Airborne Gravity Survey Commences on Genesis Property, Saskatchewan
February 1, 2016
Vancouver, B.C. – Kivalliq Energy Corporation (TSX-V: KIV) and Roughrider Exploration Limited (TSX-V: REL) (“Roughrider”) today announced commencement of a 1,677 line-kilometre fixed-wing FALCON airborne gravity gradiometer survey on the Genesis uranium property in northeastern Saskatchewan. CGG Canada Services Ltd. has been contracted to fly the survey and in3D Geoscience Inc. will provide independent review of the data.
The FALCON gravity gradiometer survey will be divided into five separate grids providing coverage over the Jurgen, Kingston, Johnston/GAP, Daniel’s Bay, and Melnick priority target areas. Flight lines will be flown at 200 metre spacing and the survey will also include magnetic and terrain data collection. Gravity low responses potentially represent alteration associated with uranium mineralization. The survey is expected to be completed in early February, with final deliverables expected in March.
“Gravity data from the FALCON gradiometer survey flown at Genesis will enhance existing geophysical and geochemical datasets,” stated Kivalliq president Jeff Ward. “Areas characterized by favourable geochemistry, conductive trends and coincident gravity low anomalies will be prioritised for future work.”
Exploration conducted on the Genesis Property during 2014 and 2015 by Kivalliq on behalf of Roughrider, successfully demonstrated the existence of numerous high priority targets for basement hosted uranium in the previously under-explored terrain northeast of the Athabasca Basin. Kivalliq and Roughrider plan to continue refining and upgrading existing targets while still seeking new ones throughout this large landholding.
Jeff Ward, P.Geo, President of Kivalliq and a Qualified Person under National Instrument 43-101 has reviewed and approved the technical information 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 101,111 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 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 that were followed 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 km northeast from Wollaston Lake 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].
Certain disclosures in this release 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.