KIVALLIQ ENERGY CORPORATION (KIV:TSX-V) is a uranium exploration and development company, and the first company in Canada to sign a landmark partnership with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut. This has given Kivalliq a unique opportunity to explore and develop the historic 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% (not National Instrument 43-101 compliant). Additionally, Kivalliq's 270,000 acre core asset Angilak property has over 160 other uranium occurrences.
The 2009 Drill Program at Lac Cinquante confirmed near surface, high grade intervals over significant widths and along approx. one kilometer of strike length. The deposit remains open along strike and at depth and continues to offer convincing potential for expansion during the 2010 exploration season.
Angilak Project, Nunavut
Covering 270,000 acres, the Angilak Project is Kivalliq's core asset and the reason behind the company's creation. Consolidated from a previously fragmented land position (1970s - 1980s) and unexplored for over 25 years, the Angilak Project offers Kivalliq a unique opportunity to uniformly explore this comprehensive land package and apply modern day technology and deposit modeling to it.
This exciting and compelling project is host to the historic, high-grade Lac Cinquante uranium deposit which is reported to contain 20.4 million pounds of uranium oxide with grades in excess of 1.03% U3O8 (not National Instrument 43-101 compliant)**. Open at depth and along trend, the Lac Cinquante uranium deposit is near-surface and has never been drill tested below 256 metres. The Angilak Project also boasts other high-grade uranium surface showings near the deposit that share many of the same geological attributes as Lac Cinquante, suggesting high potential for the discovery of look-alike deposits on the property.
** The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd, Abermin Corporation and referenced by subsequent sources. It is a historical estimate as defined in National Instrument 43-101, but should not be relied upon since it does not comply with standards of disclosure required for reserves and resources stated therein. However, it is relevant because: it is indicative of a mineralized zone worthy of follow-up exploration as it is based on drilling and surface exploration carried out by what is believed to be knowledgeable explorers in accordance with acceptable industry practices at the time of the estimate. A Qualified Person has not classified historical estimates as current mineral resources/reserves, and Kivalliq is not treating them as current mineral resources/reserves since work to date has not verified the historical estimates. Kivalliq has not done any work to confirm these estimates but will be planning exploration programs aimed at evaluating the economic potential of the deposit and environs. It is uncertain if further exploration will result in the deposit being delineated as a mineral resource.
Kivalliq Energy Corp. is a Member of the Discovery Group of Companies.