Coventry Resources Inc. (TSX VENTURE:CYY) (ASX:CYY) is pleased to report further
results from the Company's Rainy River District Properties located in the
southern part of western Ontario (Figure 1) from samples collected during a 47
hole, 1,058 metre overburden reverse circulation (RC) drilling program completed
in March 2013.
The results received recently include analytical results from: (i) bottom of
hole (BOH) bedrock samples; (ii) heavy mineral concentrate (HMC) samples derived
from glacial till isolated as part of the gold grain counting process; and (iii)
fine silt samples collected from the circulation water used as part RC drilling
process. These new results complement gold grain counts reported by the Company
for the same 47 drill holes on 29 April 2013.
The collection of silt samples is a new technique the Company has trialled to
capture fine silt- and clay-size material which is suspended in the drilling
water and hence typically lost as a part of the drilling process. Numerous
studies have shown that most gold particles derived from mineralized bedrock are
of silt-size and smaller. It is considered that silt results above detection are
highly-anomalous because very low recoveries of silt from the drilling water are
achieved.
Conqueror Anomaly
A total of eight RC drillholes were completed at the Conqueror Anomaly (Figure
1). Highly anomalous gold grain counts were returned from five of these holes,
with pristine and modified grains dominating, indicating the gold has been
derived from a local source, most likely within 1,000 metres of the sample
sites. The highest sample from the drillholes completed recorded up to 60 gold
grains per sample at Conqueror, with some samples recording modified and
pristine gold grains as comprising up to 83% of the total gold grains present.
The highly anomalous nature of this area has been confirmed by recent anomalous
gold analysis of silt samples from four drillholes. A maximum result of 59 ppb
gold was returned from these silt samples, with the most anomalous silt sample
derived from the drillhole that had the highest gold grain counts (Figure 2).
Further confirming the highly anomalous nature of this area, three BOH bedrock
samples returned gold assays above detection, to a maximum of 94 ppb gold
(Figure 2).
The anomalous silt and BOH bedrock samples returned from the Conqueror Anomaly
further enhances the prospectivity of this target, especially given that the
Conqueror Anomaly is located adjacent to a prominent, ovoid-shaped magnetic
anomaly and along the interpreted trace of the large-scale Pinewood Fault
(Figures 1 and 2), which are geological and structural features that may be
associated with mineralization.
Charybdis Anomaly
The Charybdis Base Metal Anomaly (Figure 1) was identified from highly-anomalous
Ni-Zn-Sb-Mn results recorded during an RC drilling program the Company completed
during the winter of 2012. As part of the recent 2013 program, an additional
five RC drillholes were completed immediately up ice from the anomalous 2012
drillhole (Figure 3). Results from assays of HMC samples from two holes have
repeated highly-anomalous Ni-Mn results (Ni up to 528 ppm, Mn up to 10,500 ppm),
with less anomalous but elevated Zn, Co, Cu, Ag and Mo. An area of base metal
anomalism in till has now been delineated over an area of about 500m x 500m
(Figure 3). Significantly, part of this area corresponds to an area of
ankerite-dolomite carbonate alteration in bedrock - further geological
indications that mineralisation could be present in this area.
It is interpreted that the source of the base metal anomalism may relate to one
of a series of prominent NW-trending Proterozoic dolerite/diabase dykes that
characterise the region. Nickel-copper-platinum-paladium mineralization
associated with these lithologies is known within the district, with such
mineralization occurring at the 34 Zone within the Rainy River Gold Deposit and
at the Pinewood South Prospect located 1km to the south of the Rainy River Gold
Deposit (both controlled by Rainy River Resources Limited). In the case of the
Charybdis Anomaly, the interpreted dyke and possible source to the anomalism
appears also to be associated with a magnetic high 'blow out'. Any
mineralisation at the Charybdis Anomaly will be hidden because there is no
outcrop in the area; with overburden thickness ranges between 28 and 36 metres.
Bellepheron Anomaly
The Bellepheron Base Metal Anomaly (Figure 1) was identified from
highly-anomalous Cu-As-Zn-Mn-Ni results recorded from three historic RC
drillholes completed by a previous explorer in the 1990's. As part of the recent
2013 program, an additional five RC drillholes were completed immediately up ice
from the anomalous historic drillholes. Results from assays of HMC samples for
three holes have repeated highly-anomalous Cu-Pb-Zn-As results (Cu up to greater
than 10,000 ppm, Pb up to 268 ppm, Zn up to 256 ppm, As up to 230 ppm), with
less anomalous but elevated Co, Ag, and Sb, defining an area of base metal
anomalism in till with an aerial extent of about 500m x 800m.
No outcrop exists at the Bellepheron Anomaly with overburden thickness ranging
between 21 and 38 metres. The relationship of the Bellepheron Anomaly to local
geology is presently unclear because of the poor resolution of available
geophysical datasets. Given the element association recorded however, a
volcanogenic sulphide association appears to be indicated.
Follow-up Work Programs
Work programs to follow-up on the high-priority anomalies at Conqueror,
Charybdis and Bellepheron are now being planned. The timing of implementation of
these programs may be determined by accessibility, with some parts of the
Company's Rainy River Project being more readily accessible in winter. Further
details of plans will be provided in due course.
Additional Precious and Base Metal Anomalies
As previously highlighted, a further 15 additional precious and base metal
anomalies have been identified by the Company (Figure 1) from the compilation of
previous exploration data and from work completed by Coventry which also require
follow-up work.
These anomalies highlight the prospectivity of the Rainy River Greenstone Belt.
They also demonstrate the low-level of exploration maturity of the district,
which, despite hosting a multi-million ounce gold deposit, has been subject to
very little exploration.
To view the figures associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/n610cyy1.pdf.
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
Tony Goddard, Vice-President Exploration and Director of Coventry Resources
Inc., who is supervising the Company's exploration at the Rainy River District
Properties, 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 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.
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.
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.
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.
----------------------------------------------------------------------------
Grade Ounces of
Cut-off grade (g/t gold) Category Tonnes (g/t gold) Gold
----------------------------------------------------------------------------
1.0 Measured 2,472,000 2.68 213,000
----------------------------------------------------------------------------
Indicated 4,724,000 2.33 354,000
----------------------------------------------------------------------------
Measured & Indicated 7,196,000 2.45 567,000
----------------------------------------------------------------------------
Inferred 12,226,000 2.11 829,000
----------------------------------------------------------------------------
(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.
----------------------------------------------------------------------------
Grade Ounces of
Cut-off grade (g/t gold) Category Tonnes (g/t gold) 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.
Fast Facts TSX-V/ASX: CYY
Share price (10 June 2013) AU $0.105
Shares on issue 90.97M
Options ($0.50-$5.00) 3.7M
Warrants ($0.45) 9.4M
Market capitalisation approx. $9.6M
Major Shareholders
Sun Valley Gold Master Fund 15.0%
Macquarie Bank Limited 7.0%
Directors/Management 7.23%
Directors and Management
Steven Chadwick
Director, Interim President and CEO
Tony Goddard
Director and VP Exploration
Don Halliday
Director and VP Investor Relations
Nick Day
Director, CFO and Company Secretary
Eric Edwards
Non-Executive Chairman
Mike Haynes
Non-Executive Director
Robert Boaz
Non-Executive Director
Key Projects
Cameron Gold Camp Project, 100%
Gold Exploration and Development, NW Ontario, Canada
Rainy River District Properties, 100%
Gold Exploration, NW Ontario, Canada
Investment Highlights
Positive Preliminary Economic Study completed for the Cameron Gold Camp
Project.
Large underexplored ground position within close proximity to the Rainy
River Gold Deposit.
FOR FURTHER INFORMATION PLEASE CONTACT:
Coventry Resources Inc.
Steven Chadwick
Interim 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
Coventry Resources (TSXV:CYY)
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