Mining Explorers 2013: Kivalliq Energy Corp.
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Chairman: John Robins
CEO: James R. (Jim) Paterson
President: Jeff Ward
In 2013, Kivalliq Energy Corp. followed up on aggressive 2012 exploration at its 137,705-hectare (340,268 acres) Angilak Property in Nunavut, which hosts the Lac Cinquante Deposit, Canada’s highest grade uranium deposit outside of the Athabasca Basin. The company has explored Angilak for the past six years, and in January, reported a 60 percent increase in a NI 43-101-compliant inferred mineral resource estimate for the Lac 50 Trend uranium deposits (formerly Lac Cinquante Main Zone, the Eastern and Western Extensions) to 2.831 million metric tons grading 0.69 percent U3O8, totaling 43.3 million pounds U3O8 at a 0.2 percent U3O8 cut-off grade. That compares with the previous resource estimate of 27.1 million lbs at the same grade. Kivalliq planned a two-phase exploration program for 2013, including 25,000 meters of NQ core with three diamond drill rigs and 3,000 meters of reverse circulation drilling on exploration targets with a lightweight RC fly rig; extensive ground-based geophysical surveying, prospecting, and soil-sampling campaigns. The company planned to spend C$4 million on phase 1 exploration. Highlights of the 2013 season include the discovery by drilling in April of the radioactive J1 Zone in the Lac 50 Trend located between, and along strike from the Eastern Extension and J4/Ray Zones and in June, the ML Zone associated with a geophysical conductor located 650 meters northeast of the J4 Zone. In September, Kivalliq reported assays from 1,538 geochemical samples collected within the Lac 50 Trend. Some 387 anomalous uranium soil geochemical results (using a 75th percentile threshold) were reported over the entire width and length of the 12-kilometer- (7.4 miles) Lac 50 Trend, and along the new Nine Iron-KU Trend situated 5.5 kilometers (3.4 miles) to the south. Directly to the south in the Angikuni sub-basin, the company also identified new anomalous zones and prioritized existing zones for future exploratory and resource drilling. Key uranium-in-soil anomalies occur at least 850 meters along strike in both directions from the J4/Ray inferred resource and as a 500-meter-wide by 2,600-meter-long trend at the high-priority Hot Zone. The company also reported encouraging results of metallurgical test from the J4 Zone and from ore sorting studies. Despite very volatile market conditions, Kivalliq closed a private placement financing in April totaling C$4.5 million, and the proceeds funded the first phase work program Pending results and market conditions, the company said it would continue with a second phase of exploration at Angilak in the third quarter of 2013. In September, Kivalliq said it would leverage the knowledge gained through its exploration efforts within the Lac 50 Trend to maximize the success of a 2014 exploration campaign.
Cash and short-term deposits: C$4.4 million (at June 30, 2013)
Working capital: C$4.3 million (at June 30, 2013)
Market capitalization: C$44.4 million (Sept. 27, 2013)
1020 - 800 West Pender St.
Vancouver, B. C.
Canada V6C 2V6
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