Appia Receives Positive Assays Results - Announces Plans to Proceed with the Acquisition of Ionic Clay Project, Brazil
269 Samples Show Positive Correlation to Vendor's Results
Toronto, Ontario--(Newsfile Corp. - May 30, 2023) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (FSE: A0I0.F) (FSE: A0I.MU) (FSE: A0I.BE) (the "Company" or "Appia") has received a partial set of results from their 15 hole due diligence drilling program completed in April 2023 that confirm the continuity of grade between this representative sample and the Vendor's assay results on The Cachoeirinha Project (the "PCH Project") located in the Tocantins Structural Province of the Brasília Fold Belt, Goiás State, Brazil. (Click here for the Press Release).
"As previously announced, we drilled 15 auger holes twinning a representative mix of trenches, drill and auger holes across the western portion of the property and the partial assay results received from the SGS Geosol labs in Brazil have now confirmed that the data presented by the Vendor is accurate and acceptable to Appia's Management and the Board," stated Stephen Burega, President of Appia.
He continued, "I am extremely pleased to announce that the Company intends to finalize the previously announced Letter Agreement (see March 7, 2023 Press Release) to acquire up to a 70% ownership interest in the PCH project and move to signing a binding Shareholder's Agreement."
"Based on my review of the work completed to date by Appia and the Vendor, the PCH project is an ionic abosortion clay structure covering a large project area with significant potential," stated Mr. Don Hains, industrial mineral expert and consulting geologist to Appia.
Appia and the Vendor are also currently working with SGS Canada to undertake initial mineralogy testing on samples from the PCH property, and anticipate submitting additional samples over the next quarter.
Once the Shareholder's Agreement has been executed, Appia plans to commence an initial work program in early July 2023 including:
- A detailed Lidar Survey across the entire PCH property
- Begin an auger drill program of the primary target area on the Western segment of the PCH property at 100m line spacing
- Assay sampling will be done at ½ metre intervals
- Begin an initial stream sediment and soil geochemical sampling program on the highly prospective Eastern segment of the PCH property
- Initiate an environmental baseline study across the property
- Undertake additional mineralogical and metallurgical work in support of preliminary flow sheet design
"We are currently working closely with Mr. Don Hains to review all work completed to date by the Vendor over the past three years, including our recent due diligence results, to prepare a report on the potential of the property, and to develop a proposed multi-phase work program for next the 12 months," Burega stated.
Early indications are that the mineralogy is primarily bastnaestite and monazite with clays that are preferentially enriched in the valuable magnetic rare earth elements. Historic work by the Vendors indicates that the magnetic REEs represent +/- 25% of the total REEs found within the project area.
Background on the PCH Project
The Cachoeirinha Project (PCH Project) is located within the Tocantins Structural Province in the Brasília Fold Belt, more specifically, the Arenópolis Magmatic Arc. The PCH Project is 17,551.07 ha. in size and located within the Goiás State of Brazil. It is classified as an alkaline intrusive rock occurrence with highly anomalous REE and Niobium mineralization. This mineralization is related to alkaline lithologies of the Fazenda Buriti Plutonic Complex and the hydrothermal and surface alteration products of this complex by supergene enrichment in a tropical climate. The positive results of the recent geochemical exploration work carried out to date indicates the potential for REEs and Niobium within lateritic ionic adsorption clays.
The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.
About Appia Rare Earths & Uranium Corp (Appia)
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company is currently focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, as well as exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 113,837.15 hectares (281,297.72 acres) in Saskatchewan. The Company also has a 100% interest in 12,545 hectares (31,000 acres), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario.
Appia has 130.5 million common shares outstanding, 143.5 million shares fully diluted.
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