Jun 15 2015
Coventry Resources Inc. ("Coventry" or the "Company") is pleased to announce that it has commenced its inaugural field program at the highly prospective high-grade Caribou Dome Copper Project in Alaska, USA (the "Caribou Dome Project" or "the Project").
Highlights
- Field work has commenced at the high-grade Caribou Dome Copper Project in Alaska, with:
- A geological team now on-site;
- A geophysical contractor engaged and scheduled to commence surveying next week; and
- Drilling scheduled to commence in early July
- Commitments received for a Placement to raise an additional ~A$250,000
- Proceeds will be used to expand the Company's inaugural drilling program at the Caribou Dome Project
An intensive exploration program comprising geochemical sampling, geophysical surveying and drilling has commenced to expand on the extensive mineralisation at the Project which remains open in all directions. Mineralisation was first discovered in 1963, and between 1964 and 1970 some 95 diamond core holes were drilled, with exceptional results returned including:
- 18.1m at 9.34% copper
- 18.4m at 6.25% copper
- 15.4m at 7.01% copper
- 13.1m at 7.20% copper
- 11.0m at 8.20% copper
- 10.4m at 7.94% copper
- 12.8m at 5.78% copper
Very limited exploration has been undertaken since 1970, until now.
The Company is also pleased to announce that it has received commitments from new institutional and sophisticated investors to raise approximately A$250,000. This follows the recent successful A$800,000 placement in May 2015. The additional funds will be used to expand Coventry's inaugural drilling program at the Caribou Dome Project.
Field Work Commenced
Having recently prioritised multiple high-quality targets for further exploration (see News Release April 16, 2015), the Company has now commenced its inaugural field program.
A geological team has been mobilised to the Project and is now on-site. A geophysical contractor has been engaged and is scheduled to commence surveying next week.
The mineralisation comprises semi-massive to massive sulphides and should accordingly respond very well to electrical geophysical techniques. Geophysical data will immediately be used to refine the optimal locations for new drill hole collars and to help gauge the potential strike and depth extent of the mineralisation.
The Company's preferred drilling contractor has been selected and this week visited site. A drilling contract is being finalised in preparation for the commencement of drilling in early July, immediately following the completion of the geophysical survey.
Objectives of the drilling program are to:
- confirm results of previous drilling so historic results can be incorporated into a mineral resource estimate for the Project in accordance with applicable codes; and
- commence exploration of some of the high-priority targets at the Project that are yet to be drilled.
Untested targets include the Lense 2 Target, where outcropping mineralisation:
- has been mapped previously to extend over 200 metres of strike and to be up to 15 metres wide; and
- coincides with a 350 metre long very strong IP anomaly.
Previous drilling focused on just 250m of strike. Outcropping copper mineralisation is evident over more than 15,000m of strike within the Project area. The Company's Directors believe there is considerable potential to delineate additional mineralisation.
Placement
Following recent marketing in Asia, institutional and sophisticated investors have agreed to subscribe for approximately 15.8 million common shares, to be held in the form of CHESS Depositary Interests ("Shares"), at A$0.016 per Share to raise approximately A$250,000 ("the Placement").
Settlement of the Placement is expected to take place on June 19, 2015 and it is being undertaken within the Company's available capacity under the ASX Listing Rules.
Qualified and Competent Person
The information in this announcement that relates to exploration results for the Project has been approved by Mr Ben Vallerine, who is a consultant to the Company and holds an indirect shareholding in the Company. Mr Vallerine has reviewed the exploration results disclosed in this release, but has not verified the information due to the programs having been undertaken by the previous owners of the Project.
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.
Source: http://www.coventryres.com/