Kivalliq Acquires Genesis Property in Northeastern Saskatchewan, Canada
VANCOUVER, Jan. 13, 2014 /CNW/ - Kivalliq Energy Corporation ("Kivalliq",
TSX-V: KIV) today announced that it has staked 36 mineral claims totalling
362,789 acres (146,815 hectares), northeast of Saskatchewan'sAthabasca Basin
and along the prospective Western Wollaston Tectonic Domain. Kivalliq's new,
100% owned "Genesis Property" commences 25 kilometres northeast of the Eagle
Point uranium mine and Rabbit Lake mill operated by Cameco Corporation and
extends 90 kilometres to the northeast along this prospective geological and
structural domain to the Manitoba border. The Genesis Property covers 28
documented historic uranium showings and several uraniferous boulder trains.
Saskatchewan is one of the world's most prolific uranium districts, having
both established infrastructure and a politically supported uranium mining
industry. The Genesis Property falls within Western Wollaston Domain and the
Wollaston-Mudjatik Transition Zone. These zones host the majority of known
Canadian uranium deposits and all of Canada's operating uranium mines, which
currently account for 15% of the world's annual supply of uranium.
"The current uranium spot pricing environment continues to present excellent
opportunities to increase Kivalliq's exposure to, and ownership of, high
quality uranium projects," stated Kivalliq's CEO, Jim Paterson. "Our goal is
to complement Kivalliq's existing resource base at Angilak and exploration
potential at Baker Basin, by employing our team's considerable northern
exploration and Saskatchewan uranium experience to make significant
discoveries at the Genesis Property."
The Western Wollaston and the Wollaston-Mudjatik Transition Domains are
high-strain zones within reworked Archean and Paleoproterozoic rocks of the
Hearne Subprovince. This lithostuctural trend hosts the majority of basement
and unconformity type uranium deposits known in the Athabasca Basin. The trend
is marked by a regional magnetic low along the boundary between primarily
granitoid rocks of the Mudjatik Domain to the west, and gneissic metasediments
of the Wollaston Domain to the east.
Where the Western Wollaston Domain and the Wollaston-Mudjatik Transition Zone
extend to the northeast of the Athabasca Basin, Kivalliq identified a highly
favourable and relatively underexplored area based on a range of criteria.
Specific Genesis Property claim locations were selected based on a compilation
of publicly available regional and property-scale geological, geophysical and
geochemical data sets from government sources and previous exploration groups.
Numerous targets recommended for follow-up by previous explorers remain
Maps showing the location of the Genesis Property and regional data are
available at: http://kivalliqenergy.com/Uranium/Genesis
Kivalliq exploration efforts will focus on near surface, basement-hosted,
structurally controlled uranium targets analogous to the Millennium,
Roughrider, Eagle Point and Rabbit Lake deposits. Data integration and
interpretation is underway to prioritize targets and refine budgets for future
Jeff Ward, P.Geo, President of Kivalliq and a Qualified Person for Kivalliq,
has reviewed and approved the publicly available scientific and technical
information by previous exploration groups contained in this release.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based uranium
exploration company holding Canada's highest-grade uranium resource outside of
Saskatchewan'sAthabasca Basin. Its flagship project, the 340,268 acre 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% U(3)O(8), totaling 43.3
million pounds U(3)O(8). Kivalliq's comprehensive exploration programs
continue to advance the Lac 50 Trend and demonstrate the "District Scale"
potential of the Angilak Property. Kivalliq's team of northern exploration
specialists have 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 or contact
Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email
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. For disclosure related to the inferred resource
for the Lac 50 Trend uranium deposit, please refer to Kivalliq's news release
of March 1, 2013. 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.
Cautionary Note concerning estimates of Inferred Resources:
This news release uses the term "inferred resources". Inferred resources have
a great amount of uncertainty as to their existence, and great uncertainty as
to their economic and legal feasibility. It cannot be assumed that all or any
part of an Inferred Mineral Resource will ever be upgraded to a higher
category. Kivalliq advises U.S. investors that while this term is recognized
and required by Canadian regulations, the U.S. Securities and Exchange
Commission does not recognize it. U.S. investors are cautioned not to assume
that part or all of an inferred resource exists, or is economically or legally
SOURCE Kivalliq Energy Corporation
about Kivalliq Energy Corporation or this news release, please visit our
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CO: Kivalliq Energy Corporation
ST: British Columbia
NI: OIL MNG MNA REL
-0- Jan/13/2014 12:37 GMT
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