Appia Energy Corp. (CNSX:API) (the "Company" or "Appia") is pleased to announce
that it has received approval to list its Common Shares for trading on the
Canadian Securities Exchange ("CSE"), and that its Common Shares will commence
trading on June 19, 2014 under the trading symbol "API".
The Listing Statement, which contains information on the Company's structure,
financial history and the details of its holdings in the Elliot Lake, Ontario
Camp, and the Athabasca Basin area, Saskatchewan can be found on the Company's
website, www.appiaenergy.ca.
Appia is a Canadian Federally incorporated public issuer, having filed a Long
Form Non-Offering Prospectus in December, 2012 and currently has 41.6 million
common shares outstanding, 44.6 million shares fully diluted.
The Company has two main interests:
1) a 100% interest in 12,545 hectares (31,000 acres), including Rare Earth 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 production; and
2) varying (90-100%) interests in 79,438 hectares (196,000 acres) of claims in
Saskatchewan, mainly in the Athabasca Basin area, with some located near the
Patterson Lake South area as well as claims south of Alces Lake where outcrop
and rock samples have assayed as high as 35% total rare earth elements by
weight, plus uranium and thorium values.
Elliot Lake
Watts, Griffis and McOuat Limited (WGM) completed a NI 43-101 compliant
Technical Report entitled "Update Report on the Appia Energy Corp. Uranium-Rare
Earth Property, Elliot Lake District, North-Central Ontario, Canada" (the"
Property"), dated July 30, 2013 and filed on SEDAR (www.sedar.com) in August,
2013. A summary of the Teasdale Zone Uranium and Rare Earth Resources as well as
other Resources on the Property follows:
Teasdale Lake Zone
Summary of Teasdale Zone Uranium and Rare Earth Mineral
Resource Estimate
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Average Contained Contained
Tonnes Tons TREE U3O8 Thickness TREE U3O8
Zone ('000) ('000) (lbs/ton) (lbs/ton) (m) ('000 lbs) ('000 lbs)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Indicated Resources
UR 6,733 7,422 4.20 0.484 4.61 31,199 3,593
IQ 3,006 3,314 1.98 0.259 2.27 6,578 0.857
LR 3,355 3,699 2.68 0.958 2.60 9,912 3,544
Total 13,095 14,435 3.30 0.554 9.48 47,689 7,995
Inferred Resources
UR 18,326 20,201 3.87 0.421 4.33 78,080 8,498
IQ 10,209 11,254 1.64 0.184 2.78 18,464 2,070
LR 9,972 10,992 3.33 0.869 2.71 36,631 9,564
Total 38,507 42,447 3.14 0.474 9.82 133,175 20,115
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Notes: 1. Mineral Resources effective 30 July, 2013. "UR" is the Upper
Reef, "IQ" is the Intermediate Quartzite and "LR" is the Lower
Reef. These are contiguous and add to the "Average Thickness"
proposed to be mined. "TREE" is Total Rare Earth Elements.
2. Mineral Resources are estimated at a cut-off value of $100 per
tonne, using a uranium price of US$70/lb U3O8, a TREE price of
$78/kg, and a C$:US$ exchange rate of 1:0.9. TREE includes all
the REE elements from lanthanum to lutetium plus yttrium.
3. Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental,
permitting, legal, title, taxation, socio-political, marketing,
or other relevant issues. There are no known specific problems at
this date.
4. The quantity and grade of reported Inferred Resources in this
estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred Resources as an
Indicated or Measured Mineral Resource and it is uncertain if
further exploration will result in upgrading them to an Indicated
or Measured Mineral Resource category.
5. The Mineral Resources were estimated using the Canadian Institute
of Mining, Metallurgy and Petroleum standards on Mineral
Resources and Reserves, Definitions and Guidelines prepared by
the CIM Standing Committee on Reserve Definitions and adopted by
CIM Council December 11, 2005.
6. Specific Gravity of 2.85 tonnes/m3 (or 3.14 tons/m3) was used.
7. Indicated amounts may not precisely sum due to rounding.
It should be noted that that the contents for the rare earth components are for
rare earth metals, whereas it has become more common to report the contents as
equivalent rare earth oxides, which results in an average increase of
approximately 46% for the oxides versus the metallic form.
Collectively, only the most recent 24 drill holes were assayed for rare earths,
so the current Mineral Resource Estimate has been restricted to the area of
influence from these intersections, and the historical drill holes completed by
others have necessarily been excluded.
Preliminary metallurgical testing carried out by SGS Canada indicated a recovery
rate of approximately 90% for uranium and most REEs in the 80% to 90% range
using a simple grind, a flotation process to recover a high grade concentrate,
pre-leach and acid baking of the flotation concentrate and acid leaching of the
flotation tailings. With the total REE content being approximately six times the
uranium content of the Indicated and Inferred Resources, the recovery of the
REEs is a very significant factor in determining the economic value of the
resources.
Banana Lake Zone
Summary of Banana Lake Zone Mineral Resource Estimate
----------------------------------------------------------------------------
Category Specific
Gravity. Total lbs U3O8
Tons ('000) (tons/m3) lbs U3O8/ton ('000)
----------------------------------------------------------------------------
Inferred
Resources 30,315 3.14 0.912 27,638
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Notes: 1. Effective, 1 April, 2011
2. Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues.
3. The quantity and grade of reported Inferred Resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred Resources as an Indicated or
Measured Mineral Resource and it is uncertain if further
exploration will result in upgrading them to an Indicated or
Measured Mineral Resource category.
4. The Mineral Resources were estimated using the Canadian Institute
of Mining, Metallurgy and Petroleum standards on Mineral Resources
and Reserves, Definitions and Guidelines prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM
Council December 11, 2005.
5. A cut-off grade of 0.6 lb U3O8 was used
6. Specific Gravity of 2.85 tonnes/m3 (or 3.14 tons/m3) was used.
7. Indicated amounts may not precisely sum due to rounding.
The above Mineral Resource Estimate for the Banana Lake Zone was prepared in
2011 by WGM in accordance with the provisions of NI 43-101, based on earlier
(historical) drilling and diamond drilling by Appia during 2007. The drill core
was not tested for rare earth elements.
Historical Estimates
Based on mine data as well as a series of deep drill holes by other exploration
companies in widely separated areas of the Property, the historical resources,
located in five separate zones down-dip from past-producing mines, are
summarized as:
1979 historical U3O8 estimates on Appia's Elliot Lake Properties
Grade
Quantity (lbs Contained
Zone (tons) U3O8/ton) U3O8 (lbs)
Teasdale Lake 17,458,200 1.206 20,787,200
Gemico Block #3 42,800,000 0.38 16,264,000
Gemico Block #10 20,700,000 0.75 15,525,000
Banana Lake 175,800,000 0.76 133,608,000
Canuc 7,000,000 1.86 13,020,000
Total 263,758,200 0.76 199,204,200
The foregoing historical resources were not estimated in accordance with
definitions and practices established for the estimation of Mineral Resources
and Mineral Reserves by the Canadian Institute of Mining and Metallurgy ("CIM").
As such, the historical resources are not compliant with Canada's security rule,
NI 43-101, and are unreliable for investment decisions. Neither Appia nor its
Qualified Persons have done sufficient work to classify the historical resources
as mineral resources under current mineral resource terminology and are not
treating the historical resources as current mineral resources. Nevertheless,
most of the historical resources were estimated by mining companies active in
the Elliot Lake camp using assumptions, methods and practices that were accepted
at the time, and based on corroborative mining experience.
Saskatchewan Claims
Appia holds a 100% mineral rights interest in 64,495 hectares (159,371 acres) in
the Athabasca Basin of Saskatchewan, including claims near the Patterson Lake
South area where Fission Energy Corp. and Alpha Minerals Inc. recently
discovered high grade uranium.
In addition, Appia holds a 90% mineral rights interest in 5,060 hectares (12,504
acres) and a 100% interest in 7,245 hectares (17,903 acres) in contiguous claims
south of Alces Lake, near Athabasca Lake.
In 2010, the Saskatchewan Geological Survey visited the Alces Lake claims where
a trenching program had been carried out at an earlier date. Assays from rock
samples showed a significant presence of REEs, reaching as high as 29.8% total
REEs and anomalous levels of uranium and thorium.
In 2011 a five person team visited the site and recorded radioactivity levels
over 15 boulder and outcrop samples in a range of 5,500cps to 53,500cps, with
thorium levels off scale for the spectrometer. Assays on five samples reflected
favourably on the 2010 REE findings.
In September, 2013, a 200 metre baseline was cut, with up to 50 metre sidelines
starting at the historical trenches. Radioactivity readings ranged to 40,000cps
and higher, and 70 metres east of a previous high cps reading, outcrop and
boulder train samples recorded in excess of 56,000cps. Assays from 12 rock
samples ranged from over 1% to over 35% of rare earth elements by weight with
anomalous uranium and thorium values. The Company intends to conduct a further
evaluation of these claims in 2014.
Mr. Al Workman, P.Geo., Vice-President of WGM, a Qualified Person as defined in
NI 43-101, has reviewed and approved the technical information on the Property
in this news release.
Mr. Douglas Underhill, CPG, a Qualified Person as defined in NI 43-101, has
reviewed and approved the technical information on the 2013 work on the Alces
Lake claims in this news release.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Appia Energy Corp.
Tom Drivas
President, CEO and Director
416-876-3957
416-218-9772 (FAX)
appia@appiaenergy.ca
Appia Energy Corp.
Frank van de Water
Chief Operating Officer and Director
416-546-2707
416-218-9772 (FAX)
fvandewater@on.aibn.com
appia@appiaenergy.ca
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