Press release from Marketwire
Kivalliq Energy: Final Drill Results Received from the Lac 50 Trend, Including High-Grade Uranium Assays from J4 Zone; 2.42% U3O8 Over 3.8 m, 2.86% U3O8 Over 1.5 m and 0.3% U3O8 Over 24.1 m
Tuesday, November 27, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2012) - Kivalliq Energy Corporation (TSX VENTURE:KIV) ("Kivalliq") today announced results from 80 diamond drill holes from within the Lac 50 Trend, including high-grade uranium assays from the J4 Zone. Discovered on July 1, 2012, the J4 Zone is located approximately two kilometres southeast of the Lac Cinquante Uranium Deposit and is one of five mineralized zones discovered this year within the 252,830 acre Angilak Property in Nunavut, Canada. Final results have now been reported from drilling within the Lac 50 Trend in 2012. Tables of assay results are available at: http://kivalliqenergy.com/projects/angilak/program_images/
Highlight Assay Results
- 2.42% U3O8, 0.25% Cu, and 137.4 g/t Ag over 3.8 metres* in hole 12-J4-029
- 2.86% U3O8 and 29.2 g/t Ag over 1.5 metres* in hole 12-J4-038
- 3.91% U3O8 and 18.3 g/t Ag over 0.9 metres* in hole 12-J4-028
- 2.85% U3O8, 0.66% Cu and 20.6 g/t Ag over 1.1 metres* in hole 12-J4-062
- 0.30% U3O8 and 10.1 g/t Ag over 24.1 metres* in hole 12-J4-050
Drilling at J4 intersected uranium over a strike length of 800 metres and; to a vertical depth of 383 metres, the deepest uranium intercept on the Angilak Property to date
*estimated true widths
"This year's drilling at J4 Zone has returned assay results with both high grades, and now with Hole J4-12-050, broad intervals of uranium mineralization," stated Kivalliq's President, Jeff Ward. "We look forward to incorporating results from this significant 2012 discovery into a revised resource estimate, scheduled for early 2013."
The J4 Zone is defined by an electromagnetic ("EM") conductor located 1.8 kilometres southeast of the Lac Cinquante's Eastern Extension and about 300 metres north of the Ray Zone. Significant uranium mineralization has now been intersected along 800 metres of strike length in 49 of 63 holes drilled from 24 sites at the J4 Zone. A total of 12,756 metres were drilled at J4 Zone in 2012. Assay results from 60 holes are presented in tables at: http://kivalliqenergy.com/projects/angilak/program_images/#section2-b
Uranium mineralization at J4 is hosted by two sub-parallel mineralized horizons, 10 to 45 metres apart, referred to as the J4 Upper Zone and the J4 Lower Zone. These zones have been intersected at vertical depths of between 35 and 383 metres, the deepest uranium interval drilled on the Angilak Property to date. Mineralization occurs in quartz-carbonate veins, having estimated true widths between 0.2 and 24.1 metres, hosted by a sheared sulphidic, graphitic tuff within a larger sequence of basalt.
The Ray Zone is expressed as a subtle EM conductor, parallel to J4 and located two kilometres along strike and southeast of Lac Cinquante's Eastern Extension.
In 2012, a total of 2,796 metres were drilled at the Ray Zone from five sites along 310 metres of strike length and uranium mineralization was intersected in 10 of the 16 holes drilled at vertical depths between 25 and 129 metres. This mineralization occurs in a narrow sulphidic, graphitic tuff horizon similar to mineralization at Lac Cinquante. The estimated true width of the zone varies between 0.4 and 1.8 metres, with the best result to date being 0.66% U3O8 over an interval of 1.2 metres. Assay results from the final seven holes are presented in the tables at: http://kivalliqenergy.com/projects/angilak/program_images/#section2-a-01
All holes at the J4 and Ray zones were drilled northeast with azimuths of 026° at inclinations ranging from -45° and -90°.
Lac Cinquante Main Zone and Eastern Extension
Assay results from the last nine holes drilled at the Main Zone and four holes drilled at the Eastern Extension in 2012 are presented in tables at:
Drilling at the Main Zone tested for mineralization below the current resource using 14 wide spaced holes, whereas drilling at the Eastern Extension tested the gap between the Eastern Extension and the Main Zone with four holes.
Limited drilling at the Main Zone below the current resource along 1.3 kilometres of strike intersected weak uranium mineralization in four holes, with the best result being 0.43% U3O8 over 0.3 metres estimated true width at 300 metres vertical depth (hole 12-LCM-006). At the Eastern Extension, two of four holes extended known mineralization by 50 metres westward, with the best result being 0.44% U3O8 over 0.8 metres estimated true width at 82 metres vertical depth (hole 12-LCE-001). All holes were drilled to the northeast with azimuths of 026°, at inclinations ranging from -45° and -79°.
For descriptions of the 2012 drilling and these zones please reference Kivalliq news releases July 25 and August 27, 2012.
To view cross sections, assays and drill plan maps from the 2012 exploration program, please visit: http://www.corebox.net/properties/angilak/ or www.kivalliqenergy.com/projects/angilak/program_images/
The fourth quarter of 2012 will be dedicated to initial metallurgical and engineering studies, technical analysis and resource modeling with the goal of identifying new target areas and updating the NI 43-101 mineral resource before the end of the first quarter of 2013.
The Highly Prospective Lac 50 Trend
On September 24, 2012, Kivalliq announced the completion of an aggressive exploration program, which included 38,856 metres of core and reverse circulation ("RC") drilling focused on adding inferred resources and testing new mineralized target areas within the Lac 50 Trend. The Lac 50 Trend is a three kilometre wide by 15 kilometre long southeast striking structural trend within Archean volcanic rocks adjacent to an unconformity with Proterozoic sediments of the Angikuni sub-basin.
In addition to the Lac Cinquante Uranium Deposit, the Lac 50 Trend is host to ten significant uranium occurrences discovered by Kivalliq since 2010, including five new uranium discoveries drilled this season. Our exploration work and the identification of new mineralized zones continue to validate the "District Scale" potential of the Angilak Property.
Half-spilt NQ core samples from Angilak Property drill holes having anomalous radioactivity levels above 200 counts per second ("cps") were sent to the Saskatchewan Research Council Geoanalytical Laboratories ("SRC") for analysis. All samples were analyzed for U3O8 and a multi-element suite. 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. The samples are first analyzed by SRC's ICP-OES multi-element Uranium exploration ICP1 method. The method analyzes for multi-elements including Ag, Mo, Cu, Pb, Zn and a suite of rare earth elements, reported in parts per million ("ppm"); where 1 ppm = 1gm/t, 10,000 ppm = 1%. Intervals include ICP U analysis in ppm converted to U3O8% (conversion to U3O8% = ppm x 0.0001179). ICP results U>1,000 ppm are analyzed using SRC's ISO/IEC 17025:2005-accredited U3O8 Assay method.
Laboratory quality control (QC) includes a repeat analysis on every 20th sample. Repeat samples had good reproducibility. Kivalliq's quality assurance and quality control procedures include the systematic insertion of blanks and standards into the drill core sample string. All QA/QC results were within expectations.
Jeff Ward, P.Geo., and President of Kivalliq, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in this news release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX VENTURE:KIV) is a Vancouver-based uranium exploration company holding Canada's highest grade uranium deposit outside of Saskatchewan's Athabasca Basin. The Company's flagship project, the 252,830 acre Angilak Property in Nunavut Territory, is host to the Lac Cinquante Deposit with a NI 43-101 Inferred Resource of 1,779,000 tonnes grading 0.69% U3O8, totaling 27.13 million pounds U3O8. Kivalliq's comprehensive exploration programs continue to advance the Lac Cinquante Deposit 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 further information about Kivalliq Energy Corporation or this news release, please visit our websites at www.kivalliqenergy.com and www.auroraresource.com.
Certain disclosures in this release, including the growth and value of 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 market price of Kivalliq's securities and the market for securities of resource exploration companies in general; commodity prices and, in particular, the price of uranium and the completion of Kivalliq's 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Kivalliq Energy Corporation
James R. Paterson
604-646-4527 or Toll Free: 1-888-331-2269