Coventry Resources Inc.
ASX : CYY

Coventry Resources Inc.

January 15, 2015 00:01 ET

Coventry Resources: Area of Caribou Dome Copper Project Doubled to Greater Than 20,000 Acres

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 15, 2015) -

Highlights

  • Additional mineral rights covering ~11,040 acres secured immediately adjacent to and along strike from the Caribou Dome Copper Project
  • More than doubles the Project area to ~21,280 acres
  • New ground incorporates all mapped extensions of the highly prospective stratigraphy that hosts the high-grade and underexplored Caribou Dome Copper Deposits
  • New ground also incorporates numerous additional copper occurrences, including the Aly's Peak prospect, located about 4,250 metres NE of the main Caribou Dome deposits:
    • Large areas of moderate to strong propylitic alteration have been mapped during limited previous exploration
    • Disseminated sulphides prevalent, with local semi-massive sulphides
    • Up to 1.36% copper returned in rock chip samples
    • No previous drilling
  • Enhances the significant exploration upside at the Project

Coventry Resources Inc (ASX:CYY) ("Coventry" or "the Company") is pleased to advise that new mineral claims, covering approximately 11,040 acres, have been staked immediately adjacent to and along strike from the previous boundaries of the Caribou Dome Copper Project in Alaska, USA ("the Project").

During November 2014 the Company entered into agreements that provide it the right to acquire 80% of the highly prospective and underexplored Caribou Dome Copper Project, via the acquisition of unlisted Australian company Aldevco Pty Ltd ("Aldevco"). Under "area of influence" clauses in these agreements, the recently staked areas will be included in the Aldevco transaction (i.e. on shareholder approval of the Aldevco transaction, Coventry will also have the right to acquire an 80% interest in these new areas for no additional consideration).

Sediment-hosted copper mineralisation had been identified across the entire east-west strike of the previous 10,240 acre Project area. This includes delineation of nine outcropping pods of very-high grade copper mineralisation over ~750 metres of strike, where exceptional results in limited previous drilling include:

  • 18.1m at 9.34% copper
  • 18.4m at 6.25% copper
  • 15.4m at 7.01% copper
  • 13.1m at 7.20% copper
  • 10.4m at 7.94% copper
  • 12.8m at 5.78% copper
  • 13.0m at 4.94% copper
  • 9.1m at 6.97% copper
  • 10.2m at 6.23% copper
  • 12.2m at 5.04% copper
  • 10.7m at 4.99% copper
  • 10.2m at 4.96% copper
  • 8.3m at 6.07% copper

Accordingly the additional claims were staked to cover the mapped extensions of the highly prospective stratigraphy that hosts the known mineralisation. Indeed the additional claims also incorporate numerous historic copper (and other base and precious metal) occurrences, including the underexplored Aly's Peak Prospect (see below). The total Project area now comprises approximately 21,280 acres (see Appendix 1 - Figure 1).

Aly's Peak Prospect

The Aly's Peak Prospect is located approximately 4,250 metres northeast of the main Caribou Dome deposits. Large areas of moderate to strong propylitic alteration have been mapped during limited previous exploration undertaken in 1995 to follow up on highly anomalous stream geochemistry and soil sample data. Disseminated sulphides (pyrite, pyrrhotite +/- chalcopyrite) have been reported to be common, and "locally these sulphides coalesce into relatively large (~2m x ~1m) pods of semi-massive sulphides". Analytical results up to 1.36% copper have been returned from very limited rock chip sampling. Additionally, massive epidote-garnet-copper sulphide-copper oxide skarn has been observed in float near the top of Aly's Peak. A sample of this material assayed 1.08% copper.

The acquisition of the additional areas further enhances the prospectivity of the Project.

As previously advised, a shareholder meeting is planned for shareholders to approve Coventry's proposed acquisition of 100% of the shares in Aldevco, thereby providing the Company the right to earn an 80% interest in the Project. Preparation of requisite documentation is nearing completion. The shareholder meeting is expected to be held during the second half of February 2015.

See Appendix 1 - Figure 1. Plan showing new extents of the Caribou Dome Copper Project.

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 Aldevco. 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.

See Appendix 2 - JORC Code, 2012 Edition - Table 1

Contact Details

Australian registered office address
Suite 9, 5 Centro Avenue
Subiaco WA 6008
Tel: +61 8 9226 1356
Fax: +61 8 9226 2027
Email: info@coventryres.com
Postal Address
PO Box 457
West Perth WA 6872

Website: www.coventryres.com

Coventry Resources Inc. is a limited liability corporation existing under the laws of British Columbia. Australian Registered Business Number 161615783.

Contact Information