TORONTO, ONTARIO–(Marketwired – May 24, 2017) – Appia Energy Corp. (the “Company or “Appia”) (CSE:API)(CSE:API.CN)(CNSX:API)(OTC:APAAF)(FRANKFURT:A0I.F)(MUNICH:A0I.MU)(BERLIN:A0I.BE) is pleased to announce geochemical assay results from all seven drill holes of its winter diamond drilling program (the “Program”, see News Release dated April 04, 2017) on its Loranger property (the “Property”), located 28 km southeast of Cameco’s Rabbit Lake mill, Athabasca Basin, northern Saskatchewan. Six of seven drill holes returned assay results with greater than or equal to 0.01 wt% U3O8 (“uranium mineralization“, see Table 1 below for results).
Geochemical assay results from drill hole LOR-17-004 returned a total composite down hole thickness of 72.9 m grading 0.012 wt% U3O8. Drill hole LOR-17-005 was drilled 150 m down-dip of LOR-17-004 and returned 26.4 m composite down hole thickness grading 0.014 wt% U3O8. Drill holes LOR-17-006 and LOR-17-007 were drilled 600 m and 1025 m SW along strike of LOR-17-004, respectively. LOR-17-006 intersected 56.85 m composite down hole thickness grading 0.012 wt% U3O8 and LOR-17-007 intersected 10.3 m composite down hole thickness grading 0.016 wt% U3O8.
Drill holes LOR-17-004 to LOR-17-007 were drilled in the historical Royal Canadian Ventures Grid No. 2 drilling area (“RCV area“). The RCV area has multiple lenses of uranium-bearing pegmatites extending from surface down to current vertical depth limit of 260 m and extending over 2,200 m along strike. The RCV area pegmatites remain open in all directions. See Figure 1 for drill hole locations and Figure 2 for cross-section interpretation of drill holes LOR-17-004 and LOR-17-005.
The first three drill holes of the Program (LOR-17-001 to LOR-17-003) were drilled in a gravity low target area represented by intense brittle faulting and associated hydrothermal alteration. Drill hole LOR-17-001 intersected 0.011 wt% U3O8 over 0.25 m at 211.0 m drill hole depth in unaltered pegmatite and LOR-17-003 intersected 0.010 wt% U3O8 over 1.3 m at 98.6 m drill hole depth in clay altered semipelitic gneiss. In addition to U3O8, all gravity low target drill holes contain elevated boron (up to 404 ppm in LOR-17-002) throughout the faulted and altered zones. Elevated levels of boron (>100 ppm) are associated with some high-grade uranium Athabasca deposits and can be considered a critical element for Athabasca uranium exploration.
Mr. James Sykes, VP Exploration and Development for Appia comments; “We are pleased with the results from the first drill hole program on the Loranger property. Both drill targeted areas successfully identified unique uranium-bearing systems on the property. We are planning a follow-up drill program to concentrate on geophysical targets that share similarities with the previously drilled areas. The Company remains well-funded to continue exploration on the Property. The drill is onsite and will be ready for a quick re-start as soon as lake ice is removed and ground conditions are favourable”.
Split core samples were taken arbitrarily over 0.1 to 1.4 m core lengths to correlate, as-best-as-possible, with scintillometer readings. Scintillometer ranges were not defined for sampling purposes. Field duplicates were taken systematically from every 20th split sample. All drill core samples were shipped from the project site and hand-delivered to the Saskatchewan Research Council’s (“SRC”) Geoanalytical Laboratory in Saskatoon, SK.
Geochemical assay results were provided by SRC’s Geoanalytical Laboratory, an ISO/IEC 17025:2005 (CAN-P- 4E) certified laboratory in Saskatoon, SK, for multi-element and U3O8 analysis using the ICPMS, U3O8 Assay and Boron Lab Packages (see SRC’s Geoanalytical Laboratory’s 2017 Services Schedule for information regarding laboratory sample preparation, quality assurance and quality control protocols; http://www.src.sk.ca/resource%20files/geoanalytical%20services%20schedule.pdf ). SRC’s “Determination of U3O8 wt% in Solid Samples” is accredited by the Standards Council of Canada (Scope of Accreditation #537).
All geochemical results reported herein have passed rigorous internal QAQC review and compilation.
Appia is a Canadian publicly-traded company in the uranium and rare earth sectors. The Company is currently focused on discovering high-grade uranium deposits in the prolific Athabasca Basin on its Loranger and Otherside properties, as well as high-grade REO and uranium surface showings on its Alces Lake joint venture. The company currently holds the surface rights to exploration for about 63,607 hectares (157,177 acres) in Saskatchewan.
The company also has NI 43-101 compliant resources of 8.0 M lbs U3O8 and 47.7 M lbs TREE Indicated and 20.1 M lbs U3O8 and 133.2 M lbs TREE Inferred in the Teasdale Zone plus 27.6 M lbs U3O8 Inferred in the Banana Lake Zone in the historic mining camp of Elliot Lake in Ontario (previously reported in the Company’s news release dated August 14, 2013). The resources are largely unconstrained along strike and down dip
Appia currently has 52.3 million common shares outstanding, 65.3 million shares fully diluted.
The technical content concerning the Property and geochemical assay results in this news release was reviewed and approved by Thomas Skimming, P.Eng, a Director of Appia, and a Qualified Person as defined by National Instrument 43-101.
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.
|TABLE 1: LORANGER PROJECT – WINTER 2017 DRILL HOLE U3O8 ASSAY RESULTS|
|LOR-17-002||Gravity Low||135||-60||146.8||No significant results|
|Cut-off grade = 0.01% U3O8|
|Maximum consecutive internal dilution = 3.0 m down hole|
|All true widths estimated to be ~50% of down hole intervals|
|*Grade composite calculations include Uranium (ppm) results by ICP-MS Total Digestion converted to U 3O8 (wt%) using a factor of 1.1792|
]]>Appia Energy Corp.
President, CEO and Director
Appia Energy Corp.
VP Exploration & Development