Coventry Intersects Broad Zones of Shallow Gold Mineralization at West Cedartree Gold Project, Ontario
2013年7月29日 - 9:45PM
Marketwired Canada
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 Easting Northing
Number Prospect (NAD83 Zone 15) (NAD83 Zone 15)
----------------------------------------------------------
CWM-13-001 McLennan 435252 5464365
----------------------------------------------------------
CWM-13-002 McLennan 435236 5464394
----------------------------------------------------------
CWM-13-003 McLennan 435199 5464352
----------------------------------------------------------
CWM-13-004 McLennan 435181 5464321
----------------------------------------------------------
CWM-13-005 McLennan 435191 5464304
----------------------------------------------------------
CWM-13-006 McLennan 435082 5464167
----------------------------------------------------------
CWM-13-007 McLennan 435068 5464181
----------------------------------------------------------
CWR-13-001 Robertson 435386 5462768
----------------------------------------------------------
CWR-13-002 Robertson 435396 5462751
----------------------------------------------------------
CWR-13-003 Robertson 435416 5462797
----------------------------------------------------------
CWR-13-004 Robertson 435428 5462815
----------------------------------------------------------
CWR-13-005 Robertson 435436 5462762
----------------------------------------------------------
CWR-13-006 Robertson 435448 5462781
----------------------------------------------------------
CWR-13-007 Robertson 435473 5462818
----------------------------------------------------------
CWR-13-008 Robertson 435463 5462835
----------------------------------------------------------
CWR-13-009 Robertson 435566 5462895
----------------------------------------------------------
CWR-13-010 Robertson 435601 5462915
----------------------------------------------------------
CWR-13-011 Robertson 435611 5462898
----------------------------------------------------------
CWR-13-012 Robertson 435576 5462878
----------------------------------------------------------
CWR-13-013 Robertson 435448 5462781
----------------------------------------------------------
CWR-13-014 Robertson 435507 5462838
----------------------------------------------------------
CWR-13-015 Robertson 435517 5462821
----------------------------------------------------------
CWR-13-016 Robertson 435483 5462801
----------------------------------------------------------
CWR-13-017 Robertson 435337 5462532
----------------------------------------------------------
CWR-13-018 Robertson 435337 5462532
----------------------------------------------------------
----------------------------------------------------------------------------
Hole Easting Northing
Number (Local) (Local) Inclination Azimuth Total Depth
----------------------------------------------------------------------------
CWM-13-001 50040 100030 -60 315 70.0
----------------------------------------------------------------------------
CWM-13-002 50050 100062 -45 135 18.0
----------------------------------------------------------------------------
CWM-13-003 49994 100058 -65 315 50.0
----------------------------------------------------------------------------
CWM-13-004 49959 100050 -60 315 57.6
----------------------------------------------------------------------------
CWM-13-005 49954 100030 -65 315 80.0
----------------------------------------------------------------------------
CWM-13-006 49780 100010 -60 315 93.0
----------------------------------------------------------------------------
CWM-13-007 49780 100030 -60 315 57.0
----------------------------------------------------------------------------
CWR-13-001 50080 99980 -60 330 70.9
----------------------------------------------------------------------------
CWR-13-002 50080 99960 -60 330 100.0
----------------------------------------------------------------------------
CWR-13-003 50120 99990 -60 330 60.0
----------------------------------------------------------------------------
CWR-13-004 50140 100000 -60 330 57.0
----------------------------------------------------------------------------
CWR-13-005 50120 99950 -60 330 149.7
----------------------------------------------------------------------------
CWR-13-006 50140 99960 -60 330 140.0
----------------------------------------------------------------------------
CWR-13-007 50180 99980 -60 330 100.0
----------------------------------------------------------------------------
CWR-13-008 50180 100000 -60 330 60.0
----------------------------------------------------------------------------
CWR-13-009 50300 100000 -60 330 63.0
----------------------------------------------------------------------------
CWR-13-010 50340 100000 -60 330 60.0
----------------------------------------------------------------------------
CWR-13-011 50340 99980 -60 330 100.0
----------------------------------------------------------------------------
CWR-13-012 50300 99980 -60 330 108.0
----------------------------------------------------------------------------
CWR-13-013 50140 99960 -45 330 90.0
----------------------------------------------------------------------------
CWR-13-014 50220 99980 -60 330 60.0
----------------------------------------------------------------------------
CWR-13-015 50220 99960 -60 330 90.0
----------------------------------------------------------------------------
CWR-13-016 50180 99960 -60 330 110.0
----------------------------------------------------------------------------
CWR-13-017 50200 99920 -45 150 60.0
----------------------------------------------------------------------------
CWR-13-018 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 From To Interval Au
Number (m) (m) (m) (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(i) for the
Cameron Gold Deposit, part of the Cameron Gold Camp Project.
----------------------------------------------------------------------------
Cut-off grade Grade Ounces of
(g/t gold) Category Tonnes (g/t gold) 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
----------------------------------------------------------------------------
(i)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(i) for the
Dubenski Gold Deposit, part of the Cameron Gold Camp Project.
----------------------------------------------------------------------------
Cut-off grade Grade Ounces of
(g/t gold) Category Tonnes (g/t gold) Gold
----------------------------------------------------------------------------
1.0 Indicated 806,000 2.28 59,000
----------------------------------------------------------------------------
Inferred 392,000 1.44 18,200
----------------------------------------------------------------------------
(i)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(i), Dogpaw
Gold Deposit, part of the Cameron Gold Camp Project.
----------------------------------------------------------------------------
Cut-off grade Grade Ounces of
(g/t gold) Category Tonnes (g/t gold) Gold
----------------------------------------------------------------------------
0.5 Indicated 259,000 2.99 24,900
----------------------------------------------------------------------------
Inferred 158,000 2.71 13,800
----------------------------------------------------------------------------
(i)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 approx. $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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Coventry Resources Inc.
Steven Chadwick
Interim President and CEO
+61 8 9324 1266
schadwick@coventryres.com
www.coventryres.com
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