Kivalliq and Roughrider Commence Exploration Program at Genesis Property
VANCOUVER, BC--(Marketwired - August 07, 2014) - Kivalliq Energy Corp. (TSX VENTURE: KIV) ("Kivalliq") today announced the commencement of the 2014 exploration program at Kivalliq's 100% owned Genesis Property. The Genesis Property is a 491,154-acre uranium exploration project, staked by Kivalliq in January 2014, and situated within a structural corridor that hosts the majority of the high grade uranium resources within and adjacent to the current boundaries of the Athabasca Basin in Saskatchewan, Canada.
"Phase 1" of the 2014 exploration program is budgeted at CDN$1 million and will be executed by Kivalliq, owner and operator of the Genesis Property. The proposed program will be fully funded by Roughrider Exploration Ltd. ("Roughrider"). As previously disclosed, Kivalliq has granted Roughrider an option to acquire up to an 85% interest in the Genesis Property.
The Phase 1 program will consist of about 6,000 kilometres of helicopter-borne geophysical surveying, (magnetics, electromagnetics and radiometrics), focused on eight priority zones within the project area. The airborne survey is now underway, concurrent with a 300-sample lake sediment sampling program to define new uranium anomalies within the target areas. Upon receipt of preliminary results from the airborne geophysical survey, Kivalliq will "ground truth" geophysical anomalies, favorable structures and areas of historic showings. A prospecting, mapping and geochemical soil-sampling program will be conducted to further refine target areas and generate additional new targets. The program is expected to run until late September or early October, with a goal of advancing a number of uranium targets for drill testing.
QA/QC
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 Corp. (TSX-V: KIV) is a Vancouver-based company exploring for uranium on the 491,154-acre Genesis Property located northeast of Saskatchewan's Athabasca Basin. In addition, Kivalliq holds Canada's highest-grade uranium resource outside of Saskatchewan. Its flagship project, the 304,257-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% U3O8, totaling 43.3 million pounds U3O8. 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 recently entered into a property option agreement with Roughrider to explore the Genesis uranium property in Saskatchewan. Kivalliq has also 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
"Jim Paterson"
James R. Paterson, CEO
Kivalliq Energy Corp.
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 info@kivalliqenergy.com.
Kivalliq Energy Corp. 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.
