Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) today announced that a geological field crew has mobilized to the Angilak Project in Nunavut. The main objective of this year’s field work is to construct a drill plan for the historic high-grade, near-surface Lac Cinquante Uranium Deposit which is reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101).** Initial drill testing is scheduled for 2009.
Field work at Lac Cinquante will involve restoration of the original grid followed by cataloguing of historical drill sites. Geological mapping of surface uranium mineralization will compliment re-logging of relevant drill core in an attempt to construct a three dimensional working model of the host mineralized envelope. Documenting key stratigraphic and structural trends at Lac Cinquante will also provide data that will be used to try to extend the known dimensions of the deposit.
The 250,000 acre Angilak property is host to dozens of mineral showings containing uranium ± copper ± gold ± silver ± molybdenum which have received minimal historical work. This metal signature and the overall geological setting of many of these occurrences are suggestive of an affinity with iron-oxide-copper-gold (IOCG) deposits. At the outcrop scale, key textural features of the occurrences, including the presence of brecciated and silicified felsic intrusive rocks displaying strong hematite and carbonate alteration and trace element alteration assemblages (Si-Na-K-Ba-P), are consistent with accepted IOCG models. Prospecting and mapping crews will focus on generating future drill targets at Angilak.
Airborne Geophysical Survey Complete
Aeroquest Ltd. has completed a 5,620 line kilometre, combined magnetic, electromagnetic and radiometric airborne geophysical survey over selected areas of the Angilak property. This is the first modern-day survey to be completed on the property and survey results will aid in geological modelling of known prospects and provide new exploration targets that will be followed-up by ground prospecting this season.
Geovector Management Ltd. of Ottawa, Ontario has been contracted to oversee the technical aspects of the Angilak Project. Dr. Tom Setterfield, Ph.D, P.Geo. is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed the technical content of this news release. Disclosure of a technical nature contained in this release has also been reviewed and approved by Dr. Rob Carpenter, Ph.D., P. Geo., Chairman of Kivalliq, who is a Qualified Person for the purposes of National Instrument 43-101.
About Kivalliq Energy
Kivalliq Energy Corporation is a new uranium exploration and development company with a unique opportunity. Kivalliq is the first company in Canada to sign a comprehensive agreement to explore on Inuit Owned Lands for uranium. This landmark partnership between Kivalliq and Nunavut Tunngavik Inc. resulted in Kivalliq being awarded the right to explore and develop the historic high-grade, near surface Lac Cinquante Uranium Deposit which is reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101)** with grades averaging 1.03% U3O8.
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 or directly at 604.646.4534.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
** The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd. This estimate is historical and should not be relied upon since it is not compliant to standards set out in National Instrument 43-101. 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.