Coventry Resources (ASX: CVY) has intersected high grade gold mineralisation including bonanza grade near surface intercepts in the poorly drilled footwall of the Cameron Gold Deposit in Canada.
Final analytical results from diamond drill hole CCD-11-099 include:
- 3.4 metres at 58.73 g/t gold from 5.4 metres, including 0.6 metres at 320.0 g/t gold from 5.4 metres;
- 7.0 metres at 6.95 g/t gold from 148.0 metres; and
- 9.0 metres at 2.92 g/t gold from 79.0 metres.
Additional significant results returned from further drilling to evaluate the Northwestern Extension of the Cameron Gold Deposit, include:
- 5.0 metres at 6.55 g/t gold from 58.0 metres
- 6.0 metres at 4.29 g/t gold from 77.0 metres
- 5.0 metres at 2.48 g/t gold from 41.0 metres
These results will further positively impact on the impending resource upgrade and overall economics of an open pit mining operation at the project located a little over 56 kilometres to the southwest of the 6.6 million ounce Rainy River Gold Deposit.
The project currently has an indicated and inferred resource of +1 million ounces (Moz) 11.3 million tonnes at 2.77 g/t gold for 1.0 Moz of gold.
The upgraded resource estimate will be used to generate a new mine design for the Project. Economic parameters for an initial open pit mining operation (particularly operating and capital costs) will then be determined as part of a pre-feasibility study.
The Company anticipates that these economic parameters will be established during the first quarter of 2012, and that the results of the pre-feasibility study will be available shortly thereafter.
Coventry anticipates that this new mine design, together with baseline environmental data that the company has been acquiring since June 2010, will be used to apply for a mine permit in mid 2012.
Final analytical results from diamond drill hole CCD-11-099 include:
- 3.4 metres at 58.73 g/t gold from 5.4 metres, including 0.6 metres at 320.0 g/t gold from 5.4 metres;
- 7.0 metres at 6.95 g/t gold from 148.0 metres; and
- 9.0 metres at 2.92 g/t gold from 79.0 metres.
Additional significant results returned from further drilling to evaluate the Northwestern Extension of the Cameron Gold Deposit, include:
- 5.0 metres at 6.55 g/t gold from 58.0 metres
- 6.0 metres at 4.29 g/t gold from 77.0 metres
- 5.0 metres at 2.48 g/t gold from 41.0 metres
These results will further positively impact on the impending resource upgrade and overall economics of an open pit mining operation at the project located a little over 56 kilometres to the southwest of the 6.6 million ounce Rainy River Gold Deposit.
The project currently has an indicated and inferred resource of +1 million ounces (Moz) 11.3 million tonnes at 2.77 g/t gold for 1.0 Moz of gold.
The upgraded resource estimate will be used to generate a new mine design for the Project. Economic parameters for an initial open pit mining operation (particularly operating and capital costs) will then be determined as part of a pre-feasibility study.
The Company anticipates that these economic parameters will be established during the first quarter of 2012, and that the results of the pre-feasibility study will be available shortly thereafter.
Coventry anticipates that this new mine design, together with baseline environmental data that the company has been acquiring since June 2010, will be used to apply for a mine permit in mid 2012.
