Land package, totalling 408,981 hectares
Uranium junior Kivalliq Energy last week expanded its portfolio of projects focused in Nunavut, northern Canada, by acquiring a position in what it says is one of the largest undeveloped greenstone gold belts in Canada, from Commander Resources.
In a news release Vancouver-based Kivalliq said the land package, totalling 408,981 hectares, covers 160 kilometres of the Foxe Fold Belt on central Baffin Island. It includes 15 prospecting permits and a Mineral Exploration Agreement with Nunavut Tunngavik Inc. which manages Inuit responsibilities set out in the Nunavut Land Claims Agreement.
"With the acquisition of the Baffin Gold project in Nunavut Territory, we have strengthened our relationship with NTI and we now hold an entire district with proven gold potential,” stated Kivalliq Energy CEO Jim Paterson.
“Our team will benefit greatly from the significant exploration expenditures from previous operators, which generated extremely high-grade gold numbers at exploration targets that also exhibited potential for significant size and scale. We feel the combination of the Baffin Gold project’s key attributes, including: low entry cost; high potential for discovery and expansion of known gold zones; in a mining friendly jurisdiction, make this a highly valuable acquisition for the shareholders of Kivalliq. Our group has multi-decades of experience running successful northern projects and the Baffin Gold Property is a great addition to the Kivalliq portfolio.”
The Baffin Gold Property is a district-scale land package covering an entire Proterozoic gold belt having geological and structural similarities to multi-million ounce gold mines in the north (i.e. Meadowbank, Lupin) as well as the prolific Homestake Mine in South Dakota. Previous exploration has identified numerous prospects along 140 kilometres of strike length, with high-grade gold occurring in multiple settings: silicate and sulphide iron formation; shear zones and quartz veins hosted in granodiorite, metavolcanics and metasediments.
