Kivalliq
Announces 35,000 Metres of Drilling for Angilak Property
Vancouver, B.C. �
Kivalliq Energy Corporation (KIV: TSX-V) (the
�Company� or �Kivalliq�) today announced a two phase
exploration program at the 225,000 acre Angilak
Property in Nunavut Territory, Canada. Kivalliq
plans to drill 20,000 metres of NQ core with two
diamond drill rigs and 15,000 metres of reverse
circulation (�RC�) drilling on exploration targets with a light weight RC fly
rig. The Company also plans to conduct extensive airborne and ground
geophysical surveying programs and an aggressive prospecting campaign.
�Building on the recently
announced inferred resource of 810,000 tonnes
grading 0.79% U3O8, totalling 14.15 million pounds
at Lac Cinquante, Kivalliq�s board of directors has approved an
aggressive exploration program at the Angilak
Property in 2011,� stated Jim Paterson, Kivalliq�s
CEO. �Our 2011 exploration goals are clearly defined as follows: expand the
Lac Cinquante mineral resource along strike and to
depth; drill targets on parallel conductors; and demonstrate potential for
multiple uranium deposits elsewhere on the Angilak
Property.�
Kivalliq�s board of directors has approved a
two-phased, $17 million exploration program at Angilak
for the 2011 season. The first phase commences in March 2011 with the
mobilization of crews and equipment to the existing Nutaaq
camp. The Company is fully funded to drill from April to June, with two
diamond drill rigs and one RC rig, and conduct ground geophysical surveys
until break-up sometime in June. The Company will commence the second phase
of the proposed exploration program at Angilak in
July.
The following points
summarize both the first and second phase of the proposed 2011 exploration
campaign:
- 20,000
metres of diamond drill core, with up to 100
holes focused on expanding and potentially upgrading the Lac Cinquante resource
- 15,000
metres of RC drilling to test in excess of 30
target areas with up to 150 holes
- Combination
of airborne (4,000 line kilometres) and ground
geophysical surveys (1250 line kilometres)
- Continued
prospecting to advance target areas defined by the 2010 program and investigate
new targets identified by 2011 geophysical surveying.
- Ongoing
modelling, geological and environmental
studies; continued emphasis on community consultation
- Infrastructure
expansion for improved logistics and to handle additional staff and
equipment
- Revision
and upgrade of current inferred NI 43-101 resource by Q2 2012
Disclosure of a technical
nature contained in this release has been reviewed and approved by Jeff Ward,
P.Geo. (President, Kivalliq)
who is the Qualified Person for the purposes of National Instrument 43-101.
For disclosure related to the inferred resource for the Lac Cinquante uranium deposit, please refer to Kivalliq news release of February 7, 2011.
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 with the Inuit of Nunavut to explore for uranium on
Inuit Owned Lands in Nunavut.
With an NI 43-101
compliant Inferred Mineral Resource of 810,000 tonnes
grading 0.79% U3O8 , totalling 14.15 million lbs
U3O8 (17.5 lbs 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. Kivalliq�s flagship project, the 225,000 acre Angilak Property in Nunavut, hosts the high-grade Lac Cinquante deposit, along with nine additional high
priority target areas. Since acquiring the Angilak
Property in 2008, the Company has invested approximately $12 million
conducting systematic exploration, including ground and airborne geophysics,
geological mapping, prospecting and 18,350 meters of drilling.
On behalf of the Board of
Directors
�Jim Paterson�
Jim Paterson, CEO
Kivalliq Energy Corporation
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.
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