Kivalliq Reports High-Grade Uranium Assays from Lac Cinquante Drilling

by NationTalk on October 29, 2009887 Views

October 29, 2009

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Corporation” or “Kivalliq”) today announced high-grade U3O8 assay results for 13 holes drilled during the 2009 Program on the historic Lac Cinquante Uranium Deposit located in Nunavut, Canada.Highlights of assays from the 2009 Drill Program include*:

• Drill Hole 09-LC-002 – 2.88 metres grading 2.06% U3O8
• Drill Hole 09-LC-006 – 2.45 metres grading 1.20% U3O8
• Drill Hole 09-LC-012 – 1.78 metres grading 1.87% U3O8
• Drill Hole 09-LC-015 – 1.47 metres grading 2.13% U3O8
• Drill Hole 09-LC-001 – 1.36 metres grading 1.49% U3O8

*Down-hole intercepts

“We are very pleased that almost every hole drilled in 2009 hit high-grade zones that substantiate grades, widths and continuity previously reported for Lac Cinquante,” stated John Robins, President & CEO. “The 2009 program achieved our main goal; to verify the significant potential of this historic uranium deposit, while gathering key geological information to refine our model and guide Phase 2 drilling next year.”

Key Point Summary

• The 2009 Drill Program confirmed high-grade U308 intervals near surface, over significant widths and along roughly one kilometre of strike length.

• Two of the best intercepts (Holes 09-LC-012 and 09-LC-015) represent the eastern and western extent of drilling in 2009; demonstrating mineralization is open along strike in both directions.

• Results from both new and historic drilling show uranium mineralization extends from surface and is open to depth.

• The deepest hole (09-LC-006) intersected considerable mineralization at 125 metres vertical depth. Assays from historic hole YUA107 verified uranium extends to a depth of at least 240 metres.

• Assays from the 2009 drilling are corroborated by assays on core recovered from nine historic drill holes. Both sets of data will be used to improve the model for Lac Cinquante, guide drilling in 2010 and develop a NI 43-101 compliant resource for this deposit.

• Click here for photos, maps and sections http://kivalliqenergy.com/projects/index.php?&content_id=32

The Lac Cinquante “main zone” was previously described as a vein-type uranium deposit occurring within a near vertical alteration/structural zone, over a strike length of one kilometre and to a depth of 250 metres. The 2009 Drill Program encountered high-grade uranium mineralization in zones 0.6 to 4.7 metres wide, 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.

As reported on October 5, Kivalliq completed 1,745 metres of NQ-sized drilling in 16 holes over the course of the 2009 program. Assay results for 13 of the 16 drill holes are presented in the Table 1 below. These are best reviewed with the accompanying drill collar information, plan map and drill sections posted on the Corporation’s website.