Kivalliq Energy Corporation (TSXV:KIV) and Roughrider Exploration Limited (TSXV: REL) (“Roughrider”) today announced the completion of a 1,943 line-kilometre helicopter-borne electromagnetic survey at the Hatchet Lake Property and Genesis Property uranium projects in northeastern Saskatchewan. Geotech Ltd. of Aurora, Ontario was contracted to fly the survey using their ZTEM™ system, with in3D Geoscience Inc. providing independent QA/QC during data acquisition.
The ZTEM™ survey was divided into five separate grids; one grid at Hatchet Lake totalling 720 line-kilometres and four grids at Genesis totalling 1,223 line-kilometres. At the Hatchet Lake Property, the ZTEM™ survey will enhance earlier airborne geophysical data in areas having priority geochemical anomalies. The Genesis Property ZTEM™ survey was divided into four separate grids providing additional geophysical coverage over the Jurgen, Kingston, Johnston/GAP and Daniels Bay priority target areas; including select gravity targets identified by a FALCON gradiometer survey flown in 2016 (see news release August 23, 2016). Flight lines were flown at 200 or 250 metre spacing. The survey was completed between September 26 and October 5, 2017 and final deliverables, including modelling and interpretation, are expected late in 2017.
“We are confident that new data from ZTEM™ and continued exploration by Kivalliq and Roughrider will further upgrade our basement-hosted uranium targets in the under-explored region east of the Athabasca Basin,” stated Jeff Ward, Kivalliq’s President.
ZTEM™ is a low-noise, airborne electromagnetic system that produces reliable, deep investigation using natural, horizontal planar fields of the Earth as the source of transmitted energy. Vertical fields, the result of variations in the horizontal signal caused by conductivity contrasts, are mapped using a proprietary receiver design combined with modern digital electronics and signal processing. ZTEM™ operates at low frequencies providing up to 1,500 metres depth penetration through conductive cover, and having between 8 to 10 metres spatial resolution with good resistivity discrimination and sensitivity.
Jeff Ward, P.Geo, President of Kivalliq and a Qualified Person under National Instrument 43-101 has reviewed and approved the technical information contained in this release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based company with a portfolio of high-quality uranium and precious metal exploration projects in Canada. In addition to the new Baffin Gold Property, Kivalliq holds Canada’s highest-grade uranium resource outside of Saskatchewan. The Company’s flagship project, the 89,852 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 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 50% interest in the 131,412 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 kilometres 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 partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. 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, Chairman and 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 [email protected].
Kivalliq Energy Corporation is a member of the Discovery Group of Companies, for more information please visit: www.discoverygroup.ca.
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.