Appia Energy Corp. (CSE:API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) is pleased to announce the assay results from diamond drill holes IV-19-008 to IV-19-014 on the Alces Lake property northern Saskatchewan, as part of the recently completed diamond drilling program (see Figure 1 for drill hole locations).
Each of the drill holes intersected the Rare Earth Element mineralized system, with 5 of the 7 drill holes intersecting high-grade Total Rare Earth Oxides. See Table 1 for full results. Highlights include;
True thickness has not been determined for each of the mentioned intervals, including those in Table 1.
Diamond drill hole IV-19-012 was collared 9 m north-northeast of diamond drill hole IV-19-003, which intersected 16.10 wt% TREO over 11.65 metres core length starting at 10.25 m down hole (see News Release, July 16, 2019). The massive mineralization intersected in both IV-19-012 and IV-19-003 are very similar in appearance and lithogeochemical properties, and are interpreted to be part of the same mineralized body which remains open along strike.
All the REEs are 100% hosted in coarse-grained monazite, however the LREO:HREO ratio for IV-19-014 between 24.0 to 25.05 m, in particular, suggests another REE mineral host, and based on the 2018 heavy mineral sand study which identified a significant concentration of xenotime within the sands, Appia believes this interval reflects monazite with xenotime mineralization. A study to determine the presence of xenotime within the Alces Lake outcrops is planned to commence once the full suite of sample assay results from the Program have been disclosed.
Mr. James Sykes, Appia’s Vice-President, Exploration and Development, comments: “The assay results from the reported drill holes, especially IV-19-012 (and IV-19-003), continue to showcase the near-surface, world-class high-grade REE mineralization at Alces Lake. We remain highly encouraged for continued exploration on the Property. In addition, we are seeing the REE mineralized system continuing to depths 30 and 50 m below surface. The high-grade zones we’ve intersected to-date are mantled and/or connected with low-grade REE mineralization, therefore these low-grade zones have the potential to guide us to higher-grade REE occurrences, thereby greatly increasing the prospect for high-grade REEs near-surface and at depth. We may have identified another REE source from within the rocks; xenotime. This is yet another exciting component to the Alces Lake property as xenotime typically hosts relatively higher concentrations of heavy REEs, such as dysprosium (“Dy“) and terbium (“Tb“), both of which are considered critical REEs. Dy is up over US$100/kg (+57%)* and Tb is up over US$150/kg (+35%)*** since the beginning of the year”.
Drill hole assay results will continue to be released in the coming weeks as they are received and analyzed by the Company. The Company is continuing regional exploration and prospecting for additional REE surface zones.
The Alces Lake Property encompasses some of the highest-grade total and critical REE mineralization in the world, hosted within numerous surface and near-surface showings to which the depth extent remains unknown. Critical REEs are defined here as those that are in short-supply and high-demand for use in permanent magnets and modern electronic applications (i.e.: Neodymium (Nd), Praseodymium (Pr) and Dysprosium (Dy)). The Alces Lake project area is 14,334 hectares (35,420 acres) in size and is 100% owned by Appia.
Appia considers “high-grade” REE mineralization to be >1.897 wt% TREO, which represents >75th percentile for global REO deposit grades of advanced stage projects (excluding the Gakara, Steenkampskraal and Mount Weld CLD deposits). The global REO deposit information was derived from publicly available information as of January 31, 2018, from individual company websites, SEDAR technical report filings, and the Technology Metals Research Advanced Rare Earth Projects Index
All assay results were provided by Saskatchewan Research Council’s (“SRC“) Geoanalytical Laboratory, an ISO/IEC 17025:2005 (CAN-P-4E) certified laboratory in Saskatoon, SK, for multi-element and REE analysis.
All analytical results reported herein have passed rigorous internal QAQC review and compilation. The technical content in this news release was reviewed and approved by Dr. Irvine R. Annesley, P.Geo, Advisor to Appia’s Board of Directors, and a Qualified Person as defined by National Instrument 43-101.
*Composite results calculated using 0.10 wt% TREO cutoff
**Composite results calculated using 4.0 wt% TREO cutoff
***Prices are based on Argus Metals quoted prices; Dy Oxide 99% min FOB China as of Jan. 2019 = US$177.64/kg, Dy Oxide 99% min FOB China as of Jul. 2019 = US$279.55/kg, Tb Oxide 99% min FOB China as of Jan. 2019 = US$432.00/kg, and Tb Oxide 99% min FOB China as of Jul. 2019 = US$586.50/kg.
Appia is a Canadian publicly-traded company in the uranium and rare earth element sectors. The Company is currently focusing on delineating high-grade critical rare earth elements (“REE”) and uranium on the Alces Lake property, as well as prospecting for high-grade uranium in the prolific Athabasca Basin on its Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 57,048 hectares (140,968 acres) in Saskatchewan.
The Company also has a 100% interest (subject to a 1% Uranium Production Payment Royalty and a 1% Net Smelter Return Royalty on any precious or base metals payable, provided that the price of uranium is greater than US$130 per pound) in 12,545 hectares (31,000 acres), including rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario, which historically produced over 300 million pounds of U3O8 and is the only Canadian camp that has had significant rare earth element (yttrium) production. The deposits are largely unconstrained along strike and down dip.
Appia’s technical team is directed by James Sykes, who has had direct and indirect involvement with over 550 million lbs. U3O8 being discovered in five deposits in the Athabasca Basin.
Appia has 65.3 million common shares outstanding, 85.2 million shares fully diluted.
TABLE 1 – LITHOGEOCHEMICAL RESULTS FOR DRILL HOLES IV-19-008 to IV-19-014, & IV-19-003
*Note: >1.897 wt% TREO represents >75th percentile for global REO deposit grades of advanced stage-projects (excluding Gakara, Steenkampskraal and Mount Weld CLD deposits). The global REO deposit information was derived from publicly available information as of January 31, 2018, from individual company websites, SEDAR technical report filings, and the Technology Metals Research Advanced Rare Earth Projects Index (http://www.techmetalsresearch.com/metrics-indices/tmr-advanced-rare-earth-projects-index/)
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