Kivalliq Energy Corporation: Assays Confirm High Grade Uranium at J4 Zone; Strike Length Extended to 600 Metres
August 27 2012 - 4:53PM
Marketwired Canada
Kivalliq Energy Corporation (TSX VENTURE:KIV) ("Kivalliq") today announced
initial 2012 assay results from J4 Zone drilling, and the extension of this zone
to 600 metres of strike length. Drilling at Kivalliq's 252,830 acre Angilak
Property in Nunavut Territory is now focused on the resource delineation
drilling at the recently discovered, high grade J4 and Ray discoveries; both
located within three kilometres of the Lac Cinquante Deposit. This news release
summarizes the 2012 drill program to date, and also includes assay results from
drilling within the 10 kilometre long "Lac Cinquante Trend", comprised of the
Lac Cinquante Deposit and the Ray, Flare, J2, Southwest, Pulse Zones.
Key Point Summary:
-- Highlight assay results from the first three holes at the J4 Zone
include:
-- 1.91% U3O8, 0.55% Mo, 79.8 g/t Ag over 1.1 metres in Hole 12-J4-003
-- 3.76% U3O8, 0.32% Mo, 22.5 g/t Ag over 0.3 metres in Hole 12-J4-003
-- Drilling at the J4 Zone has now intersected significant radiation in 39
of 46 holes, extending the drilled strike length of mineralization to
600 metres
-- Deepest radioactive interval on the Angilak Property to-date intersected
at 371 vertical metres at J4 Zone
-- Three diamond drills and a reverse circulation ("RC") rig are now
focused on J4 and Ray Zones
"Aggressive drilling since July 1, 2012 at J4 Zone has rapidly outlined a
significant zone of continuous uranium mineralization located within 2.3
kilometres of the Lac Cinquante Deposit. This clearly demonstrates the potential
to convert targets within the Lac Cinquante Trend into significant discoveries
in a single season," stated CEO Jim Paterson.
2012 Angilak Property Exploration Program
Drilling on the 252,830 acre Angilak Property as part of the 2012 exploration
program now totals 27,350 metres in 129 diamond drill holes, plus an additional
4,990 metres in 36 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. Kivalliq is now primarily focussed on resource
delineation drilling at the recently discovered J4 and Ray zones.
In addition to exploration and resource development drilling, prospecting,
mapping and ground geophysical surveying are ongoing and will continue to
advance targets near Lac Cinquante and property wide.
J4 Zone
Significant uranium mineralization or radioactivity has been intersected in 39
of 46 holes drilled from 18 sites along 600 metres of strike length at the J4
Zone. Assay results are presented in the table below. J4 Zone is outlined by an
EM conductor located roughly 2.3 kilometres east of the Lac Cinquante Deposit
and about 300 metres north of the Ray Zone.
J4 uranium mineralization is hosted by one or two sub-parallel mineralized
horizons, 10 to 45 metres apart, referred to as the J4 Upper Zone and the J4
Lower Zone. The J4 has been intersected at depths between 35 and 371 vertical
metres. Radioactivity occurs in quartz-carbonate veins hosted by sheared
sulphidic, graphitic tuff within a larger sequence of basalt. Radioactive
readings between 170 and a peak of 60,200 counts per second ("cps") were
measured over drill core lengths between 0.3 to 6.1 metres.
J4 Zone Assay Results
----------------------------------------------------------------------------
2012 J4 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-J4-001 70.7 71.8 1.1 1.1 0.11 0.18 0.44 51.7 J4 Upper Zone
----------------------------------------------------------------------------
12-J4-001 92.0 92.3 0.3 NA 0.45 0.02 0.14 10.8 Qtz Carb Vein
----------------------------------------------------------------------------
12-J4-001 95.6 95.9 0.3 0.3 1.33 0.10 1.22 72.6 J4 Lower Zone
----------------------------------------------------------------------------
12-J4-001 99.8 100.1 0.3 NA 1.85 0.07 0.07 16.8 Qtz Carb Vein
----------------------------------------------------------------------------
12-J4-002 73.5 75.2 1.7 1.6 0.23 0.33 0.46 51.2 J4 Upper Zone
----------------------------------------------------------------------------
12-J4-002 99.5 99.8 0.3 0.3 1.66 0.05 0.15 13.0 J4 Lower Zone
----------------------------------------------------------------------------
12-J4-002 127.4 127.7 0.3 NA 0.23 0.04 0.05 1.7 Qtz Carb Vein
----------------------------------------------------------------------------
12-J4-003 87.7 89.1 1.3 1.1 1.91 0.30 0.55 79.8 J4 Upper Zone
----------------------------------------------------------------------------
12-J4-003 118.8 119.2 0.4 0.3 3.76 0.06 0.32 22.5 J4 Lower Zone
----------------------------------------------------------------------------
12-J4-003 122.3 124.0 1.7 NA 0.19 0.05 0.03 1.8 Qtz Carb Vein
----------------------------------------------------------------------------
(i) All samples are subjected to ICP1 Analysis by Saskatchewan Research
Council Geoanalytical Laboratories "SRC" in Saskatoon, Canada. ICP1
results greater than 1,000 ppm U are subjected to SRC U3O8 Assay; ICP1
results for Cu, Mo and Ag are reported by SRC in parts per million
(ppm). 1 ppm = 1gm/t, 10,000 ppm = 1%; Intervals include ICP U analysis
in ppm converted to U3O8%. Conversion to U3O8% = ppm x 0.01179.
For J4 Zone cross sections with assays and drill plan maps, visit
http://www.corebox.net/properties/angilak/.
Lac Cinquante Trend
Assay results from five zones, within the Lac Cinquante Trend and located less
than three kilometres from the Lac Cinquante Deposit, are presented in the table
below. For descriptions of these zones (Southwest, Pulse, Flare, Ray, J2, in
addition to the Lac Cinquante Deposit) please reference Kivalliq news releases
from June 25, July 11, and July 25, 2012.
Lac Cinquante Trend Assay Results
All 2012 assay results have now been reported from the Lac Cinquante Deposit and
the Southwest, Pulse, Flare, and J2 Zones.
----------------------------------------------------------------------------
2012 Lac Cinquante Trend Diamond Drill Hole Weighted Assay Results(i)
----------------------------------------------------------------------------
Inter- True
From To val Width U3O8 Cu Mo Ag
DDH (m) (m) (m) (m) (%) (%) (%) (g/t) Description
----------------------------------------------------------------------------
12-774-001 74.3 74.7 0.4 0.4 0.51 0.07 0.75 96.0 Ray Zone
----------------------------------------------------------------------------
12-774-002 84.3 84.6 0.3 NA 0.14 0.02 0.02 0.4 Qtz Carb Vein
----------------------------------------------------------------------------
12-774-002 87.5 88.5 1.0 0.8 0.21 0.07 0.09 13.7 Ray Zone
----------------------------------------------------------------------------
12-774-002 101.4 101.9 0.5 NA 0.48 0.02 0.07 2.3 Qtz Carb Vein
----------------------------------------------------------------------------
12-774-003 113.4 114.0 0.6 0.4 0.20 0.05 0.15 21.9 Ray Zone
----------------------------------------------------------------------------
12-774-004 100.4 100.7 0.3 NA 0.10 0.02 0.01 0.0 Qtz Carb Vein
----------------------------------------------------------------------------
12-774-004 144.3 144.9 0.6 0.3 0.01 0.10 0.09 13.1 Ray Zone
----------------------------------------------------------------------------
12-774-006 29.9 31.0 1.1 NA 0.00 0.03 0.00 100.4 Qtz Carb Vein
----------------------------------------------------------------------------
12-774-006 77.7 79.4 1.7 1.7 0.22 0.27 0.12 37.5 Ray Zone
----------------------------------------------------------------------------
12-774-007 92.5 94.4 1.9 1.6 0.35 0.09 0.35 15.3 Ray Zone
----------------------------------------------------------------------------
12-774-008 116.0 116.7 0.8 NA 0.048 0.007 0.002 0.9 Qtz Carb Vein
----------------------------------------------------------------------------
12-774-009 57.1 57.5 0.4 NA 0.28 0.022 0.002 0.6 Qtz Carb Vein
----------------------------------------------------------------------------
12-BZ4-001 84.0 87.9 3.9 3.8 0.02 2.22 0.01 6.5 Flare Zone
----------------------------------------------------------------------------
12-BZ4-002 103.2 106.2 3.0 2.5 0.00 0.88 0.00 4.3 Flare Zone
----------------------------------------------------------------------------
12-BZ4-002 127.1 128.5 1.4 NA 0.06 0.31 0.00 1.3 Qtz Carb Vein
----------------------------------------------------------------------------
12-BZ4-003 104.1 105.4 1.3 1.3 0.00 0.56 0.04 8.0 Flare Zone
----------------------------------------------------------------------------
12-BZ4-004 114.4 116.0 1.6 1.4 0.00 0.21 0.00 1.8 Flare Zone
----------------------------------------------------------------------------
12-BZ4-005 55.6 60.2 4.6 3.9 0.09 0.69 0.00 2.2 Flare Zone
----------------------------------------------------------------------------
12-BZ4-006 83.0 83.8 0.8 0.5 0.01 1.02 0.00 1.9 Flare Zone
----------------------------------------------------------------------------
12-BZ4-007 72.7 73.5 0.8 0.7 0.00 1.27 0.02 9.1 Flare Zone
----------------------------------------------------------------------------
12-J2E-001 80.1 83.5 3.4 3.3 0.01 0.27 0.04 7.9 J2E Zone
----------------------------------------------------------------------------
12-J2E-002 10.0 11.0 1.0 NA 0.53 0.07 0.11 23.7 Qtz Carb Vein
----------------------------------------------------------------------------
12-J2E-002 101.3 101.8 0.5 0.4 0.02 0.34 0.09 13.2 J2E Zone
----------------------------------------------------------------------------
12-LC-008 297.9 299.7 1.8 NA 0.52 0.34 0.02 20.9 Qtz Carb Vein
----------------------------------------------------------------------------
12-LC-013 73.9 76.2 2.3 1.8 0.13 0.92 0.02 12.4 Southwest Zone
----------------------------------------------------------------------------
12-LC-013 143.3 143.6 0.3 NA 0.84 0.02 0.02 4.4 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-001 93.7 94.4 0.7 0.4 0.35 0.16 0.03 13.9 Southwest Zone
----------------------------------------------------------------------------
12-LCSW-002 40.3 41.0 0.7 NA 0.20 0.13 0.03 6.7 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-002 146.1 149.1 3.0 1.2 0.80 0.45 0.09 32.5 Southwest Zone
----------------------------------------------------------------------------
12-LCSW-002 153.0 154.0 1.0 NA 0.04 0.01 0.04 7.4 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-004 82.7 83.7 1.0 0.9 0.12 0.02 0.02 3.9 Southwest Zone
----------------------------------------------------------------------------
12-LCSW-005 100.8 101.2 0.4 0.3 0.15 0.04 0.00 0.4 Southwest Zone
----------------------------------------------------------------------------
12-LCSW-006 24.6 25.7 1.1 NA 0.08 0.04 0.04 7.3 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-006 96.4 97.1 0.7 NA 0.15 0.00 0.03 4.1 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-007 133.0 137.0 4.0 0.4 0.00 0.14 0.00 1.0 Southwest Zone
----------------------------------------------------------------------------
12-LCSW-008 23.7 24.1 0.4 NA 0.07 0.19 0.12 15.1 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-008 91.3 92.3 1.0 1.0 0.16 0.02 0.05 2.8 Southwest Zone
----------------------------------------------------------------------------
12-LCSW-009 39.6 40.9 1.3 NA 0.01 0.34 0.10 11.5 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-009 84.7 87.4 2.7 NA 0.08 0.33 0.38 61.9 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-010 34.2 43.1 8.9 NA 0.00 0.30 0.00 6.9 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCSW-011 118.2 119.2 0.9 0.6 0.03 0.14 0.00 1.1 Southwest Zone
----------------------------------------------------------------------------
12-PL-008 89.6 93.6 4.0 2.2 0.02 1.93 0.02 3.7 Pulse Zone
----------------------------------------------------------------------------
12-PL-010 60.0 60.3 0.3 0.2 0.32 0.29 0.00 4.6 Pulse Zone
----------------------------------------------------------------------------
12-PL-011 38.6 39.3 0.7 NA 0.62 0.05 0.01 9.3 Qtz Carb Vein
----------------------------------------------------------------------------
12-PL-011 125.8 126.2 0.4 0.2 0.04 0.49 0.18 45.6 Pulse Zone
----------------------------------------------------------------------------
12-PL-013 172.8 173.4 0.6 0.3 0.27 0.12 0.06 11.6 Pulse Zone
----------------------------------------------------------------------------
12-PL-014 64.1 65.1 1.0 0.7 0.39 1.16 0.01 0.6 Pulse Zone
----------------------------------------------------------------------------
12-PL-015 123.3 124.1 0.8 0.3 0.03 0.20 0.02 8.1 Pulse Zone
----------------------------------------------------------------------------
12-PL-015 139.6 143.2 3.6 1.4 0.00 0.27 0.01 3.9 Shear Zone
----------------------------------------------------------------------------
12-PL-016 157.5 158.0 0.5 0.2 0.07 0.02 0.10 13.0 Pulse Zone
----------------------------------------------------------------------------
12-PL-017 64.2 64.7 0.5 NA 0.01 1.06 0.00 0.0 Qtz Carb Vein
----------------------------------------------------------------------------
12-PL-018 82.7 83.1 0.4 NA 0.02 0.96 0.00 0.7 Qtz Carb Vein
----------------------------------------------------------------------------
12-PL-018 125.0 125.5 0.5 0.5 0.01 0.77 0.17 25.2 Pulse Zone
----------------------------------------------------------------------------
12-PL-019 136.2 136.7 0.5 NA 0.01 0.42 0.08 18.5 Qtz Carb Vein
----------------------------------------------------------------------------
12-PL-019 153.4 154.7 1.3 1.3 0.02 0.23 0.08 12.6 Pulse Zone
----------------------------------------------------------------------------
12-PL-020 69.7 70.0 0.3 0.3 0.15 0.14 0.00 1.1 Pulse Zone
----------------------------------------------------------------------------
12-PL-021 71.2 72.0 0.8 0.7 0.01 0.06 0.03 8.9 Pulse Zone upper
----------------------------------------------------------------------------
12-PL-021 75.5 81.6 6.1 4.7 0.02 0.43 0.00 0.5 Pulse Zone lower
----------------------------------------------------------------------------
12-PL-022 106.4 109.9 3.5 2.2 0.15 0.31 0.01 2.3 Pulse Zone
----------------------------------------------------------------------------
12-PL-023 140.9 141.8 0.9 0.4 0.18 1.19 0.06 3.1 Pulse Zone
----------------------------------------------------------------------------
12-PL-027 101.3 101.9 0.6 0.4 0.15 0.34 0.00 2.9 Fault Zone
----------------------------------------------------------------------------
12-PL-027 109.2 110.0 0.8 0.6 0.02 0.21 0.00 6.6 Pulse Zone
----------------------------------------------------------------------------
12-LCM-002 59.4 65.8 6.5 4.8 0.01 0.43 0.02 7.2 South Zone
----------------------------------------------------------------------------
12-LCM-002 245.0 246.1 1.1 1.0 0.11 0.03 0.17 8.0 Main Zone
----------------------------------------------------------------------------
12-LCM-003 192.7 197.0 4.3 NA 0.10 0.02 0.02 2.1 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCM-003 335.5 335.8 0.3 0.3 0.32 0.03 0.08 0.6 Main Zone
----------------------------------------------------------------------------
12-LCM-004 114.8 119.0 4.2 NA 0.38 0.04 0.02 74.9 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCM-004 123.2 124.0 0.8 NA 0.03 0.13 0.27 44.9 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCM-010 32.7 35.4 2.7 NA 0.06 0.59 0.00 7.8 Qtz Carb Vein
----------------------------------------------------------------------------
12-LCM-010 125.5 126.1 0.6 NA 0.27 0.01 0.02 3.2 Qtz Carb Vein
----------------------------------------------------------------------------
(i) All samples are subjected to ICP1 Analysis by Saskatchewan Research
Council Geoanalytical Laboratories "SRC" in Saskatoon, Canada. ICP1
results greater than 1,000 ppm U are subjected to SRC U3O8 Assay; ICP1
results for Cu, Mo and Ag are reported by SRC in parts per million
(ppm). 1 ppm = 1gm/t, 10,000 ppm = 1%; Intervals include ICP U analysis
in ppm converted to U3O8%. Conversion to U3O8% = ppm x 0.01179.
Ten drill holes; 12-J2E-003, 12-LC-009, 12-LC-012, 12-LCSW-003, 12-PL-009,
12-PL-024, 12-PL-025, 12-PL-026, 12-OHM-001 & 12-OHM-002 intersected no
significant mineralization. Drill holes 12-774-005, 12-PL-012, 12-LCM-001 were
not completed due to poor drilling conditions.
All holes were drilled to the northeast with azimuths bearing 26 or 35 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 Angilak Property drill holes, having anomalous
radioactivity levels above 200 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 1,000 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, is a Qualified Person as defined
under National Instrument 43-101, and has reviewed and approved the scientific
and technical information contained in this news release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is the first uranium exploration and development
company in Canada to sign a comprehensive agreement to explore for uranium on
Inuit Owned Lands in Nunavut.
Since acquiring the 252,830 acre Angilak Property in 2008, Kivalliq has invested
approximately CDN$40 million conducting systematic exploration, including ground
and airborne geophysics, geological mapping, prospecting and approximately
80,000 metres of RC and diamond drilling. This aggressive exploration has
resulted in the expansion of the high-grade Lac Cinquante Deposit, along with
the discovery of multiple highly-prospective target areas. With a 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 Saskatchewan's Athabasca Basin.
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 further information about Kivalliq Energy Corporation or this
news release, please visit our websites at www.kivalliqenergy.com and
www.auroraresource.com.
Certain disclosures in this release, including 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 Kivalliq'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 Kivalliq'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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