Kivalliq Energy Corporation (TSXV:KIV) announced a 60% increase in the NI 43-101 compliant Mineral Resource estimate for the Lac 50 Trend uranium deposits.
As quoted in the press release:
At a base case cut-off grade of 0.2% U3O8, an Inferred Mineral Resource is estimated at 2,831,000 tonnes grading 0.69% U3O8, containing 43.3 million lbs. U3O8. For evaluation purposes, three additional metals: silver (Ag g/t), molybdenum (Mo %) and copper (Cu %) have also been estimated within the resource model.
The increase in the Inferred Mineral Resource from the previous 2012 estimate is primarily attributed to the addition of the newly-discovered J4 and Ray deposits, situated near surface and 1.8 kilometres along strike from the eastern margin of the Lac Cinquante Eastern Extension zone.
Kivalliq Energy Corporation CEO, Jim Paterson said:
Since announcing our initial inferred resource for Lac 50 Trend in early 2011, Kivalliq’s exploration programs have increased the contained U3O8 in resources by more than 300% and we have one of the largest undeveloped and highest-grade uranium resources in Canada, outside of the Athabasca Basin. Our low finding costs, the rate of new discoveries and the third consecutive year of substantial uranium resource growth clearly demonstrate the “District Scale” potential of the Angilak Property.