Kivalliq Energy Corporation: J4 Zone Strike Length Extended to 200 Metres; Initial 2012 Results Reported from Drilling in Lac...
25 July 2012 - 9:00PM
Marketwired Canada
Kivalliq Energy Corporation ("Kivalliq") (TSX VENTURE:KIV) today announced
extending the strike length of the highly radioactive J4 Zone, initial 2012
drill results from testing below the Lac Cinquante Uranium Deposit, and new
drilling at the Pulse Zone. Drilling is now focused on shallow targets within
three kilometres of the Lac Cinquante Deposit that include the radioactive J4
and Ray Zones discovered earlier in the 2012 exploration campaign. This release
summarizes the drill program to date, and includes assays from the Western
Extension Zone of the Lac Cinquante Deposit and the Pulse Zone.
Key Point Summary:
-- Drilling at the one kilometre long J4 electromagnetic ("EM") conductor
intersected significant radiation in 15 of 15 holes, extending the
drilled strike length of mineralization to 200 metres
-- Hole 12-LC-007 at the Western Extension intersected 0.33% U3O8 over 3.1
metres width, at 365 metres vertical depth. This is the deepest known
uranium intercept reported on the Angilak Property to date.
-- Two diamond drills will focus on new discoveries and priority targets
within three kilometres of the Lac Cinquante Deposit
-- A third diamond drill and a reverse circulation ("RC") rig will test
additional targets across the Angilak Property
2012 Angilak Property Exploration Program
Drilling on the 252,830 acre Angilak Property as part of the 2012 exploration
program now totals 19,457 metres in 106 diamond drill holes, plus an additional
4,645 metres in 31 exploratory holes using an RC drill rig. Drilling to date has
focused on evaluating linear EM conductors occurring within three kilometres of
the Lac Cinquante Deposit and testing below the current resource. With the
recent discovery of the J4 zone, Kivalliq has made four new discoveries in 2012
thus far.
Prospecting, mapping and ground geophysical surveying are ongoing and will
continue to advance targets near Lac Cinquante and property wide.
J4 Zone
Significant radioactivity has now been intersected in 15 of 15 holes drilled
from five sites along 200 metres of strike length at the J4 Zone. J4 is a one
kilometre long EM conductor located roughly 2.3 kilometres east of the Lac
Cinquante Deposit and about 300 metres north of the Ray Zone (see June 25, 2012
news release).
J4 commonly hosts up to two sub-parallel mineralized horizons, 20 metres to 30
metres apart, referred to as the J4 Upper Zone and the J4 Lower Zone. The J4
Upper Zone has been intersected at depths between 49 and 123 vertical metres.
The J4 Lower Zone has been intersected between 63 metres and 183 metres vertical
depth. Radioactivity is hosted in narrow quartz-carbonate veins in sheared
sulphidic, graphitic tuff within a larger sequence of basalt. Radioactive
readings between 170 and a peak of 39,000 counts per second ("cps") were
measured over down hole intervals 0.3 to 1.5 metres in the J4 Upper Zone.
Radioactive readings between 170 and a peak of 27,000 cps were measured over 0.3
metre intervals in the J4 Lower Zone. Drilling continues at the J4 Zone.
Western Extension
The first nine of 13 holes drilled at the Western Extension in 2012 are
disclosed in this news release. 4,213 metres in 13 diamond drill holes from
seven sites intersected the deposit's host shear zone using 100-metre hole
spacing. Of these, seven intersected uranium or anomalous radioactivity,
including the deepest intercept on the property to date at 365 metres (hole
12-LC-007 with 0.33% U3O8 of 3.1 metres estimated true width). The 2012 drilling
confirmed an intermittent mineralized shear zone and quartz- carbonate veining
between 0.3 and 5.2 metres estimated true width, below the current resource.
Further assays from the Western Extension are pending.
Western Extension Assay Results
2012 Western Extension Diamond Drill Hole Weighted Assay Results(i)
True
From To Interval Width U3O8 Cu Mo Ag
DDH (m) (m) (m) (m) (%) (%) (%) (g/t) Description
----------------------------------------------------------------------------
12-LC-001 463.0 464.0 1.0 N/A 0.00 0.30 0.00 3.8 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-002 51.9 52.2 0.3 N/A 0.61 0.09 0.02 7.7 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-004 31.3 31.6 0.4 N/A 0.29 0.02 0.01 1.8 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-004 129.6 129.9 0.3 N/A 0.15 0.00 0.00 0.7 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-005 85.3 85.8 0.4 N/A 0.20 0.04 0.01 2.1 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-005 203.6 204.9 1.4 N/A 0.49 0.04 0.03 4.7 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-005 261.4 264.5 3.2 2.7 0.06 0.26 0.00 3.4 main zone
----------------------------------------------------------------------------
12-LC-006 286.2 287.1 0.9 0.7 0.20 0.15 0.01 5.7 main zone
----------------------------------------------------------------------------
12-LC-007 192.3 193.0 0.7 N/A 0.20 0.04 0.05 8.8 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-007 369.7 374.7 5.0 3.1 0.33 0.19 0.02 6.8 main zone
----------------------------------------------------------------------------
12-LC-007 377.6 378.1 0.5 N/A 0.19 0.02 0.00 1.2 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-010 91.5 91.8 0.3 N/A 0.40 0.01 0.01 1.9 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-010 244.6 245.1 0.5 N/A 2.40 0.08 0.17 15.0 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-010 263.1 269.4 6.2 5.2 0.12 0.10 0.00 3.2 main zone
(i) All samples subject to ICP1 Analysis by SRC in Saskatoon, SK. ICP1
results greater than 1000 ppm U are subject to SRC U3O8 Assay; ICP1 results
for Cu, Mo and Ag are reported by SRC in parts per million (ppm). 1 ppm =
1gm/t, 10000 ppm = 1%; Intervals include ICP U analysis in ppm converted to
U3O8%. Conversion to U3O8% = ppm x 0.01179.
Two drill holes; 12-LC-003 and 011 intersected no significant mineralization.
Lac Cinquante Main Zone
New drilling targeted below the Lac Cinquante Main Zone in an attempt to trace
plunging uranium mineralization below the current resource. 4,053 metres in 14
holes from nine sites were drilled over 1.3 kilometres of strike, using a
minimum of 100 metres hole spacing. Of these, six intersected weakly anomalous
radioactivity between 228 metres and 350 metres vertical depth. Anomalous gamma
values range from 200 to a peak of 5,200 cps, with down hole intercepts of 0.3
to 1.5 metres wide. Assay results will be released when available.
Eastern Extension
Drilling also tested the gap between the Eastern Extension and the Lac Cinquante
Main Zone. Four holes were drilled from two sites spaced 50 metres apart at the
west side of the Eastern Extension. Of these, one hole (12-LC-001) intersected a
radioactive mineralized, brecciated tuff at 82 metres vertical depth, having a
peak of 7000 cps over 0.4 metres. This hole extends known mineralization at the
Eastern Extension by 50 metres westward. Assay results will be released when
available.
For full descriptions and disclosure regarding the Western Extension, Main Zone,
and Eastern Extension of the Lac Cinquante Uranium Deposit, please see
Kivalliq's NI 43-101 Technical Report from March 1, 2012.
Pulse Zone
Pulse is a three kilometre long EM conductor located roughly 700 metres north of
the Lac Cinquante Deposit. 3,829 metres in 27 holes drilled in 2012 tested 1.3
kilometres of this three kilometre long EM trend. Anomalous radioactivity was
encountered in 14 of 27 core holes and assay results for the first seven of
these are reported herein. Intermittent uranium mineralization, that includes
significant copper, molybdenum and silver values, is hosted in narrow
carbonate-quartz-hematite veins in steeply dipping sheared basalt or sulphidic
tuff. Drilling was from nine sites with varying spacing along strike and to a
maximum depth of 170 metres. Radioactivity ranged from 200 to a high of 10,000
cps with downhole intercepts up to 1.1 metres wide. Initial assay results from
2012 drilling at Pulse are detailed in the table below.
Pulse Zone Assay Results
2012 Pulse Zone Diamond Drill Hole Weighted Assay Results(i)
True
From To Interval Width U3O8 Cu Mo Ag
DDH (m) (m) (m) (m) (%) (%) (%) (g/t) Description
----------------------------------------------------------------------------
12-PL-001 52.2 53.0 0.8 N/A 0.63 0.03 0.10 2.3 Qtz Carb Vein
----------------------------------------------------------------------------
12-PL-001 83.7 84.8 1.1 1.0 0.03 0.09 0.06 17.7 Pulse Zone HW
----------------------------------------------------------------------------
12-PL-001 87.4 88.8 1.3 1.3 0.14 6.24 0.06 47.8 Pulse Zone FW
----------------------------------------------------------------------------
12-PL-002 103.0 103.6 0.6 0.5 0.00 1.07 0.15 29.1 Pulse Zone HW
----------------------------------------------------------------------------
12-PL-002 106.4 106.7 0.3 0.2 0.20 0.00 0.22 9.5 Pulse Zone FW
----------------------------------------------------------------------------
12-PL-004 86.4 87.9 1.5 1.4 0.00 0.28 0.01 15.9 Pulse Zone
----------------------------------------------------------------------------
12-PL-005 102.2 104.6 2.4 1.9 0.00 0.79 0.10 16.0 Pulse Zone
----------------------------------------------------------------------------
12-PL-007 52.5 59.9 7.4 6.4 0.00 0.81 0.10 11.3 Pulse Zone
(i) All samples subject to ICP1 Analysis by SRC in Saskatoon, SK. ICP1
results greater than 1000 ppm U are subject to SRC U3O8 Assay; ICP1 results
for Cu, Mo and Ag are reported by SRC in parts per million (ppm). 1 ppm =
1gm/t, 10000 ppm = 1%; Intervals include ICP U analysis in ppm converted to
U3O8%. Conversion to U3O8% = ppm x 0.01179%.
Two drill holes; 12-PL-003 and 006 intersected no significant mineralization.
All holes were drilled to the northeast with azimuths bearing 26 degrees, at
inclinations between minus 45 and 90 degrees. 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.
QA/QC
Natural gamma radiation in drill core was measured in cps using a hand-held
Radiation Solutions Inc. RS-121 scintillometer or RS-230 spectrometer. Kivalliq
cautions that scintillometer readings are not directly related to uranium grade
and are only used to indicate zones of radioactive material.
Half-spilt NQ core samples from holes drilled at the Angilak Property, with
anomalous radioactivity levels above 170 cps have been sent to Saskatchewan
Research Council Geoanalytical Laboratories ("SRC") for analysis. All samples
were analyzed for U3O8 and a multi-element suite. 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 Ugreater than 1000 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. and President of Kivalliq has reviewed and approved the
scientific and technical information contained in this news release and is the
Qualified Person as defined under National Instrument 43-101 for this news
release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a uranium exploration and development company and
the first company in Canada to sign a comprehensive agreement to explore for
uranium on Inuit Owned Lands in Nunavut.
Kivalliq's 252,830 acre Angilak Property hosts the high-grade Lac Cinquante
Uranium Deposit, along with multiple highly-mineralized target areas. With an NI
43-101 Inferred Mineral Resource of 1,779,000 tonnes grading 0.69% U3O8,
totalling 27.13 million pounds U3O8, (15.2 pounds U3O8/tonne) at a 0.2% U3O8
cut-off grade, the Lac Cinquante Deposit is Canada's highest grade uranium
deposit outside of the Athabasca Basin.
Since acquiring the Angilak Property in 2008, Kivalliq has invested
approximately $30 million conducting systematic exploration, including ground
and airborne geophysics, geological mapping, prospecting and approximately
48,000 metres of RC and diamond drilling.
On behalf of the Board of Directors
James R. Paterson, CEO
Kivalliq Energy Corporation
Kivalliq Energy Corporation is a member of the Aurora Resource Group of
companies. For more information please visit www.auroraresource.com.
Certain disclosures in this release, including management's, intentions with
respect to use of proceeds, the 2012 Angilak exploration program 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 market price of the Company's securities and
the market for securities of resource exploration companies in general;
commodity prices and, in particular, the price of uranium and the completion of
the Company's 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.
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