Coventry Resources Inc.: More Thick High-Grade Copper Results from Drilling at Caribou Dome
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/03/15 -- 1. HIGHLIGHTS
2. NEW ANALYTICAL RESULTS
Coventry Resources Inc. (ASX: CYY) ("Coventry" or "the Company") is pleased to announce that it has received analytical results for a further three holes drilled recently at the highly prospective high-grade Caribou Dome Copper Project in Alaska, USA (the "Caribou Dome Project" or "the Project").
2.1 Drilling at Lenses 5 and 6
CD15-12 and CD15-13 were confirmatory holes drilled to evaluate the shallow mineralisation at Lenses 5 and 6 (see Figure 1).
CD15-12 was drilled adjacent and parallel to historic hole DH39 (drilled in 1967; which intersected 18.4m (at) 6.2% copper). Analytical results show CD15-12 intersected:
CD15-13 was drilled adjacent and parallel to historic hole DH37 (drilled in 1966; which intersected 10.4m (at) 7.9% copper and 5.9m at 2.9% copper). Analytical results show CD15-13 intersected:
Results from both CD15-12 and CD15-13 are very much in-line with expectations and (i) provide further confidence in the reliability of the historic Project data, and (ii) provide further confirmation that it should be possible to integrate historic drilling data with new drilling data to calculate an inaugural resource for the Project following the completion of the current drilling program.
Figure 1. Geology around the nine known lenses of mineralisation at the Caribou Dome Copper Project, together with surface traces of underground development and locations of Coventry''s recent drill holes with analytical results received to date. The surface traces of, and assay results from the 112 holes drilled prior to Coventry''s involvement in the Project are not shown on this plan. To view Figure 1, visit: .
2.2 Drilling at the Lense 2 Target
CD15-11 was the fifth hole the Company drilled to begin evaluation of the 250m long corridor where outcropping mineralisation coincides with a strong Induced Polarisation ("IP") anomaly at Lense 2 (see Figure 1). It was drilled approximately 40 metres along strike from holes CD15-04 and CD-15-05 that both intersected shallow mineralisation immediately above the strong IP anomaly.
Analytical results show CD15-11 intersected:
It is encouraging that relatively high-grade mineralisation is present along strike from the mineralisation intersected in the other three holes drilled to date into Lense 2 (all of which were drilled by Coventry; see Figure 1). These intersections included:
Accordingly the Company continues to believe there is considerable potential to delineate additional high-grade mineralisation at Lense 2 as deeper holes are drilled to test the strong IP anomaly which lies immediately below these recent intercepts. Further drilling will be undertaken at Lense 2 over the coming weeks (see below).
Analytical results from CD15-10, which was drilled directly above CD15-11 at an inclination of 55 degrees rather than 75 degrees (for CD15-11), are yet to be received because of a delay in transferring samples between the laboratory''s departments. They are expected in the next 5-7 days. Results will be reported in a timely manner.
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.
3.1 Recent Drilling Progress
One diamond core rig has been drilling at the Project since 20 August. A second drilling rig is now on site and has commenced operation to accelerate the 4,000m drilling program. The first rig is currently drilling the first hole to begin evaluation of the Lense 6 East Target. The second rig is currently collaring a hole to begin evaluation of the deeper IP anomaly at Lense 2.
3.1.1 Drilling at the Lense 7/8 Target
Following the announcement of the intersection of 10.6 metres of copper-rich massive sulphides in drill hole CD15-14 at the Lense 7/8 Target (ASX Announcement on 27 August 2015), the Company drilled a second hole, CD15-15, from the same drill pad as CD15-14, to continue to evaluate this target. The drill rig was inclined at 57 degrees (as opposed to 45 degrees for CD15-14) and drilled approx. 50m below the thickest zone of mineralisation in CD15-14. Several narrower zones of mineralisation, up to 3.5 metres in thickness, were intersected in CD15-15. Additional holes have been planned to continue to evaluate this very-high priority target in the coming weeks.
Analytical results for CD15-14 are expected within the next 7-10 days. Analytical results for CD15-15 are expected 1-2 weeks later.
3.1.2 Drilling at the Lense 6 East Target
The first hole drilled to commence evaluation of the Lense 6 East Target is currently in progress. This hole has been collared to test the upper levels of the eastern end of the IP anomaly (see Figure 2). Results will be reported in due course.
3.2 Forward Plans
The Company intends initially drilling 1-2 holes at each of the five highest priority targets (Lense 2, Lense 6 East, Lense 4 West, Caribou South and Lense 7/8 Targets). This is expected to comprise approximately 1,500 metres of drilling. Results will then be assessed so that the subsequent circa 2,500 metres of drilling is sited to optimise the Company''s objective of delineating considerable additional high-grade mineralisation at the Project as quickly as practicable.
Results will be regularly reported as new information comes to hand.
Figure 2. "100-metre depth slice" of inverted 3DIP chargeability data - showing the chargeability of the modelled source of 3DIP anomalies, 100 metres below the surface, together with labels highlighting higher-priority targets that will be evaluated further. (It is noted that the sources of some of the highest priority targets are modelled to be greater than and less than 100 metres deep - so not all targets appear as intense anomalies in the 100m depth slice plan above). To view Figure 2, visit: .
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 initial results 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.
JORC CODE 2012 EDITION, TABLE 1 REPORT
Contacts:
Coventry Resources Inc.
Mike Haynes
President and CEO
+61 8 9226 1356
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Datum: 03.09.2015 - 06:00 Uhr
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