KIVALLIQ ACQUIRES PROSPECTIVE GOLD DISTRICT ON BAFFIN ISLANDMay 8, 2017 VANCOUVER, BC - Kivalliq Energy Corporation (TSX-V: KIV) (“Kivalliq”) today announced the acquisition of a dominant land position in one of the largest undeveloped greenstone-iron formation gold belts in Nunavut, Canada. This land package, totalling 408,981.6 hectares and covering 160 kilometres of the Foxe Fold Belt on central Baffin Island, comprises a Mineral Exploration Agreement (MEA) with Nunavut Tunngavik Inc. (NTI); the acquisition of 15 prospecting permits; and a transaction with Commander Resources Ltd. (Commander).
Baffin Gold Acquisition Highlights:
- Large land position with exclusive control of one of the largest undeveloped greenstone belts in Canada
- Covers a strongly 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 DEW Line airstrips will help to accelerate future work programs and potential development
- Only 158 drill holes to date (<150 m depth) along entire belt, focused mostly on four prospects
- 61% of historic drill holes returned weighted assay intervals of > 1.0 g/t Au over 1.0 metre
- Best three drill intercepts to date:
- 21.3 g/t Au over 4.2 m,
- 10.2 g/t Au over 4.5 m, and
- 9.2 g/t Au over 6.0 m
- 22.3% of historic surface rock samples taken were > 0.5 g/t Au, including 1388 g/t Au;
- Best three channel samples to date:
- 373.9 g/t Au over 0.49 m,
- 241.3 g/t Au over 0.25 m, and
- 173.0 g/t Au over 0.46 m
- Low acquisition costs (Prospecting permits and IOL Agreements)
https://kivalliqenergy.com/news/2017/index.php?content_id=336