VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 30, 2015) –
- Assay results received for drill hole CD15-15, the first of six holes drilled to test for extensions of the new copper-sulphide mineralisation discovered recently at the Lense 7/8 Target
- Significant new intersections in CD15-15 include:
- 3.5m @ 9.3% Cu from 72.9m, and
- 1.9m @ 10.8% Cu from 116.0m
- These results again confirm there are multiple lenses of very high-grade mineralisation, of mineable thickness, at the Lense 7/8 Target
- Mineralisation at the Lense 7/8 Target remains open in both directions along strike and at depth
- Assay results are pending for 10 other holes drilled recently at the Project, including 5 holes drilled at the Lense 7/8 Target
- Drilling continues
- NEW ANALYTICAL DATA FROM DRILLING AT CARIBOU DOME
Coventry Resources Inc. (ASX:CYY) (TSX VENTURE:CYY) (“Coventry” or “the Company”) is pleased to announce that it has received assay results for a further 3 holes (CD15-15 to 17) drilled recently at the Caribou Dome Copper Project in Alaska, USA (the “Caribou Dome Project” or “the Project”).
2.1 Drilling at the Lense 7/8 Target
The Lense 7/8 Target comprises a previously undrilled, strong, 175m long induced polarisation (“IP”) anomaly located adjacent to outcropping mineralisation at Lenses 7 and 8 (see Figures 1-3). On 10 September 2015 Coventry announced it had intersected substantial thicknesses of very high-grade copper mineralisation in CD15-14, the first hole drilled to evaluate the Lense 7/8 Target. Assay results included:
- 0.8m @ 12.4% Cu from 128.7m
- 14.1m @ 9.9% Cu from 134.6m
- 2.4m @ 3.7% Cu from 159.8m, and
- 0.4m @ 13.6% Cu from 167.4m
A further 6 holes have subsequently been drilled at the Lense 7/8 Target to test for extensions of this mineralisation (CD15-15, 19, 21, 23, 25 and 27). These holes have been drilled on 4 separate drill fences that are nominally spaced 40 metres apart, covering a total of 120 metres of strike (see Figures 1 and 2).
In each of these 6 holes multiple intervals of semi-massive to massive copper-sulphide mineralisation have been intersected. At least one individual mineralised interval is greater than 10 metres thick.
Assay results from the first of these 6 follow-up holes (CD15-15) have now been received. CD15-15 was drilled on the same fence as, and below, CD15-14. Significant intersections in CD15-15 include:
- 0.5m @ 1.9% Cu from 64.6m
- 3.5m @ 9.3% Cu from 72.9m, and
- 1.9m @ 10.8% Cu from 116.0m
The high-grade mineralisation intersected in CD15-15 appears to correlate with the down-dip extensions of mapped Lenses 3 and 7. Significantly the mineralisation in this, the deepest hole drilled to date at the Lense 7/8 Target, continues to have substantial thickness and very high-grade.
It appears previously unidentified structures may offset some of the mineralisation in this area. In due course analytical results from the other 5 follow-up holes should help determine these structural controls, which will assist planning for further drilling.
With mineralisation remaining open in both directions along strike and at depth at the Lense 7/8 Target, and with the undrilled very high-priority induced polarisation (“IP”) anomaly at the Menel Target located 250m directly along strike from this mineralisation (see Figures 1 and 3, and Coventry’s ASX Announcement on 23 September 2015), there is considerable potential to delineate additional high-grade mineralisation with further drilling.
Assay results for the 5 other follow-up holes drilled recently at the Lense 7/8 Target are anticipated during early-mid October.
To view Figure 1. Combination of 50-metre and 200-metre “depth slices” of inverted IP chargeability data at the Lense 7/8 and Menel Targets – showing the chargeability of the modelled source of IP anomalies, 50 and 200 metres below the surface respectively, together with previous and recent drilling in the vicinity, please visit the following link: http://file.marketwire.com/release/CYY_figs.pdf
2.2 Drilling at the Lense 6 East Target
CD15-16 was the first hole drilled to commence evaluation of the Lense 6 East Target, a 100m long IP anomaly that appears to be the easterly extension of the IP anomaly that coincides with high-grade mineralisation at Lenses 5 and 6 (see Figures 2 and 3).
CD15-16 intersected the sequence of sedimentary rocks (argillites) that host the high-grade mineralisation at Lense 6 itself and elsewhere at the Project. A narrow zone of sulphides was intersected towards the base of the argillite sequence, with assay results including:
- 0.5m @ 0.5% Cu from 105.4m
A large fault zone in greenstones was intersected deeper in the hole, around the target depth.
A second hole, CD15-26 is currently being drilled to further evaluate this target and to help determine the significance of the fault and the mineralisation intersected in CD15-16.
2.3 Drilling at the Caribou South Target
CD15-17 was the first hole drilled to commence evaluation of the Caribou South Target, a strong 500m-long IP anomaly located 100m south of and parallel to the IP anomaly that coincides with mineralisation at Lenses 2, 5 and 6 (see Figures 2 and 3).
CD15-17 was drilled at the eastern end of the Caribou South IP anomaly. It intersected two large clay-rich fault zones, both approximately 20 metres thick, around the target depth. No significant mineralisation was intersected. While the clays in the fault zones may be the source of the IP anomaly, the Caribou South Target is 500m long, hence additional holes are warranted to adequately test such a sizeable target. Accordingly another hole will be drilled in the near-term to evaluate the western end of this anomaly.
To view Figure 2. Geology around the nine known lenses of mineralisation at the Caribou Dome Copper Project, together with surface projections of underground development and locations of Coventry’s 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, please visit the following link: http://file.marketwire.com/release/CYY_figs.pdf
3. FORWARD PLANS
The two drilling rigs are currently operating:
- in the region between Lense 5 and Lense 2 (CD15-24), and
- at the Lense 6 East Target (CD15-26; see Figure 1).
Immediately following completion of these holes it is planned to drill another hole to evaluate the western end of the Caribou South Target.
Analytical data are yet to be received for 8 completed drill holes (CD15-18 to CD15-23, and CD15-25 and CD15-27) as well as the two that are in progress (CD15-24 and CD15-26).
The next batch of assay results is expected in the next 7-10 days. Additional results are expected regularly thereafter.
To view Figure 3. “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), please visit the following link: http://file.marketwire.com/release/CYY_figs.pdf
Mike Haynes, CEO/President
Table 1. Collar details for the drill holes completed to date during Coventry’s 2015 drilling program.
|Name||UTM Easting||UTM Northing||Elevation (m)||Azimuth||Inclination||Total Depth (m)||Significant Intercepts|
|From (m)||To (m)||Length (m)||% Cu|
|CD15-07||492691||7001119||1444||140||-55||89.9||No significant intercept|
|CD15-08||492658||7001080||1426||140||-45||118.8||No significant intercept|
|CD15-10||492590||7001070||1453||150||-55||97.5||No significant intercept|
|CD15-17||492959||7001100||1311||140||-57||236.2||No significant intercept|
|CD15-18||492503||7001074||1400||140||-60||163.1||Assay results pending|
|CD15-19||492950||7001403||1399||140||-45||164.6||Assay results pending|
|CD15-20||492506||7001117||1485||140||-60||210.3||Assay results pending|
|CD15-21||493009||7001448||1446||145||-50||211.8||Assay results pending|
|CD15-22||492530||7001124||1521||155||-75||271.8||Assay results pending|
|CD15-23||493038||7001476||1465||145||-50||240.8||Assay results pending|
|CD15-25||493003||7001400||1423||145||-45||141.7||Assay results pending|
|CD15-27||493031||7001427||1437||145||-47||163.1||Assay results pending|
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. Within the first reported mineralized interval in CD15-13 there was a 0.3m interval of 0% core recovery. These intervals have been assumed to be mineralized at the average grade of the overall mineralized interval.
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
(to view the Table 1 Report click on the link – http://coventryres.com/editor/articles/getfile.php?productindex=591&mode=1)
President and CEO
+61 8 9226 1356