TORONTO, ONTARIO--(Marketwired - Feb. 6, 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) is pleased to announce the completion of two ground gravity surveys and the addition of two more ground gravity surveys on its Loranger property (the "Property"). The gravity surveys are being carried out by MWH Geo-Surveys Ltd. of Vernon, BC. The purpose of the surveys is 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 two priority exploration areas, namely the conductive structural corridor that includes the Royal Canadian Ventures Grid No 2 area and the conductive structural corridor on the west side of the Major Tabbernor Fault (see Appia News Release dated January 17, 2017). Both surveys identified gravity lows coincident with i) previously defined conductive structural corridors and ii) cross-cutting N-S oriented Tabbernor Faults. The combination of gravity lows, conductor jogs and/or breaks, and cross-cutting faults are common features associated with Athabasca uranium deposits. In particular, the lenticular shaped gravity low identified on Grid 1 shares numerous similarities with NexGen Energy Ltd.'s Arrow uranium deposit (201.9 M lbs. U3O8, NexGen Energy Ltd. News Release dated March 3, 2016) which includes the size, shape and amplitude of the gravity low, as well as the dislocation of the conductive corridor across the gravity low.
In light of the favourable gravity survey results, the gravity program has been extended to cover an additional 31.4 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). The extended gravity surveying will cover more than twice as much ground as the initial two gravity surveys. Figure 1 of this News Release displays the results of the two completed gravity surveys and outlines the locations of the additional gravity surveys.
A diamond drill hole program is planned to commence in mid-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 with the discovery of over 350 M lbs. U3O8 in five deposits in the Athabasca Basin. Drill holes will target the most prospective areas identified from both the recently completed airborne VTEM™ Max EM and magnetic surveys, and the current ground gravity surveys.
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 63,564 hectares (157,070 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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