Kivalliq
Receives Final Assays From Lac Cinquante 2010 Drill
Program;
High grade Mineralization Extended Eastward Along Trend
Vancouver, B.C. �
Kivalliq Energy Corporation (KIV: TSX-V) (the
�Company� or �Kivalliq�) today announced assay results
from the final 27 holes drilled at the 225,000 acre Angilak
Property in Nunavut, Canada. Assays reported from the eastern end of the Main
Zone represent some of the highest grades reported to date on the property,
including 6.86% U3O8 over 0.58 metres. The area of
known mineralization at Lac Cinquante deposit has
now been extended to over 1.35 km and drilling confirms the deposit remains
open along strike and to depth.
�These drill intervals
reinforce the high-grade nature of the deposit and demonstrate the potential
to continue to expand the Main Zone along trend,� stated Kivalliq�s
President Jeff Ward, P. Geo. �The receipt of these final assays allows
commencement of the modelling work needed to
deliver the project�s first NI 43-101 mineral resource by the first quarter
of 2011.�
New Assay
Highlights
Drill Hole
ID - %U3O8 - True Width (estimate)
10-LC-089 � 6.86% over 0.58 metres
10-LC-090 � 2.25% over 1.05 metres
10-LC-091 � 1.02% over 2.04 metres
10-LC-099 � 3.56% over 0.86 metres
10-LC-101 � 2.77% over 1.62 metres
All holes reported herein
were inclined to the northeast with an azimuth of 26 degrees, intersecting
the Lac Cinquante Main Zone between 27 and 265 metres depth. See the table of results below, and visit www.kivalliqenergy.com for an updated drill plan map, drill sections and drill collar
information.
Table 1: 2010
Phase 2 Assay Results � Lac Cinquante Drill Program
2010 Phase 2 Lac Cinquante Drilling Program - Final Assay Results*
|
Drill Hole
|
From (m)
|
To (m)
|
Interval (m)
|
Est True
Width**
|
U3O8 %
|
Description
|
10-LC-072
|
165.9
|
167.6
|
1.7
|
0.95
|
0.39
|
Main Zone
|
10-LC-073
|
265.0
|
266.8
|
1.8
|
0.33
|
0.43
|
Main Zone
|
10-LC-075
|
67.5
|
68.2
|
0.7
|
0.32
|
0.20
|
Main Zone
|
10-LC-076
|
44.5
|
45.2
|
0.7
|
0.49
|
0.36
|
Main Zone
|
10-LC-078
|
229.0
|
230.4
|
1.3
|
1.17
|
0.87
|
Main Zone
|
10-LC-079
|
261.2
|
262.0
|
0.8
|
0.62
|
0.12
|
Main Zone
|
10-LC-080
|
295.8
|
296.2
|
0.4
|
0.26
|
0.14
|
Main Zone
|
10-LC-089
|
143.7
|
144.8
|
1.1
|
0.58
|
6.86
|
Main Zone - East
|
10-LC-090
|
53.8
|
54.9
|
1.1
|
1.05
|
2.25
|
Main Zone
|
10-LC-091
|
90.8
|
94.6
|
3.8
|
2.04
|
1.02
|
Main Zone
|
10-LC-092
|
135.9
|
136.6
|
0.7
|
0.53
|
1.49
|
Main Zone
|
10-LC-095
|
38.5
|
40.9
|
2.5
|
na
|
1.03
|
Qtz Carb
Vein
|
10-LC-096
|
238.1
|
239.0
|
0.9
|
0.81
|
2.17
|
Main Zone
|
10-LC-098
|
274.8
|
276.8
|
2.0
|
1.58
|
0.10
|
Main Zone
|
10-LC-099
|
170.1
|
171.2
|
1.0
|
0.86
|
3.56
|
Main Zone - East
|
10-LC-101
|
153.6
|
155.3
|
1.7
|
1.62
|
2.77
|
Main Zone - East
|
10-LC-102
|
185.3
|
185.7
|
0.4
|
0.27
|
0.13
|
Main Zone - East
|
10-LC-110
|
212.5
|
213.0
|
0.5
|
0.41
|
0.02
|
Main Zone
|
10-LC-111
|
280.8
|
282.3
|
1.6
|
0.73
|
0.15
|
Main Zone
|
10-LC-112
|
141.0
|
141.3
|
0.3
|
0.24
|
0.27
|
Main Zone
|
*All samples subject to ICP 1 Analysis by SRC in
Saskatoon, SK. ICP1 results >1000 ppm Uranium subject to SRC U3O8 Assay
|
Full mineralized intervals may include ICP
U analysis in ppm converted to U3O8%. Conversion to U3O8% = ppm
x 0.01179%
|
** Estimates for true widths of mineralized
zones based on measured core angles and attitude of Main Zone geology
|
For seven drill holes not
reported above: holes 10-LC-094 and 097 were abandoned due to bad ground;
10-LC-074, 077, 093 and 100 intersected the altered tuff host unit with no
uranium mineralization; and exploratory hole 10-LC2-001 was collared in 18.5 metres of broken basalt while testing a geophysical
target one kilometre east. No anomalous radiation
was noted in core at 10-LC2-001 but further work is warranted.
Overview of 2010
Exploration Program at Angilak
The 2010 Program at Angilak operated from April to October and consisted of
new camp construction, property-wide prospecting, environmental baseline
studies, and a total of 16,600 metres of resource
definition and exploratory drilling in 107 holes. All U3O8 assays from the
2010 drill program have now been reported.
The prime objective in
2010 was to generate data necessary to deliver the first NI 43-101 mineral
resource at Lac Cinquante. New drilling has
confirmed mineralization at the Main Zone, down to a depth of 275 metres, and expanded mineralization to 1.35 km of strike
length. Lac Cinquante remains open in both
directions and at depth based on the current drilling. The remainder of the
year will be dedicated to technical and resource modeling analysis with the
goal of establishing a NI 43-101 mineral resource by early 2011.
As part of the 2010
program, two exploratory holes encountered significant uranium mineralization
500 metres and 1.8 kilometres
west of Lac Cinquante. These holes clearly
demonstrate the potential to expand the Lac Cinquante
Main Zone along trend and make new discoveries elsewhere on the Angilak Property.
Assay results from a
property wide prospecting and sampling program will be released prior to the
end of the year.
QA/QC
Samples from the 2010
Phase 2 drilling program comprised half split NQ drill core. All samples were
analyzed for U3O8 and a multi-element suite by Saskatchewan Research Council
(SRC) Geoanalytical Laboratories. 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. ICP results U>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
QC included the insertion of blanks into the sample inventory at the project
site prior to shipment in sealed containers. All blank results were within
expectations.
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.
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.
The Lac Cinquante Deposit is Canada�s highest grade uranium
deposit outside of the Athabasca Basin. Kivalliq�s
core asset, the 225,000 acre Angilak Property hosts
the historic Lac Cinquante uranium deposit, and
over 150 other uranium occurrences. Since acquiring the project in 2008 the
Company has invested approximately $11.9 million on the property conducting
systematic exploration which has included 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
For further information
about, Kivalliq Energy Corporation or this news
release, please visit our website at www.kivalliqenergy.com (m.kivalliqenergy.com) or contact Investor Relations toll free at
1.888.331.2269, at 604.646.4527, or by email at info@kivalliqenergy.com.
Kivalliq Energy Corporation is a member of
the Discovery Group of companies, for more information on the group visit www.discoveryexp.com (m.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.
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