Kivalliq Energy Corp. (TSX: V.KIV, Stock Forum) said results from five diamond drill holes at the Nine Iron Trend have lead to a uranium discovery.
Nine Iron is one of six mineralized zones discovered this year within the 340,268 acre Angilak Property in Nunavut, Canada.
According to the Kivalliq Energy press release, the Nine Iron Trend was initially recognized during the 2011 prospecting program while investigating historic reports of mineralized showings in the area.
Based on 2011 ground geophysics and mapping, a number of targets were tested by reverse circulation exploratory drilling and subsequent diamond drilling in 2012.
In total, 841 metres in five-core holes were drilled from three sites at the northeast end of the Nine Iron Trend.
Uranium mineralization was intersected in all five holes at vertical depths between 17 and 154 metres.
Significant uranium mineralization was intersected in three of five diamond drill holes, including 0.9 metres grading 0.45% uranium in hole 12-BIF-001, 1.3 metres grading 0.28% uranium in hole 12-BIF-002 and 2.1 metres grading 0.24% uranium in hole 12-BIF-003.
Kivalliq is a Vancouver-based uranium exploration company holding Canada's highest-grade uranium deposit outside of Saskatchewan's Athabasca Basin.
On Monday, Kivalliq’s stock was up 8% and was trading at $0.325 a share. The company has a market cap of $56.5 million, based on 173.9 million shares outstanding. The 52-week high and low was $0.64 and $0.265