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Mining Explorers 2016: Coventry Resources Inc.

 

Last updated 2/3/2018 at 6:57pm



ASX:CYY

Chairman: Mark Bojanjac

President and CEO: Michael Haynes

Chief Financial Officer: Ian Cunningham

Coventry Resources Inc. is an Australia-based explorer focused on expanding zones of high-grade copper at Caribou Dome, a road-accessible property located about 155 miles north of Anchorage, Alaska.

Upon cutting a deal to acquire an 80 percent stake in Caribou Dome early in 2015, Coventry began poring over historical exploration data collected at the project, including results from 95 surface and underground drill holes completed primarily in the 1960s.

Highlights from this historical work include: 18.1 meters averaging 9.34 percent copper from a depth of 22.7 meters and 15.4 meters averaging 7.01 percent copper from underground.

Most of the historical drilling tested lenses four, five and six - with the idea that they would support a small high-grade underground mine.

A historical reserve of 550,000 short tons averaging 5.84 percent copper was calculated for the Caribou Dome deposit in 1970.

Coventry's initial investigations of the property have discovered zones that indicate the potential to significantly expand the high-grade copper deposit.

Coventry began exploring this potential with a 2015 program that included 4,300 meters of drilling; induced polarization surveys centered on the known mineralization; and an extensive soil sampling program.

Highlights from the 22 holes drilled at and around the Caribou Copper deposit in 2015 include: 14.1 meters averaging 9.9 percent copper; seven meters averaging 6.8 percent copper; and 3.5 meters averaging 9.3 percent copper.

The soil sampling revealed an extensive copper-in-soil anomaly over the entire 7,000 meters of strike tested, including a highly prospective area northeast of the deposit.

One rock chip sample collected at Kopis, a 1,000-meter-long trend previously known as Menel, returned 9.1 percent copper.

Following up on the successful 2015 IP survey, Coventry completed a similar geophysical program that extended coverage to the northeast.

This work refined drill targets at Kopis and the Trojan anomaly further northeast, each of which cover 1,100-meters of strike.

These anomalies, as well as zones at the original Caribou Dome deposit, were targets of a 6,250-meter drill program completed this year.

The company also collected about 800 soil samples over a more than 5,000-meter-long prospective area on the far northeastern side of the property.

These samples returned assays of up to 0.17 percent copper from a prospect known as Senator, which is about 6.8 miles (11 kilometers) northeast of the Caribou Dome deposit.

Select rock chip samples from outcrops in the area have returned up to 12.1 percent copper.

Coventry has staked 26 claims to extend coverage over the new prospective region and follow-up work is being planned.

Coventry also holds Uncle Sam, another Alaska property located some 40 miles (64 kilometers) west of the Pogo gold mine. The company leased this gold exploration property to Great American Mineral Exploration Inc. on a 10-year term with the option to buy.

Cash and short-term deposits: C$2.1 million (June 30, 2016; closed AU$1.8 million financing Aug. 26)

Market capitalization: AU$10.1 million (Sept. 28, 2016)

Suite 9, 5 Centro Ave.

Subiaco, Western Australia 6008

Tel: 61-8-9226-2027

http://www.coventryres.com

 

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