Kivalliq Energy Corporation ("Kivalliq") today announced the commencement of the summer exploration program at Kivalliq's 100% owned Hatchet Lake Property in Saskatchewan.
"Our primary goal is to advance targets to drill readiness through a combination of follow-up geochemical and geophysical surveys covering two priority areas," stated Jeff Ward, Kivalliq's President. "Hatchet Lake's proximity to one of the world's premier uranium mining and milling districts, the recent acquisition of high quality data available from previous operators Hathor and Rio Tinto, and logistical synergies with exploration on the nearby Genesis Property, all combine to make Hatchet Lake an excellent addition to Kivalliq's portfolio."
Hatchet Lake (Athabasca Region of Saskatchewan, Canada)
Kivalliq has started the Company's first exploration program at the 13,711 hectare (33,881 acre) Hatchet Lake Property, with crews mobilized to Points North/project area in the first week of June. This summer's exploration will focus on multiple unconformity-related basement targets based on results from over $750,000 in previous exploration performed by Hathor Exploration Limited and Rio Tinto Canada Uranium Corporation (Rio Tinto).
The proposed summer program is budgeted at CDN$500,000 and includes prospecting, mapping, geochemical sampling and ground geophysics to verify airborne geophysical signatures in priority target areas.
Hatchet Lake is located 39 kilometres along trend from Rio Tinto's Roughrider deposit and within 29 kilometres of Cameco Corporation's Eagle Point uranium mine. The Hatchet Lake Property was initially staked for its potential to host significant uranium deposits, being situated on the Mudjatik-Wollaston Transition Zone and along strike from world class mines such as McArthur River and Cigar Lake.
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 company with a portfolio of high-quality uranium exploration projects in Canada. Kivalliq holds Canada's highest-grade uranium resource outside of Saskatchewan. The Company's flagship project, the 105,280 hectare 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. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to Kivalliq's news release of March 1, 2013.
In Saskatchewan, Kivalliq holds a 100% interest in the recently acquired 13,711 hectare Hatchet Lake Property adjacent to the north-eastern margin of the highly prolific uranium-producing Athabasca Basin. Compilation of results from previous exploration by Hathor Exploration Limited and Rio Tinto have identified multiple, priority unconformity-related basement targets at Hatchet Lake for follow-up in 2015.
Kivalliq also holds a 100% interest in the 200,677 hectare Genesis Property located northeast of Saskatchewan's Athabasca Basin, with Roughrider Exploration Limited funding the current exploration program pursuant to an option to acquire up to an 85% interest in the property. This highly prospective project is located along the Wollaston-Mudjatik trend and extends 90 kilometres northeast from the Athabasca Basin to the Manitoba border.
Kivalliq's team of northern exploration specialists has 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