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Kivalliq Completes 2008 Field Program
November 3, 2008
Vancouver, B.C. - Kivalliq Energy Corporation (KIV: TSX-V) today announced the successful completion of the 2008 field program on the company�s Angilak Project located in Nunavut, Canada. The main objective of this year�s program was to reconstruct a drill plan for the historic, high-grade Lac Cinquante Uranium Deposit which remains untested at depth and along strike and is reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101)** with grades averaging 1.03% U3O8.
2008 Field Program Highlights
- The first modern-day survey was flown over the majority of the Angilak property identifying numerous radiometric anomalies and several electromagnetic anomalies consistent with possible sulfide mineralization. In addition, a number of discrete, circular, magnetic anomalies were identified during the course of the survey representing potential kimberlite targets.
- New geological mapping carried out in the Lac Cinquante area; 98 rock and 36 core samples were submitted for analysis.
- The 2008 ground VLF survey successfully re-identified the Lac Cinquante deposit and a possible extension 1.5 km to the southeast.
- Historical drill holes were identified and corresponding drill core was re-logged and radio-assayed using a GR-135 spectrometer.
- Final results and interpretation of the 2008 field program are expected next month.
�The 2008 field program was a tremendous success,� stated John Robins, President and CEO of Kivalliq Energy Corporation. �Finding most of the historical drill hole locations, together with the corresponding core, allows us to prepare a 3D model of the Lac Cinquante Uranium Deposit which will be an invaluable tool in planning next year�s drill program.�
Airborne Geophysical Survey
Kivalliq flew a 5,620 line km, combined magnetic, electromagnetic and radiometric geophysical survey covering more than 75% of the Angilak property, including the area encompassing the Lac Cinquante Uranium Deposit. This was the first modern-day survey flown over the Angilak property and numerous radiometric anomalies were identified along with several electromagnetic anomalies consistent with possible sulfide mineralization. In addition, a number of discrete, circular, magnetic anomalies were identified during the course of the survey representing potential kimberlite targets.
Surface Exploration Program
The 2008 field program reproduced and verified a great deal of historical or lost data from previous explorers. In addition, updated geological information was gathered in the Lac Cinquante deposit area, including new samples from surface showings and historical core.
In the immediate vicinity of the Lac Cinquante Uranium Deposit, the original grid was recovered in the field and the collars were located for 123 historical drill holes. Core for most of these holes is preserved on site; specific intervals of core were re-logged and radioassayed with a GR-135 model spectrometer. As verification, eight core samples and five surface samples were also sent for laboratory analysis. In addition, 120 line km of ground radiometrics, 83 line km of ground magnetics and 18 line km of VLF were completed in this area. The Lac Cinquante deposit was historically recognized as a VLF anomaly; VLF surveying in 2008 has re-identified this anomaly and recognized new anomalies representing a possible extension 1.5 km to the southeast. This, combined with the distribution of drill holes on the ground and the position of mineralization within the core, has enabled a preliminary reconstruction of the location of the deposit to be made.
Over the remainder of the Angilak Project area, approximately 100 man-days were spent field checking geophysical targets, obtaining Quaternary information, prospecting, mapping, and evaluating the historical uranium occurrences identified in the 1970�s and 1980�s by Pan Ocean, Urangesellschaft Canada and Noranda. 58 line km of ground magnetics, 20 line km of ground radiometrics and three line km of VLF surveying were completed over target areas deemed to be prospective and 121 rock and core samples were submitted for analysis. The objective of this work is to identify new mineralized trends throughout the project area, and develop an up to date geological model that incorporates both new showings and historical occurrences.
Geovector Management Ltd. of Ottawa, Ontario was contracted to oversee the technical aspects of the Angilak Project. Tom Setterfield, PhD, 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 Rob Carpenter, PhD, P.Geo, Chairman of Kivalliq, who is the 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 and only company in Canada to sign a comprehensive agreement to explore on Inuit Owned Lands for uranium.
Through a landmark partnership with the Inuit of Nunavut, Kivalliq is now exploring and developing the historic Lac Cinquante Uranium Deposit, one of Canada�s most attractive, high-grade and historical uranium deposits that remains untested at depth and along strike. Reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101)** with grades averaging 1.03% U3O8 , the historic Lac Cinquante Deposit along with 75 other uranium occurrences encompass the 250,000 acre Angilak Project which is Kivalliq�s core asset.
On behalf of the Board of Directors
�John Robins�
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.
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. |