Kivalliq Drilling Intersects Widest Zone of Radioactive Mineralization to Date at Lac Cinquante
May 20, 2010
Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today provided an update on drilling at the Lac Cinquante Uranium Deposit located within the Angilak Project in Nunavut, Canada. The first nine drill holes, totalling 1,665 metres, focused on confirmation and infill drilling within the eastern portion of the historic resource at Lac Cinquante.
- All nine holes drilled to date have intersected altered tuff, the geological host unit at the Lac Cinquante main zone
- Seven of nine drill holes intersected radioactivity within the host tuff unit, downhole widths ranging from 0.3 to 14.8 metres
- Hole 10-LC-003 intersected 14.8 metres of radioactive readings, having an estimated true width of 7.5 metres
“Initial indications from the 2010 program build on the success of last year’s drilling,” stated John Robins, P.Geo, President and CEO. “It is the wide interval of elevated cps counts in Hole 10-LC-003 that has added considerable excitement to this year’s program. We will continue to drill the zone along strike as we await assay results.”
The first nine holes were drilled primarily on 25 metre centers, focusing on confirmation and infill drilling within the eastern portion of the historic resource at Lac Cinquante. Holes 10-LC-002 through 10-LC-009 were step-outs westward and down plunge of significant mineralization intersected last year in holes 09-LC-001 and 09-LC-002. Hole 10-LC-001 was drilled 100 metres east of 09-LC-015, also drilled last year. Drilling continues on this Phase 1 2010 spring program, totalling approximately 1,665 metres to date, with drill hole depths ranging from 50 m to 230 m. (See drill plan www.kivalliqenergy.com)
Core samples from seven holes, with maximum radioactivity levels up to 60,000 CPS, have been sent to Saskatchewan Research Council Geoanalytical Laboratories (SRC) for analysis. SRC 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. 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 (CPS) using a hand-held Radiation Solutions Inc. RS-121 scintillometer. The Company cautions that scintillometer readings are not directly related to uranium grade and are only used to indicate zones of radioactive material.Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo (Vice President Exploration of Kivalliq) who is the Qualified Person for the purposes of National Instrument 43-101.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a 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 Territory, Canada.
Kivalliq’s core asset, the 225,000 acre Angilak Project, is comprised of the historic Lac Cinquante uranium deposit (not National Instrument 43-101 compliant)** and over 150 other uranium occurrences. Since acquiring the project in 2008, the Company has spent approximately $4.2 million on the property conducting systematic exploration which has included ground and airborne geophysics, geological mapping and drilling.
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 Tony Reda, Investor Relations, at toll free 1.888.331.2269, directly at 604.646.4534 or by email at firstname.lastname@example.org. Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.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.
** The quoted disclosure of historical resource estimates for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd in 1982, Abermin Corporation in 1986, and referenced by other subsequent sources. It was prepared prior to the implementation of National Instrument 43-101 (NI 43-101) and should not be relied upon since it does not comply with NI 43-101 Standards of Disclosure for Mineral Projects. A Qualified Person has not classified the historical estimates as current mineral resources or reserves, and therefore, Kivalliq is not treating them as such. Kivalliq has not completed any work to verify these estimates, but ongoing exploration programs are designed to evaluate the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being classified a mineral resource or reserve. However, the historical uranium resource estimate 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. Historic estimates were originally classified as “indicated” and “inferred” reserves, plus a third “possible” category; however, the equivalent categories acceptable under NI 43-101 are not known at this time.
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.