Kivalliq Announces 35,000 Metres of Drilling for Angilak Property
February 15, 2011
Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Company” or “Kivalliq”) today announced a two phase exploration program at the 225,000 acre Angilak Property in Nunavut Territory, Canada. Kivalliq plans to drill 20,000 metres of NQ core with two diamond drill rigs and 15,000 metres of reverse circulation (“RC”) drilling on exploration targets with a light weight RC fly rig. The Company also plans to conduct extensive airborne and ground geophysical surveying programs and an aggressive prospecting campaign.
“Building on the recently announced inferred resource of 810,000 tonnes grading 0.79% U3O8, totalling 14.15 million pounds at Lac Cinquante, Kivalliq’s board of directors has approved an aggressive exploration program at the Angilak Property in 2011,” stated Jim Paterson, Kivalliq’s CEO. “Our 2011 exploration goals are clearly defined as follows: expand the Lac Cinquante mineral resource along strike and to depth; drill targets on parallel conductors; and demonstrate potential for multiple uranium deposits elsewhere on the Angilak Property.”
Kivalliq’s board of directors has approved a two-phased, $17 million exploration program at Angilak for the 2011 season. The first phase commences in March 2011 with the mobilization of crews and equipment to the existing Nutaaq camp. The Company is fully funded to drill from April to June, with two diamond drill rigs and one RC rig, and conduct ground geophysical surveys until break-up sometime in June. The Company will commence the second phase of the proposed exploration program at Angilak in July.
The following points summarize both the first and second phase of the proposed 2011 exploration campaign:
- 20,000 metres of diamond drill core, with up to 100 holes focused on expanding and potentially upgrading the Lac Cinquante resource
- 15,000 metres of RC drilling to test in excess of 30 target areas with up to 150 holes
- Combination of airborne (4,000 line kilometres) and ground geophysical surveys (1250 line kilometres)
- Continued prospecting to advance target areas defined by the 2010 program and investigate new targets identified by 2011 geophysical surveying.
- Ongoing modelling, geological and environmental studies; continued emphasis on community consultation
- Infrastructure expansion for improved logistics and to handle additional staff and equipment
- Revision and upgrade of current inferred NI 43-101 resource by Q2 2012
Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo. (President, Kivalliq) who is the Qualified Person for the purposes of National Instrument 43-101. For disclosure related to the inferred resource for the Lac Cinquante uranium deposit, please refer to Kivalliq news release of February 7, 2011.
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.
With an NI 43-101 compliant Inferred Mineral Resource of 810,000 tonnes grading 0.79% U3O8 , totalling 14.15 million lbs U3O8 (17.5 lbs U3O8/tonne) at a 0.2% U3O8 cut-off grade, the Lac Cinquante Deposit is Canada’s highest grade uranium deposit, outside of the Athabasca Basin. Kivalliq’s flagship project, the 225,000 acre Angilak Property in Nunavut, hosts the high-grade Lac Cinquante deposit, along with nine additional high priority target areas. Since acquiring the Angilak Property in 2008, the Company has invested approximately $12 million conducting systematic exploration, including ground and airborne geophysics, geological mapping, prospecting and 18,350 meters of drilling.
On behalf of the Board of Directors
Jim Paterson, CEO
Kivalliq Energy Corporation
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com (m.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 Discovery Group of companies, for more information on the group visit www.discoveryexp.com (m.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.