New Target Zones Outlined on Genesis Property, Saskatchewan
February 16, 2016
Vancouver, BC, February 16, 2016 – Kivalliq Energy Corporation (TSX-V: KIV) (Kivalliq) and Roughrider Exploration Limited (TSX-V: REL) (Roughrider) today announced results of an integrated assessment of geophysical, geological and geochemical data from select areas of interest at the Genesis Property uranium exploration project in northeast Saskatchewan. The work was undertaken by Condor Consulting Inc. (Condor), recognized experts in the field of integrated exploration.
“Results from the Condor compilation helped identify key priority areas currently being surveyed by FALCON airborne gravity,” stated Kivalliq president Jeff Ward. “Both the Condor work and new gravity data will be invaluable tools for ongoing exploration and target generation at Genesis.”
The compilation and interpretation carried out by Condor focussed on four areas in the northeast portion of the Genesis property, resulting in 31 target zones. Of these, 16 will be evaluated as part of the FALCON airborne gravity gradiometer survey currently underway (see news release February 1, 2016). Four of Condor’s highest priority target zones that fall within gravity survey areas are:
- Jurgen (J-TZ1): Electromagnetic (EM) conductors are spatially associated with an elevated radiometric response and an anomalous boulder sample result (1.41% U3O8; reported December 1, 2014). The Jurgen area remains the most prospective on the property, hosting 12 of the 31 target zones, including J-TZ2 (Jurgen 2) and J-TZ3 (Jurgen 1);
- Kingston (K-TZ1): EM conductors trend along a regional geologic contact that is also coincident with a magnetic low, lake sediments having anomalous uranium and several anomalous radiometric responses;
- Daniels Bay (DB-TZ1): Enzyme leach soil and rock geochemical anomalies are spatially associated with medium to strong northeast to east-west trending EM conductors and a magnetic domain boundary;
- Melnick (M-TZ1): A north-south strike-slip fault intersects a conductive contact along the boundary of a low magnetic response, coincident with a trend of uranium in lake sediments.
For a map showing Condor’s compilation, target zones, and the location of FALCON airborne gravity grids please visit http://kivalliqenergy.com/uranium/genesis/
In its assessment of the Jurgen, Kingston/Johnston/GAP, Daniel’s Bay and Melnick areas, Condor conducted comprehensive processing and analysis of airborne surveys flown over Genesis in 2006, 2007 and 2014 (VTEM by Geotech and magnetics, DIGHEM EM, radiometrics by Fugro). Multiple other data sets that include recent and historic radiometric, soil, vegetation and boulder sampling were incorporated in the interpretation. Condor’s work resulted in a detailed “GeoInterp” which will be used for future geological and structural interpretation.
Exploration conducted on the Genesis Property during 2014 and 2015 by Kivalliq on behalf of Roughrider, successfully outlined numerous high priority targets for basement hosted uranium in 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 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].
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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.