Mining News: News Nuggets: More funds for Caribou Dome

Coventry Resources Ltd. Aug. 29 reported binding agreements with investors who have subscribed for 56.47 million shares at AU3.2 cents per share, to raise a total of AU$1.8 million. The company’s two largest institutional shareholders, Lowell Resources Fund and Ruffer Gold Fund, have agreed to participate in the financing. Coventry said both continue to be very supportive of the company’s exploration activities at the high-grade Caribou Dome copper project in Alaska. The proceeds will be used to continue exploration at Caribou Dome. Coventry said preliminary data from a recently completed induced polarization survey, covering 4.4 miles (seven kilometers) of the prospective horizon that hosts a previously identified high-grade copper deposit at Caribou Dome has identified a number of high priority exploration targets. One of two rigs operating on the property is testing some of these new targets, with a view to rapidly expanding the resource base. The other rig is focusing on the thick, shallow high-grade mineralization at the Caribou Dome deposit itself, with extensional and infill drilling to be undertaken in the coming weeks to continue to improve confidence in developing a potential high-grade starter open pit.

-Shane Lasley