VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 24, 2016) – Coventry Resources Inc. (ASX:CYY)(“Coventry” or “the Company”) is pleased to announce that personnel and equipment are currently being mobilised to the Company’s high-grade Caribou Dome Copper Project in Alaska, USA (“Caribou Dome Project”) in order to undertake a substantial program of field-work over the coming months.
Work will include initial drill testing of the high-priority Menel, Guardian and Lense 9 induced polarisation (“IP”) targets, which are all located immediately along strike from the 700m-long corridor of mineralisation drilled to date. All three of these targets comprise strong IP anomalies that coincide with outcropping and/or sub-cropping mineralisation and strong copper geochemical anomalies at surface. First-pass ground geophysics data will also be acquired over extensive soil anomalies delineated recently over 7km of strike. Soil sampling will also be undertaken, for the first time, over a relatively unexplored area 11km from the Caribou Dome Deposit, where sediment-hosted copper mineralisation was documented historically.
A bulldozer is being mobilised to site to prepare access tracks and pads for the first drill holes. The camp at the Caribou Dome Project will be re-established at the same time. A drilling contract has been executed, with the first drilling rig scheduled to be mobilised to site early next week; with operations to commence shortly thereafter. It is planned to mobilise a second drilling rig to the Project immediately following completion of a substantial geophysical (IP) survey over the next month. Results from the IP survey will be used to continue to reprioritise drilling targets. The IP survey is expected to commence around the second week of June, once the contracting crew has completed work for another client.
This work program promises to be an exciting phase in the development of the under-explored Caribou Dome Project. There are multiple indications that mineralisation extends well beyond the 700-metre long corridor tested by limited drilling to date.
Mike Haynes
Managing Director and 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.
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, exploration and development activities 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.
