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Kivalliq Energy Corporation (TSXV:KIV) announced it has released results from the summer exploration program at its 100-per-cent-owned Hatchet Lake property in the Athabasca region of Saskatchewan.
Kivalliq Energy Corporation (TSXV:KIV) announced it has released results from the summer exploration program at its 100-per-cent-owned Hatchet Lake property in the Athabasca region of Saskatchewan.
As quoted in the press release:
The 13,711 hectare (33,881 acre) Hatchet Lake Property is situated on the Mudjatik-Wollaston Transition Zone, 39 kilometres along trend from Rio Tinto’s Roughrider deposit and within 29 kilometres of Cameco Corporation’s Eagle Point uranium mine. The 2015 program budgeted at $500,000 was designed to verify airborne geophysical signatures and confirm uranium anomalism in priority target areas.
Highlights of the 2015 program include:908 soil and 1322 vegetation (biogeochemical) samples verified historic results and identified priority target areas at Upper Manson and SW Scrimes, both having soil and vegetation geochemical uranium anomalies;140 line kilometres of ground magnetic and VLF EM geophysical surveying resolved multiple conductive trends and geology at Upper Manson and on the Scrimes Peninsula;Grab samples at SW Scrimes returned values up to 2.43% U3O8 from pegmatite boulders and 0.68% U3O8 from a new pegmatitic occurrence in outcrop; Comprehensive processing and analysis of all available datasets by Condor Consulting Inc. (Condor) generated a new “Geointerp” for the Property with 17 prioritized target zones, four of which are considered high-priority and correspond to Kivalliq’s key target areas.
Two high-priority zones, Upper Manson and SW Scrimes, have emerged based on work to date. The Upper Manson and SW Scrimes targets occur within northeast trending pelitic and psammopelitic gneiss host rocks and are highlighted by uranium anomalism noted in historic samples from boulders, lake sediments, soils and vegetation. Work by Kivalliq in 2015 was able to confirm anomalous uranium geochemistry in all six areas sampled (soil and vegetation), as well as upgrade the geological and structural model for Hatchet mineralization through Condor’s independent analysis.
Kivalliq President, Jeff Ward, stated:
Results from Kivalliq’s first exploration program at the Hatchet Lake property have confirmed and enhanced basement hosted uranium targets identified by previous operators Hathor and Rio Tinto. Further work to advance the project in 2016 is warranted. 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.