Kivalliq Energy Corporation (TSXV:KIV) announced plans for summer exploration at the Company’s Angilak Property in Nunavut Territory and a non-brokered private placement financing to raise gross proceeds of CDN$400,000, to fund mineral exploration at Kivalliq’s wholly-owned properties in Canada.
As quoted in the press release:
A $500,000 summer exploration program is planned at the Angilak Property in Nunavut Territory. The 2016 program will begin in early July by mobilizing staff and supplies to the existing Nutaaq camp. Kivalliq plans to carry out trenching, geological mapping, sampling and geochemical surveying at the Yat target, in addition to geochemical surveying along geophysical conductors in the vicinity of the Dipole uranium discovery.
The Yat occurrence is located 16 km southwest of the Lac 50 uranium resource and 10 km northeast of the new Dipole discovery, near the northern margin of the Angikuni Basin. Kivalliq staff visited the area in 2015 to investigate high-grade polymetallic mineralization and visible gold (VG) periodically noted during previous Kivalliq prospecting programs. One of three boulder grab samples collected in 2015 returned the highest precious metal assays ever reported from the Angilak Property: 211 g/t Au, 80,900 g/t Ag, 1.82% U3O8, 6.8% Cu, 3.1 g/t Pt and 6.7 g/t Pd. A grab sample in 2007 returned31.9 g/t Au, 1170 g/t Ag, 1.18% Cu and 0.25% U3O8 from historic trenches. Follow-up samples in 2010 confirmed these results with 12.90 g/t Au, 1140 g/t Ag and 1.44% U3O8.
Kivalliq also today announced a non-brokered private placement financing to raise gross proceeds of CDN$400,000, to fund mineral exploration at Kivalliq’s wholly-owned Angilak and Hatchet Lake Properties in Canada. Kivalliq intends to raise the funds by issuing up to 4,000,000 units (“Units”), at the price of CDN$0.10 per Unit (the “Offering”).
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