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"Kivalliq Energy Corp is a Canadian based exploration stage company. It focuses on the acquisition, exploration and development of mineral resources. Kivalliq’s uranium and precious metal exploration projects comprise Angilak, Baker Basin, Genesis, Hatchet Lake, and Baffin Gold. All of the company’s equipment and exploration and evaluation assets are located in Canada."

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KIVALLIQ ENERGY CORPORATION > KIVALLIQ ACQUIRES PROSPECTIVE GOLD DISTRICT ON BAFFIN ISLAND

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Post by URGOLD on May 08, 2017 12:27pm

KIVALLIQ ACQUIRES PROSPECTIVE GOLD DISTRICT ON BAFFIN ISLAND

May 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)