Paterson discusses recent drill results from the Hatchet Lake property in Saskatchewan and the Dipole discovery in Nunavut.
Kivalliq Energy (TSXV:KIV) has had a busy month, releasing results from the first exploration program at its Hatchet Lake property in Saskatchewan, and then reporting assays from the first drill program at the Dipole discovery, located at its Angilak property in Nunavut, just a few days later.
The results from both of those properties just scratch the surface, and the company will be putting out more results from both Angilak and Hatchet Lake in the coming weeks. With that in mind, the Investing News Network caught up with Kivalliq CEO Jim Paterson to learn about the results in more detail and to find out what investors should be watching for next.
Speaking about Dipole, Paterson explained that nine holes were completed as part of the drill program there, with each hitting intervals of radioactivity and containing proven uranium mineralization. Highlights include 2.34 percent U3O8 over 1.3 meters from 28.3 meters to 29.6 meters.
“We hit some high-grade uranium. It’s shallow and the widths that we got were pretty impressive,” he said. “Those are relative to where we drilled at Lac 50, which is about 25 kilometers away, on the other side of the property. We drilled over 90,000 meters, we have 43 million pounds in a similar-type deposit. So we really know how to target and test for this type of uranium target … these results are pretty impressive and stack up pretty well against the Lac 50 resource.”
At Hatchet Lake, Kivalliq completed soil sampling, biogeochemical sampling as well as some geophysical surveying, verifying historical results and priority target areas identified by previous operators Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) and Hathor Exploration.
“We are putting that all together, and we are going to go out and tell that story within the next two weeks as well,” Paterson said. Moving forward at Hatchet Lake, he said the company will “be looking to the market to do some work in January or February of 2016. We will also be talking to different companies to see if there might be some interest in a joint venture partnership.”
Kivalliq’s portfolio also includes other properties, Baker Basin in Nunavut and Genesis in Saskatchewan, and Paterson said they offer a lot of different opportunities for Kivalliq in terms of monetization, striking deals and selling assets.
“If the market is there and wants to fund us, we can barrel forward on exploration to add pounds and grow the resources. We have a lot of different options, and we are not just a one-project company,” he concluded.
Securities Disclosure: I, Kristen Moran, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Kivalliq Energy is a client of the Investing News Network. This article is not paid-for content.