Cameron Lake Claims
Update on drilling at the Cameron Lake Meston and Sullivan prospects from Coventry Resources Limited (ASX: CVY)
Click on the links below
Coventry Resources Quarterly Activities Report – JUNE 2011
Coventry Resources Positive Drilling Results Continue From The Cameron Gold Project – July 6th, 2011
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LocationThe Cameron Lake Property is located in the Rowan Lake Area of the Kenora Mining Division of north-western Ontario. It is adjacent to the former Nuinsco Cameron Lake deposit now optioned and operated by Coventry Resources Limited, an Australian company (ASX: CVY). The property is located approximately 29 kilometres east off of Highway 71 that runs between Kenora and Nestor Falls, Ontario along the Cameron Lake access road (roughly 40 kilometres north of Nestor Falls, ON).
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Number of Claims & Acres / Hectares20 leased claim units for approximately 800 acres. The property has been leased from the Ontario Ministry of Northern Development & Mines and is identified as #104050-CLM289. It requires an annual tax payment of approximately $950.62 to keep the property in good standing.
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Exploration TargetGold
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Date of Acquisition via Option Agreement and/or StakingThe original Option Agreement was signed with Lasir Gold Inc. on March 3rd, 2010 (see the news release of that date as filed on www.sedar.com ) and was subsequently sub-optioned to Coventry Resources Limited on September 13th, 2010 (see the news release of September 8th, 2010 as filed on www.sedar.com ) whereby Coventry has taken over the property payments, work commitments and has indicated they would be spending in excess of $350,000 per year on exploration on the property utilizing I.P. geophysics and diamond drilling.
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Ownership Interests20% carried interest in the property to King’s Bay Gold Corporation if the option is taken through to the 5 year option with Coventry Resources Ltd. Otherwise, the deal reverts back to the original option agreement between Lasir Gold Inc. and King’s Bay Gold with King’s Bay Gold earning a 100% interest in the property, subject to a 2% Net Smelter Royalty (NSR) to the original vendors. This can be purchased back at $1,000,000 per 1% of Royalty. Coventry Resources Limited are now the operators for the exploration and development of this leased ground up until a production decision is made on any resources found on the property at which point they may elect to participate in a joint-venture at their respective 80 / 20 ownership rate or negotiate a buyout for King’s Bay Gold Corporation’s 20 % carried interest. |
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OperatorCoventry Resources Limited
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Qualified Person as per National Instrument 43-101 (subject to change)Anthony Brendon Goddard is identified as the Competent Person for the Competent Person’s Statements as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and as the Qualified Person as defined by Canadian National Instrument 43-101 (Standards for Disclosure for Mineral Projects). Mr. Goddard is Technical Director of Coventry Resources Limited (ASX: CVY) and a Member of the Australian Institute of Geoscientists.
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InformationRegional geology for the Cameron Lake Property is characterized by typical Archean Greenstone volcanics inter-layered with intrusive gabbros at the confluence of the Cameron Lake and Pipestone Lake Faults. A number of historic occurrences such as the Sullivan and Meston gold occurrences are found within the property boundary which is adjacent to the original Cameron Lake Deposit of Nuinsco’s on the north side of Cameron Lake (has been stated that there is over 2.567,000 tons grading 5.42 g./t in gold in all categories-indicated, possible and proven reserves). Several other known gold zones exist north-eastward up Sullivan Bay on Rowan Lake – the best known of these is the Monte Cristo Occurrence on the south shore of Sullivan Bay which is being explored and drilled from the ice this winter. Work Update for 2010 - Coventry Resources Limited carried out cutting of grid lines at 100 m. centres across the whole Property then followed up with an I.P. Survey over the same grid. - In late October, diamond drilling was started, one to cross-cut the Meston Occurrence area and the other further east to intersect the Sullivan Occurrence extension; their intention was to carry the drilling eastward out over Sullivan Bay on Rowan Lake once the ice was set up. Work for 2011 - Coventry Resources Limited intends to carry on diamond drilling over a number of the mineralized occurrences on the property. |
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