Kivalliq Drilling at the Lac Cinquante Uranium Deposit
Kivalliq Energy Corporation (KIV: TSX-V) (the "Company" or "Kivalliq") today announced commencement of Phase 1 of its 10,000 metre 2010 diamond drill program on the high-grade Lac Cinquante Uranium Deposit situated within the 225,000 acre Angilak Property in Nunavut Territory, Canada.
Drilling at Lac Cinquante in 2009 confirmed high-grade uranium mineralization in a near vertical vein style zone over 900 metres of strike length and down to 125 metres vertical depth. Mineralized zones are hosted within Archean basement rocks and are associated with a hematite-carbonate-chlorite-graphite altered tuff unit containing pitchblende veins and sulphides. The mineralization at Lac Cinquante remains open along strike and to depth.
The main objectives for the two phased 2010 program are to establish a 43-101 compliant resource at Lac Cinquante and to conduct additional exploratory drilling to demonstrate the deposit's expansion potential. In addition, prospecting, sampling, and drilling will test high-priority targets along the length of the 9 km Lac Cinquante geophysical trend and elsewhere within the Angilak Project area. The company has also initiated a program of metallurgical and environmental baseline studies.
The Phase 1 spring program will consist of approximately 3,000 meters of diamond drilling as part of the planned 10,000 metre 2010 drill program and will be focussed on confirmation and infill drilling within the historic resource area.
Phase 2 of the program will consist of drilling, prospecting, sampling and summer field studies with the fourth quarter of 2010 dedicated to technical and engineering analysis and the goal of establishing a 43-101 compliant mineral resource by early 2011.
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 Project is comprised of the historic Lac Cinquante uranium deposit, reported to contain 20.4 million pounds of uranium oxide with grades in excess of 1% U3O8 (not National Instrument 43-101 compliant)** and over 150 other uranium occurrences. Since acquiring the project in 2008 the company has spent approximately $4.2 million on the property conducting systematic exploration which has included ground and airborne geophysics, geological mapping /sampling and 1,745 meters of drilling in 2009.
Disclosure of a technical nature contained in this release has been reviewed and approved by Jeff Ward, P.Geo (Vice President Exploration of Kivalliq) and Rob Carpenter, Ph.D., P.Geo (Chairman of Kivalliq) who are Qualified Persons for the purposes of National Instrument 43-101.
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.
This landmark partnership with the Inuit gives Kivalliq a unique opportunity to explore and develop the Lac Cinquante Deposit, northern Canada's highest grade uranium deposit. Reported to contain 20.4 million pounds of uranium oxide with grades in excess of 1% U3O8 (not National Instrument 43-101 compliant)**, the historic Lac Cinquante uranium deposit and over 160 other uranium occurrences on the property comprise Kivalliq's core asset, the 270,000 acre Angilak Project.
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