Kivalliq Completes Drilling and Stakes Claims at Lac Cinquante
September 23, 2009
Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Corporation” or “Kivalliq”) today announced that the first phase of drilling has been completed at the Lac Cinquante Uranium Deposit located in Nunavut, Canada. The Corporation has also staked approximately 130,000 acres over prospective areas nearby and within existing prospecting permits.
This first phase of drilling was designed to confirm reported high-grade intercepts and verify dimensions of this historic uranium deposit. The drill rig remains on site and the balance of a proposed 10,000 metre drill program is planned for 2010.
“The 2009 drill program at Lac Cinquante was very successful and gives us the first new drill data in 25 years with which to re-establish and increase the historic uranium resource,” stated John Robins, President and CEO of Kivalliq.
Kivalliq completed 1,745 metres of drilling in 16 holes. Fourteen of these evaluated the Lac Cinquante Deposit, one tested an exploration target and one hole was lost due to poor drilling conditions. Of the 14 holes drilled at Lac Cinquante, 12 intersected significantly radioactive zones 0.4 to 4.3 metres in width, along 900 metres of strike length and to a depth of 125 metres from surface. Mineralization within the “main zone” at Lac Cinquante remains open along strike in both directions, and to depth, based on the current drilling.
Details of the last nine holes drilled in 2009, including scintillometer results for radioactive intervals, will be reported shortly. Split drill core has been be submitted to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) for analysis and assays will be reported when received.
In addition to drilling, the Corporation extended its land tenure by staking 130,000 acres in prospective areas identified by airborne radiometrics, on historic uranium occurrences nearby and within current prospecting permits. The Angilak Project will now be comprised entirely of crown mineral claims and Inuit Owned Land totalling 225,000 acres.
Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo (Vice President Exploration of Kivalliq) and Rob Carpenter, Ph.D., P.Geo (Chairman of Kivalliq) who are Qualified Persons for the purposes of National Instrument 43-101.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a new 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.
This landmark partnership with the Inuit gives Kivalliq a unique opportunity to explore and develop the Lac Cinquante Deposit, northern Canada’s highest grade uranium deposit. Reported to contain 20.4 million pounds of uranium oxide with grades in excess of 1% U3O8 (not National Instrument 43-101 compliant)**, the historic Lac Cinquante uranium deposit and over 150 other uranium occurrences on the property comprise Kivalliq’s core asset, the 225,000 acre Angilak Project.
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 Tony Reda, Investor Relations, at toll free 1.888.331.2269, directly at 604.646.4534 or by email at email@example.com. 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 for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd, Abermin Corporation and referenced by subsequent sources. It is a historical estimate as defined in National Instrument 43-101, but should not be relied upon since it does not comply with standards of disclosure required for reserves and resources stated therein. However, it 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. A Qualified Person has not classified historical estimates as current mineral resources/reserves, and Kivalliq is not treating them as current mineral resources/reserves since work to date has not verified the historical estimates. Kivalliq has not done any work to confirm these estimates but will be planning exploration programs aimed at evaluating the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being delineated as a mineral resource.
Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, 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. 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.