Bingo I was right.I like these bits..."considerable exploration...

Bingo I was right.

I like these bits...

"considerable exploration upside"

"considerable potential to develop an open pit mining operation at the project."

From the announcement....

"Coventry Resources Limited (ASX:CVY and the Company) is very pleased to advise that it has executed a mandate with Cygnet Capital Pty Ltd (Cygnet), whereby Cygnet will act as Lead Manager to raise up to $10 million for the
Company by completing a Placement of up to 45.45 million shares at a price of $0.22 per share.

Funds raised will be used to finalise the previously announced acquisition of a 100% interest in the advanced, high grade Cameron Lake Gold Project in Ontario, Canada.
The Cameron Lake Gold Project is a near term production opportunity with considerable exploration upside. The JORC Code compliant measured, indicated and inferred resource at the project currently comprises:

2.57Mt at 5.42g/t gold for 447,421oz of gold.

This resource was calculated when gold was trading at US$710/oz, with a lower cut-off grade of 3.0 g/t gold. The resource is currently being recalculated to reflect
the current gold price and the considerable potential to develop an open pit mining operation at the project."