VANCOUVER, April 17, 2013 /CNW/ - Kivalliq Energy Corporation (KIV: TSX-V) ("Kivalliq") today announced, as part of Phase 1 of the 2013 exploration program, the discovery of radioactive mineralization associated with a geophysical conductor located between, and along strike from, the Eastern Extension and J4/Ray Zones at the 340,268 acre Angilak Property in Nunavut Territory, Canada.
"The season has started on an extremely positive note, with the confirmation that a prospective new zone exists between the Eastern Extension and J4 zones that form part of the current Lac 50 Trend inferred resource," stated Jim Paterson, Kivalliq's CEO. "Our technical team continues to deliver exceptional exploration results, as we work towards extending known resources and testing new targets property wide."
Exploration progress in 2013 to date includes:
- Five diamond drill holes totaling 584 metres focused on linear geophysical targets between Eastern Extension and J4-Ray resource areas of the Lac 50 Trend
- Five of five holes from two sites have intersected anomalous radioactivity
- 573 line kilometres of ground resistivity electromagnetic ("EM") surveying to prioritize targets in Lac 50 Trend
J1 Zone Discovery
Radioactive mineralization has been intersected in five of five holes drilled from two drill sites along 150 metres of strike length approximately 800 metres west of the J4 and Ray zones. The new J1 Zone is a one kilometre long EM conductor located along strike of, and midway between, the Eastern Extension and J4 resource areas.
The J1 Zone has been intersected at depths between 27.5 and 77.5 vertical metres. Five of five holes from two sites have intersected anomalous radioactivity with values ranging from 130 to 12,000 counts per second ("cps") in down hole widths of 0.2 to 0.5 metres. Mineralization at J1 occurs as narrow carbonate veins in sheared, hematized, sulphidic graphitic tuff within a larger sequence of basalt and gabbro, similar to the lithological units hosting mineralization at J4, Ray and Lac Cinquante.
All holes in target areas were drilled northeast with azimuths 26 degrees at inclinations between -45 and -89 degrees.
The first phase of 2013 exploration commenced with the mobilization of crews and equipment to the Nutaaq camp in March, with one diamond drill rig now operating. Kivalliq is fully funded to drill high priority targets from March to June and perform geophysical activities in key areas that must be completed before ice break-up. As part of the Phase 1 program, Kivalliq intends to drill approximately 3000 metres of NQ core, with one diamond drill rig, on advanced targets within the Lac 50 Trend and new targets such as Dipole and VGR located on the western side of the Angilak Property. Pending 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 12,000 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.
Image with caption: "2013 Lac 50 Trend Drill Plan Map - April 17 Update (CNW Group/Kivalliq Energy Corporation)". Image available at: http://photos.newswire.ca/images/download/20130417_C5918_PHOTO_EN_25597.jpg
SOURCE: Kivalliq Energy Corporation
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