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November 13, 2014 --- Vol. 08, No. 46November 2014

Nunavut

URANIUM – Kivalliq Energy Corp. Nov. 12 reported results received from the 2014 exploration program at Kivalliq’s 275,469-acre Angilak property located in Nunavut. Highlights of 2014 Angilak property exploration include: Geochemical results from 1,514 enzyme leach soil samples have significantly upgraded key drill targets at the Dipole, Hot and KU areas; 1,335 line kilometers of versatile time domain electromagnetic airborne geophysics was flown in two grids over several target areas; the Dipole target is a distinct, two-kilometer (1.24-miles) long geophysical anomaly having a coincident boulder assay of 2.24 percent U3O8, now confirmed by anomalous uranium-in-soil (uranium) trend over 3.4 kilometers (2.1 miles) of strike length; and the RIB target area, where historic drilling encountered uranium mineralization at shallow depths, is a geochemical and geophysical analogue to Dipole. Based upon review of data generated from Kivalliq’s 2014 geophysical and geochemical surveys, Dipole has now emerged as a top priority drill target in the southwest portion of the Angilak property. The Dipole target is located about 27 kilometers (18 miles) southwest of Lac 50, in a northeast-trending belt of Archean metavolcanic rock interpreted to be equivalent to Lac 50 Trend resource host rocks. In 2011, a very-low frequency electromagnetic (VLF-EM) geophysical ground survey outlined a prominent two-kilometer (1.24 miles) long conductor coincident with mineralized boulders found along a radioactive shoreline. One angular boulder assayed 2.24 percent U3O8, 0.94 percent molybdenum, and 116 grams-per-metric-ton silver. In 2014, EL soil sampling within the Dipole target area focused on the Dipole VLF-EM conductor and the historic and similar RIB target located four kilometers (2.5 miles) south of Dipole. At Dipole, 237 EL geochemical sample results identified the 3.4 kilometer (2.1 miles) long uranium-in-soil trend with 107 anomalous values between 6.0 parts per billion and 56.3 ppb. The geochemical trend also contains anomalous copper, molybdenum and silver values. Based on corroborative geophysical and geochemical results, Dipole is an excellent analogue to the Lac 50 deposit and is now Kivalliq’s most advanced, drill-ready target outside of the Lac 50 Trend. The 2014 soil geochemical sampling program focused on priority geophysical trends and geochemically anomalous areas identified by Kivalliq’s 2013 exploration programs. A total of 1,514 soil samples collected from 10 grids along lines spaced about 100 to 200 meters apart, using 25- to 50-meter stations yielded 379 anomalous uranium results (25 percent of all samples taken), ranging from 6.0 ppb to 285 ppb uranium. Of these anomalous results, 379, 231, 154 and 77 reported in the 75th, 85th, 90th and 95th percentiles, respectively.

COPPER – Kaizen Discovery Nov. 12 said it has entered into a share-purchase agreement through which Kaizen will acquire all of the outstanding securities of Tundra Copper Corp. in exchange for common shares of Kaizen. Tundra Copper is a private British Columbia-based mineral exploration company formed in 2013 to explore for high-grade copper mineralization in the Coppermine District near the Arctic Ocean in Nunavut. Tundra Copper has staked more than 310 square kilometers (120 square miles) covering multiple showings in the Coppermine District, near the town of Kugluktuk. Historical data from these showings indicate that widespread high-grade copper mineralization occurs in volcanics and that the area possesses the geological potential to host significant tonnage. More information is available at www.tundracopper.com. Under the terms of the proposed acquisition, each Tundra Copper shareholder, option-holder and warrant-holder will receive 0.70 of a Kaizen share for each Tundra Copper security held. There are 9,483,450 Tundra Copper securities outstanding. In connection with the transaction, Kaizen expects to issue approximately 6.8 million common shares to Tundra Copper's security holders pursuant to the share purchase agreement and a debt settlement agreement with certain Tundra Copper shareholders. Kaizen will have approximately 158 million common shares outstanding after the transaction. In October 2014, Kaizen staked claims and applied for prospecting permits covering 3,320 square kilometers (1,282 square miles) prospective for sediment-hosted stratiform copper, near Tundra Copper's holdings in the Coppermine District. “The combination of the ground that Tundra Copper holds, along with the ground recently staked by Kaizen, offers a district-scale opportunity for discovery,” said Kaizen President and CEO B. Matthew Hornor. “The opening of Canada’s North through accessible seaborne shipping lanes, infrastructure development initiatives, availability of locally sourced equipment, supplies and skilled personnel, and regional support for the development of natural resources are expected to benefit Kaizen’s plan to aggressively explore this unique project.” Kaizen is a Canadian technology-focused, mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo Inc., a subsidiary of High Power Exploration Inc. With its collaboration agreement with ITOCHU of Japan and access to HPX TechCo’s proprietary geophysical technology, Kaizen’s long-term growth strategy is to work with Japanese entities to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan’s industrial sector. “This is another significant step in the strategy of positioning Kaizen for future growth,” explains Hornor. “Kaizen’s long-term growth strategy is to work with Japanese entities, including its strategic financing partner ITOCHU Corporation, to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan’s industrial sector.”

GOLD – Agnico Eagle Mines Ltd. Nov. 11 reported completion of its 2014 exploration activities at the high-grade Amaruq gold project, located about 50 kilometers (31 miles) northwest of the Meadowbank mine in Nunavut. Agnico Eagle drilled 144 holes (31,598 meters) at Amaruq during 2014, including 60 holes (more than 17,000 meters) in the Whale Tail zone. The company reports that regularly spaced holes west and east of Whale Lake have consistently encountered high-grade gold mineralization in one to five horizons between surface and more than 350 meters depth. Agnico said the grades encountered in the Whale Tail zone are about two to three times the gold grade mined year-to-date in 2014 (2.9 grams per metric ton) at the Meadowbank mine. The best recent intercepts west of the lake were from hole IVR14-125A that intersected 7.6 g/t gold (capped) over 23.2 meters estimated true width at 248 meters depth and hole IVR14-145 intersecting 8.2 g/t gold (capped) over 6.7 meters estimated true width at 165 meters depth. The best intercept to date east of Whale Lake was from hole IVR14-152 that intersected 10.8 g/t gold (capped) over 11.9 meters true width at 134 meters depth. The last phase of the drill program has stretched the Whale Tail zone over an additional 200 meters farther southwest for a total strike length of some 1,200 meters. Hole IVR14-150 represents the farthest west intercept to date at Whale Tail, intersecting 8.1 g/t gold (capped) over estimated true width of 12.1 meters at 14 meters depth. This drill hole also intersected what is interpreted to be an additional (fifth) mineralized horizon, yielding 5.9 g/t gold (capped) over estimated true width of 5.4 meters at 226 meters depth, about 150 meters north of the previous northernmost Whale Tail horizon. “In just over a year, Amaruq has progressed from a new grassroots exploration discovery to one of the company’s most exciting exploration opportunities,” said Agnico Eagle President and CEO Sean Boyd. “With an initial resource estimate expected early next year, Amaruq has the potential to significantly drive our Northern business platform, especially our Nunavut operations. We look forward to an expanded exploration program in 2015, which we hope will add further value.” The 408-square kilometer Amaruq property is located within Inuit-owned land, and Agnico Eagle acquired a 100 percent interest in April 2013 pursuant to a mineral exploration agreement with Nunavut Tunngavik Inc. In addition to drilling, the C$10-million 2014 field program included geophysics, field work and camp construction to be in a position to expand activities in 2015. Assays of all drill samples have been received and incorporated into the project database. While the focus in the latter half of the year has been on Whale Tail, Agnico says results from the I, V and R zones continue to indicate significant gold-bearing zones that will receive more work in the future. The I, V, R and Whale Tail zones are all open along strike and at depth.


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