Exploration & Drilling Archives - Page 19 of 19

Not for Dissemination in the United States

April 22, 2009

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) (the “Corporation” or “Kivalliq”) today announced that a geophysical field crew has been mobilized to the Angilak Project in Nunavut. This begins the first phase of this year’s field work on the historic high-grade, near-surface Lac Cinquante Uranium Deposit which is reported to contain 20.4 million pounds of uranium oxide grading in excess of 1% (not compliant with National Instrument 43-101).**

2009 Program

Mobilization for this season’s field work is currently underway with ground geophysics focussing on previous VLF anomalies and associated mineralized zones at the Lac Cinquante uranium deposit and surrounding area. The goal of the program is to extend the known size of the current deposit and develop similar targets at high-grade uranium surface showings nearby. The remainder of this program will be carried out this summer and will include geological mapping, prospecting, logging of historic core, initiation of baseline environmental studies and a contingent second phase drill program. In addition to the field program, the Corporation has commenced an infrastructure review and a conceptual economic development study.

QA/QC

Aurora Geosciences Ltd. of Yellowknife, NT has been contracted to operate and oversee technical aspects of the ground geophysical program on the Angilak Project. Georges Belcourt, P.Geoph. is the Qualified Person for the purposes of National Instrument 43-101. Disclosure of a technical nature contained in this release has also been reviewed and approved by Jeff Ward, P.Geo (Vice President Exploration of Kivalliq) and Rob Carpenter, Ph.D., P.Geo (Chairman of Kivalliq) who are also Qualified Persons for the purposes of National Instrument 43-101.

Financing

Kivalliq is also pleased to announce a non-brokered private placement offering (“Offering”) of 2,500,000 flow-through units (“FT Units”) at a price of $0.20 per unit, and 1,250,000 non-flow-through units (“NFT Units”) at a price of $0.20 per unit, for total gross proceeds of $750,000.

Each FT Unit sold will consist of one (1.0) flow-through share and one half of one (0.5) non-flow-through common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share for a period of 24 months from closing at a price of $0.30 per share in the first 12 months and $0.60 per share in the subsequent 12 months.

Each NFT Unit sold will consist of one (1.0) common share and one (1.0) common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share for a period of 24 months from closing at a price of $0.30 per share in the first 12 months and $0.60 per share in the subsequent 12 months.

Both FT and NFT units issued are subject to a four month hold period from the Closing date.

The warrants will be subject to an acceleration clause, whereby, if the weighted average trading price of the Corporation’s shares on the Exchange is at a price greater than $0.10 above the strike price of a whole common share purchase warrant for a period of 10 consecutive trading days, the Corporation will have the right to accelerate the expiry date of the warrants. The Corporation will give written notice to the holders of the warrants that the warrants will expire within 30 days of the date notice provided by the Corporation to the warrant holders. Such notice by the Corporation to the holders of the warrants may not be given until 4 months and one day after the Closing.

The Offering is subject to certain conditions, including regulatory acceptance. Finder fees maybe payable on portions of the Offering. Proceeds for the Offering will be used to fund the first phase of the 2009 Exploration Program on the Angilak Project and for general corporate purposes.

About Kivalliq Energy Corporation

Kivalliq Energy Corporation is a new uranium exploration and development company, and the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut.

This landmark partnership with the Inuit gives Kivalliq a unique opportunity to explore and develop the Lac Cinquante deposit, one of Canada’s most attractive, high-grade, historical uranium deposits. Historic estimates at Lac Cinquante total 20.4 million pounds of uranium oxide grading in excess of 1%**. The Lac Cinquante Uranium Deposit and 150 other uranium occurrences on the property comprise Kivalliq’s core asset, the 270,000 acre Angilak Project.

Kivalliq Energy Corporation is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Tony Reda, Investor Relations, at toll free 1.888.331.2269, directly at 604.646.4534 or by email at [email protected].

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

** 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.

Certain disclosures in this release, including management’s assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, 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. 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.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) today announced that Rob Carpenter, Chairman of Kivalliq and President and CEO of Kaminak Gold Corporation (KAM: TSX-V), is the recipient of the 2008 Robert R. Hedley Award which is given out by the Association for Mineral Exploration British Columbia (AME BC). The award honours individuals or companies based in British Columbia that have made significant contributions or advances in the realm of social or environmental responsibility.

“Dr. Carpenter has shown tremendous leadership by developing a partnership with the Inuit to explore for uranium on their land,” stated Brian Butterworth, chair of the AME BC Awards Committee.

Mr. Carpenter was selected for this award because he fostered Canada’s first Inuit uranium partnership between Nunavut Tunngavik Inc. (NTI), which manages Inuit Owned Lands (IOL) on behalf and for the benefit of the Inuit of Nunavut, and Kaminak Gold Corporation. In the transaction, Kaminak acquired the Angilak property and through a corporate spin-out formed Kivalliq Energy. Angilak is host to the historic Lac Cinquante Uranium Deposit, which is reported to contain 11.6 million pounds of uranium oxide at an average grade of 1.03% U₃O₈**. The deal is also the first of its kind to extend royalty and a participation interest to the Inuit on Crown administered land.

About Kivalliq Energy

Kivalliq Energy Corporation is a new uranium exploration and development company with a unique opportunity. Kivalliq is the first company in Canada to sign a comprehensive agreement to explore on Inuit Owned Lands for uranium. Through this landmark partnership with the Inuit of Nunavut, Kivalliq is now exploring and developing the historic Lac Cinquante Uranium Deposit, one of Canada’s most attractive, high-grade, historical uranium deposits. Reported to contain 11.6 million pounds of uranium oxide with grades averaging 1.03% U₃O₈ (non compliant with National Instrument 43-101) **, the historic Lac Cinquante Deposit and 75 other uranium occurrences on the property comprise Kivalliq’s core asset, the 270,000 acre Angilak Project.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

** The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd 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 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.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) today announced the appointments of Jeff Ward, BSc, P.Geo as Vice President, Exploration and Garth Kirkham, BSc, P.Geo, P.Geoph to the Board of Directors of Kivalliq, effective immediately.

“As 25 year veterans of the exploration and mining industry, mssrs Ward and Kirkham bring a wealth of experience and knowledge to our growing team,” stated John Robins, President & CEO of Kivalliq.

Mr. Ward obtained a Bachelors of Science degree in Geology from the University of Western Ontario and is a registered professional geologist in British Columbia and Alberta. He has 25 years experience exploring for base metals, precious metals and diamonds with companies such as Corona Corporation, Ashton Mining of Canada Inc. and Stornoway Diamond Corporation, where he worked on reconnaissance to advanced-stage projects throughout Canada’s north. As regional Project Manager, Mr. Ward directed exploration programs in the Northwest Territories and Nunavut for over eight years and was responsible for program design, supervision, compliance, joint venture management and stakeholder relations.

Mr. Kirkham obtained a Bachelor’s degree in Science from the University of Alberta in 1983, completing his degree with majors in Geophysics, Geology and Mathematics. He is the principal of Kirkham Geosystems which specializes in 3D computer modeling and resource / reserve estimations at the preliminary assessment, pre-feasibility and feasibility study stages of mining projects. In addition, he is the past-Chair of the Mineral Deposits Division of the Geological Association of Canada and is currently serving on national council.

The Board has approved the grant of 2,655,000 incentive stock options, exercisable at CDN$0.15 per share over a five-year period. Of the 2,655,000, 1,950,000 are issued to Directors and Officers. The options vest in equal installments over the next four quarters.

In addition, Kivalliq has agreed, subject to regulatory approval, to issue 250,000 shares to Canaccord Capital Corporation for Fiscal Advisory services.

About Kivalliq Energy

Through this landmark partnership with the Inuit of Nunavut, Kivalliq is now exploring the highly prospective, 250,000 acre Angilak property in the Nunavut Territory, Canada. Kivalliq’s core asset is the Lac Cinquante Uranium Deposit, reported to contain 11.6 million pounds of uranium oxide with grades averaging 1.03% U₃O₈ (non compliant with National Instrument 43-101)**. This historic, high grade deposit, which remains untested at depth and along strike, and 75 other uranium occurrences on the property, comprise Kivalliq’s Angilak Project.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo.
President and CEO
Kivalliq Energy Corporation

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

** The quoted disclosure for the Lac Cinquante Uranium Deposit was prepared by Aberford Resources Ltd. This estimate is historical and should not be relied upon since it is not compliant to standards set out in National Instrument 43-101. 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.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) today announced the successful completion of the 2008 field program on the company’s Angilak Project located in Nunavut, Canada. The main objective of this year’s program was to reconstruct a drill plan for the historic, high-grade Lac Cinquante Uranium Deposit which remains untested at depth and along strike and is reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101)** with grades averaging 1.03% U₃O₈.

2008 Field Program Highlights

The first modern-day survey was flown over the majority of the Angilak property identifying numerous radiometric anomalies and several electromagnetic anomalies consistent with possible sulfide mineralization. In addition, a number of discrete, circular, magnetic anomalies were identified during the course of the survey representing potential kimberlite targets.
New geological mapping carried out in the Lac Cinquante area; 98 rock and 36 core samples were submitted for analysis.
The 2008 ground VLF survey successfully re-identified the Lac Cinquante deposit and a possible extension 1.5 km to the southeast.
Historical drill holes were identified and corresponding drill core was re-logged and radio-assayed using a GR-135 spectrometer.
Final results and interpretation of the 2008 field program are expected next month.

“The 2008 field program was a tremendous success,” stated John Robins, President and CEO of Kivalliq Energy Corporation. “Finding most of the historical drill hole locations, together with the corresponding core, allows us to prepare a 3D model of the Lac Cinquante Uranium Deposit which will be an invaluable tool in planning next year’s drill program.”

Airborne Geophysical Survey

Kivalliq flew a 5,620 line km, combined magnetic, electromagnetic and radiometric geophysical survey covering more than 75% of the Angilak property, including the area encompassing the Lac Cinquante Uranium Deposit. This was the first modern-day survey flown over the Angilak property and numerous radiometric anomalies were identified along with several electromagnetic anomalies consistent with possible sulfide mineralization. In addition, a number of discrete, circular, magnetic anomalies were identified during the course of the survey representing potential kimberlite targets.

Surface Exploration Program

The 2008 field program reproduced and verified a great deal of historical or lost data from previous explorers. In addition, updated geological information was gathered in the Lac Cinquante deposit area, including new samples from surface showings and historical core.

In the immediate vicinity of the Lac Cinquante Uranium Deposit, the original grid was recovered in the field and the collars were located for 123 historical drill holes. Core for most of these holes is preserved on site; specific intervals of core were re-logged and radioassayed with a GR-135 model spectrometer. As verification, eight core samples and five surface samples were also sent for laboratory analysis. In addition, 120 line km of ground radiometrics, 83 line km of ground magnetics and 18 line km of VLF were completed in this area. The Lac Cinquante deposit was historically recognized as a VLF anomaly; VLF surveying in 2008 has re-identified this anomaly and recognized new anomalies representing a possible extension 1.5 km to the southeast. This, combined with the distribution of drill holes on the ground and the position of mineralization within the core, has enabled a preliminary reconstruction of the location of the deposit to be made.

Over the remainder of the Angilak Project area, approximately 100 man-days were spent field checking geophysical targets, obtaining Quaternary information, prospecting, mapping, and evaluating the historical uranium occurrences identified in the 1970’s and 1980’s by Pan Ocean, Urangesellschaft Canada and Noranda. 58 line km of ground magnetics, 20 line km of ground radiometrics and three line km of VLF surveying were completed over target areas deemed to be prospective and 121 rock and core samples were submitted for analysis. The objective of this work is to identify new mineralized trends throughout the project area, and develop an up to date geological model that incorporates both new showings and historical occurrences.

Geovector Management Ltd. of Ottawa, Ontario was contracted to oversee the technical aspects of the Angilak Project. Tom Setterfield, PhD, P.Geo is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed the technical content of this news release. Disclosure of a technical nature contained in this release has also been reviewed and approved by Rob Carpenter, PhD, P.Geo, Chairman of Kivalliq, who is the Qualified Person for the purposes of National Instrument 43-101.

About Kivalliq Energy

Kivalliq Energy Corporation is a new uranium exploration and development company with a unique opportunity. Kivalliq is the first and only company in Canada to sign a comprehensive agreement to explore on Inuit Owned Lands for uranium.

Through a landmark partnership with the Inuit of Nunavut, Kivalliq is now exploring and developing the historic Lac Cinquante Uranium Deposit, one of Canada’s most attractive, high-grade and historical uranium deposits that remains untested at depth and along strike. Reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101)** with grades averaging 1.03% U₃O₈ , the historic Lac Cinquante Deposit along with 75 other uranium occurrences encompass the 250,000 acre Angilak Project which is Kivalliq’s core asset.

On behalf of the Board of Directors

“John Robins”

John Robins, P.Geo
President and CEO
Kivalliq Energy Corporation

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V) today announced that a geological field crew has mobilized to the Angilak Project in Nunavut. The main objective of this year’s field work is to construct a drill plan for the historic high-grade, near-surface Lac Cinquante Uranium Deposit which is reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101).** Initial drill testing is scheduled for 2009.

Lac Cinquante

Field work at Lac Cinquante will involve restoration of the original grid followed by cataloguing of historical drill sites. Geological mapping of surface uranium mineralization will compliment re-logging of relevant drill core in an attempt to construct a three dimensional working model of the host mineralized envelope. Documenting key stratigraphic and structural trends at Lac Cinquante will also provide data that will be used to try to extend the known dimensions of the deposit.

Iron-Oxide-Copper-Gold Targets

The 250,000 acre Angilak property is host to dozens of mineral showings containing uranium ± copper ± gold ± silver ± molybdenum which have received minimal historical work. This metal signature and the overall geological setting of many of these occurrences are suggestive of an affinity with iron-oxide-copper-gold (IOCG) deposits. At the outcrop scale, key textural features of the occurrences, including the presence of brecciated and silicified felsic intrusive rocks displaying strong hematite and carbonate alteration and trace element alteration assemblages (Si-Na-K-Ba-P), are consistent with accepted IOCG models. Prospecting and mapping crews will focus on generating future drill targets at Angilak.

Airborne Geophysical Survey Complete

Aeroquest Ltd. has completed a 5,620 line kilometre, combined magnetic, electromagnetic and radiometric airborne geophysical survey over selected areas of the Angilak property. This is the first modern-day survey to be completed on the property and survey results will aid in geological modelling of known prospects and provide new exploration targets that will be followed-up by ground prospecting this season.

Geovector Management Ltd. of Ottawa, Ontario has been contracted to oversee the technical aspects of the Angilak Project. Dr. Tom Setterfield, Ph.D, P.Geo. is the Qualified Person for the purposes of National Instrument 43-101 and has reviewed the technical content of this news release. Disclosure of a technical nature contained in this release has also been reviewed and approved by Dr. Rob Carpenter, Ph.D., P. Geo., Chairman of Kivalliq, who is a Qualified Person for the purposes of National Instrument 43-101.

About Kivalliq Energy

Kivalliq Energy Corporation is a new uranium exploration and development company with a unique opportunity. Kivalliq is the first company in Canada to sign a comprehensive agreement to explore on Inuit Owned Lands for uranium. This landmark partnership between Kivalliq and Nunavut Tunngavik Inc. resulted in Kivalliq being awarded the right to explore and develop the historic high-grade, near surface Lac Cinquante Uranium Deposit which is reported to contain 11.6 million pounds of uranium oxide (non compliant with National Instrument 43-101)** with grades averaging 1.03% U3O8.

On behalf of the Board of Directors

“John Robins”
John Robins, P. Geo.
President and CEO
Kivalliq Energy Corporation

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, 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. 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.