VANCOUVER, June 4, 2013 /CNW/ - Kivalliq Energy Corporation (TSXV: KIV) ("Kivalliq") today announced the discovery of uranium mineralization associated with
a geophysical conductor located 650 metres north east of the J4 Zone at
the 340,268 acre Angilak Property in Nunavut Territory, Canada.
"The ML Zone is Kivalliq's second drilling discovery this season; and
the 12th such discovery within the highly prospective Lac 50 Trend since 2010.
Our exploration targeting techniques continue to generate positive and
meaningful results," stated Jim Paterson, Kivalliq's CEO. "As in the
past two years, work in Phase 1 has identified zones for follow up. We
will now focus on activities with the potential to impact a preliminary
economic assessment ("PEA") of the Lac 50 Trend."
Exploration highlights in 2013 to date include:
Two new uranium discoveries from drilling of the Lac 50 Trend - ML Zone
and J1 Zone
ML Zone - Hole 13-ML-001 intersected anomalous radioactivity up to
30,000 counts per second ("cps") over 1.3 metres true width, 300 metres
west of an anomalous reverse circulation ("RC") hole drilled in 2012
J1 Zone - Six of six holes drilled intersected anomalous radioactivity
800 metres west of the J4 zone
995 line kilometres of geophysical surveying prioritized targets within
the Lac 50 Trend and property-wide
ML Zone Discovery
The ML Zone conductor was identified as a priority target in 2012 when a
single RC hole at the end of the season intersected host rocks and
mineralization similar to that in the Lac 50 Trend, with anomalous
radioactivity between 200 and 1600 cps over 1.5 metres. In April 2013,
four core holes totaling 632 metres tested this 1.5 kilometre long
conductor from two sites 1.1 kilometres apart.
Holes 13-ML-001 and 002 tested the ML Zone conductor 300 metres west of
the 2012 RC hole. 13-ML-001 intersected anomalous radioactivity with
values between 200 and 30,000 cps over a true width of 1.3 metres at 60
metres vertical depth. Mineralization occurs within a 4.3 metre wide
zone of sheared, hematized, sulphidic graphitic tuff and carbonate
veining. Hole 13-ML-002 intersected the same altered tuff unit 36
metres down dip, but with no radioactivity. Holes 13-ML-003 and 004
tested the ML conductor 1.1 kilometres along strike to the east,
intersecting a similar sheared tuffaceous host rock with no
radioactivity. Closer spaced drilling is warranted on this mineralized
All holes in target areas were drilled northeast with azimuths 26
degrees at inclinations between -45 and -67 degrees. For maps and drill
plan images, please visit: http://www.kivalliqenergy.com/projects/angilak/program_images/
Phase 1 Exploration Program
As part of the Phase 1 program, Kivalliq drilled 2,100 metres of NQ core
in 14 holes using one drill rig. Three priority targets were tested
within the Lac 50 Trend, two new zones discovered (J1 and ML) and a
single hole was drilled at the VGR1 anomaly on the west side of the
In addition to five holes reported for the J1 Zone (news release dated
April 17, 2013) a sixth hole testing this anomaly encountered weak
radioactivity (1400 cps) over 0.2 metres. Two holes drilled on ice,
13-J1-007 and 13-J4W-001, investigated lake based targets located
approximately 500 metres west of J1. These holes intersected fault
breccia with no radioactivity.
A single vertical hole tested the VGR1 geophysical anomaly approximately
25 kilometres west of the Lac 50 Trend. Drilling was completed to a
depth of 412 metres without reaching the target unconformity between
Proterozoic basin and Archean basement rocks, and an initial hole was
lost due to poor drilling conditions. No elevated radioactivity was
noted in the sequence of carbonate veined trachyte and maroon-red
sandstone before the hole ended in horizontal bedded sandstone.
Geophysical anomalies at VGR1 and on lakes in the Lac 50 Trend were not
explained by drilling and further work is warranted.
Pending assay results and subject to capital market conditions, Kivalliq
will continue the second phase of the proposed 2013 Exploration Program
at Angilak, announced February 5 and revised on April 2, 2013.
Half-spilt core samples from holes drilled at the Angilak Property, with
anomalous radioactivity levels between 130 and 30,000 cps measured to
date, will be sent to Saskatchewan Research Council Geoanalytical
Laboratories ("SRC") for analysis. The SRC facility operates in
accordance with ISO/IEC 17025:2005 (CAN-P-4E), General Requirements for
the Competence of Mineral Testing and Calibration laboratories and is
accredited by the Standards Council of Canada. Kivalliq's quality
assurance and quality control procedures include the systematic
insertion of blanks and standards into the drill core sample string.
Chemical assay results from this drill program will be reported by
Kivalliq upon receipt.
Natural gamma radiation in drill core was measured in counts per second
using a hand-held Radiation Solutions Inc. RS-121 scintillometer or
RS-230 spectrometer. Kivalliq cautions that scintillometer readings are
not directly related to uranium grade and are only used to indicate
zones of radioactive material.
Jeff Ward, P.Geo, President of Kivalliq and a Qualified Person for
Kivalliq, has reviewed and approved the scientific and technical
information contained in this release. For disclosure related to the
inferred resource for the Lac 50 Trend uranium deposit, please refer to
Kivalliq's news release of March 1, 2013.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based uranium
exploration company holding Canada's highest-grade uranium resource
outside of Saskatchewan's Athabasca Basin. Its flagship project, the
340,268 acre Angilak Property in Nunavut Territory, hosts the Lac 50
Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading
0.69% U3O8, totaling 43.3 million pounds U3O8. Kivalliq's comprehensive
exploration programs continue to advance the Lac 50 Trend and
demonstrate the "District Scale" potential of the Angilak Property.
Kivalliq's team of northern exploration specialists have forged strong
relationships with sophisticated resource sector investors and project
partner Nunavut Tunngavik Inc. ("NTI") in order to advance the Angilak
Property. Kivalliq was the first company to sign a comprehensive
agreement to explore for uranium on Inuit Owned Lands in Nunavut
Territory, Canada and is committed to building shareholder value while
adhering to high levels of environmental and safety standards and
proactive local community engagement.
On behalf of the Board of Directors
James R. Paterson, CEO
Kivalliq Energy Corporation
Kivalliq Energy Corporation is a member of the Aurora Mineral Resource
Group of companies, for more information please visit www.auroraresource.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Certain disclosures in this release, including the budget and
exploration program proposed for the Angilak Property, constitute
forward-looking statements that are subject to numerous risks,
uncertainties and other factors relating to Kivalliq's operations as a
mineral exploration company that may cause future results to differ
materially from those expressed or implied in such forward-looking
statements, including risks as to the completion of the plans and
projects. Readers are cautioned not to place undue reliance on
forward-looking statements. Other than as required by applicable
securities legislation, Kivalliq expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether
as a result of new information, future events, or otherwise.
Cautionary Note concerning estimates of Inferred Resources:
This news release uses the term "inferred resources". Inferred resources
have a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an Inferred Mineral Resource will ever
be upgraded to a higher category. Kivalliq advises U.S. investors that
while this term is recognized and required by Canadian regulations, the
U.S. Securities and Exchange Commission does not recognize it. U.S.
investors are cautioned not to assume that part or all of an inferred
resource exists, or is economically or legally mineable.
SOURCE: Kivalliq Energy Corporation
For further information:
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com m.kivalliqenergy.com) or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at email@example.com