Coventry Resources Announces Drilling Rig Arrives at Caribou Dome Copper Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 3, 2015) - Coventry Resources Inc. ("Coventry" or the "Company") (ASX:CYY) is pleased to announce that a diamond core drilling rig has arrived at the Company's highly prospective high-grade Caribou Dome Copper Project in Alaska, USA (the "Caribou Dome Project" or "the Project").
Inaugural Drilling Program
The Company's inaugural drilling program will commence in the near term, once initial drill pads are established.
The drilling program will comprise a combination of:
| (i) | Confirmatory drilling – to verify the results of previous drilling so that, in due course, historic drilling data can be incorporated into a mineral resource estimate for the Project in accordance with the JORC Code and Canadian National Instrument 43-101; and |
| (ii) | Initial exploratory drilling – designed to target extensions of known mineralisation and to test previously undrilled high-priority exploration targets; both of which are being further refined with a detailed ground geophysics survey, which now nears completion. |
Project Background
Mineralisation was first discovered at the Caribou Dome Project in 1963. Between 1964 and 1970 some 95 diamond core holes were drilled, with exceptional results returned including:
| • | 18.1m at 9.34% copper | |
| • | 18.4m at 6.25% copper | |
| • | 15.4m at 7.01% copper | |
| • | 13.1m at 7.20% copper | |
| • | 11.0m at 8.20% copper | |
| • | 10.4m at 7.94% copper | |
| • | 12.8m at 5.78% copper |
Very limited exploration has been undertaken since 1970, until now.
Current Geophysics Survey
Immediately following the establishment of a fully functional field camp at the Caribou Dome Project, on 20 June contractors commenced a detailed ground geophysics survey to complement the limited, but effective ground geophysical data that was most recently acquired at the Project in 1999. Mineralisation at the Project comprises semi-massive to massive sulphides and accordingly responds very well to electrical geophysical techniques. This has been reaffirmed during the recent survey, which has progressed well and is nearing completion.
New geophysical data have been acquired over the highest priority immediate drill targets to optimise their testing during the forthcoming drilling program. The Company is very encouraged by the detailed resolution of the anomalies evident in the limited preliminary data that has been received to date.
The geophysics survey has also included readings over areas never previously surveyed with ground geophysics. It is anticipated that the acquisition of ground geophysics data will be completed next week. Results are anticipated shortly thereafter and will assist planning for the drilling program.
Previous drilling focused on just 250m of strike. Outcropping copper mineralisation is evident over more than 15,000m of strike within the Project area. The Company's Directors believe there is considerable potential to delineate additional mineralisation.
Qualified and Competent Person
The information in this announcement that relates to exploration results for the Project has been approved by Mr Ben Vallerine, who is a consultant to the Company and holds an indirect shareholding in the Company. Mr Vallerine has reviewed the exploration results disclosed in this release, but has not verified the information due to the programs having been undertaken by the previous owners of the Project.
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.
Contact
Coventry Resources Inc.
Michael Haynes
President and CEO
+61 8 9226 1356
mhaynes@coventryres.com
Coventry Resources Inc.
Ian Cunningham
Executive Director, CFO and Company Secretary
+61 8 9226 1356
icunningham@coventryres.com
