Appia Starts 2020 Summer Exploration for High-Grade Uranium
Toronto, May 27, 2020 - Appia Energy Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I.F) (FSE: A0I.MU) (FSE: A0I.BE) (the "Company" or "Appia") is pleased to announce that a field crew has started the Company's planned high-grade uranium exploration activities for the Loranger and Eastside properties, Athabasca Basin area, northern Saskatchewan.
Ground reconnaissance prospecting, mapping, and sampling programs have been planned for the properties. The groundwork for the Loranger property will cover a number of historic airborne radiometric anomalies identified along graphitic structural trends. The same graphitic structural trends 12 to 15 km to the north have proven to have uranium-fertile source rocks and hydrothermal fluids that have mobilized uranium along structural conduits; all necessary factors required to create a high-grade uranium deposit.
The Eastside program will focus on i) understanding the geological controls for high-grade uranium-bearing outcrops (with historic samples returning up to 7,575 ppm U), ii) following the up-ice direction of uraniferous boulder trains, and iii) visiting radiometric anomalies identified from a recent airborne geophysical survey. Exploration permits have been received for both of these properties.
Mr. James Sykes, Vice-President, Exploration and Development, comments, "We are excited to be investigating the potential for high-grade uranium mineralization on both the Loranger and Eastside properties. Both properties share geological similarities and their merits need to be investigated in greater details. We remain encouraged that our efforts this summer will discover new potential for high-grade uranium".
To ensure safe work conditions are met for the workforce, the Company has developed exploration guidelines that comply with the Saskatchewan Public Health Order (May 3, 2020) and the Public Health Order Respecting the Northern Saskatchewan Administration District (May 6, 2020) in order to maintain social distancing and help prevent the transmission of 2019 Novel Coronavirus.
ALCES LAKE HIGH-GRADE REE PROPERTY UPDATE
The Company continues to plan a two-Phase summer exploration program that is designed to discover additional surface and sub-surface rare earth element ("REE") occurrences.
Phase I
- Detailed regional ground prospecting, mapping and sampling along two 2 km-long trends with previously identified radiometric showings of interest;
- Ground geophysical surveys (audiomagnetotellurics, radar, magnetometer and VLF) to attempt to map the REE minerals and structural system beneath the surface in order to prioritize drill targets;
Phase II
- 2,000 to 3,000 m of diamond drilling following the strike extension of the Wilson, Charles and Ivan zones, and reconnaissance drilling on select regional geological and geophysical targets;
- Regional ground prospecting, mapping and sampling over historic REE occurrences;
- Continuing evaluation of the Alces Lake heavy mineral and monazite-xenotime-bearing beach sands (if conditions allow).
Phase I is scheduled to start in the coming weeks. Exploration permits for the proposed summer activities are still pending.
The Alces Lake Property encompasses some of the highest-grade total REE mineralization in the world, hosted within a number of surface and near surface occurrences that remain open at depth and along strike. The United States government is actively pursuing critical REE* resources to ensure a domestic REE supply chain becomes established within North America. The Alces Lake project area is 14,334 hectares (35,420 acres) in size, and is 100% owned by Appia.
* Critical rare earth elements are defined here as those that are in short-supply and high-demand for use in permanent magnets and modern electronic applications such as electric vehicles and wind turbines (i.e: neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb)).
About Appia
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), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. The Camp 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 73.8 million common shares outstanding, 89.1 million shares fully diluted.
Cautionary Note Regarding Forward-Looking Statements:
This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Tom Drivas, President, CEO and Director: (tel) 416-546-2707, (fax) 416-218-9772 or (email) appia@appiaenergy.ca
James Sykes, VP Exploration & Development, (tel) 306-221-8717, (fax) 416-218-9772 or (email) jsykes@uraniumgeologist.com
Frank van de Water, Chief Financial Officer and Director, (tel) 416-546-2707, (fax) 416-218-9772 or (email) fvandewater@rogers.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56654
