Work Completed at Jurgen; Notice of Genesis Property Claim Reduction
October 4, 2016
Vancouver, British Columbia – Kivalliq Energy Corporation (KIV: TSX-V) (“Kivalliq”) and Roughrider Exploration Limited (“Roughrider”) today announced the completion of a small field program between September 22 and 29, 2016 in the Jurgen area of the Genesis Property. A total of 187 enzyme leach soil samples, 147 biogeochemical samples and two rock samples were collected along the Jurgen 1 and Jurgen 2 target area trend. Sampling focused on infilling enzyme leach soil samples at Jurgen 1 and expansion of the enzyme leach and biogeochemical grids to cover newly identified gravity low anomalies (see news release August 23, 2016) along the trend to the northeast.
Prospecting work within the sample grid areas using a hand held Radiation Solutions Inc. RS-121 scintillometer identified a granitic-pegmatite boulder that recorded 20,000 counts per second (“cps”) natural gamma radiation, in situ. Kivalliq cautions that scintillometer readings are not directly related to uranium grade and are only used to indicate radioactive material. Assay results are pending.
Kivalliq also received notice that, effective September 30, 2016, Roughrider will not maintain its option on 15 of the 56 claims comprising the Genesis Uranium Property located in northern Saskatchewan and Manitoba. The Genesis Property is now reduced to 41 claims totalling 131,412 hectares. Notification was provided pursuant to the terms of Mining Option Agreement between Kivalliq and Roughrider.
Jeff Ward, P.Geo., President of Kivalliq and a Qualified Person for Kivalliq, has reviewed and approved the scientific and 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 89,852 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 200,909 hectare Genesis Property located northeast of the 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 also holds a 100% interest in the 13,711 hectare Hatchet Lake Property adjacent to the north-eastern margin of Saskatchewan’s 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’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.