Coventry Resources Inc.: 10.6m Intercept of Copper-Rich Massive Sulphides in the First Hole Drilled to Test the Lense 7/8 IP Target at Caribou Dome
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/27/15 -- 1. HIGHLIGHTS
2. INITIAL DRILLING AT THE LENSE 7/8 TARGET
Coventry Resources Inc. (ASX: CYY); ("Coventry" or "the Company") is pleased to announce that multiple intervals and significant thicknesses of massive sulphides have been intersected in the first hole it has drilled to commence evaluation of the Lense 7/8 Target at the highly prospective high-grade Caribou Dome Copper Project in Alaska, USA (the "Caribou Dome Project" or "the Project").
The Lense 7/8 Target comprises a strong, 175m-long Induced Polarisation ("IP") anomaly located between outcropping mineralisation at Lenses 7 and 8 (see Figures 1 and 2).
Only one shallow hole (DH36) had previously been drilled in the immediate vicinity of the Lense 7/8 Target. DH36 intersected 0.6m at 10.1% copper from 32.9m down-hole (approximately 20m below the surface).
2.1 Drill Hole CD15-14
Data from the Company''s recently completed IP survey delineated a strong, broad IP anomaly immediately below the mineralisation intercepted in DH36. To commence evaluation of this high-priority target, CD15-14 was drilled to test the IP anomaly approximately 70 metres beneath the surface (see Figure 1).
Initial visual inspection of diamond drill core from CD15-14 indicates six intervals of well-mineralised semi-massive to massive sulphides have been intersected. One of these intervals comprises 10.6 metres of copper(chalcopyrite)-rich massive sulphides (from 137.5m down-hole; see photos below and Figure 1). The thickness of the other observed intervals ranges from 0.3 to 2.1 metres.
To view Figure 1, please visit the following link:
Diamond core is currently being processed in advance of submitting samples for laboratory analysis. Assay results are expected to be available in 2-3 weeks'' time.
2.2 Follow-up Drilling - CD15-15
A second hole, CD15-15 is currently being drilled at the Lense 7/8 Target from the same drill pad used to drill CD15-14, with the drill rig inclined at 57 degrees (as opposed to 45 degrees for CD15-14). CD15-15 will test the area approximately 50 metres down-dip of the mineralisation intersected in CD15-14 i.e. approximately 120 metres below surface (see Figure 1).
3. ONGOING 4,000 METRE DIAMOND DRILLING PROGRAM
On 20 August 2015 Coventry announced it had commenced a 4,000 metre drilling program focused on first-pass exploration of five very-high-priority IP anomalies - the Lense 2, Lense 6 East, Lense 4 West, Caribou South and Lense 7/8 Targets (see Figure 2).
Where there is known high-grade copper mineralisation across the project, there are coincident strong IP anomalies. Accordingly, the five untested strong IP anomalies being targeted during the current drilling program, which are all located in prospective geological settings, are considered likely to be associated with thick and/or high-grade mineralisation.
Importantly, most of the mineralisation drilled previously in any detail extends over only approximately 250 metres of strike (approx. 150 metres of strike at Lenses 5 and 6, and approx. 100 metres of strike at Lense 4). The combined strike extent of the five targets being tested in the current drilling program is greater than 1,200 metres; hence these targets provide considerable opportunity to significantly add to the Project''s resource base.
One diamond core rig continues to drill at the Project. A second drilling rig is currently in transit on its way to the Project to accelerate the 4,000m drilling program, and is expected to be operational late this week.
Assay results are pending for four other holes (CD15-10 to CD15-13). These are expected within the next week.
To view the images associated with this press release, please visit the following link:
To view Figure 2, please visit the following link:
Table 1. Collar details for the drill holes completed to date during the Company''s 2015 drilling program.
Note: Within the reported mineralized intervals in CD15-03 and CD15-04, in both holes, there were two separate intervals of 0% core recovery that totaled 1.2 metres per hole. Within the first reported mineralized interval in CD15-06, there was a 1.2m interval of 0% core recovery and in the second reported mineralized interval there was a 0.7m interval of 0% core recovery. These intervals have been assumed to be mineralized at the average grade of the overall mineralized interval.
CARIBOU DOME COPPER PROJECT - BACKGROUND
Mineralisation was first discovered at the Caribou Dome Copper 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, primarily concentrated on just 250 metres of strike. Exceptional results were returned, including:
Very limited exploration had been undertaken since 1970, until Coventry secured the rights to explore the Project in February 2015. Since then Coventry has compiled all historic technical information, prioritised targets arising, undertaken a ground geophysics (induced polarisation) survey, and commenced a diamond core drilling program. Coventry''s confirmatory drilling to date accords with previous work and its initial exploration results to further expand the Project have been very promising.
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
JORC Code, 2012 Edition - Table 1
Section 1: Sampling Techniques and Data
(Criteria in this section applies to all succeeding sections)
Section 2: Reporting of Exploration Results
(Criteria listed in section 1 also apply to this section)
Contacts:
Coventry Resources Inc.
Mike Haynes
President and CEO
+61 8 9226 1356
Coventry Resources Inc.
Ian Cunningham
Executive Director, CFO and Company Secretary
+61 8 9226 1356
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Datum: 27.08.2015 - 07:01 Uhr
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