VANCOUVER, Jan. 13, 2014 /CNW/ - Kivalliq Energy
Corporation ("Kivalliq", TSX-V: KIV) today announced that it
has staked 36 mineral claims totalling 362,789 acres (146,815
hectares), northeast of Saskatchewan's Athabasca Basin and along the prospective
Western Wollaston Tectonic Domain. Kivalliq's new, 100% owned
"Genesis Property" commences 25 kilometres northeast of the Eagle
Point uranium mine and Rabbit Lake
mill operated by Cameco Corporation and extends 90 kilometres to
the northeast along this prospective geological and structural
domain to the Manitoba border. The
Genesis Property covers 28 documented historic uranium showings and
several uraniferous boulder trains.
Saskatchewan is one of the
world's most prolific uranium districts, having both established
infrastructure and a politically supported uranium mining industry.
The Genesis Property falls within Western Wollaston Domain and the
Wollaston-Mudjatik Transition Zone. These zones host the
majority of known Canadian uranium deposits and all of Canada's operating uranium mines, which
currently account for 15% of the world's annual supply of
uranium.
"The current uranium spot pricing environment continues to
present excellent opportunities to increase Kivalliq's exposure to,
and ownership of, high quality uranium projects," stated Kivalliq's
CEO, Jim Paterson. "Our goal is to
complement Kivalliq's existing resource base at Angilak and
exploration potential at Baker Basin, by employing our team's
considerable northern exploration and Saskatchewan uranium experience to make
significant discoveries at the Genesis Property."
The Western Wollaston and the Wollaston-Mudjatik Transition
Domains are high-strain zones within reworked Archean and
Paleoproterozoic rocks of the Hearne Subprovince. This
lithostuctural trend hosts the majority of basement and
unconformity type uranium deposits known in the Athabasca Basin. The trend is marked by a
regional magnetic low along the boundary between primarily
granitoid rocks of the Mudjatik Domain to the west, and gneissic
metasediments of the Wollaston Domain to the east.
Where the Western Wollaston Domain and the Wollaston-Mudjatik
Transition Zone extend to the northeast of the Athabasca Basin, Kivalliq identified a highly
favourable and relatively underexplored area based on a range of
criteria. Specific Genesis Property claim locations were
selected based on a compilation of publicly available regional and
property-scale geological, geophysical and geochemical data sets
from government sources and previous exploration groups. Numerous
targets recommended for follow-up by previous explorers remain
untested.
Maps showing the location of the Genesis Property and regional
data are available at:
http://kivalliqenergy.com/Uranium/Genesis
Kivalliq exploration efforts will focus on near surface,
basement-hosted, structurally controlled uranium targets analogous
to the Millennium, Roughrider, Eagle Point and Rabbit Lake deposits. Data integration and
interpretation is underway to prioritize targets and refine budgets
for future exploration programs.
Jeff Ward, P.Geo, President of
Kivalliq and a Qualified Person for Kivalliq, has reviewed and
approved the publicly available scientific and technical
information by previous exploration groups contained in this
release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based uranium exploration company
holding Canada's highest-grade
uranium resource outside of Saskatchewan's Athabasca Basin. Its flagship project, the
340,268 acre Angilak Property in Nunavut Territory, hosts the Lac
50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes
grading 0.69% U3O8, totaling 43.3 million
pounds U3O8. Kivalliq's comprehensive
exploration programs continue to advance the Lac 50 Trend and
demonstrate the "District Scale" potential of the Angilak Property.
Kivalliq's team of northern exploration specialists have forged
strong relationships with sophisticated resource sector investors
and Angilak Property partner Nunavut Tunngavik Inc. ("NTI").
Kivalliq was the first company to sign a comprehensive agreement to
explore for uranium on Inuit Owned Lands in Nunavut Territory,
Canada and is committed to
building shareholder value while adhering to high levels of
environmental and safety standards and proactive local community
engagement.
On behalf of the Board of Directors
"Jim Paterson"
James R. Paterson, 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 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 Aurora Mineral
Resource Group of companies, for more information please visit
www.auroraresource.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 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. For disclosure related to the inferred
resource for the Lac 50 Trend uranium deposit, please refer to
Kivalliq's news release of March 1,
2013. 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.
Cautionary Note concerning estimates of Inferred Resources:
This news release uses the term "inferred resources". Inferred
resources have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Kivalliq
advises U.S. investors that while this term is recognized and
required by Canadian regulations, the U.S. Securities and Exchange
Commission does not recognize it. U.S. investors are cautioned not
to assume that part or all of an inferred resource exists, or is
economically or legally mineable.
SOURCE Kivalliq Energy Corporation