Kivalliq Confirms Additional High-Grade “Lac Cinquante – Style” Uranium Occurrences on the Angilak Property, Nunavut
April 9, 2009
Vancouver, B.C. - Kivalliq Energy Corporation (KIV: TSX-V) (“Kivalliq”) today announced final assay results from surface samples collected during the 2008 field program on the Angilak Project, Nunavut. Results from this last segment of the 2008 program confirmed that additional high-grade uranium surface showings are located near the Lac Cinquante deposit. These showings share many of the same geological attributes as Lac Cinquante, suggesting high potential for the discovery look-alike deposits on the property.
2008 Surface Sampling Highlights
Separate outcrop grab samples located four and six kilometres east of Lac Cinquante (at historic occurrences 77-9 and 77-5) yielded 0.82%U3O8, 0.71% Cu, 0.96 oz/T Ag and 0.62% U3O8, 0.20% Cu, 1.31 oz/T Ag respectively.
Grab samples from showings located 11.5 kilometres west and 8 kilometres north of Lac Cinquante assayed: 1.14%U3O8, 0.11% Cu, 0.58 oz/T Ag and 0.86%U3O8, 0.44% Cu, 0.65 oz/t Ag, respectively.
Surface samples collected from the BOG trend located 16 kilometres west of Lac Cinquante suggest similarities with iron-oxide-copper-gold (“IOCG”) deposits. The best two assays from BOG trend in 2008 were: 0.98% Cu, 0.14%U3O8, 0.15 oz/T Ag and 0.23%U3O8, 0.01% Cu, 0.18 oz/T Ag, 0.03% Mo.
“These results continue to demonstrate that Kivalliq Energy’s Angilak Project hosts northern
Lac Cinquante Deposit Area
Lac Cinquante is reported to contain 20.4 million pounds of uranium oxide with grades in excess of 1% U3O8**, remaining open at depth and along strike. Trench sampling four kilometres east of Lac Cinquante by Urangesellschaft Canada Ltd in 1977, yielded results of 17.3% U3O8 over 0.4 metres and 5.06% U3O8 over 1.1 metres at showing 77-5. The overall geological setting of these occurrences is very similar to Lac Cinquante, suggesting the property has potential for additional discoveries. Little diamond drilling was completed on these occurrences in the mid 1970’s and Kivalliq’s technical team is currently compiling this data.
In order to verify these uranium occurrences, Kivalliq collected 46 samples from 13 historic showings in the vicinity of Lac Cinquante. The best results yielded 0.82%U3O8, 0.71% Cu, 0.96 oz/T Ag and 0.62% U3O8, 0.20% Cu, 1.31 oz/T Ag from two outcrop grab samples located four and six kilometres east of Lac Cinquante respectively (at historic occurrences 77-9 and 77-5). Uranium mineralization at these sites occurs in altered structures of varying orientation within mafic volcanic rock.
In all, 12 grab samples taken from six surface showings assayed greater than 0.10% U3O8. These showings were in Archean basement rocks, along a nine kilometre east–west trend centered on Lac Cinquante and near the
Other Significant Mineral Occurrences
The Angilak Property is host to over 150 historic mineral occurrences, mostly discovered between 1975 and 1981, and only a few were drill tested. These showings have variable metal contents and can include significant uranium, silver, gold or copper. In 2008, Kivalliq collected 48 grab samples from 28 documented showings across the entire property. The highest uranium assay in 2008 returned 1.14%U3O8, 0.11% Cu, 0.58 oz/T Ag in brecciated granite from showing MP-24, 11.5 kilometres west of Lac Cinquante and central to the property. Other significant results were: 0.86%U3O8, 0.44% Cu, 0.65 oz/T Ag, 0.04% Mo (sheared mafic volcanic rocks at SC-13) and 0.63%U3O8, 0.71% Cu, 0.74 oz/T Ag (altered, red conglomerate at MM-64); located 8 kilometres north and 9 kilometres southwest of Lac Cinquante respectively.
Seventeen kilometres west of Lac Cinquante is the BOG/BA trend where intermittent Cu-U-Ag mineralization discovered by Noranda in the late 1970’s occurs in showings that trend north-easterly over 10 kilometres. Mapping by Kaminak Gold Corporation (“Kaminak”) geologists in 2007 recognized key features at BOG similar to IOCG deposits, including the presence of brecciated and silicified felsic intrusive rocks with strong hematite and carbonate alteration. Two types of mineralization have also been identified: “Type 1” elevated in copper and silver; and “Type 2” with elevated uranium. The highest assay from Kaminak’s 2007 sampling program was 2.45% Cu, 0.06%U3O8, 1.34 oz/T Ag (Type 1) and 0.03% Cu, 0.22%U3O8, 0.06 oz/T Ag (Type 2).
Follow-up work by Kivalliq in 2008 collected 19 samples from 10 showings along the BOG/BA trend. Results verified most of the showings and confirmed the two styles of mineralization. The three best assays reported from the BOG/BA area in 2008 were: 0.98% Cu, 0.14%U3O8, 0.15 oz/T Ag (Type 1), 0.75% Cu, 0.10%U3O8, 0.55 oz/T Ag (Type 1) and 0.23%U3O8, 0.01% Cu, 0.18 oz/T Ag, 0.03% Mo (Type 2).
Sixteen kilometres to the southwest along the BOG trend is the YME showing. Here, a sample of granite cut by numerous quartz veins assayed 0.64% Cu, 0.07%U3O8, and 0.29 oz/T Ag, suggesting significant strike length of the Type 1 mineralization noted at BOG.
A total of 94 surface rock samples and 36 historic core samples were collected during the 2008 summer program and shipped to Activation Laboratories Ltd. (Actlabs) in
Activation Laboratories reported most uranium results in ppm. The calculation used to convert ppm U to % U3O8 is: 10,000 ppm = 1% U = 1.179% U3O8. Silver results were also reported in ppm. To compare to the historic results, the calculation used to covert ppm Ag to oz/T Ag is: 1ppm Ag = 1gm/t Ag x 0.029 = troy ounces per short Ton Ag.
GeoVector Management Ltd. of
About Kivalliq Energy
Kivalliq Energy Corporation is the new uranium exploration and development company, and the first company in
This landmark partnership with the Inuit gives Kivalliq a unique opportunity to explore and develop the historic Lac Cinquante deposit, one of
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
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
** 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.