Kivalliq Reports Highly Radioactive Intervals from First Seven Drill Holes at Lac Cinquante
August 27, 2009
Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Corporation” or “Kivalliq”) today announced that highly radioactive intervals have been intersected in the first seven drill holes targeting the Lac Cinquante Uranium Deposit of the Angilak Project located in Nunavut, Canada. Gamma radiation readings greater than 9,000 counts per second (cps) were recorded in all seven holes using a hand-held gamma-ray scintillometer.
“Intersecting highly radioactive intervals in the first seven drill holes gives us great confidence that we can re-establish, and hopefully increase the historic uranium resource at Lac Cinquante,” stated John Robins, President and CEO of Kivalliq.
Key Point Summary
This first phase of drilling is designed to confirm reported high-grade intercepts, verify dimensions and possibly expand this historic uranium deposit. The current program will consist of up to 2,000 metres of a planned 10,000 metre diamond drill program, the balance of which is expected to be completed in 2010.
Radioactive intervals in drill core were measured in counts per second (cps) using a hand-held Radiation Solutions Inc. RS-121 Gamma-Ray Scintillometer and RS-230 Gamma-Ray Spectrometer. Anomalous readings in radioactive zones ranged from 300 to 47,000 cps in drill holes, compared with a background of 200 to 250 cps in adjacent rocks. The Corporation cautions that scintillometer readings and down-hole core intervals reported herein cannot be used to determine the uranium grade or true thickness of intervals reported. They are only presented here to indicate zones of radioactive mineralization encountered while drilling, and are used to guide the current drill program until actual chemical assays are received.
The first seven holes of the program (09-LC-001 to 09-LC-007) were drilled from three sites distributed along 600 metres of strike length. Select scintillometer readings above background for the first seven holes are presented in the tables below.
The drilling was designed to intersect an electromagnetic geophysical conductor associated with the Lac Cinquante deposit as well as target high-grade uranium mineralization noted in CIMM Special Paper #33 published by the Geological Survey of Canada in 1986.
Drill holes 09-LC-001 and 09-LC-002 were drilled from the first set-up at inclinations of minus 55 and 67 degrees respectively. All seven holes were collared in basalt and had azimuths bearing north 26 degrees east. The first hole intersected a hematite-carbonate-chlorite-graphite alteration zone in tuff between 102.7 and 104.5 metres that included pitchblende veins and sulphides. Elevated radioactivity was measured between 102.8 and 104.5 metres where the zone is described as a series of 1 to 8 centimetre wide altered mineralized veins and stringers with variable radioactivity ranging from 400 cps to a high of 30,000 cps at 103.9 metres. The hole ended in gabbro at 125 metres.
Drill hole 09-LC-002 intersected the same alteration zone as the first hole between 126.4 and 129.1 metres. Elevated radioactivity was measured in two parallel zones from 126.4 to 127.7 metres and from 128.4 to 129.2 metres Readings in the first zone ranged from 350 to a high of 47,000 cps at a 20 centimetre wide, brecciated pitchblende vein situated at 127.1 metres. Anomalous radioactivity in the second zone ranged from 450 to 13,000 cps. The second hole ended in basalt at 143 metres.
Drill holes 09-LC-003, 09-LC-004 and 09-LC-005 were drilled from a second set-up located 450 metres northwest of the first, at inclinations of minus 45, 67 and 80 degrees respectively. Hole 09-LC-003 intersected sulphide mineralization and altered tuff between 43.6 and 49.7 metres where elevated radioactivity was encountered in several zones 0.4 to 0.6 metres wide. The highest readings were measured between 48.6 and 48.8 metres with radioactivity ranging from 8,000 to 23,000 cps. The hole ended in basalt at 62.0 metres.
Drill hole 09-LC-004 intersected two mineralized zones associated with discreet breccia-veining and hematite alteration within the tuff. The first zone between 45.9 and 46.9 metres had readings from background to 1,100 cps. A second, highly radioactive interval ranged from 4,300 to 21,000 cps between 50.5 and 50.9 metres. This hole ended in unaltered tuff at 74.0 metres.
Drill hole 09-LC-005 intersected a sulphide-rich graphitic zone between 62.5 and 63.3 metres with readings ranging from background to 1,300 cps. The most radioactive interval ranged from 2,300 to 9,800 cps between 79.0 and 79.6 metres. This fifth hole ended in gabbro at 92.0 metres.
Drill holes 09-LC-006 and 09-LC-007 were drilled from a third site located 150 metres northwest of the second, at inclinations of minus 65 and 55 degrees respectively. Radioactive mineralization occurred between 139.3 to 141.6 metres, associated mainly with hematite alteration in tuff. The highest readings ranged from 2,000 to 26,000 cps between 139.3 and 140.0 metres. The sixth hole ended in gabbro at 149.0 metres.
Drill hole 09-LC-007 encountered a series of small hematite-carbonate-pitchblende veins in basalt between 33.0 and 33.5 metres with readings up to 4,500 cps. This hole intersected the same hematite alteration zone as hole six, up dip and between 122.8 and 124.9 metres. Radioactivity in this interval ranged from background to 9,000 cps. The hole ended in basalt at 149.0 metres.
Due to the short duration of this Phase One drill program, Kivalliq will report scintillometer results for the remaining holes at the end of the program. Split drill core samples from mineralized intervals will be submitted to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) for analysis. SRC 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. Chemical assay results from this drill program will be reported by Kivalliq upon receipt.
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 270,000 acre Angilak Project.
On behalf of the Board of Directors
John Robins, P.Geo
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.
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.
© Copyright 2008 Kivalliq Energy Corp.