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Vol 21, No. 27 Week of July 03, 2016
Providing coverage of Alaska and Northwest Canada's mineral industry

Mining News: News Nuggets: Second rig arrives, more surface copper found at Caribou Dome

Coventry Resources Ltd. June 23 reported the arrival of a second diamond core drilling rig to expedite an 8,000-meter drill program targeting zones of high-grade copper at Caribou Dome, a road-accessible property located about 155 miles north of Anchorage, Alaska. The first rig, which arrived earlier in June, is testing the Lense 3, 9 and 1 targets at Caribou Dome. Coventry reports that the first hole completed in this area hit mineralization where predicted. A second hole is progressing well. The second rig is testing Menel, a high-priority target on strike to the northeast of the 700-meter-long corridor of copper mineralization drilled to date Caribou Dome. Strong induced polarization and copper-in-soil anomalies have been identified at Menel. Additionally, significant copper mineralization was mapped directly above and immediately along strike from the IP anomaly, while preparing to drill the Menel target. Upon completion of initial drilling at Menel, the rig will test Guardian, another untested IP anomaly that was delineated during 2015. Very encouragingly, outcropping gossans were identified during follow-up mapping; with rock chip samples assaying up to 16.5 percent copper. In the past week, while constructing drill pads to evaluate the Lense 9 IP Target, geologists identified outcropping copper mineralization, including bornite, immediately to the southwest of the Guardian IP anomaly. In addition to drilling, a geophysical survey crew has been collecting new IP data at Caribou Dome Project since mid-June. This work began by targeting a deeper response at the Menel and Guardian targets. The geophysical surveying will be extended to the northeast of this area, where no IP data has been acquired previously, but where extensive copper-in-soil anomalies were identified in 2015. This IP survey is expected to take around a month to complete, and the company is prepared to reprioritize drill targets based on the results. Coventry expects to report initial assay results from the current drilling before the end of July.

-Shane Lasley



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