Drilling Program Commenced at West Cedartree Gold Project
18 Junho 2013 - 10:30AM
Marketwired Canada
Coventry Resources Inc. (TSX VENTURE:CYY)(ASX:CYY) ("Coventry" or "the Company")
is pleased to advise that a drilling program has commenced at its West Cedartree
Gold Project in western Ontario. The West Cedartree Gold Project forms part of
the Company's greater Cameron Gold Camp Project, where Coventry is advancing the
evaluation of the construction of a centralised processing facility at the
Cameron Gold Deposit, located 10 km to the east (Figure 1).
The current drilling program will comprise approximately 2,000 metres of NQ
diamond core and will target extensions to known gold mineralisation at the
Robertson and McLennan Prospects. The objective is to delineate additional
shallow resources that can be used to augment the known mineral resource
inventory within the Cameron Gold Camp Project (see Appendix 1). Ongoing review
of the Cameron Project subsequent to the recent release of the PEA (Jan 2013)
has indicated that additional open resources will have a material positive
impact on project economics.
Robertson Prospect
The Robertson Prospect (Figure 1 and 2) comprises a northeast-southwest trending
mineralized zone within gabbro that has been delineated over a strike length of
200m and to a vertical depth of 120m. The Robertson Prospect was identified from
reconnaissance rock chip sampling that returned anomalous results and was
followed up by three mechanical stripping and channel sampling programs that
returned further positive results.
In 2010 and 2011, a total of 15 diamond drillholes for 1,980 metres were
completed by the previous operator, Houston Lake Mining Inc. ("Houston Lake").
Seven of the holes returned economic intercepts, including:
-- 20.5m @ 2.17 g/t Au from 62.0m, including 5.6m @ 4.08 g/t Au from 74m
-- 11.9m @ 3.10 g/t Au from 149.1m
-- 16.7m @ 2.00 g/t Au from 19.8m
-- 12.7m @ 1.73 g/t Au from 122.3m
-- 17.3m @ 1.22 g/t Au from 2.3m
-- 4.5m @ 2.10 g/t Au from 20.0m
The drilling has resulted in the delineation of a coherent zone of
mineralisation comprising disseminated pyrite associated with
silica-albite-carbonate alteration that strikes to the northeast-southwest and
dips steeply (70-80 degrees ) to the southeast (Figure 2). The plunge to the
system appears to be to the northeast. The main mineralised zone remains open
along strike to the northeast and at depth. Encouragingly, the deepest drilling
intercepts have recorded the highest grades; and more than one mineralized zone
is indicated.
About 150m directly along strike to the northeast of the main area of drilling
at Robertson is a cluster of anomalous rock chip samples, where previous
analytical results from samples collected within a 40m x 40m area range from
0.16 g/t Au to 7.59 g/t Au (Figure 2). If, as interpreted, these rocks represent
the extension of the main mineralized zone at Robertson, then the strike length
of the prospect is greater than 320m.
Seventeen drillholes totalling 1,400 metres are planned to test the extension of
the mineralization along strike and, both up and down dip at Robertson (Figure
2).
McLennan Prospect
The McLennan Prospect ("McLennan") is located 1.5 km north-northwest of
Robertson (Figures 1 and 3) and is a historic gold occurrence that was
discovered probably in 1940's. The mineralization at McLennan comprises
silica-pyrite breccia that is sub-parallel to a shear zone within mafic volcanic
rocks. There appear to be two mineralized zones, each about 2-5m thick, that may
extend over a strike of about 450m.
In 1944, Sylvanite Gold Mines completed trenching and shallow diamond drilling
over 350m of strike length recording results up to 5.5m @ 7.2 g/t Au in trenches
and 1.0m @ 18.37 g/t Au in drilling. In 1985 Falconbridge Limited completed an
additional drilling program which largely repeated the Sylvanite results.
Houston Lake completed limited work at McLennan between 2004-2008 and later in
2011, which variably set about testing the mineralization with diamond drilling
following the completion of a project-wide IP survey. Specifically, Houston Lake
targeted IP chargeability anomalies it interpreted being the geophysical
signature of the mineralisation, rather than interpreted extensions of the known
mineralization within trenches, that are significantly offset from the tested IP
anomalies.
This work recorded variable results, with four holes that were completed
underneath the main trenches (Trench 1 and 2) returning the following results
(Figure 3):
-- 9.0m @ 4.04 g/t Au from 26.0m
-- 5.8m @ 5.80g/t Au from 24.0m
-- 7.7m @ 2.24 g/t Au from 53.0m
It is interpreted that a thicker, higher grade zone of mineralization extends to
the southwest over a strike of about 80m and that this has not yet been tested
by previous explorers. Furthermore the depth extents of mineralization, below
the known intercepts, are also yet to be followed up. Nine drillholes for a
total of 900m are planned at McLennan, testing these positions (Figure 3).
It is anticipated that the drilling program will be completed in about four
weeks, with analyses likely to be returned a month later.
To view Figures 1, 2, and 3, visit the following link:
http://media3.marketwire.com/docs/617cyyb.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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
QUALIFIED AND COMPETENT 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.
----------------------------------------------------------------------------
Cut-off grade (g/t Grade
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 &
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
Cut-off 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.
Fast Facts
Share price (17 June 2013) AU $0.10
Shares on issue 90.97M
Options ($0.50-$5.00) 3.7M
Warrants ($0.45) 9.4M
Market capitalisation approx. $9.1M
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
www.coventryres.com
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