Kivalliq Energy Corporation – Advancing Northern Canada’s Highest Grade Uranium Project
http://uraniuminvestingnews.com/6378/kivalliq-energy-corp-exploring-for-uranium-at-lac-cinquante-in-nunavut-canada.html
Overview
Kivalliq Energy Corporation (TSXV:KIV) is
a Vancouver-based uranium exploration company advancing Canada’s
highest grade uranium deposit outside of Saskatchewan’s Athabasca
Basin. The Company’s flagship project, the 340,268 acres Angilak
Property in Nunavut Territory, is host to the Lac 50 Trend deposit with a
NI 43-101 Inferred Mineral Resource Estimate of 2,831,000 tonnes
grading 0.69% U3O8 (15.2 lbs U3O8/tonne), totalling 43.3 million lbs
U3O8 at a 0.2% U3O8 cut-off grade. Kivalliq’s comprehensive exploration
programs continue to advance the Lac 50 Trend deposit and demonstrate
the “District Scale” potential of the Angilak Property.
Kivalliq’s team of northern exploration specialists have forged
strong relationships with sophisticated resource sector investors and
project partner Nunavut Tunngavik Inc. (“NTI”) in order to advance the
Angilak Property. Kivalliq was the first company to sign a comprehensive
agreement to explore for uranium on Inuit Owned Lands in Nunavut
Territory, Canada. The Company is focused on building shareholder value
while adhering to a high level of environmental and safety standards and
proactive local community engagement.
Investment Highlights
- Exploration work since early 2011 has increased the resource base by more than 200 percent
- 12 new uranium- mineralized zones identified
- Lac 50 Trend: Canada’s highest grade uranium deposit outside of the Athabasca Basin with 43.3 M lbs at 0.69% U3O8
- Preliminary metallurgical tests show high recovery and a low-impurity product
- High grade, near surface deposit has low cost potential
- Ground breaking uranium partnership with the Inuit of Nunavut
- Approximately $64M raised in the public markets
Key Property
Angilak Property – Nunavut, Canada
Kivalliq’s flagship project, the 340,268 acre Angilak Property, is
located in the Kivalliq District of Nunavut, approximately 225 km south
of Baker Lake, 325 km west of Rankin Inlet and 820 km east of
Yellowknife. The property hosts numerous high priority zones including
the promising high-grade Lac 50 Trend uranium deposit. The deposit type
is known as “uncomformity style uranium.” The most prolific occurrences
of this deposit type are found in the Athabasca Basin in northern
Saskatchewan. The Angilak Property also includes several high priority
zones including the Hot, Pulse, Nine Iron, Blaze, Flare and Southwest
that were advanced through a combination of Kivalliq’s exploration
efforts in 2012.
Kivillaq acquired the property in 2008 and since then has invested
approximately $50 million in exploring the property including ground and
airborne geophysics, geological mapping, prospecting and more than
87,500 metres of diamond and RC drilling. Through this exploration work
the Company has identified 12 new uranium-mineralized zones, several of
which will be further tested by diamond drilling in 2013.
In January 2013 the Company announced a revised NI 43-101 compliant
Mineral Resource estimate for the Lac 50 Trend showing an Inferred
Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million
pounds U3O8 at a 0.2% U3O8 cut-off grade—representing a 60 percent
increase over the previous Resource Estimate. The update resource
estimate marks the Lac 50 Trend Deposit as Canada’s highest grade
uranium deposit outside of the Athabasca Basin. Since 2011, Kivalliq has
increased the Mineral Resource estimate at the Lac 50 Trend by more
than 200 percent.
Updated Inferred Mineral Resources Estimate for Lac 50 Trend (0.2% U3O8 cut-off)
Deposit
|
Tonnes (T x 1000)
|
U3O8(%)
|
Ag (g/t)
|
Mo (%)
|
Cu (%)
|
U3O8(M lbs)
|
Ag (oz x 1000)
|
Mo (M lbs)
|
Cu (M lbs)
|
Lac Cinquante
|
1,906
|
0.67
|
16
|
0.15
|
0.25
|
28
|
983
|
6.3
|
10.4
|
J4/Ray
|
925
|
0.75
|
30.1
|
0.20
|
0.26
|
15.3
|
895
|
4.1
|
5.2
|
Total
|
2,831
|
0.69
|
20.6
|
0.17
|
0.25
|
43.3
|
1,878
|
10.4
|
15.6
|
Preliminary metallurgical test results have also demonstrated the
potential to extract an attractive final yellowcake product from the
deposits within the Lac 50 Trend. Results show that 94.1 percent of
uranium can be extracted from alkaline leaching in 48 hours and 95.9
percent of uranium extracted in 72 hours. The final yellowcake produced
was a low-impurity product. The uranium value attained from the leach
solution was 71.9% (U). The alkaline leaching process proposed for the
Lac 50 Trend uranium deposits is similar to that used successfully for
almost 30 years at Eldorado Nuclear’s Beaverlodge mill in northern
Saskatchewan.
In February 2013, Kivalliq began Phase 1 of the proposed 2013
exploration campaign on the Angilak Property. The objective of Phase 1
is to test zones that are within a relevant distance from the existing
resource in order to identify targets that may be further delineated and
pulled into the inferred resource. Targets that are more than 20
kilometers away will also be diamond drilled to determine if there are
new mineralized zones in a new geological environment. The existence of
new zones more than 20 kilometers away plus all of the prospecting
results that to date show high-grade uranium across the property will
underscore the district scale potential of the property.
In April of 2013, Kivalliq closed a private placement financing
totaling $4.5 million which will fund Phase 1 of the program. The first
phase of 2013 exploration commenced with the mobilization of crews and
equipment to the Nutaaq camp in March, with one diamond drill rig now
operating. Kivalliq is fully funded to drill high priority targets from
March to June and perform geophysical activities in key areas that must
be completed before ice break-up. As part of the Phase 1 program,
Kivalliq intends to drill approximately 3000 metres of NQ core, with one
diamond drill rig, on advanced targets within the Lac 50 Trend and new
targets such as Dipole and VGR located on the western side of the
Angilak Property. Pending results and subject to capital market
conditions, Kivalliq will continue the second phase of the proposed 2013
Exploration Program at Angilak.
In April 2013, Kivalliq announced the discovery of a new zone of
radioactive mineralization associated with a geophysical conductor
located between, and along strike from between the Eastern Extension and
J4 Zones marking a successful start to the 2013 exploration campaign.
Summary
Kivalliq Energy Corporation is a uranium exploration company whose
flagship project, the 340,268 acres Angilak Property in Nunavut
Territory, is Canada’s highest grade uranium deposit outside of
Saskatchewan’s Athabasca Basin. The property hosts the Lac 50 Trend
which has a NI 43-101 Inferred Mineral Resource Estimate of 2,831,000
tonnes grading 0.69% U3O8 (15.2 lbs U3O8/tonne), totaling 43.3 million
lbs U3O8 at a 0.2% U3O8 cut-off grade. The Angilak Property also
includes several high priority zones including the Hot, Pulse, Nine
Iron, Blaze, Flare and Southwest that were advanced through a
combination of Kivalliq’s exploration efforts in 2012.
The Company is aggressively advancing the property through
exploration programs that continue to demonstrate the district scale
potential of the Angilak Property. Since 2011, Kivalliq has increased
the Mineral Resource estimate at the Lac 50 Trend by more than 200
percent. Kivalliq began Phase 1 of the proposed 2013 exploration
campaign on the Angilak Property in February 2013. In April Kivalliq
announced the discovery of a new zone of radioactive mineralization
associated with a geophysical conductor located between, and along
strike from between the Eastern Extension and J4 Zones.
Management
John Robins, P.Geo. – ChairmanMr. Robins is a professional geologist based in Vancouver, BC, with over 25 years of experience as an independent exploration geologist and entrepreneur. A 1984 graduate of the University of British Columbia with a Bachelor of Science in Geology, Mr. Robins initially worked as a self-employed prospector and geologist in BC and Northern Canada. In 1988, he founded Hunter Exploration Group, one of Canada’s most successful private exploration companies. Mr. Robins has also been active in starting several successful public exploration and development companies culminating in 2005 with his co-founding of the Discovery Group of Companies. In addition to his role with the Discovery Group, Mr. Robins also sits on the Boards of several successful publically traded exploration companies.
His experience in everything from grass roots exploration to production is complemented by his success in the capital markets and financing activities. In 2008, Mr. Robins was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. “Spud” Huestis Award. This is recognized as the highest award given for mineral exploration and is awarded to those who have made “a significant contribution to enhance the mineral resources of British Columbia and/or the Yukon Territory, through the original application of prospecting techniques or other geoscience technology”.
Jim Paterson, B.Comm. – Chief Executive Officer and Director
Jim Paterson has been a member of the Board of Directors of Kivalliq Energy Corp. since the Company’s inception and also serves as the Company’s CEO. Jim has 15 years of corporate experience with several North American publicly traded companies, participating in acquisitions, joint-ventures, spin-outs, reverse transactions and IPO’s. Since January 2010, Jim has been involved as an executive or as an active director of companies which have raised in excess of $150 million in equity financings.
Jim founded, was President & CEO, and Director of Corsa Capital Ltd. – a company which acquired and capitalized coal mining assets in the USA. He also serves as a director of Kaminak Gold Corporation, Bluestone Resources Inc., and West Melville Metals Inc. – all mineral exploration companies listed on the TSX Venture Exchange.
Jeff Ward, BSc, P.Geo – President
Jeff Ward obtained a Bachelors of Science degree in Geology from the University of Western Ontario and is a registered professional geologist in British Columbia and Alberta. He has over 25 years experience exploring for base metals, precious metals and diamonds with companies such as Corona Corporation, Ashton Mining of Canada Inc., and Stornoway Diamond Corporation.
Mr. Ward’s experience ranges from reconnaissance to advanced-stage projects throughout Canada’s north. As Regional Project Manager, he directed exploration programs in the Northwest Territories, Nunavut and Alberta for over ten years and was responsible for program design, supervision, compliance, joint venture management and stakeholder relations.
Andrew Berry – Chief Operations Officer
Mr. Berry has been with Kivalliq Energy Corp. since April 2009 as Project Manager. He holds a technical diploma in exploration geology from Sir Sandford Fleming College in Ontario. He has more than 25 years experience with surface and underground programs exploring and developing precious metal, base metal and diamond deposits in Canada, South America and Africa.
He was an integral member of Flanagan McAdam Ltd. and the Muscocho Group, developing mining projects in Ontario, British Columbia and the Yukon. As Project Manager with Ashton Mining of Canada Inc. and Stornoway Diamond Corp., he gained more than 15 years of logistical experience exploring and operating in Canadian Arctic environments.
Jonathan Singh, BAccS, CGA – Chief Financial Officer
Mr. Singh is a member of the Association of Certified General Accountants of BC and Canada and has over 17 years of experience in the various areas of tax, financial reporting, internal audit and treasury, for both publicly traded resource companies and public practice accounting firms. Previously, Mr. Singh held various financial roles in the mineral resource industry, including serving as corporate controller for Magma Energy Corp. (a predecessor to Alterra Power Corp. TSX:ASY) and Silver Standard Resources Inc. (TSX:SSO), as well as working in the tax group for KPMG. Mr. Singh holds a Bachelor of Accounting Science degree from the University of Calgary.
Brenda Nowak – Corporate Secretary
Ms. Nowak has over 16 years of work experience in the securities legal industry, including working with International Northair Mines. Prior to these positions, Brenda was a paralegal with DuMoulin Black LLP and held positions with Nexus Venture Capital Lawyers and Aber Diamond Corporation.
Dale Wallster – Director
Mr. Wallster is a geologist and a prospector with over 30 years experience in North American mineral deposit exploration, with a focus on the targeting and discovery of unconformity-related uranium deposits since 2002. He was president and founder of Roughrider Uranium Corp., a company acquired by Hathor Exploration Limited in 2006 for its 1,000,000 acres of strategically located uranium properties in the Athabasca Basin.
Dale and his team are widely credited in the mineral exploration sector for the discovery of the Hathor’s Roughrider deposit. In January 2012, Hathor became a wholly-owned subsidiary of Rio Tinto as part of a CAD$650 million acquisition. Kivalliq will benefit greatly from Dale’s guidance at a board level.
Jim Dawson, M.Sc. P.Eng. – Director
Jim serves as President of Dawson Geological Consulting Ltd., a geological consulting company. Mr. Dawson has been a Professional Consulting Geologist for over thirty years, and has been a Director of Public Companies in the Mineral Resource Industry for almost twenty years. Also, he has managed his own consulting Geological Firm for many years.
As a partner with Kerr, Dawson & Associates Ltd. from 1972 to 1985, he participated in the discovery of the Blackdome Mine, Frasergold and Taurus Properties in British Columbia and the Big Horn Mine in Arizona. He has been an Independent Director of Minefinders Corp. Ltd., since March 18, 1996. He has been a Director of Member of Technical Advisory Board of Kaminak Gold Corp. since December 11, 2006 and served as a Director of Great Southern Enterprises Corp. since 2003. Mr. Dawson was part of the original Pan Ocean team which made the discovery of the Lac Cinquante U-Mo Occurrence in 1975.
Garth Kirkham, BSc, P.Geoph – Director
Mr. Kirkham obtained a Bachelor’s degree in Science from the University of Alberta in 1983, completing his degree with majors in Geophysics, Geology and Mathematics. He became a Professional Geophysicist with the Association of Professional Geologists, Geophysicists and Engineers of Alberta (APEGGA) in 1987, Northwest Territories and Nunavut Association of Engineers, Geologist and Geophysicists (NAPEGG) and the Association of Engineers and Geoscientists of BC (APEGBC) in 2005 and is a member in good standing. He is also a member of CIM (Canadian Institute of Mining), AMEBC (Association of Mineral Exploration of BC) and PDAC (Prospectors and Developers Association of Canada). He is also a member of the Geoscience Committee for APEGBC.
Mr. Kirkham is the past-Chair and President of the Mineral Deposits Division of the Geological Association of Canada. He is also the recipient of the Barlow Memorial Medal presented by the CIM for the best economic geology paper of 2006 and has been awarded the Professional Award of Merit by NAPEGG for his contribution to the EXTECH III Project, a five year multi-disciplinary study that was centered on the Yellowknife gold deposits. Now after 25 years of 3D computer modeling for the geosciences, Mr. Kirkham is currently heading Kirkham Geosystems Ltd. (established in 1997), which provides consulting services to the environmental, mining, geotechnical and oil & gas industries. He is also the Vice President and Chair of the Technical Advisory Committee for Geoscience BC.
Jim Malone – Director
Jim Malone served as co-editor of the World Nuclear Association’s (“WNA”) ”The Global Nuclear Fuel Market Report Supply and Demand 2007 – 2030.” He is currently Chairman of the WNA’s Fuel Technology Working Group and is working on a high power density metallic fuel technology development with Lightbridge Corporation, and a high thermal conductivity oxide fuel with IBC Advanced Alloys Corp. He was Chairman of the Board of Hathor Exploration Ltd., which, in January 2012, became a wholly-owned subsidiary of Rio Tinto as part of a CAD$650 million acquisition. Jim is widely recognized as a nuclear industry and nuclear fuel expert, with more than 40 years of experience in the downstream business, most recently as vice-president, nuclear fuels, Exelon Generation Co. LLC, the largest generator of nuclear power in North America.
In 1968, Jim began his career in nuclear power as an engineer in the utility reactor core analysis section of the nuclear engineering department of United Nuclear Corporation (UNC) after receiving a B.S. in chemical engineering (nuclear) at Manhattan College, Bronx, New York in 1968. In 1972, Jim completed an MBA at Iona College, New Rochelle, New York where he was awarded the Graduate School of Business Award for Academic Excellence. He is a member of the American Nuclear Society and a Past Chairman of the ANS Fuel Cycle Waste Management Division
Kivalliq Energy CEO Update
May 4, 2013
http://www.kivalliqenergy.com/news/index.php?&content_id=224
Dear Stakeholder,
What a year so far!
With three successful years of exploration behind us, we have shown
that the Lac 50 Trend hosts one of the highest-grade, undeveloped
uranium deposits in the world. We’ve identified 12 new
uranium-mineralized zones, drilled 87,000+ metres to date (454 diamond
drill core and 126 reverse circulation “RC” holes), and increased our
property holdings to 340,000+ acres.
Increase in Uranium Resource & Discoveries
Drilling along the Lac 50 Trend in 2012 resulted in a 60% increase in
the NI 43-101 inferred resource estimate, now totalling 43.3 million
pounds U3O8 grading 0.69%. This improves on the previous resource
estimate of 27.1 million pounds, and is a 200% increase over our maiden
resource estimate announced in early 2011. In addition, Kivalliq’s
aggressive RC exploration drilling campaign identified numerous new
zones, several of which will be further tested by diamond drilling in
2013. Results from geophysical surveys this season also continue to
expand and enhance Kivalliq’s inventory of exploration targets.
Metallurgical Results: High Uranium Extraction, Low Impurity Yellowcake
Not only have we continued to increase our inferred resource base, we
have also demonstrated the potential to extract an attractive final
yellowcake product from the deposits within the Lac 50 Trend.
Preliminary metallurgical test results received to date indicate that
94.1% of uranium can be extracted in 48 hours and 95.9% of uranium
extracted in 72 hours from conventional alkaline leaching. The uranium
value attained from the leach solution was 71.9% (U) for a final
yellowcake product. This was a low impurity product and certainly a very
positive outcome at this early stage.
Financing: $4.5 Million Non-Brokered Deal Closed
To date, Kivalliq has raised approximately $64M in the public markets.
In April of 2013, despite very volatile market conditions, Kivalliq
closed a private placement financing totalling $4.5 million which will
fund the first phase of this year’s work program that will include high
priority drilling and geophysical surveys in key areas that must be
completed before ice break-up sometime in June. Pending results and
market conditions, Kivalliq will continue with a second phase of
exploration at Angilak in the third quarter of 2013. Despite our remote
northern location, we have maintained industry beating discovery costs
of $1.32 per lb. U3O8.
A Look Ahead: Exploration & Expansion in 2013
Our technical team continues to deliver exceptional exploration results
with low finding costs, as we work toward extending known resources and
testing new targets. The season has started on an extremely positive
note, with drill confirmation that a prospective new zone exists between
the Eastern Extension and J4, two zones that form part of the current
Lac 50 Trend inferred resource.
Numerous property wide targets, the rate of new discoveries and three
consecutive years of substantial uranium resource growth clearly
demonstrate the “District Scale” potential of the Angilak Property. As
part of our fully-funded phase one work program which includes drilling
3,000m, we have already released news on five holes this year, all of
which have hit radioactive zones.
We expect that this year will continue to provide opportunities for substantial advancement of the Angilak Property.
Communication
Kivalliq is committed to maintaining open communication with
stakeholders. We encourage you to visit our website to review our latest
presentation and sign up to receive Kivalliq news releases at www.kivalliqenergy.com.
We also invite you to contact us directly to keep up-to-date on all the latest advancements as they unfold at 604-646-4527.
The entire Kivalliq team would like to thank you for your continued support.
All the best,
Jim Paterson, CEOKivalliq Energy Corporation
1020 - 800 W Pender Street Vancouver, BC V6C 2V6
Tel: (604) 646-4527; TF: 1 888 331-2269
Fax: (604) 646-4526
Email: info@kivalliqenergy.com
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