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Kivalliq Energy Corporation: Assays Confirm High Grade Uranium at J4 Zone; Strike Length Extended to 600 Metres

27.08.2012  |  Marketwired

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/27/12 -- 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.

Contacts:

Kivalliq Energy Corporation

James R. Paterson

CEO

604.646.4527 or Toll Free: 1.888.331.2269
info@kivalliqenergy.com
www.kivalliqenergy.com


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