres.com
Coventry Resources Inc.
Don Halliday
Vice President, Investor Relations
1 (604) 899 1505
dhalliday@coventryres.com
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