KIVALLIQ
Uranium exploration company Kivalliq Energy Corporation recently announced its latest drilling results showed high-grade Lac 50-type uranium in other areas of the company's Angilak property.

The announcement came from the complete results from the first drill program at Dipole, an area on Kivalliq Energy Corporation's 105,280 hectare Angilak Property, located 350 kilometres west of Rankin Inlet and 225 kilometres south of Baker Lake.

"I think it's very significant," CEO Jim Paterson told Nunavut News/North. "It's almost 25 kilometres away from the area that we drilled closed to 90,000 metres."

The Dipole-RIB Trend -- which is a formation of minerals that indicate a possible uranium resource -- is located about 25 kilometres southwest of Lac 50, a previously identified target.

All of these targets are at Angilak, the Vancouver-based company's flagship project.

According to a recent news release, the Dipole results came from 958 meters drilled earlier this year in nine core holes using one of three diamond drill rigs currently on site.

All nine holes intersected shallow uranium at vertical depths ranging from 15 to 110 metres and along 150 metres of strike length.

The company said these latest results confirm there are more areas of Angilak with deposits similar to what was already identified in the target of Lac 50.

Paterson said the five highlights from the drilling results, which show uranium (U3O8) amounts between 0.14 per cent and 2.34 per cent, are well above what's considered good.

By comparison, the Athabasca basin, which produces a significant portion of the world's U308 uranium, has an average grade of 0.1 per cent.

"From a micro-perspective, we got what we wanted," Paterson said. "Shallow, high-grade, and then the intercepts themselves showed us that the zones can be quite wide, which is what we really want."

According to Kivalliq president Jeff Ward, these results from Dipole showed significant uranium mineralization over broad widths and near the surface.

"We are extremely encouraged by the multiple mineralized intervals intersected and look forward to additional drilling successes at the Dipole-RIB Trend in the coming seasons," he stated in the news release.

The summer exploration program at Angilak included drilling at the Dipole zone, as well as a prospecting and soil sampling campaign at the RIB target, located four kilometres south of Dipole.

While the company had budgeted $1.5 million for the work, everything was completed for approximately $900,000, according to the news release.

Paterson characterized these results impressive but stressed they were still initial stages and there was still a lot of work to be done.

"We've only drilled about 150 metres of strike over two kilometres," he said.