Kivalliq Starts Exploration at Baffin Gold Property, Nunavut
July 25, 2017
VANCOUVER, BC - Kivalliq Energy Corporation (TSX-V: KIV) (“Kivalliq”) today announced the start of a summer exploration program at the Baffin Gold Property in Nunavut Territory, Canada. Kivalliq will also be visiting the Qikiqtani Region to update the communities of Clyde River and Qikiqtarjuaq, located 260 kilometres and 360 kilometres from the Baffin Gold Property respectively, between July 26 and July 28.
2017 Baffin Gold Exploration Program Summary
- Kivalliq is fully funded to execute the proposed exploration program of $775,000;
- Camp and supply mobilization and placement of field crews commenced on July 23;
- Through the month of August, crews will focus on ground-truthing and corroborating historic results through geological mapping, prospecting, geochemical rock and till sampling;
- This summer’s efforts will focus on multiple geological and structural settings hosting significant gold mineralization primarily on Inuit Owned Land (IOL) parcels, and more specifically, the Kanosak and Central Belt areas;
- Excellent potential exists to make new discoveries and demonstrate continuity of mineralization at unexplained gold occurrences along strike of favorable geology and structural settings.
2017 Exploration Activities:
- Explore areas of anomalous gold geochemistry (rock and till) at numerous locations along at least 100 kilometres of strike which were not followed up by resampling or drilling by previous exploration groups;
- Prospect, infill and characterize broad till and geochemical gold anomalies focussing on ice movement indicators, till composition, and local dispersion patterns;
- Test geochemical sampling methods in areas of cover where existing geophysical data suggests extensions to known gold zones and favourable host geology;
- Review and resample historic drill core;
- Fly drone surveys over Kanosak and Central Belt areas to produce high resolution air photos and digital elevation models;
- Collect a combination of approximately 1,000 rock and till samples to evaluate known occurrences and evaluate areas of anomalous geochemistry.
Baffin Gold Property Highlights:
- Large land position with exclusive control of one of the last remaining undeveloped greenstone belts in Canada;
- Covers a highly mineralized gold system hosting known high-grade gold occurrences in multiple geological settings: iron formation, shear zones, quartz veins, metasediments and metavolcanics;
- Over $25 million* of exploration data and extensive geoscience databases from BHP-Billiton, Falconbridge, Commander Resources and AngloGold Ashanti exploration programs performed between 2001 and 2011 (*based on publicly disclosed reports);
- An existing camp, tidewater access and two 1,200 m airstrips will help to accelerate future work programs and potential development
To view tables, text, and maps with further information on Kivalliq’s Baffin Gold Property, please visit www.kivalliqenergy.com
The Baffin Gold Property is a district-scale land package covering an entire Proterozoic-age gold belt having geological and structural similarities to multi-million ounce gold mines in the north (i.e. Meadowbank, Lupin) as well as the prolific Homestake Mine in South Dakota. Previous exploration has identified numerous prospects along 140 kilometres of strike length, with high-grade gold occurring in multiple settings: silicate and sulphide iron formation; shear zones and quartz veins hosted in granodiorite, metavolcanics and metasediments.
The 408,981.6 hectare Baffin Gold Property covers 160 kilometres of the Foxe Fold Belt on central Baffin Island and is comprised of consolidated mineral tenure located approximately 260 kilometres southwest of the community of Clyde River on Baffin Island, in the Qikiqtani region of Nunavut. This property comprises fifteen prospecting permits, six crown mineral claims and three Inuit Owned Land parcels subject to MEA’s with NTI.
Kivalliq Exploration Priorities
The Kanosak, Ridge-Malrok (Central), and Durette zones are the most advanced gold prospects within the Proterozoic Bravo Lake Formation (“BLF”) and represent the range of mineralization and structural analogues within the BLF. These will help guide future exploration programs covering the rest of the property.
Kivalliq’s exploration efforts will target near surface gold in BLF banded iron formations and greenstone-metasediment hosted quartz veins, similar to other gold deposits in the Nunavut and Northwest Territories, and particularly the prolific Proterozoic aged Homestake Mine in South Dakota. Exploration priorities include ongoing review, compilation and reinterpretation of all geological and exploration data, to develop integrated structural, geophysical and geochemical models targeting the untapped potential of this extremely prospective gold belt.
Initial field work planned for the summer of 2017 will systematically explore the BLF gold belt and ground truth newly developed exploration models. The program will infill earlier datasets and prioritize un-sourced gold anomalies occurring in till, soil and boulders. Drilling in future exploration campaigns will further assess known prospects, new structural targets, untested areas of outcropping mineralization and blind targets in covered areas based on till geochemistry and geophysics.
Kivalliq has not performed any exploration on the Baffin Gold Property to date. Jeff Ward, P.Geo., President of Kivalliq and a Qualified Person for Kivalliq, has reviewed and approved the scientific and technical information contained in this release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based company with a portfolio of high-quality uranium and precious metal exploration projects in Canada. In addition to the new Baffin Gold Property, Kivalliq holds Canada’s highest-grade uranium resource outside of Saskatchewan. The Company’s flagship project, the 89,852 hectare Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. Kivalliq’s comprehensive exploration programs continue to demonstrate the “District Scale” potential of the Angilak Property. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to Kivalliq’s news release of March 1, 2013.
In Saskatchewan, Kivalliq holds a 100% interest in the 13,711 hectare Hatchet Lake Property adjacent to the north-eastern margin of the highly prolific uranium-producing Athabasca Basin. Compilation of results from previous exploration by Hathor Exploration Limited and Rio Tinto have identified multiple, priority unconformity-related basement targets at Hatchet Lake that were followed up in 2015.
Kivalliq also holds a 100% interest in the 131,412 hectare Genesis Property located northeast of Saskatchewan’s Athabasca Basin, with Roughrider Exploration Limited funding the current exploration program pursuant to an option to acquire up to an 85% interest in the property. This highly prospective project is located along the Wollaston-Mudjatik trend and extends 90 kilometres northeast from Wollaston Lake to the Manitoba border.
Kivalliq’s team of northern exploration specialists has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. Kivalliq was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory, Canada and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.
On behalf of the Board of Directors
James R. Paterson, Chairman & CEO
Kivalliq Energy Corporation
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].
Kivalliq Energy Corporation is a member of the Discovery Group of Companies, for more information please visit: www.discoverygroup.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosures in this release constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.