Kivalliq Announces Drill Program at Lac Cinquante
Wed Jun 3, 4:00 PM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 2009) - Kivalliq Energy Corporation (TSX VENTURE: KIV.V) (the "Corporation" or "Kivalliq") today announced that Phase One of a planned 10,000 metre diamond drill program will commence this summer on the Lac Cinquante Uranium Deposit, reported to contain 20.4 million pounds of uranium oxide grading in excess of 1% (non NI 43-101 compliant)(1).
This first phase of drilling will consist of approximately 2,000 metres and is designed to confirm high-grade intercepts, verify dimensions and test the potential to expand this historic uranium deposit. Reports by previous operators indicate that Lac Cinquante remains untested at depth and along strike. The summer program will include step-out drilling on the EM conductor directly associated with the Lac Cinquante deposit and on parallel conductors that make up the nine kilometre long Lac Cinquante trend. The balance of the drill program will be carried out in early 2010.
"We are excited to initiate the first drill program at Lac Cinquante in over 25 years," stated John Robins, President and CEO of Kivalliq Energy Corporation. "This is Kivalliq's first step toward delineating a compliant resource and expanding the known extent of the Lac Cinquante uranium deposit."
During the 2008 field program, Kivalliq's team was able to identify 106 collars from holes drilled in the early 1980's. Core for the majority of these holes was located on site, still legible and in good condition. Results from re-sampled intervals of this core returned: 2.24% U3O8 over 1.5 metres, including a 0.5 metre zone of 4.16% U3O8.
Earlier this year, Kivalliq completed a conceptual 3D model of the deposit by combining historic information and assaying archived drill core. This model will be a valuable exploration guide in targeting for the summer drill program.
Phase One drilling will be fully funded through proceeds from Kivalliq's recent non-brokered private placement totalling $1,565,000 CDN. All regulatory and drill permits are in place, drilling contracts will be awarded shortly, camp facilities with fuel are already on site, and community updates will take place prior to drilling.
QA/QC
Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo (Vice President Exploration of Kivalliq) and Rob Carpenter, Ph.D., P.Geo (Chairman of Kivalliq) who are Qualified Persons for the purposes of National Instrument 43-101.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a new uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.
This landmark partnership with the Inuit gives Kivalliq a unique opportunity to explore and develop the Lac Cinquante Deposit, northern Canada's highest grade uranium deposit. Reported to contain 20.4 million pounds of uranium oxide with grades in excess of 1% U3O8 (not National Instrument 43-101 compliant), the historic Lac Cinquante uranium deposit and over 150 other uranium occurrences on the property comprise Kivalliq's core asset, the 270,000 acre Angilak Project.
Kivalliq Energy Corporation is a member of the Discovery Group of companies. For more information on the group visit www.discoveryexp.com.
On behalf of the Board of Directors
John Robins, P.Geo, President and CEO
Kivalliq Energy Corporation
(1) The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd., Abermin Corporation and referenced by subsequent sources. It is a historical estimate as defined in National Instrument 43-101, but should not be relied upon since it does not comply with standards of disclosure required for reserves and resources stated therein. However, it 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. A Qualified Person has not classified historical estimates as current mineral resources/reserves, and Kivalliq is not treating them as current mineral resources/reserves since work to date has not verified the historical estimates. Kivalliq has not done any work to confirm these estimates but will be planning exploration programs aimed at evaluating the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being delineated as a mineral resource.
Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, 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. 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.
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.
Contacts
Tony Reda
Kivalliq Energy Corporation
Investor Relations
Toll Free: 1.888.331.2269 or Direct: 604.646.4534
info@kivalliqenergy.com
www.kivalliqenergy.com |
