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| August 07, 2014 --- Vol. 08, No. 32 | August 2014
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Nunavut
DIAMONDS – North Arrow Minerals Inc. Aug. 5 provided an update on a 1,500-metric-ton bulk sampling program at the Qilalugaq diamond project located near the hamlet of Repulse Bay (Naujaat), Nunavut. The intent of the program is to recover a diamond parcel of approximately 500 carats for the purpose of determining an initial value estimate for the diamonds in the Q1-4 kimberlite. North Arrow is funding the bulk sampling program as part of an option agreement with Stornoway Diamond Corp. The bulk sample is being collected by surface trenching of an area of the 12.5-hectare Q1-4 kimberlite where there is limited overburden cover. In 2007, Stornoway collected (from hand dug pits) a 20.3-metric-ton sample from this same area and recovered 6.1 carats of diamonds for a sample grade of 30 carats per hundred metric tons. By August 3, roughly 960 metric tons of kimberlite had been collected and transported to the company’s sample laydown site in Repulse Bay. The remainder of the sample will be collected over the next three weeks and sample processing is expected to begin in early October. The sample will be processed for the recovery of commercial sized (larger than 0.85 millimeters) diamonds and the resulting diamond parcel will be used to better determine diamond content, size distribution, diamond parcel value and to establish whether or not fancy yellow diamonds persist into the larger diamond sizes.
FINANCE – Kivalliq Energy Corp. Aug. 1 announced that it has closed the final tranche of the private placement financing by issuing 2,872,728 units C22 cents per unit, for proceeds of C$632,000. In total, the private placement consisted of 5,172,728 units at C22 cents per Unit, for aggregate proceeds of C$1.138 million. Each Unit consists of one flow-through common share and one-half of one non-transferable purchase warrant. Each warrant is exercisable into a non-flow-through common share of Kivalliq for a period of 24 months from the closing date at an exercise price of C28 cents, subject to an accelerated expiry if Kivalliq’s shares on the TSX Venture Exchange are at a price of at least C50 cents for 20 consecutive trading days. The offering was subject to the following finders' fees: C$6,600 cash commission, 15,000 finders warrants with a strike price of C28 cents. Kivalliq will use the net proceeds from this financing to fund mineral exploration in Saskatchewan and the Nunavut Territory, Canada.
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