Coventry Resources

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Prospects

Numerous zones of gold mineralisation have been delineated within the Ardeen Gold Project by previous explorers. As part of Coventry’s exploration program in 2009 and early 2010, 70 diamond drillholes for a total of 7,728 metres have been completed at the Fisher, McKellar, Dome, Matt Berry, Lawton, Martin and Post prospects.

In addition to drilling, the Company completed a till and humus sampling program (508 samples) over the structurally complex central part of the Project area on a 200m x 200m grid in order to delineate further prospects.

The Ardeen Gold Project has very good potential for the delineation of shallow, very-high grade gold mineralisation which would complement any further development at the low-grade Moss Lake Gold Deposit (56.1Mt at 0.92 g/t gold for 1.5 Moz of gold).

Airborne magnetic image showing the location of the main prospects and gold occurrences at the Ardeen Gold Project

Fisher Prospect

The Fisher prospect is located approximately 200 metres southeast of the Ardeen Gold Deposit. The mineralisation comprises quartz, pyrite and lesser galena and chalcopyrite and is contained within mafic volcanic rocks, on the south side of a sheared iron formation unit. Two distinct orientations of gold mineralisation are evident, one striking east-west and the second striking northeast-southwest. Both trends appear to dip toward the south at about 70o, however steepening and dip reversals are noted in cross-sections. The mineralisation comprises a series of high-grade shoots that appear to plunge moderately towards the west-southwest and extends over a strike of about 300m.

Prior to Coventry entering the project, previous drilling totalling 64 holes for more than 4,600 metres recorded the following intercepts:

2.7 metres at 133.32 g/t gold from 10.4 metres,
(including 0.6 metres at 598.51 g/t gold)
5.0 metres at 24.79 g/t gold from 19.0 metres,
(including 1.3 metres at 88.47 g/t gold)
14.2 metres at 7.52 g/t gold from 19.7 metres,
(including 1.6 metres at 44.29 g/t gold)
1.5 metres at 38.40 g/t gold from 15.9 metres, and
1.5 metres at 19.20 g/t gold from 21.9 metres, and
4.6 metres at 6.86 g/t gold from 30.5 metres
5.8 metres at 11.06 g/t gold from 24.4 metres
(including 0.6 metres at 99.34 g/t gold)
1.8 metres at 27.7 g/t gold from 22.2 metres.

Coventry has completed a further 37 diamond drillholes for a total of 4,789 metres at the Fisher Prospect. Significant intercepts from this drilling include:

11.6 metres at 27.0 g/t gold from 22.5 metres
9.1 metres at 8.45 g/t gold from 8.5 metres
1.8 metres at 17.11 g/t gold from 85.2 metres
3.0 metres at 4.11 g/t gold from 40.4 metres
5.1 metres at 2.28 g/t gold from 69.2 metre
2.3 metres at 3.82 g/t gold from 34.5 metres

The Company is currently evaluating the results of all work so as to determine the controls to the orientation of the high-grade shoots within the mineralisation.

McKellar Prospect

The McKellar prospect is located 250 metres southwest of the Ardeen Gold Deposit. A shear zone in this area has been exposed by stripping and trenching over a strike length of 1,100 metres. The 4 to 6m wide zone appears to be a continuation of the Ardeen No. 1 vein and cross cuts mafic volcanic rocks and iron formation. The quartz vein mineralisation comprises pyrite, galena, telluride, sphalerite and chalcopyrite, with a halo of iron carbonate, sericite and chlorite alteration.

Forty seven holes are reported to have been drilled for 3,966 metres by previous workers. However, drilling by Coventry has questioned the veracity of some of the drilling, in particular holes drilled during the 1970’s.

Coventry has completed a further 20 diamond drillholes for a total of 1,730 metres at the Fisher Prospect. Significant intercepts from this drilling include:

1.8 metres at 17.11 g/t gold from 85.2 metres
0.9 metres at 14.27 g/t gold from 11.3 metres
3.0 metres at 4.11 g/t gold from 40.4 metres
5.1 metres at 2.28 g/t gold from 69.2 metres
3.5 metres at 2.65 g/t gold from 35.5 metres

Like the Fisher Prospect, the Company is currently evaluating the results of all work so as to determine the controls to the orientation of the high-grade shoots within the mineralisation.

Ardeen Gold Deposit

The mineralisation at the Ardeen Gold Deposit remains open at depth and along strike. The extensions of the two known shoots at depth constitute a high priority exploration target.

There are reports of an east-trending No. 3 Vein just west of the No. 1 shaft at the Ardeen Gold Deposit, some 60 metres west of the No. 2 vein. While this is yet to be verified, further evaluation of this target is recommended.

Till and Humus sampling completed by the Company has identified an extensive zone of gold anomalism extending over a strike of more than 1,200 metres occurs in the vicinity of the historic Ardeen Mine, recording a peak assay of 515 ppb Au. Further work is required to determine if this anomaly may be representative of new extensions to known mineralisation, such as the reported No. 3 Vein above.

Map of the central portion of the Ardeen Gold Project showing till/humus gold anomalies
greater than 11 ppb gold (>2 standard deviations with the data) on a Total Magnetic
Intensity (TMI) image. Note the extensive anomalism in terms of area and tenor
associated with the Boundary Fault Zone and near the historic Ardeen Mine

Boundary Fault Zone Till Anomalies

Four gold-in-till anomalies have been delineated association with large-scale Boundary Fault Zone along the northwestern margin of the project area. The largest of these anomalies extend over a strike length of greater than 1.3 km with highly anomalous results of up to 0.68 g/t gold returned.

The Boundary Fault Zone forms the structural contact between lower sequence mafic volcanic rocks from sedimentary rocks of the Quetico Subprovince. This fault is a significant structural feature and may have acted as a conduit to fluids associated with gold mineralisation.

The association of such areally-extensive, coherent, high-tenor gold anomalies coincident with a large-scale, domain-bounding structure is highly encouraging. The Company plans to complete additional sampling and prospecting to better define the extent of the anomalies.

Post Prospect

The Post prospect is located about 800 metres south of the Ardeen Gold Deposit. Sampling at this location has recorded a number of high-grade gold results. In 1994 seven grab samples returned an average grade of 40.26 g/t gold, with the highest assay of 94.6 g/t gold, 439.9 g/t silver and >1.0% copper. A further sample collected by Pele assayed 44.30 g/t gold.

The Post prospect is situated along a northeast-southwest oriented contact between mafic volcanic and intermediate intrusive rocks. The mineralisation comprises quartz-pyrite-chalcopyrite and can contain up to 60% sulphides.

Coventry completed 3 drillholes for a total of 363 metres as an initial test of the Post Prospect. This drilling recorded a best result of:

1.56 metres at 4.25 g/t gold from 73.5 metres

Further work is planned.

Osmani Prospect

This prospect is located about 4.5 km southwest of the Ardeen Gold Deposit. Limited rock chip sampling returned gold values up to 5.24 g/t from brecciated and folded ironstone at a contact between mafic volcanic and felsic volcanic rocks. A single diamond drill hole was completed by the East-West/Maple JV, returning a best assay result of 13.0 metres at 1.2 g/t gold (including 1.0 metres at 5.12 g/t gold) from limited sampling of the core. Further sampling at this location is planned.

Junction Prospect

The Junction prospect is also located on the southern boundary of the project area, 4.4 km south of the Ardeen Gold Deposit. This area comprises narrow, east-northeast trending iron formation interbedded with felsic volcanic rocks. Gold mineralisation is associated with silicified and brecciated ironstone. Channel sampling has returned results to 0.54 metres at 9.6 g/t gold. Four holes have been drilled for a total of 564 metres, with the best intercept reportedly comprising 4.0 metres at 2.4 g/t gold. Further follow-up sampling is planned.