Kivalliq Energy

Building a Portfolio of High Quality Uranium Properties in Canada

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Kivalliq Energy Corporation (TSXV:KIV) is a Vancouver-based exploration company with a growing portfolio of high-quality uranium projects in Canada. Kivalliq’s flagship project is the Angilak Property in Nunavut. Angilak’s Lac 50 Trend hosts the highest grade uranium resource in Canada outside of Saskatchewan. Exploration work at Angilak continues to demonstrate the property’s district scale potential.

Understanding the opportunity presented by the uranium sector’s current bear market, Kivalliq has diversified and grown its project portfolio with the acquisition of the Baker Basin property in Nunavut as well as the staking of the Genesis Property and acquisition of the Hatchet Lake Property both in Saskatchewan, Canada. More recently, Kivalliq acquired the Baffin Gold Property to increase the Company’s exposure to other mineral commodities.

Kivalliq Energy Corporation – Building a Portfolio of High Quality Uranium Properties in Canada

“Our goal is to complement Kivalliq’s existing resource base at Angilak by employing our team’s considerable northern exploration and Saskatchewan uranium experience to make significant discoveries at each of the properties in our portfolio,” stated CEO Jim Paterson. Kivalliq’s team is comprised of uranium exploration and nuclear sector professionals with decades of experience of delivering excellent results on large-scale programs.

“We’ve got very supportive shareholders who have stuck with us through the bear market in the uranium sector and have added to their position over the last few years,” said Paterson. “I think we enjoy a high level of credibility with those investors that know a lot about exploration. What we’re waiting for now is a turnaround in the uranium sector because we feel we have a major head start on our competitors and will be able to rapidly advance our projects.”

Investment Highlights

  • Nunavut and Saskatchewan are mining friendly jurisdictions
  • Multiple projects being advanced or operated by global mining companies in close proximity Near established infrastructure (SK)
  • Winners of environmental stewardship awards in Nunavut
  • Lac 50 Trend: Northern Canada’s highest grade uranium resource; 200 percent growth in inferred resource since 2011
  • 8 Drilling discoveries at Angilak outside Lac 50 resource
  • Industry beating discovery cost of under C$1.51/lb uranium
  • Current business model focuses on strategic acquisitions (Hatchet Lake – SK, Genesis – SK, Baker Basin – NU, Baffin Gold – NU) and Angilak Property – NU with a goal of project advancement

Flagship Project: Angilak Property, Nunavut

The Angilak Property covers 101,111 hectares in the Kivalliq District of Nunavut about 325 kilometers west of Rankin Inlet. The project hosts the Lac 50 Trend deposit —the highest-grade uranium resource in Canada outside of Saskatchewan.

Through comprehensive exploration programs, Kivalliq has successfully grown the resource estimate at Lac 50 by 200 percent from the 2011 maiden resource to the current Inferred resource of 2,831,000 tonnes grading 0.69 percent U3O8 for a total of 43.3 million pounds U3O8.

Beneficiation and metallurgical testing performed on the Lac 50 Trend at Angilak has included locked cycle alkaline leach tests, yellowcake precipitation and a radiometric ore sorting study.

“Our team continues to advance and de-risk the Angilak Property by evaluating potential uranium extraction and processing options,” said Paterson. “The combination of high uranium recoveries and low reagent consumption will have a positive impact on project economics. In addition, the radiometric sorting study demonstrated the potential to remove more than 50 percent of the waste rock prior to milling.”

The Lac 50 Trend represents just a portion of the entire land package at Angilak. Recent exploration work demonstrates the properties significant potential for further resource growth on a district scale.

New Discovery: Dipole-RIB Trend

During the 2015 exploration program at Angilak, the company drilled the Dipole target within the larger Dipole-RIB Trend which lies 25 kilometers southwest of the Lac 50 Trend and shares similar geology.

Highlights from drilling at the Dipole target include:

  • 2.34% U3O8 over 1.3 metres (m) from 28.3 m to 29.6 m in 15-DP-009
  • 0.21% U3O8 over 6.7 m from 46.4 m to 53.1 m in 15-DP-009
  • 0.17% U3O8 over 8.0 m from 27.9 m to 35.9 m in 15-DP-005
  • 0.18% U3O8 over 6.7 m from 35.5 m to 42.2 m in 15-DP-006
  • 0.14% U3O8 over 2.1 m from 75.5 m to 77.6 m in 15-DP-002
  • The Dipole zone remains open in all directions.

“The Dipole discovery confirms that high-grade Lac 50-type uranium mineralization occurs in other areas across the Angilak Property,” stated Kivalliq President Jeff Ward. “The assays from Dipole returned significant near surface uranium mineralization over broad widths. 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.”

Yat Target—Uranium and Precious Metals

Exploration programs at Kivalliq have found multiple high grade showings of gold, silver and copper in addition to uranium as part of the same mineralized district. 

The Yat Target is located near the northern margin of the Angikuni Basin about 16 km southwest of the Lac 50 uranium resource and 10 km northeast of the new Dipole discovery. The area demonstrates high-grade polymetallic mineralization and visible gold has been noted.

During the 2015 exploration program at Angilak, rock samples collected at Yat returned the highest precious metal assays reported from the property to date: 1.82 percent U3O8, 6.8 percent Cu, 211 g/t gold, 80,900 g/t silver, 3.1 g/t platinum and 6.7 g/t palladium.

Saskatchewan Properties – Two Exploration Projects in a Prolific Uranium District

Genesis / Hatchet Lake Property

In Saskatchewan, Kivalliq holds a 100% interest in the 13,711 hectare Hatchet Lake Property adjacent to the north-eastern margin of the highly prolific uranium-producing Athabasca Basin. Compilation of results from previous exploration by Hathor Exploration Limited and Rio Tinto have identified multiple, priority unconformity-related basement targets at Hatchet Lake that were followed up in 2015.

Kivalliq also holds a 50% interest in the 131,412 hectare Genesis Property located northeast of Saskatchewan’s Athabasca Basin, with Roughrider Exploration Limited funding the current exploration program pursuant to an option to acquire up to an 85% interest in the property. This highly prospective project is located along the Wollaston-Mudjatik trend and extends 90 kilometres northeast from Wollaston Lake to the Manitoba border.

On October 10th, Kivalliq and Roughrider announced announced the completion of a 1,943 line-kilometre helicopter-borne electromagnetic survey at the Hatchet Lake Property and Genesis Property uranium projects in northeastern Saskatchewan. Geotech Ltd. of Aurora, Ontario was contracted to fly the survey using their ZTEM™ system, with in3D Geoscience Inc. providing independent QA/QC during data acquisition.

The survey was completed between September 26 and October 5, 2017 and final deliverables, including modelling and interpretation, are expected late in 2017.

Kivalliq Energy Corporation – Building a Portfolio of High Quality Uranium Properties in Canada

“Based on Hatchet Lake’s strategic location near all of Canada’s uranium mining and milling infrastructure, a discovery here would have significant development advantages,” stated Kivalliq’s President, Jeff Ward.

The Team – A Track Record of Success in Exploration, Finance, Nuclear Fuels, and M&A

Jim Paterson—Chairman, CEO and Director

Jim Paterson has been a member of the Board of Directors of Kivalliq since the company’s inception in 2008. Appointed CEO of Kivalliq in 2010, he was a driving force behind more than CDN$57M in equity financings, one of the largest uranium exploration programs on the globe, and a 200 percent increase in mineral resources at the Lac 50 deposit from 2010 – 2013. He has 20 years of corporate experience with several North American publicly traded companies, participating in acquisitions, joint-ventures, spin-outs, reverse transactions and IPO’s. Since January 2010, Jim has been involved as an executive or as an active director of companies which have raised in excess of $175 million in equity financings. Paterson founded, was President & CEO, and Director of Corsa Capital Ltd., a company which acquired and capitalized coal mining assets in the USA. Jim was a director of Kaminak Gold Corporation and in July of 2016, Goldcorp. acquired Kaminak Gold Corporation for in excess of $500 million. Paterson also serves as a director of Northern Empire Resources Corp. and Bluestone Resources Inc. – both mineral exploration companies listed on the TSX Venture Exchange.

Jeff Ward—President

Jeff Ward joined Kivalliq in 2008 as VP Exploration and was appointed President of Kivalliq in 2010. Ward co-manages the exploration programs at Genesis (Saskatchewan) and Angilak (Nunavut), which have led to multiple uranium discoveries property-wide and the delineation and rapid growth of one of the world’s highest grade uranium resources (Lac 50). He obtained a Bachelors of Science degree in Geology from the University of Western Ontario and is a registered professional geologist in British Columbia and Alberta. He has over 25 years’ experience exploring for base metals, precious metals and diamonds with companies such as Corona Corporation, Ashton Mining of Canada, and Stornoway Diamond Corporation. Ward’s experience ranges from reconnaissance to advanced-stage projects throughout Canada’s north. As Regional Project Manager, he directed exploration programs in the Northwest Territories, Nunavut and Alberta for over ten years and was responsible for program design, supervision, compliance, joint venture management and stakeholder relations.

Andrew Berry—COO

Andrew Berry joined Kivalliq Energy Corp. in April 2009 as Project Manager. Appointed COO in 2010, he co-manages the exploration programs at Genesis (Saskatchewan) and Angilak (Nunavut). From 2010 – 2013, Berry oversaw one of the largest uranium exploration programs on the globe, which led to multiple property-wide discoveries and a 200 percent increase in mineral resources at the Lac 50 deposit. He holds a technical diploma in exploration geology from Sir Sandford Fleming College in Ontario. He has more than 30 years’ experience with surface and underground programs exploring and developing precious metal, base metal and diamond deposits in Canada, South America and Africa. He was an integral member of Flanagan McAdam Ltd. and the Muscocho Group, developing mining projects in Ontario, British Columbia and the Yukon. As Project Manager with Ashton Mining of Canada and Stornoway Diamond Corp., he gained more than 15 years of logistical experience exploring and operating in Canadian Arctic environments.

Dale Wallster—Director

Dale Wallster is a geologist and a prospector with over 30 years’ experience in North American mineral deposit exploration, with a focus on the targeting and discovery of unconformity-related uranium deposits since 2002. He was president and founder of Roughrider Uranium Corp., a company acquired by Hathor Exploration Limited in 2006 for its 1,000,000 acres of strategically located uranium properties in the Athabasca Basin. Wallster and his team are widely credited in the mineral exploration sector for the discovery of the Hathor’s Roughrider deposit. In January 2012, Hathor became a wholly-owned subsidiary of Rio Tinto as part of a CAD$650 million acquisition.

Jim Malone—Director

Jim Malone served as co-editor of the World Nuclear Association’s (“WNA”) “The Global Nuclear Fuel Market Report Supply and Demand 2007 – 2030.” He is currently Chairman of the WNA’s Fuel Technology Working Group and is working on a high power density metallic fuel technology development with Lightbridge Corporation, and a high thermal conductivity oxide fuel with IBC Advanced Alloys Corp. He was Chairman of the Board of Hathor Exploration, which, in January 2012, became a wholly-owned subsidiary of Rio Tinto as part of a CAD$650 million acquisition. Malone is widely recognized as a nuclear industry and nuclear fuel expert, with more than 40 years of experience in the downstream business, most recently as vice-president, nuclear fuels, Exelon Generation Co. LLC, the largest generator of nuclear power in North America. In 1968, he began his career in nuclear power as an engineer in the utility reactor core analysis section of the nuclear engineering department of United Nuclear Corporation (UNC) after receiving a B.S. in chemical engineering (nuclear) at Manhattan College, Bronx, New York in 1968. He is a member of the American Nuclear Society and a Past Chairman of the ANS Fuel Cycle Waste Management Division.

Garth Kirkham—Director

Garth Kirkham is the former president Canadian Institute of Mining (CIM), serving 2015-2016. He the Chair of the CIM Best Practices Committee and the Chair of the Geoscientists Canada, Securities Committee. He is the past-Chair and President of the Mineral Deposits Division of the GAC along with being on Councillor and the Distinguished Lecturer Coordinator. He is Past Chair of the Vancouver Mineral Exploration Group (MEG) and a Councillor for the past three years with APEGBC along with being Vice-Chair of the Geoscience Committee. Kirkham obtained a Bachelor’s degree in Science from the University of Alberta in 1983, completing his degree with majors in Geophysics, Geology and Mathematics. He became a Registered Professional Geoscientist in Alberta (APEGGA) in 1987, in Northwest Territories and Nunavut Association (NAPEGG) and BC (APEGBC) in 2005, in Ontario (APGO) in 2011, in Manitoba (APEGM) in 2012 and is a member in good standing in all. He is also a member of SEG (Society of Exploration Geologists), CIM (Canadian Institute of Mining), AMEBC (Association of Mineral Exploration of BC), GAC (Geological Association of Canada) and PDAC (Prospectors and Developers Association of Canada).

Jim Dawson—Director

Jim Dawson serves as President of Dawson Geological Consulting Ltd., a geological consulting company. Dawson has been a Professional Consulting Geologist for over thirty years, and has been a Director of Public Companies in the Mineral Resource Industry for almost twenty years. Also, he has managed his own consulting Geological Firm for many years. As a partner with Kerr, Dawson & Associates from 1972 to 1985, he participated in the discovery of the Blackdome Mine, Frasergold and Taurus Properties in British Columbia and the Big Horn Mine in Arizona. He was a Director of Minefinders Corp, a Member of Technical Advisory Board of Kaminak Gold and a Director of Great Southern Enterprises. He was part of the original Pan Ocean team which made the discovery of the Lac Cinquante U-Mo Occurrence in 1975. Jim Graduated from Memorial University with a B.Sc. in 1960 and an M.Sc. in 1963.

John Robins—Strategic Advisor

John Robins is a professional geologist with over 25 years of experience. A graduate of the University of British Columbia with a Bachelor of Science in Geology, Robins initially worked as a self-employed prospector and geologist in BC and Northern Canada. He has been a driving force within the Vancouver mining sector as founder of Hunter Exploration, Stornoway Diamond Corporation, Kivalliq Energy Corporation, North Country Gold Corp. and Kaminak Gold Corp., culminating in 2005 with his co-founding of the Discovery Group of Companies Mr. Robins was also involved in the successful sale/merger of several public companies including Grayd (Agnico Eagle), Troon (Grenville Strategic Royalty), Arauco (Kinross), Creston (Mercator), Northair Silver (Kootenay Silver), and Kaminak (Goldcorp.). In 2008, Robins was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. “Spud” Huestis Award.

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