VANCOUVER, BC–(Marketwired – November 10, 2015) – Kivalliq Energy Corporation (TSX VENTURE: KIV) (Kivalliq) today announced results from soil samples collected in the Dipole-RIB Trend and rock samples collected in the Yat Target area of Kivalliq’s 100% owned, 101,111 hectare (249,851 acre) Angilak Property in Nunavut Territory, Canada.
“Kivalliq’s 2015 exploration program has confirmed that Lac 50-type mineralization exists in multiple trends on the Angilak Property,” stated Kivalliq president Jeff Ward. “The Dipole-RIB Trend has emerged as an area with tremendous exploration potential based on our compilation of previous exploration, the recently drilled Dipole discovery, and now the multiple kilometre-scale coincident geophysical and uranium-in-soil trends identified at RIB.”
- 408 in-fill soil samples in 2015 have defined multiple uranium in soil trends at RIB within a survey grid oriented along and straddling the Angikuni Basin unconformity;
- Drilling is warranted along four kilometres (km) of subparallel coincident geophysical and geochemical anomalies at RIB;
- Prospecting identified favorable host geology and uranium mineralization four km southwest of Dipole and within the RIB geochemical trend;
- Rock samples further enhanced the Yat uranium-precious metal occurrence, returning the highest precious metal assays reported from the property to date: 1.82% U3O8, 6.8% Cu, 211 g/t Au, 80,900 g/t Ag, 3.1 g/t Pt and 6.7 g/t Pd.
Maps and images of the Dipole-RIB Trend and Yat Target area can be viewed at: http://www.kivalliqenergy.com/uranium/angilak/maps/.
The high priority Dipole-RIB Trend is located approximately 25 km southwest of the Lac 50 resource area, in a northeast trending belt of Archean metavolcanic rocks that are an excellent analogue to Lac 50. The discovery of basement-hosted uranium mineralization at Dipole was announced on October 19, 2015, with all nine holes intersecting significant uranium in the first drill program. The RIB target is located four km south of Dipole and was identified by Noranda Exploration Ltd. (Noranda) in 1976. During 1977-78, 14 of 25 drill holes intersected uranium over one km of strike adjacent to the Angikuni Basin unconformity at depths less than 35 metres (m). Renewed exploration at RIB by Kivalliq in 2014 confirmed a 3.6 km long uranium-in-soil anomaly coincident to, and along a pronounced airborne Versatile Time Domain Electromagnetic (VTEM) conductive trend.
2015 Soil Geochemistry
The 2015 Dipole-RIB exploration program included the collection of 408 soil samples for enzyme leach (EL) analysis. The majority of these samples were collected from the RIB area at 50 m intervals along sample lines spaced 100 m or 200 m apart. The sampling infilled and expanded the RIB soil grid coverage to four km in length along the Angikuni Basin unconformity. Combined with the 2014 data, the results define a four km long trend of anomalous uranium in soil occurring northeast, southwest and south of the historic Noranda drilling. As demonstrated by the recent drilling of significant uranium mineralization at Dipole, the combination of EL geochemical sampling and geophysical surveying has proven to be an effective tool for successfully discovering basement hosted uranium in the Dipole-RIB Trend. Incorporation of additional data from historic ground geochemical, geophysical and radiometric grids has highlighted specific conductors for follow-up and drill testing of these multiple coincident geochemical-geophysical targets at RIB is warranted. Table 1 shows value ranges and anomalous thresholds for elements of interest from the combined 2014-2015 EL soil sampling programs at RIB.
TABLE 1: 2014-2015 Enzyme Leach Soil Sampling RIB — Comparative Percentile Values
|Percentile||U ppb||n||Percentile||Cu ppb||n||Percentile||Mo ppb||n||Percentile||Ag ppb||n|
2015 Prospecting — Dipole-RIB Trend, Yat Target Area
In addition to drilling and geochemical surveys, Kivalliq staff conducted prospecting and mapping in the Dipole-RIB area as part of the 2015 summer exploration program. This work identified favorable host geology and uranium mineralization along strike southwest of the new Dipole discovery, within in the RIB geochemical trend and further enhanced the Yat uranium-precious metal occurrence located 10 km to the northeast (see Table 2).
Table 2: 2015 Prospecting Program Results
|Sample||Showing||Rock Type||% U3O8||% Cu||% Mo||Ag g/t||Au g/t||Pt g/t||Pd g/t|
|16853||RIB||U Carbonate Vn||6.27||0.26||1.16||144||N/A||N/A||N/A|
|16855||YAT||U Carbonate Vn||7.07||1.68||0.02||244||0.49||0.02||0.02|
|16858||Fox Lake||Mafic tuff||0.05||0.21||0.14||31.5||N/A||N/A||N/A|
|16859||Dipole SW||Mafic tuff||0.76||0.09||0.30||14.9||N/A||N/A||N/A|
|16861||Fox Lake||Mafic tuff||1.04||0.94||0.40||99.3||N/A||N/A||N/A|
Prospecting along trend of Dipole discovered a small outcrop of strongly hematized, radioactive mafic tuff with carbonate veining/alteration and sulfides, 4.5 km southwest of the Dipole drilling. Uranium mineralization in this altered volcanic rock is similar to zones drilled at both Dipole and Lac 50, with radioactivity continuing southwest under the overburden. A grab sample of surface rubble contained pitchblende nuggets and assayed 0.76% U3O8, 0.30% Mo and 14.9 g/t Ag (sample 16859). When combined with geochemical anomalies and several other historic uranium showings along this basement trend, this new occurrence demonstrates the potential for further uranium discoveries southwest of Dipole.
Similarly, cobbles collected from radioactive soil found near anomalous 2015 EL geochemical samples on the RIB grid assayed 6.27% U3O8, 0.26% Cu 1.16% Mo and 144 g/t Ag (sample 16853). This sample confirms and prioritizes this parallel geochemical and geophysical trend located 500 m south of the historic RIB drilling by Noranda.
Yat Target Area
The Yat area is located 15.6 km southwest of Lac 50 and 10 km northeast of Dipole near the northern margin of the Angikuni Basin. The trend locally comprises a 100 m long string of sulphide-bearing radioactive subcrops and historic pits in basin conglomerate and sandstone. The Yat area is characterized by a strong magnetic low with coincident high grade polymetallic U-Cu-Ag-Au (Pt-Pd) mineralized zones. Previous work in the in late 1970’s and early 1980’s included U-Cu-Mo-Ag-Pb soil surveys, trenching and four drill holes. There is no historic record of rock analysis for Au, Ag, or PGM’s. Work in the area by Kivalliq between 2007 and 2012 included ground gravity, Mag-VLF surveys, and four shallow reverse circulation holes in 2011 that failed to intersect significant uranium mineralization. A grab sample collected by Kivalliq in 2007 returned 31.9 g/t Au, 1170 g/t Ag, 1.18% Cu and 0.25% U3O8 from brecciated quartz-carbonate veined float and trenches. Follow-up samples in 2010 confirmed and improved on these grab values, with 1.44% U3O8, 1140 g/t Ag, and 12.90 g/t Au.
Kivalliq staff revisited Yat in 2015 to resample the area for the purpose of incorporating this high grade uranium-precious metal occurrence into future exploration at Dipole-RIB. One of three boulder grab samples within hydrothermally altered host rocks situated on the edge of a pronounced 250 m wide magnetic low at Yat returned the highest precious metal assays ever reported from the Angilak Property: 1.82% U3O8, 6.8% Cu, 211 g/t Au, 80,900 g/t Ag, 3.1 g/t Pt and 6.7 g/t Pd (sample 16854). Yat has emerged as a unique, high-grade uranium-precious metal occurrence, making it a compelling and unexplained target which will be evaluated during future programs at the Dipole-RIB Trend.
Three grab samples collected five km north of Lac 50 at Fox Lake also returned anomalous uranium and silver values which warrant follow-up.
Enzyme leach (EL) soil samples were sent to Activation Laboratories Ltd. (Actlabs). The Actlabs facility is accredited to international quality standards through the International Organization for Standardization/International Electrotechnical Commission (ISO/IEC) 17025 (ISO/IEC 17025 includes ISO 9001 and ISO 9002 specifications) with CAN-P-1578 (Forensics), CAN-P-1579 (Mineral Analysis) and CAN-P-1585 (Environmental) for specific registered tests by the SCC. For EL soil sample analysis, a 0.75 gram sample of B soil horizon is leached in an enzyme matrix for one hour, where it reacts with amorphous MnO2 dissolving it. Metals complex with the acid present and solutions are analyzed and reported in ppb with a detection limit of >0.1 ppb U. QA/QC includes field standards, blanks and duplicates, and those inserted by the Actlabs. All QA/QC results were within expectations.
Rock samples were sent to the Saskatchewan Research Council (“SRC”) for analysis. 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. Rock samples are first analyzed by SRC’s ICP-OES multi-element Uranium exploration ICP1 method. ICP results U>1,000 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. Certain samples were also subject to SRC’s Au3 standard Fire Assay procedures for Au, Pt and Pd. All QA/QC results for rocks samples were within expectations.
Previous exploration results by Noranda Exploration Ltd. and Pan Ocean Oil Ltd. reported herein are historic in nature and although not verified by Kivalliq, this work was carried out by knowledgeable explorers using acceptable industry practices at the time. Jeff Ward, P.Geo., President of Kivalliq and a Qualified Person for Kivalliq, has reviewed and approved the scientific and technical information contained in this release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX VENTURE: KIV) is a Vancouver-based company with a portfolio of high-quality uranium exploration projects in Canada. Kivalliq holds Canada’s highest-grade uranium resource outside of Saskatchewan. The Company’s flagship project, the 101,111 hectare 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 demonstrate the “District Scale” potential of the Angilak Property. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to Kivalliq’s news release of March 1, 2013.
In Saskatchewan, Kivalliq holds a 100% interest in the recently acquired 13,711 hectare Hatchet Lake Property adjacent to the north-eastern margin of the highly prolific uranium-producing Athabasca Basin. Compilation of results from previous exploration by Hathor Exploration Limited and Rio Tinto have identified multiple, priority unconformity-related basement targets at Hatchet Lake that were followed up in 2015.
Kivalliq also holds a 100% interest in the 200,677 hectare Genesis Property located northeast of Saskatchewan’s Athabasca Basin, with Roughrider Exploration Limited funding the current exploration program pursuant to an option to acquire up to an 85% interest in the property. This highly prospective project is located along the Wollaston-Mudjatik trend and extends 90 km northeast from Wollaston Lake to the Manitoba border.
Kivalliq’s team of northern exploration specialists has 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
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
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. 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.
Kivalliq Energy Corporation