Coventry Resources Files NI 43-101 Technical Report on the Dogpaw Gold Deposit, Western Ontario, Canada
26.06.2013 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/13 -- Coventry Resources Inc. (TSX VENTURE: CYY) (ASX: CYY) ("Coventry" and the "Company") is pleased to announce that it has filed a NI 43-101 Technical Report (the "Report) for the Dogpaw Gold Deposit ("Dogpaw"). The Report is available on SEDAR (www.sedar.com) and on the Company's website (www.coventryres.com).Dogpaw is one of several deposits within the Company's Cameron Gold Camp Project in NW Ontario ("Project") - see Appendix 1.
The Technical Report was prepared according to National Instrument 43-101 ("NI 43-101") Standards of Disclosure of Mineral Resource Projects Form 43-101F1. The NI 43-101 compliant mineral resource estimate for the Dogpaw Gold Deposit is shown in Table 1 below.
Table 1- NI 43-101 Compliant Mineral Resource Estimate, Dogpaw Gold Deposit(i)
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Grade Ounces of
Cut-off grade (g/t gold) Category Tonnes (g/t gold) Gold
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0.5 Indicated 259,000 2.99 24,900
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Inferred 158,000 2.71 13,800
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(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.
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 COMPETANT 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 which contains the Dogpaw Gold Deposit, is the Company's Qualified Person, as defined by National Instrument 43-101 and is responsible for the content of this press release.
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.
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 Compliant Mineral Resource Estimate(i) for the Cameron Gold Deposit, part of the Cameron Gold Camp Project.
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Grade Ounces of
Cut-off grade (g/t gold) Category Tonnes (g/t gold) Gold
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1.0 Measured 2,472,000 2.68 213,000
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Indicated 4,724,000 2.33 354,000
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Measured &
Indicated 7,196,000 2.45 567,000
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Inferred 12,226,000 2.11 829,000
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(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 Compliant Mineral Resource Estimate(i) for the Dubenski Gold Deposit, part of the Cameron Gold Camp Project.
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Grade Ounces of
Cut-off grade (g/t gold) Category Tonnes (g/t gold) Gold
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1.0 Indicated 806,000 2.28 59,000
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Inferred 392,000 1.44 18,200
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(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 Compliant Mineral Resource Estimate(i), Dogpaw Gold Deposit, part of the Cameron Gold Camp Project.
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Grade Ounces of
Cut-off grade (g/t gold) Category Tonnes (g/t gold) Gold
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0.5 Indicated 259,000 2.99 24,900
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Inferred 158,000 2.71 13,800
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(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$0.09
Shares on issue 90.97M
Options ($0.50-$5.00) 3.7M
Warrants ($0.45) 9.4M
Market capitalisation approx. $8.19M
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 Director and VP Investor Relations
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.
Contacts:
Coventry Resources Inc.
Steven Chadwick,
Interim President and CEO
+61 8 9324 1266
schadwick@coventryres.com
Coventry Resources Inc.
Don Halliday, Vice President, Investor Relations
1 (604) 899 1505
dhalliday@coventryres.com