VANCOUVER, BC--(Marketwired - September 08, 2014) - Kivalliq Energy Corporation ("Kivalliq") (TSX VENTURE: KIV) today announced the completion of the Phase 1 2014 exploration program at Kivalliq's 100% owned Genesis Property. The Genesis Property is a 198,763 hectare (491,154 acres) uranium exploration project situated along the Wollaston Mudjatik structural corridor, which is related to the majority of the historic and producing high grade uranium mines within the eastern Athabasca Basin.
Key Point Summary of Phase 1 Exploration Program
- Eight priority target areas explored
- 6006 line km airborne geophysical surveying (electromagnetics, magnetics and radiometrics) completed
- 291 lake sediment samples collected
- 1,351 soil and 162 biogeochemical samples collected
The Genesis Property field work began July 23, 2014 with the commencement of airborne geophysical surveys. Lake sediment and soil sampling programs followed, with exploration completed by September 7, 2014. As owner and operator, Kivalliq has granted Roughrider an option to acquire up to an 85% interest in the Genesis Property (see news release dated May 21, 2014). The Phase 1 program, budgeted at CDN$1 million and fully funded by Roughrider, is designed with a goal of advancing a number of uranium targets for drill testing.
A helicopter-borne DIGHEM EM geophysical survey of 6,006 line kilometres including: magnetics, electromagnetics ("EM") and radiometrics was completed on eight grids by CGG Canada Service Ltd. The final data has been received and is currently being reviewed. Based on preliminary interpretations, a number of new or expanded EM conductors were investigated by field crews. A total of 1,351 soil and 162 biogeochemical grid controlled samples were collected. Samples were sent to Activation Laboratories Ltd. in Ontario for analysis.
Kivalliq field crews collected 291 lake sediment samples which have been shipped to Saskatchewan Research Council in Saskatoon for analysis. Sampling focused on areas of historic anomalies, new and existing EM conductors, and areas of known broad lake sediment anomalies that required closer spaced sampling.
"As we receive and interpret results from the Phase 1 program, we aim to generate and refine compelling targets for drill testing," stated Kivalliq CEO Jim Paterson. "Our common goal remains to leverage Roughrider's financial strength and the Kivalliq team's considerable northern exploration and Saskatchewan uranium experience to make significant discoveries at the Genesis Property."
QA/QC
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 VENTURE: KIV) is a Vancouver-based company exploring for uranium on the 491,154 acre Genesis Property located northeast of Saskatchewan's Athabasca Basin. In addition, Kivalliq holds Canada's highest-grade uranium resource outside of Saskatchewan. Its flagship project, the 304,257 acre 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 advance the Lac 50 Trend and demonstrate the "District Scale" potential of the Angilak Property.
Kivalliq's team of northern exploration specialists recently entered into a property option agreement with Roughrider to explore the Genesis uranium property in Saskatchewan. Kivalliq has also 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
"Jim Paterson"
James R. Paterson, CEO
Kivalliq Energy Corporation
Kivalliq Energy Corporation is a member of the Aurora Mineral Resource Group of companies. For more information please visitwww.auroraresource.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.
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. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposit, please refer to Kivalliq's news release of March 1, 2013. 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.