VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 28, 2016) - Coventry Resources Limited (ASX:CYY) ("the Company") is pleased to announce very encouraging results from ongoing exploration activities at the Company's high-grade Caribou Dome Copper Project in Alaska, USA ("Caribou Dome Project" or "Project").
During the past two months the Company has been undertaking ground geophysics surveying (specifically induced polarisation ("IP") surveying), drilling, mapping and soil sampling programs. To date, 5 drill holes have been completed as part of an 8,000m drilling program, for a total of 2,371m. Two diamond core rigs continue to drill at the Project.
The results of this ongoing work include the intersection of copper-rich massive sulphide mineralisation 290m below surface at the previously untested Menel Target - the size and significance of which has been greatly enhanced by this new discovery and by new IP data that show that this high-priority target extends for >1,000 metres along strike (now the "Menel IP Trend"). Indeed recent reconnaissance resulted in the discovery of extensive copper mineralisation in outcrop at the other (NE) end of this corridor.
- Recent IP surveying, drilling and mapping has extended the strike extent of mineralisation at the Caribou Dome Copper Deposit by >1,000 metres, along the Menel IP Trend:
- New, strong, undrilled IP anomalies now extend over an additional >1,000 metres of strike, contiguous with and immediately NE of the previously drilled 700m-long corridor of known high-grade copper mineralisation
- Copper-rich massive sulphides have been intersected about 290m below surface in initial drilling at the SW end of the Menel IP Trend - proving this new >1,000m long trend is mineralised at depth
- Extensive copper mineralisation (bornite, malachite, and azurite) has been discovered at surface in outcrop at the NE end of the Menel IP Trend - increasing the strike extent of the known mineralisation by >1,000m
- Drilling, with two rigs on site, will now focus on determining the geometry and tenor of this newly discovered mineralisation
- IP surveying is now progressing to the W/SW of the Caribou Dome Deposit itself, over other strong soil geochemistry anomalies and outcropping copper mineralisation, in anticipation that additional drill targets will be delineated
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Mike Haynes, Managing Director/CEO
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.
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 does not intend, and does not assume any obligation, to update this forward-looking information.
Any forward-looking information contained in this news release is based on numerous assumptions and is subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.