TORONTO, ONTARIO--(Marketwired - Dec. 13, 2016) - Appia Energy Corp. (the "Company or "Appia") (CSE:API) is pleased to announce that the final results for the airborne VTEM™ Max Time-Corridor electromagnetic ("EM") and magnetic survey (the "Survey") over the Company's Loranger property (the "Property") have been received from Geotech Ltd. ("Geotech") and reviewed by the Company. The Property is located 28 km southeast of Cameco's Rabbit Lake mill, Athabasca Basin, northern Saskatchewan. Appia would also like to announce the release of its newly designed website; www.appiaenergy.ca. The website is powered by Blender Media.
The Survey identified a total of 94 km of primary northeast-southwest oriented structural corridors (Figure 1, black lines), occurring over 33 km strike length of the Property, that share similar geophysical characteristics to a number of Athabasca Basin high-grade uranium deposits ("uranium deposits") (Figure 1, see below). Specific characteristic details have been identified and are known to occur within other uranium deposits. These include the following:
- conductive zones exceeding 10 km in contiguous strike length (Figure 1, conductors 1 and 3),
- conductor offsets ("jogs") associated with very conductive materials ("bright spots") (Figure 1, Inset 3),
- jogs associated with the lack of conductive materials ("low spots") (Figure 1, Inset 2), and
- bifurcated and sub-parallel conductors (Figure 1, Inset 1).
Conductive zones account for 68 km of the primary structural corridors (>0.1 milliseconds), and 28 km of those conductive zones are considered very conductive (i.e. > 1.0 milliseconds).
The survey also outlined a series of north-south oriented structures, known as the Tabbernor fault system. A major Tabbernor fault offsets the property geology along both sides of the fault by 6 to 8 km. Many other uranium deposits have associations with the Tabbernor fault system, most notably UEX's Raven-Horseshoe and Cameco's Collins Bay deposits.
The Company plans to follow-up the Survey with ground gravity surveys over the most prospective target areas in January 2017, followed by a diamond drilling program in early 2017.
Appia's President and CEO, Mr. Tom Drivas, comments: "We are very excited about the Survey results. Many of the geophysical anomalies identified in the Survey exhibit geophysical signatures that are very similar to other known uranium deposits in the Athabasca Basin. Based on the results from diamond drilling and prospecting carried out in 1978 and 1979, we know that uranium mineralization occurs from surface to a minimum depth of 100 m hosted within graphitic pelitic gneisses and pegmatites on the property. We believe that the planned gravity surveys will further strengthen our current geophysical data set and provide us with prioritized target areas for a successful drilling campaign."
The Survey results corroborated with those identified in a 1978 Barringer/Questor airborne Mark VI Input ® EM survey ("Mark VI survey") (Saskatchewan Mineral Assessment file #64E13-0038), however the Survey has provided more detail than the Mark VI survey, such as accurate locations, depth-extents, dip-directions, and signal strength variations along the conductors.
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 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 90,000 hectares (222,395 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 Elliot Lake, ON, historic mining camp (previously reported in the Company's news release dated August 01, 2013). The resources 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 350 M lbs. U3O8 being discovered in five deposits in the Athabasca Basin.
Appia currently has 43.8 million common shares outstanding, 47.7 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.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/API_dec_13_2016_fig1.pdf