Coventry Resources Limited ("Coventry" or "the Company") is pleased to announce that the first drilling rig has arrived at the Company's high-grade Caribou Dome Copper Project in Alaska, USA ("Caribou Dome Project" and "Project") in advance of a planned 8,000m drilling program.
This drilling program will include initial testing of the high-priority Menel, Guardian, Lense 9 and Lense 3 induced polarisation ("IP") targets, which are all located immediately along strike from the 700m-long corridor of mineralisation drilled to date (see Figure 1). All four of these targets comprise strong IP anomalies that coincide with outcropping and/or sub-cropping mineralisation and strong copper geochemical anomalies at surface, including rock chip samples that assayed up to 16.5% copper at the Guardian Target.
In recent weeks, in preparation for the drilling program and an extensive geophysical survey, contractors have re-established the camp at the Project and commenced preparation of access roads and drill pads in the new target areas. The drilling rig and ancillary equipment is currently being moved to the first drill site, which will be at the Lense 3 target. Results from limited shallow drilling directly up-dip of the IP anomaly at Lense 3 include:
- 2.0m @ 13.9% Cu from 79.4m
- 1.9m @ 7.7% Cu from 32.6m and
- 4.9m @ 3.4% Cu from 32.0m
Previous drilling has not been deep enough to test the IP target at Lense 3. The other high-priority targets will be progressively (and iteratively) drill-tested thereafter.
To view Figure 1. Plan view of inverted IP data acquired at the Caribou Dome Project during 2015, please visit the following link: http://media3.marketwire.com/docs/1058024-F1.pdf
Ground Geophysics Survey
A geophysical survey crew will mobilise to the Project later this week. IP surveying will commence immediately on arrival. First-pass IP data will be acquired over extensive soil anomalies delineated recently over 7km of strike (see Figure 2). The IP surveying is expected to take around a month to complete. Data will be used to continue to reprioritise drill targets. It is anticipated that a second drilling rig will be mobilised to the Project shortly after the IP survey is completed.
To view Figure 2. Plan view of copper-in-soil geochemistry data acquired at the Caribou Dome Project during 2015, also showing the area covered by IP surveying in 2015 and the areas to be surveyed with IP during the forthcoming survey, please visit the following link: http://media3.marketwire.com/docs/1058024-F2.pdf
There are multiple indications that mineralisation at the high-grade Caribou Dome Project extends well beyond the 700-metre long corridor tested by limited drilling to date. With only 140 holes and 12,662m of drilling undertaken to date, and multiple high-priority untested drill targets evident, there is considerable potential to delineate additional mineralisation at the Project during the current 8,000m drilling program.
Mike Haynes, Managing Director/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.