VANCOUVER, June 27, 2013 /CNW/ - Kivalliq Energy
Corporation ("Kivalliq", TSX-V: KIV) today announced assay
results from drilling at the newly discovered ML and J1 zones
within the Lac 50 Trend located at Kivalliq's 340,268 acre Angilak
Property in Nunavut Territory. This news release summarizes the
drilling component of the 2013 exploration program.
Key Point Summary:
- The ML and J1 discoveries this season bring the count to 12 new
zones drilled within the highly prospective Lac 50 Trend since
2010.
- ML Zone highlight assay results:
-
- 1.42% U3O8, 0.40% Mo, 139 g/t Ag and
0.64% Cu over 1.2 metres in 13-ML-001
- J1 Zone highlight assay results:
-
- 0.56% U3O8, 0.28% Mo, 15.5 g/t Ag
over 0.6 metres in 13-J1-003
- 1.06% U3O8 over 0.3 metres in
13-J1-002
"Exploratory drilling within the Lac 50 Trend this season has
been extremely successful, with the discovery of the ML and J1
zones," stated Kivalliq's President, Jeff
Ward. "The geological similarity and proximity of the ML and
J1 zones to the current Lac 50 Trend mineral deposits confirm our
belief that we can continue to grow our inferred resource base
through drilling. Exploration work in July will be focussed on
increasing our confidence level of specific high-priority zones to
be tested with future drill programs."
ML Zone
Four core holes tested the 1.5 kilometre long ML Zone
electromagnetic ("EM") conductor from two sites 1.1 kilometres
apart. At 60 metres vertical depth, hole 13-ML-001 intersected 1.2
metres of uranium mineralization within a 4.3 metre wide zone of
sheared, hematized, sulphidic graphitic tuff and carbonate veining.
Hole 13-ML-002 intersected the same altered tuff unit 36 metres
down dip, but with weak mineralization. Holes 13-ML-003 and 004
tested the ML conductor 1.1 kilometres along strike to the east,
intersecting a similar sheared tuffaceous host rock with no
radioactivity.
J1 Zone
The J1 Zone is a one kilometre long EM conductor located between
the J4 and Eastern Extension zones. Six holes drilled from two
drill sites along 150 metres of strike length intersected varying
amounts of uranium at depths between 28 and 180 vertical metres.
Mineralization at J1 occurs as narrow carbonate veins in sheared,
hematized, sulphidic graphitic tuff within a larger sequence of
basalt and gabbro, similar to the lithological units hosting
mineralization at the Lac 50 Trend resource.
All holes were drilled northeast at an azimuth of 26 degrees and
with inclinations between -45 and -67 degrees. Assay results for
the ML and J1 Zones are presented in the table below. For cross
sections with assays and drill plan maps, please visit:
http://www.corebox.net/properties/angilak/ or
www.kivalliqenergy.com/projects/angilak/program_images
ML Zone Assay Results
2013 ML Zone -
Diamond Drill Hole Weighted Assay Results* |
DDH |
From (m) |
To (m) |
Interval (m) |
Est. True Width (m) |
U308 (%) |
Cu (%) |
Mo (%) |
Ag (g/t) |
Description |
13-ML-001 |
90.2 |
94.5 |
4.3 |
4.3 |
0.46 |
0.48 |
0.15 |
53.6 |
ML Zone |
Includes |
90.2 |
91.4 |
1.2 |
1.2 |
1.42 |
0.64 |
0.40 |
139.0 |
ML Zone |
13-ML-002 |
101.1 |
103.8 |
2.7 |
2.4 |
0.01 |
0.30 |
0.00 |
6.7 |
ML Zone |
J1 Zone Assay Results
2013 J1 Zone -
Diamond Drill Hole Weighted Assay Results* |
DDH |
From (m) |
To (m) |
Interval (m) |
Est. True Width (m) |
U308 (%) |
Cu (%) |
Mo (%) |
Ag (g/t) |
Description |
13-J1-001 |
38.0 |
39.4 |
1.4 |
1.3 |
0.06 |
0.08 |
0.01 |
8.3 |
J1 Zone |
13-J1-002 |
60.1 |
60.5 |
0.4 |
0.3 |
1.06 |
0.28 |
0.03 |
3.6 |
J1 Zone |
13-J1-003 |
77.2 |
78.3 |
1.1 |
0.6 |
0.56 |
0.05 |
0.28 |
15.5 |
J1 Zone |
Includes |
77.2 |
77.7 |
0.5 |
0.3 |
1.31 |
0.09 |
0.66 |
33.9 |
J1 Zone |
13-J1-004 |
76.3 |
76.7 |
0.4 |
0.4 |
0.09 |
0.01 |
0.00 |
2.8 |
J1 Zone |
13-J1-005 |
16.6 |
17.0 |
0.4 |
NA |
0.17 |
0.02 |
0.00 |
1.1 |
Qtz Cb Vn |
13-J1-005 |
114.8 |
115.1 |
0.30 |
0.2 |
0.15 |
0.05 |
0.07 |
9.2 |
J1 Zone |
13-J1-006 |
180.8 |
183.5 |
2.7 |
1.3 |
0.03 |
0.04 |
0.01 |
3.9 |
J1 Zone |
*All samples are subjected to ICP1 Analysis by Saskatchewan
Research Council Geoanalytical Laboratories "SRC" in Saskatoon, Canada. ICP1 results >1,000 ppm
U are subjected to SRC U3O8 Assay; ICP1
results for Cu, Mo and Ag are reported by SRC in parts per million
(ppm). 1 ppm = 1gm/t, 10,000 ppm = 1%; Intervals include ICP
U analysis in ppm converted to U3O8%.
Conversion to U3O8% = ppm x 0.01179.
Five drill holes; 13-ML-003 and 004, 13-J1-007, 13-J4W-001 and
13-VGR-001 intersected no significant mineralization. Drill hole
13-VGR-001a was not completed due to poor drilling conditions.
QA/QC
Half-spilt NQ core samples from Angilak Property drill holes
were sent to the Saskatchewan Research Council Geoanalytical
Laboratories ("SRC") for analysis. 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>1,000 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
quality assurance and quality control procedures include the
systematic insertion of blanks and standards into the drill core
sample string. All QA/QC results were within
expectations.
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. 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.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based uranium exploration company
holding Canada's highest-grade
uranium resource outside of Saskatchewan's Athabasca Basin. Its flagship project, the
340,268 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 have forged
strong relationships with sophisticated resource sector investors
and project partner Nunavut Tunngavik Inc. ("NTI") in order to
advance the Angilak Property. 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 visit
www.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, including the budget and
exploration program proposed for the Angilak Property, 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.
Cautionary Note concerning estimates of Inferred Resources:
This news release uses the term "inferred resources". Inferred
resources have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Kivalliq
advises U.S. investors that while this term is recognized and
required by Canadian regulations, the U.S. Securities and Exchange
Commission does not recognize it. U.S. investors are cautioned not
to assume that part or all of an inferred resource exists, or is
economically or legally mineable.
SOURCE Kivalliq Energy Corporation