2010 Mining Explorers: Kivalliq Energy Corp.
Share
Tweet
Last updated 10/31/2010 at Noon
KIV: TSX-V
President and CEO: John Robins
Chairman: Rob Carpenter
Vice President, Exploration: Jeff Ward
Kivalliq Energy Corp., created in early 2008 when Kaminak Gold Corp. spun off its uranium assets, mounted an aggressive exploration campaign in 2010 focused on the 270,000-acre, or 112,033-hectare, Angilak Project.
Kivalliq, the first company in Canada to sign a comprehensive agreement with the Inuit to explore for uranium on Inuit owned lands in Nunavut, is exploring the historic Lac Cinquante uranium deposit.
Reported to contain a non-NI 43-101-compliant 20.4 million pounds of uranium oxide with grades averaging 1.03 percent, the Lac Cinquante deposit and more than 150 other uranium occurrences on the property comprise Kivalliq's core asset.
A spring geophysical program and follow-up summer drilling on Lac Cinquante in 2009 confirmed high-grade U3O8 intervals near surface, over significant widths and along about 1 kilometer of strike length.
This summer, the junior drilled 2,375 meters in phase 1 of an ongoing 10,000-meter diamond drill program at Lac Cinquante, and hit significant mineralization in 10 of 13 holes, including a new zone 500 meters west of the deposit, which assayed 0.21 percent U3O8 over 1.96 meters.
Results from new and historic drilling show uranium mineralization extends from surface, open to depth and along strike.
The 2010 program also included exploration on the remainder of the Angilak property, which has more than 150 known uranium occurrences.
Summer work will consist of prospecting, sampling, drill target identification and baseline environmental studies.
In April, Kivalliq built a fully winterized field camp in April to allow larger, year-round operations.
The junior spent a total of about C$3 million on exploration activities during the nine months that ended June 30, and in late July, raised C$5 million in a private placement and C$762,000 by exercising warrants.
The company mobilized a second drill rig Aug. 10 in phase 2 of its 2010 program to focus on completing enough drilling to establish a NI 43-101-compliant uranium resource.
This work included drilling, prospecting, sampling and field baseline studies.
Kivalliq also said it would dedicate its efforts in the fourth quarter of 2010 to technical and resource modeling analysis and the goal of establishing a NI 43-101-compliant mineral resource.
Cash and short-term deposits: C$2.6 million (at June 30, 2009)
Working capital: C$2.576 million (at June 30, 2010)
Market capitalization: C$32.8 million (Sept. 1, 2010)
Suite 1440, 625 Howe St. Vancouver BCV6C 2T6
Tel: 604-646-4534 Fax: 604-646-4526
Reader Comments(0)