Angilak Project, Nunavut

Covering 225,000 acres, the Angilak Project is Kivalliq’s core asset and the reason behind the company’s creation. Consolidated from a previously fragmented land position (1970s – 1980s) and unexplored for over 25 years, the Angilak Project offers Kivalliq a unique opportunity to uniformly explore this comprehensive land package and apply modern day technology and deposit modeling to it.

This exciting and compelling project is host to the historic, high-grade Lac Cinquante uranium deposit which is reported to contain 20.4  million pounds of uranium oxide with grades in excess of 1.03% U3O8 (not National Instrument 43-101 compliant)**.  Open at depth and along trend, the Lac Cinquante uranium deposit is near-surface and has never been drill tested below 256 metres.  The Angilak Project also boasts other high-grade uranium surface showings near the deposit that share many of the same geological attributes as Lac Cinquante, suggesting high potential for the discovery of look-alike deposits on the property.

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** The quoted disclosure of historical resource estimates for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd in 1982, Abermin Corporation in 1986, and referenced by other subsequent sources. It was prepared prior to the implementation of National Instrument 43-101 (NI 43-101) and should not be relied upon since it does not comply with NI 43-101 Standards of Disclosure for Mineral Projects. A Qualified Person has not classified the historical estimates as current mineral resources or reserves, and therefore, Kivalliq is not treating them as such. Kivalliq has not completed any work to verify these estimates, but ongoing exploration programs are designed to evaluate the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being classified a mineral resource or reserve. However, the historical uranium resource estimate is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. Historic estimates were originally classified as “indicated” and “inferred” reserves, plus a third “possible” category; however, the equivalent categories acceptable under NI 43-101 are not known at this time.