Coventry Intersects Broad Zones of Shallow Gold Mineralization at West Cedartree Gold Project, Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Jul 29, 2013) - Coventry Resources Inc. ("Coventry" or "the Company") (TSX VENTURE:CYY)(ASX:CYY) is pleased to announce that it has received assay results from a diamond drilling program completed at its West Cedartree Gold Project in western Ontario, Canada. The West Cedartree Gold Project forms part of the Company's greater Cameron Gold Camp Project.HIGHLIGHTS
Significant intersections of shallow mineralization included:
- 13.2 metres at 2.03 g/t gold from 2.0 metres
- 6.3 metres at 3.70 g/t gold from 25.0 metres
- 20.0 metres at 1.19 g/t gold from 81.0 metres
- 9.2 metres at 1.66 g/t gold from 69.8 metres
- 9.0 metres at 1.4 g/t gold from 39.5 metres
A total of 25 shallow NQ drill holes totalling 1,994.2 metres were completed at the Robertson and McLennan Prospects (18 and 7 drill holes, respectively; see Table 1). The drilling targeted shallow extensions to known mineralization intersected by previous explorers.
Drilling intercepted multiple broad zones of mineralization at shallow depths. Significant results, greater than 1 g/t gold over intervals greater than 1 metre, were returned from 18 of the 25 holes drilled (Table 2). These results have validated and expanded the mineralisation defined by previous explorers at both the McLennan and Robertson Prospects and further exploration is anticipated that may result in them being supplemental feed sources to the Cameron Project.
Robertson Prospect
Eighteen diamond drill holes for 1,568.6 metres were completed at the Robertson Prospect to test for extensions of the northeast-southwest trending mineralized zone within gabbro which had been previously delineated over a strike length of 200m and to a vertical depth of 120m (Figure 1 and Table 1).
Significant gold intercepts were recorded in 12 of the 18 holes (Table 2), with a number of broad intercepts, including:
- 13.2 metres @ 2.03 g/t gold from 2.0 metres
- 20.0 metres @ 1.19 g/t gold from 81.0 metres
- 9.2 metres @ 1.66 g/t gold from 69.8 metres
- 9.0 metres @ 1.40 g/t gold from 39.5 metres
These results complement those reported in 2010 and 2011 by previous explorer, Houston Lake Mining Inc. ("Houston Lake"), which completed a total of 15 diamond drill holes for 1,980 metres, recording results including:
- 20.5 metres @ 2.17 g/t gold from 62.0 metres
- 11.9 metres @ 3.10 g/t gold from 149.1 metres
- 16.7 metres @ 2.00 g/t gold from 19.8 metres
- 12.7 metres @ 1.73 g/t gold from 122.3 metres
- 17.3 metres @ 1.22 g/t gold from 2.3 metres
- 4.5 metres @ 2.10 g/t gold from 20.0 metres
The recently completed program has now extended the strike of the main mineralized zone at Robertson to more than 250 metres. The mineralization remains open to the northeast and at depth.
McLennan Prospect
Seven diamond drill holes for 425.6 metres were completed at the McLennan Prospect to test for southwestern extensions of the silica-pyrite breccia that hosts gold mineralization (Figure 1 and Table 1).
Significant gold intercepts were recorded in 5 of the 7 holes (Table 2). CWM-13-003 intersected a plunging high-grade zone, returning:
- 6.3 metres @ 3.70 g/t gold from 25.0 metres
This intercept is comparable to those recorded previously by Houston Lake from four holes that were drilled underneath the main trenches, when results included:
- 9.0 metres @ 4.04 g/t gold from 26.0 metres
- 5.8 metres @ 5.80 g/t gold from 24.0 metres
- 7.7 metres @ 2.24 g/t gold from 53.0 metres
A shallow, high-grade zone, plunging to the southwest over a strike of about 60 metres, has now been delineated. The mineralization remains open in all directions, particularly to the southwest.
To view Figure 1 please visit the following link:
http://media3.marketwire.com/docs/Location-plan-of-the-Cameron-Gold-Camp-Project.pdf
Table 1. Drill hole collar and depth information for the reported holes at the West Cedartree Gold Project.
| Hole Number | Prospect | Easting (NAD83 Zone 15) | Northing (NAD83 Zone 15) | Easting (Local) | Northing (Local) | Inclination | Azimuth | Total Depth |
| CWM-13-001 | McLennan | 435252 | 5464365 | 50040 | 100030 | -60 | 315 | 70.0 |
| CWM-13-002 | McLennan | 435236 | 5464394 | 50050 | 100062 | -45 | 135 | 18.0 |
| CWM-13-003 | McLennan | 435199 | 5464352 | 49994 | 100058 | -65 | 315 | 50.0 |
| CWM-13-004 | McLennan | 435181 | 5464321 | 49959 | 100050 | -60 | 315 | 57.6 |
| CWM-13-005 | McLennan | 435191 | 5464304 | 49954 | 100030 | -65 | 315 | 80.0 |
| CWM-13-006 | McLennan | 435082 | 5464167 | 49780 | 100010 | -60 | 315 | 93.0 |
| CWM-13-007 | McLennan | 435068 | 5464181 | 49780 | 100030 | -60 | 315 | 57.0 |
| CWR-13-001 | Robertson | 435386 | 5462768 | 50080 | 99980 | -60 | 330 | 70.9 |
| CWR-13-002 | Robertson | 435396 | 5462751 | 50080 | 99960 | -60 | 330 | 100.0 |
| CWR-13-003 | Robertson | 435416 | 5462797 | 50120 | 99990 | -60 | 330 | 60.0 |
| CWR-13-004 | Robertson | 435428 | 5462815 | 50140 | 100000 | -60 | 330 | 57.0 |
| CWR-13-005 | Robertson | 435436 | 5462762 | 50120 | 99950 | -60 | 330 | 149.7 |
| CWR-13-006 | Robertson | 435448 | 5462781 | 50140 | 99960 | -60 | 330 | 140.0 |
| CWR-13-007 | Robertson | 435473 | 5462818 | 50180 | 99980 | -60 | 330 | 100.0 |
| CWR-13-008 | Robertson | 435463 | 5462835 | 50180 | 100000 | -60 | 330 | 60.0 |
| CWR-13-009 | Robertson | 435566 | 5462895 | 50300 | 100000 | -60 | 330 | 63.0 |
| CWR-13-010 | Robertson | 435601 | 5462915 | 50340 | 100000 | -60 | 330 | 60.0 |
| CWR-13-011 | Robertson | 435611 | 5462898 | 50340 | 99980 | -60 | 330 | 100.0 |
| CWR-13-012 | Robertson | 435576 | 5462878 | 50300 | 99980 | -60 | 330 | 108.0 |
| CWR-13-013 | Robertson | 435448 | 5462781 | 50140 | 99960 | -45 | 330 | 90.0 |
| CWR-13-014 | Robertson | 435507 | 5462838 | 50220 | 99980 | -60 | 330 | 60.0 |
| CWR-13-015 | Robertson | 435517 | 5462821 | 50220 | 99960 | -60 | 330 | 90.0 |
| CWR-13-016 | Robertson | 435483 | 5462801 | 50180 | 99960 | -60 | 330 | 110.0 |
| CWR-13-017 | Robertson | 435337 | 5462532 | 50200 | 99920 | -45 | 150 | 60.0 |
| CWR-13-018 | Robertson | 435337 | 5462532 | 50200 | 99920 | -60 | 150 | 90.0 |
Table 2. Significant intersections greater than 1.0 g/t gold for the holes reported at the West Cedartree Gold Project, applying a 0.5 g/t gold cut-off and two metres maximum of internal dilution.
| Hole Number | From (m) | To (m) | Interval (m) | Au (g/t) |
| CWM-13-001 | 42.2 | 43.9 | 1.8 | 4.50 |
| CWM-13-002 | No Significant Intersection | |||
| CWM-13-003 | 25.0 | 31.3 | 6.3 | 3.70 |
| incl | 27.4 | 31.3 | 4.3 | 5.20 |
| CWM-13-004 | 27.4 | 29.4 | 2.0 | 1.70 |
| CWM-13-006 | 24.0 | 26.0 | 2.0 | 1.56 |
| CWM-13-007 | 7.0 | 8.0 | 1.0 | 1.85 |
| 11.6 | 12.6 | 1.0 | 1.21 | |
| CWR-13-001 | 2.0 | 15.2 | 13.2 | 2.03 |
| 26.2 | 28.2 | 2.1 | 1.08 | |
| 30.2 | 33.2 | 3.0 | 1.44 | |
| CWR-13-002 | 21.4 | 22.4 | 1.0 | 4.36 |
| CWR-13-003 | 45.8 | 54.7 | 8.9 | 1.21 |
| CWR-13-004 | No Significant Intersection | |||
| CWR-13-005 | 5.7 | 6.7 | 1.0 | 1.02 |
| 60.3 | 61.3 | 1.0 | 1.71 | |
| 88.7 | 89.7 | 1.0 | 1.41 | |
| 106.8 | 115.8 | 8.0 | 1.10 | |
| CWR-13-006 | 54.0 | 56.0 | 2.0 | 2.36 |
| 81.0 | 101.0 | 20.0 | 1.19 | |
| 104.0 | 109.0 | 5.0 | 1.19 | |
| CWR-13-007 | 31.4 | 32.4 | 1.0 | 1.50 |
| 73.0 | 74.0 | 1.0 | 1.00 | |
| CWR-13-009 | 14.0 | 15.9 | 1.9 | 3.23 |
| 57.0 | 59.0 | 2.0 | 2.08 | |
| CWR-13-010 | 18.0 | 19.0 | 1.0 | 1.42 |
| CWR-13-011 | No Significant Intersection | |||
| CWR-13-012 | 43.0 | 44.0 | 1.0 | 2.50 |
| CWR-13-013 | 46.0 | 47.0 | 1.0 | 2.24 |
| 69.8 | 79.0 | 9.2 | 1.66 | |
| CWR-13-014 | 39.5 | 48.5 | 9.0 | 1.4 |
| CWR-13-016 | 71.0 | 76.7 | 5.7 | 1.7 |
| 80.6 | 86.5 | 6.9 | 1.29 | |
| CWR-13-017 | No Significant Intersection | |||
| CWR-13-018 | No Significant Intersection | |||
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 Cameron Gold Camp Project, 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 2004 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 statements for all mineral resource estimates within the Cameron Gold Camp Project have been 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 the Cameron Gold Deposit and Dubenski Gold Deposit 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 2004 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.
The information in this report that relates to the Dogpaw Gold Deposit 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* for the Cameron Gold Deposit, part of the Cameron Gold Camp Project.
| Cut-off grade (g/t gold) | Category | Tonnes | Grade (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 |
| *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* for the Dubenski Gold Deposit, part of the Cameron Gold Camp Project.
| Cut-off grade (g/t gold) | Category | Tonnes | Grade (g/t gold) | Ounces of Gold |
| 1.0 | Indicated | 806,000 | 2.28 | 59,000 |
| Inferred | 392,000 | 1.44 | 18,200 |
| *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 (2012) Compliant Mineral Resource Estimate*, Dogpaw Gold Deposit, part of the Cameron Gold Camp Project.
| Cut-off grade (g/t gold) | Category | Tonnes | Grade (g/t gold) | Ounces of Gold |
| 0.5 | Indicated | 259,000 | 2.99 | 24,900 |
| Inferred | 158,000 | 2.71 | 13,800 |
| *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 (26 June 2013) | C$0.08 |
| Shares on issue | 90.97M |
| Options ($0.50-$5.00) | 3.7M |
| Warrants ($0.45) | 9.4M |
| Market capitalisation | ~ $7.3M |
| 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 |
| Non-Executive Director |
| 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.
Contact
Coventry Resources Inc.
Steven Chadwick, Interim President and CEO
+61 8 9324 1266
schadwick@coventryres.com
www.coventryres.com
