Mining Explorers 2012: Kivalliq Energy Corp.
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Last updated 11/11/2012 at Noon
KIV: TSX-V
Chairman: John Robins
CEO: James R. (Jim) Paterson
President: Jeff Ward
In late September, Kivalliq Energy Corp. completed the field component of an aggressive C$20 million exploration program for 2012 at the 102,319-hectare (252,830 acres) Angilak Property in Nunavut, where Lac Cinquante, Canada's highest grade uranium deposit outside of the Athabasca Basin, is located.
Lac Cinquante has an NI 43-101 inferred resource of 27.13 million pounds in 1.78 million metric tons averaging 0.69 percent U3O8 (at 0.2 percent cut-off grade).
Highlights of the 2012 work program include discovery of the J4, Ray, Flare and Southwest zones; 38,856 meters of core and reverse circulation drilling which tested new mineralized target areas within the Lac 50 Trend; 930 line-kilometers of ground magnetic, VLF electromagnetic, gravity and seismic surveys; and prospecting, mapping and RC drilling to test new target areas property-wide.
The explorer also continued to advance geological, metallurgical, environmental and archeological studies and emphasize community consultation including property visits by community leaders.
Lac 50 is a three-by-15-kilometre (2 miles by 9 miles) southeast striking structural trend encompassing the Lac Cinquante uranium deposit and nine other significant uranium occurrences discovered by Kivalliq since 2010.
The company drilled 33,583 meters of NQ core in 173 holes with three diamond drill rigs, testing the extent of uranium mineralization at Lac Cinquante down-dip and along the Lac 50 trend.
Drilling has extended the strike length of the newly discovered J4 zone to 800 meters and the Ray zone to 310 meters.
Mineralization at J4 was intersected at a vertical depth of 383 meters, the deepest intercept on the Angilak Property to date, and the zone remains open along strike and at depth.
Assays from 93 drill holes were still pending in late September.
Kivalliq said it will incorporate results from 2012 drilling, specifically the J4 and Ray zones, into a NI 43-101 inferred resource estimate in early 2013.
The explorer also drilled 5,273 meters in 38 exploratory RC holes, of which 22 generated samples with anomalous radioactivity greater than 500 counts per second, and prioritized target areas for subsequent diamond drilling.
This resulted in the discovery of the Flare Zone.
Additional targets advanced by the RC rig will be tested by diamond drilling in 2013.
Cash and short-term deposits: C$15.01 million (at June 30, 2012)
Working capital: C$13.56 million (at June 30, 2012)
Market capitalization: C$56.79 million (Oct. 4, 2012)
1020 - 800 West Pender St.
Vancouver, B.C. Canada V6C 2V6
Tel: 604-646-4527 Fax: 604-646-4526
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