TORONTO, ONTARIO--(Marketwired - Feb. 23, 2017) -
Editor's note: There is a map associated with this press release.
Appia Energy Corp. (the "Company or "Appia") (CSE:API)(CSE:API.CN)(FRANKFURT:A0I.F)(MUNICH:A0I.MU)(BERLIN:A0I.BE) is pleased to announce the completion of ground gravity surveying on its Loranger property (the "Property"). The gravity surveys were carried out by MWH Geo-Surveys Ltd. ("MWH") of Vernon, BC. The purpose of the surveys was to identify clay alteration halos that are commonly associated with Athabasca Basin high-grade uranium deposits. The Property is located 28 km southeast of Cameco's Rabbit Lake mill, Athabasca Basin, northern Saskatchewan.
The completed gravity surveys covered a total 45.2 km of the 94.0 km of primary structural corridors that were identified on the Property from the recently completed airborne VTEM™ Max EM and magnetic survey (see Appia News Release dated December 13, 2016). A number of prospective gravity lows identified on the Property; i) have similar size, shape and amplitude as gravity lows associated with high-grade uranium deposits in the Athabasca Basin region, such as NexGen's Arrow deposit, Rio Tinto's Roughrider deposit, Cameco's Eagle Point deposit and UEX's Raven-Horseshoe deposits, ii) occur along or directly adjacent to the primary structural corridor, and iii) are associated with cross-cutting faults. The combination of gravity lows, conductor jogs and/or breaks, and cross-cutting faults are common features associated with Athabasca Basin uranium deposits.
Mr. Tom Drivas, President and CEO of Appia comments: "We are extremely pleased with the efficient production and professionalism that MWH have provided for the Company. The gravity survey results have been reviewed by James Sykes, who has identified a number of gravity lows that share similar geophysical characteristics and structural controls associated with high-grade uranium deposits that he has worked on, such as the Roughrider and Arrow deposits. The gravity lows will be prioritized based on additional geophysical interpretations, and some of the lows will be tested during our first drill program".
In addition to the gravity survey results, Black Hawk Drilling Ltd. has begun mobilizing their diamond drilling equipment to the Property. The diamond drill hole program is planned to commence in late-February. The program will consist of approximately 15 drill holes totalling 2,000 metres in length, and will be supervised by James Sykes, who has had direct and indirect involvement in the discovery of over 350 M lbs. of U3O8 in five deposits in the Athabasca Basin. Drill holes will target the most prospective anomalies identified from the recently completed airborne VTEM™ Max EM and magnetic surveys, and the ground gravity surveys.
Appia is a Canadian publicly-traded company in the uranium and rare earth sectors. In addition to its primary listing on the Canadian Securities Exchange, (CSE:"API") the company is trading in Germany on the following exchanges: Frankfurt "A0I.F", Munich "A0I.MU and Berlin "A0I.BE". The Company is currently focused on discovering high-grade uranium deposits in the prolific Athabasca Basin on its recently acquired properties, Loranger and Otherside, 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 60,926 hectares (150,551 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 47.7 M lbs U3O8 and 133.2 M lbs TREE Inferred in the historic mining camp of Elliot Lake in Ontario (previously reported in the Company's news release dated August 1, 2013). The resources are largely unconstrained along strike and down dip.
Appia currently has 50.5 million common shares outstanding, 61.7 million shares fully diluted.
The technical content concerning the Property 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.
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