Kivalliq Energy Corporation today announced the completion of the Phase 1 2014 exploration program at Kivalliq's 100% owned Genesis Property.
The Genesis Property is a 198,763 hectare (491,154 acres) uranium exploration project situated along the Wollaston Mudjatik structural corridor, which is related to the majority of the historic and producing high grade uranium mines within the eastern Athabasca Basin.
Key Point Summary of Phase 1 Exploration Program
- Eight priority target areas explored
- 6006 line km airborne geophysical surveying (electromagnetics, magnetics and radiometrics) completed
- 291 lake sediment samples collected
- 1,351 soil and 162 biogeochemical samples collected
The Genesis Property field work began July 23, 2014 with the commencement of airborne geophysical surveys. Lake sediment and soil sampling programs followed, with exploration completed by September 7, 2014. As owner and operator, Kivalliq has granted Roughrider an option to acquire up to an 85% interest in the Genesis Property (see news release dated May 21, 2014). The Phase 1 program, budgeted at CDN$1 million and fully funded by Roughrider, is designed with a goal of advancing a number of uranium targets for drill testing.
A helicopter-borne DIGHEM EM geophysical survey of 6,006 line kilometres including: magnetics, electromagnetics ("EM") and radiometrics was completed on eight grids by CGG Canada Service Ltd. The final data has been received and is currently being reviewed. Based on preliminary interpretations, a number of new or expanded EM conductors were investigated by field crews. A total of 1,351 soil and 162 biogeochemical grid controlled samples were collected. Samples were sent to Activation Laboratories Ltd. in Ontario for analysis.
Kivalliq field crews collected 291 lake sediment samples which have been shipped to Saskatchewan Research Council in Saskatoon for analysis. Sampling focused on areas of historic anomalies, new and existing EM conductors, and areas of known broad lake sediment anomalies that required closer spaced sampling.
"As we receive and interpret results from the Phase 1 program, we aim to generate and refine compelling targets for drill testing," stated Kivalliq CEO Jim Paterson. "Our common goal remains to leverage Roughrider's financial strength and the Kivalliq team's considerable northern exploration and Saskatchewan uranium experience to make significant discoveries at the Genesis Property."
Source: http://www.kivalliqenergy.com/