Kivalliq Announces 35,000 Metres of Drilling for Angilak Property in 2012
February 22, 2012
Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (“Kivalliq”) today announced a two-phased, $20 million exploration program at the 227,000 acre Angilak Property in Nunavut Territory, Canada. The aggressive plans for 2012 will advance multiple uranium discoveries made in 2011 and build on the recently announced Lac Cinquante inferred resource of 27.13 million pounds U3O8.
Kivalliq intends to drill 26,000 metres of NQ core with three diamond drill rigs and 9,000 metres of reverse circulation (“RC”) drilling on exploration targets with a light weight RC fly rig. Extensive ground based geophysical surveying, prospecting and soil sampling campaigns are also planned.
“Our 2012 exploration goals are clear: continue to expand the Lac Cinquante mineral resource along strike and to depth; drill targets on parallel conductors; and demonstrate potential for multiple uranium deposits elsewhere on the Angilak Property,” stated Jim Paterson, Kivalliq’s CEO.
The first phase of 2012 exploration commences with the mobilization of crews and equipment to the Nutaaq camp in March. Kivalliq is fully funded to drill from March to June with two diamond drill rigs and one RC rig starting in May, and to carry out ground geophysical surveys until break-up in June. The second phase of the proposed exploration program at Angilak will begin in July, pending results and market conditions, and may include a third diamond drill rig, continued RC drilling and geophysical, geological, geochemical and engineering surveys in the field.
The following summarizes both the first and second phase of the proposed 2012 exploration campaign:
- 26,000 metres of core drilling focused on expanding the Lac Cinquante resource and testing new zones discovered in the immediate vicinity of this deposit
- 9,000 metres of RC drilling to test multiple target areas property-wide and untested conductors within close proximity of the Lac Cinquante deposit
- Ground geophysical surveys consisting of gravity, magnetics and electro-magnetics
- Continued prospecting to advance high-priority target areas defined by the 2011 program and identify new targets on a property wide scale
- Ongoing modeling, geological, metallurgical, environmental and archeological studies;
- Continued emphasis on community consultation
- Engineering studies focused on expanding infrastructure to support future programs
- Update to the current Lac Cinquante Inferred Resource by Q2 2013.
Jeff Ward, P.Geo, President of Kivalliq and a Qualified Person for the Company, has reviewed and approved the information contained in this release. For disclosure related to the inferred resource for the Lac Cinquante uranium deposit, please refer to Kivalliq news release of January 17, 2012.
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 to explore for uranium on Inuit Owned Lands in Nunavut.
Kivalliq's 227,000 acre Angilak Property hosts the high-grade Lac Cinquante deposit, along with multiple highly-mineralized target areas. With an NI 43-101 Inferred Mineral Resource of 1,779,000 tonnes grading 0.69% U3O8, totalling 27.13 million pounds U3O8, (15.2 pounds U3O8/tonne) at a 0.2% U3O8 cut-off grade, the Lac Cinquante Deposit is Canada's highest grade uranium deposit outside of the Athabasca Basin.
Since acquiring the Angilak Property in 2008, Kivalliq has invested approximately $30 million conducting systematic exploration, including ground and airborne geophysics, geological mapping, prospecting and approximately 48,000 metres of RC and diamond drilling.
On behalf of the Board of Directors
James R. Paterson, CEO
Kivalliq Energy Corporation
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com (m.kivalliqenergy.com) or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected] .
Kivalliq Energy Corporation is a member of the Aurora 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 management's assessment of plans and projects and intentions with respect to use of proceeds, future exploration programs and the completion of financings, 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.