International news within the industry of mining and metal, Nov, 15 2018
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Kivalliq Energy aquire 15 prospecting permits on central Baffin Island

An entire district with proven gold potential

Foto: Pixabay
Foto: Pixabay
Published by
Peter Höök - 01 Jun 2017

Kivalliq Energy announced a strategic addition to its project portfolio through a Mineral Exploration Agreement with Nunavut Tunngavik Inc. the acquisition of 15 prospecting permits; and a transaction with Commander Resources Ltd. The combined land package totals 408,981.6 hectares and covers 160 kilometres of the Foxe Fold belt on central Baffin Island, host to one of the largest undeveloped greenstone-iron formation gold belts in Nunavut, Canada.

“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.