Kivalliq's Summer Program at Hatchet Lake Advances Priority Target Areas
June 29, 2015
Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (“Kivalliq”) today announced the completion of the summer exploration program at Kivalliq’s 100% owned Hatchet Lake Property in the Athabasca Region of Saskatchewan.
“High quality data collected between 2006 and 2012 by previous operators Hathor and Rio Tinto gave us a tremendous head start on Kivalliq’s first program at Hatchet Lake,” stated Jeff Ward, Kivalliq’s President. “By getting on the ground this summer, we enhanced the existing datasets and can determine next steps based on new prospecting, soil and biogeochemical program results which are expected sometime in August.”
Kivalliq conducted its first exploration program at the 13,711 hectare (33,881 acre) Hatchet Lake Property between June 1 and June 23. The focus was on multiple unconformity-related basement targets based on results from over $750,000 in previous exploration performed by Hathor Exploration Limited (Hathor) and Rio Tinto Canada Uranium Corporation (Rio Tinto).
Kivalliq’s 2015 summer program, budgeted at CDN$500,000, was comprised of prospecting, mapping, ground magnetometer / very low frequency (VLF) electromagnetic (EM) geophysical surveys, and biogeochemical (vegetation-black spruce) /soil geochemical surveys. The program was designed to verify airborne geophysical signatures and confirm uranium anomalism in priority areas:
- Six target areas were evaluated based on existing datasets from previous exploration groups;
- 140 line kilometres of ground geophysical surveying refined and located airborne signatures;
- 908 soil and 1322 biogeochemical samples were collected in areas of historically reported uranium anomalism in boulders, soils, vegetation and lake sediments;
- Two high-priority zones, Upper Manson and SW Scrimes, have emerged based on preliminary findings;
- 24 radioactive rock samples (boulders and outcrop) have been sent for analysis.
The Upper Manson and SW Scrimes targets occur within north east trending pelitic and psammopelitic gneiss host rocks and were prioritized by uranium anomalism noted in historic samples from boulders, lake sediments, soils and vegetation coincident to EM conductive trends and interpreted structurally complexities. Kivalliq was able to confirm the location of anomalous boulders and outcrop reported in both the Upper Manson and SW Scrimes areas. Radioactive quartz- feldspar-biotite pegmatitic boulders, subcrop and outcrop were encountered during the program. Twenty-four rock samples with readings between 265 and 14,000 counts per second (cps) measured on a handheld scintillometer have been sent for assay analysis.
Ground magnetic and VLF-EM surveys were carried out on four grids at Hatchet Lake. Approximately 140 line kilometres of ground geophysics focussed on geochemically anomalous areas and priority airborne versatile time domain EM conductors (VTEM). Grid lines were spaced 50 and 100 metres apart, with readings taken at 12.5 metre intervals.
For Hatchet Lake 2015 Target Map please see: http://kivalliqenergy.com/uranium/hatchet_lake/maps
Hatchet Lake is located 39 kilometres along trend from Rio Tinto’s Roughrider deposit and within 29 kilometres of Cameco Corporation’s Eagle Point uranium mine. The Hatchet Lake Property was initially staked for its potential to host significant uranium deposits, being situated on the Mudjatik-Wollaston Transition Zone and along strike from world class mines such as McArthur River and Cigar Lake.
Natural gamma radiation was measured in counts per second using a hand-held Radiation Solutions Inc. RS-121 scintillometer. Scintillometer readings are not directly related to uranium grade and are only used to indicate radioactive material of interest.
Jeff Ward, P.Geo., President of Kivalliq and a Qualified Person for Kivalliq, has reviewed and approved the publicly available scientific and technical information by previous exploration groups contained in this release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based company with a portfolio of high-quality uranium exploration projects in Canada. Kivalliq holds Canada’s highest-grade uranium resource outside of Saskatchewan. The Company’s flagship project, the 105,280 hectare Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. Kivalliq’s comprehensive exploration programs continue to advance the Lac 50 Trend and demonstrate the “District Scale” potential of the Angilak Property. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to Kivalliq’s news release of March 1, 2013.
In Saskatchewan, Kivalliq holds a 100% interest in the recently acquired 13,711 hectare Hatchet Lake Property adjacent to the north-eastern margin of the highly prolific uranium-producing Athabasca Basin. Compilation of results from previous exploration by Hathor Exploration Limited and Rio Tinto have identified multiple, priority unconformity-related basement targets at Hatchet Lake for follow-up in 2015.
Kivalliq also holds a 100% interest in the 200,677 hectare Genesis Property located northeast of Saskatchewan’s Athabasca Basin, with Roughrider Exploration Limited funding the current exploration program pursuant to an option to acquire up to an 85% interest in the property. This highly prospective project is located along the Wollaston-Mudjatik trend and extends 90 kilometres northeast from the Athabasca Basin to the Manitoba border.
Kivalliq’s team of northern exploration specialists has forged strong relationships with sophisticated resource sector investors and Angilak Property partner Nunavut Tunngavik Inc. (NTI). 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
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.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 Mineral Resource Group of companies. For more information please visit www.auroraresource.com.
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