Kivalliq Energy Corp. (TSX: V.KIV, Stock Forum) said it has successfully completed the field component of the 2012 uranium exploration program at the 252,830 acre Angilak Property in Nunavut.
The Lac Cinquante deposit has an inferred mineral resource of 1,779,000 tonnes grading 0.69% uranium, totalling 27.13 million pounds uranium.
According to the Kivalliq Energy press release, highlights of the exploration program included the discovery of four new zones, the J4, Ray, Flare and Southwest respectively.
From April 13 to September 15, 2012, Kivalliq drilled 33,583 metres in 173 holes with three diamond drill rigs.
The fourth quarter of 2012 will be dedicated to initial metallurgical and engineering studies, technical analysis and resource modeling with the goal of identifying new target areas and updating the NI 43-101 mineral resource by the end of first quarter, 2013.
Kivalliq Energy is the first exploration and development company in Canada to sign a comprehensive agreement to explore for uranium on Inuit owned lands in Nunavut.
On Monday, Kivalliq’s stock was up 1.27% and was trading at $0.40 a share. The company has a market cap of $59.8 million, based on 149.5 million shares outstanding. The 52-week high and low was $0.64 and $0.20 respectively.