VANCOUVER, Jan. 13, 2014 /CNW/ - Kivalliq Energy Corporation ("Kivalliq", TSX-V: KIV) today announced that it has staked 36 mineral claims totalling 362,789 acres (146,815 hectares), northeast of Saskatchewan's Athabasca Basin and along the prospective Western Wollaston Tectonic Domain. Kivalliq's new, 100% owned "Genesis Property" commences 25 kilometres northeast of the Eagle Point uranium mine and Rabbit Lake mill operated by Cameco Corporation and extends 90 kilometres to the northeast along this prospective geological and structural domain to the Manitoba border. The Genesis Property covers 28 documented historic uranium showings and several uraniferous boulder trains.
Saskatchewan is one of the world's most prolific uranium districts, having both established infrastructure and a politically supported uranium mining industry. The Genesis Property falls within Western Wollaston Domain and the Wollaston-Mudjatik Transition Zone. These zones host the majority of known Canadian uranium deposits and all of Canada's operating uranium mines, which currently account for 15% of the world's annual supply of uranium.
"The current uranium spot pricing environment continues to present excellent opportunities to increase Kivalliq's exposure to, and ownership of, high quality uranium projects," stated Kivalliq's CEO, Jim Paterson. "Our goal is to complement Kivalliq's existing resource base at Angilak and exploration potential at Baker Basin, by employing our team's considerable northern exploration and Saskatchewan uranium experience to make significant discoveries at the Genesis Property."
The Western Wollaston and the Wollaston-Mudjatik Transition Domains are high-strain zones within reworked Archean and Paleoproterozoic rocks of the Hearne Subprovince. This lithostuctural trend hosts the majority of basement and unconformity type uranium deposits known in the Athabasca Basin. The trend is marked by a regional magnetic low along the boundary between primarily granitoid rocks of the Mudjatik Domain to the west, and gneissic metasediments of the Wollaston Domain to the east.
Where the Western Wollaston Domain and the Wollaston-Mudjatik Transition Zone extend to the northeast of the Athabasca Basin, Kivalliq identified a highly favourable and relatively underexplored area based on a range of criteria. Specific Genesis Property claim locations were selected based on a compilation of publicly available regional and property-scale geological, geophysical and geochemical data sets from government sources and previous exploration groups. Numerous targets recommended for follow-up by previous explorers remain untested.
Maps showing the location of the Genesis Property and regional data are available at: http://kivalliqenergy.com/Uranium/Genesis
Kivalliq exploration efforts will focus on near surface, basement-hosted, structurally controlled uranium targets analogous to the Millennium, Roughrider, Eagle Point and Rabbit Lake deposits. Data integration and interpretation is underway to prioritize targets and refine budgets for future exploration programs.
Jeff Ward, P.Geo, President of Kivalliq and a Qualified Person for Kivalliq, has reviewed and approved the publicly available scientific and technical information by previous exploration groups contained in this release.
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 Angilak Property partner Nunavut Tunngavik Inc. ("NTI"). 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
For further information about Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected]
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 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. 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. 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:
about Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected]