Kivalliq Receives Additional High Grade Uranium Assay Results from Lac Cinquante
October 13, 2010
Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today announced new assay results of 19 holes from the ongoing drill program at the Lac Cinquante Uranium Deposit, located within the 225,000 acre Angilak Property in Nunavut, Canada.
“The addition of a second rig in August significantly reduced program costs, on a per metre basis, while doubling our drilling production rate,” stated Jeff Ward, P. Geo., Kivalliq’s Vice President, Exploration. “The drilling hit rate and assay results continue to demonstrate the robust nature of uranium mineralization at Lac Cinquante.”
New Assay Highlights from Lac Cinquante Main Zone:
|Drill Hole ID||%U3O8||True Width (Estimate)|
Since commencing the 2010 drill programs, Kivalliq has received, reviewed and released assay results from 45 holes. Assay results from more than 50 additional holes will be released, pending receipt and review, prior to the end of the year.
Phases 1 & 2 of the 2010 program have consisted of new camp construction, property-wide prospecting, environmental baseline studies, and aggressive resource definition and exploratory drilling. The fourth quarter of 2010 will be dedicated to technical and resource modeling analysis with the goal of establishing a NI 43-101 mineral resource by early 2011.
All Phase 2 drill holes reported herein were inclined to the northeast with an azimuth of 26 degrees (with the exception of 10-LC-029 drilled at 36 degrees), intersecting the Lac Cinquante main zone between 30 and 160 metres depth. See table of results below, and visit www.kivalliqenergy.com for an updated drill plan map, drill sections and drill collar information.
Table 1: 2010 Phase 2 Assay Results – Lac Cinquante Drill Program
|DDH||From (m)||To (m)||Interval (m)||%U3O8*||Est True Width**||Description|
|10-LC-035||44.80||46.54||1.74||2.11||1.23||Qtz/cb bx vein|
|*All samples subject to ICP 1 Analysis by SRC in Saskatoon, SK. ICP1 results >1000 ppm uranium subject to SRC U3O8 Assay. Full mineralized intervals may include ICP U analysis in ppm converted to U3O8%. Conversion to U3O8% = ppm x 0.01179%|
** Estimates for true widths of mineralized zones based on the attitude of Main Zone geology and the angle of hole intercepts
Samples from the 2010 Phase 2 drilling program comprised half split NQ drill core. All samples were analyzed for U3O8 and a multi-element suite by Saskatchewan Research Council (SRC) Geoanalytical Laboratories. The SRC facility operates in accordance with ISO/IEC 17025:2005 (CAN-P-4E), General Requirements for the Competence of Mineral Testing and Calibration laboratories and is accredited by the Standards Council of Canada. The samples are first analyzed by SRC’s ICP-OES multi-element Uranium exploration ICP1 method. The method analyzes for multi-elements including Ag, Mo, Cu, Pb, Zn and a suite of rare earth elements. ICP results U>1000 parts per million (ppm) are analyzed using SRC’s ISO/IEC 17025:2005-accredited U3O8 Assay method. Laboratory quality control (QC) includes a repeat analysis on every 20th sample. Repeat samples had good reproducibility. Kivalliq’s QC included the insertion of blanks into the sample inventory at the project site prior to shipment in sealed containers. All blank results were within expectations.
Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo., Kivalliq’s Vice President Exploration, the Qualified Person for the purposes of National Instrument 43-101.
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 with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.
The Lac Cinquante Deposit is Canada’s highest grade uranium deposit outside of the Athabasca Basin. Kivalliq’s core asset, the 225,000 acre Angilak Property hosts the historic Lac Cinquante uranium deposit, and over 150 other uranium occurrences. Since acquiring the project in 2008 the Company has invested approximately $9 million on the property conducting systematic exploration which has included ground and airborne geophysics, geological mapping /sampling and over 15,000 meters of drilling since 2009.
On behalf of the Board of Directors
John Robins, P.Geo
President and 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 at 1.888.331.2269 toll free, directly at 604.646.4527 or by email at [email protected].
Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.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.
** The quoted disclosure of historical resource estimates for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd in 1982, Abermin Corporation in 1986, and referenced by other subsequent sources. It was prepared prior to the implementation of National Instrument 43-101 (NI 43-101) and should not be relied upon since it does not comply with NI 43-101 Standards of Disclosure for Mineral Projects. A Qualified Person has not classified the historical estimates as current mineral resources or reserves, and therefore, Kivalliq is not treating them as such. Kivalliq has not completed any work to verify these estimates, but ongoing exploration programs are designed to evaluate the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being classified a mineral resource or reserve. However, the historical uranium resource estimate is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. Historic estimates were originally classified as “indicated” and “inferred” reserves, plus a third “possible” category; however, the equivalent categories acceptable under NI 43-101 are not known at this time.