Apella Resources rapidly moves towards maiden resource at Iron-T Vanadium-Iron-Titanium Project

For a junior mining company, Apella Resources (TSX-V:APA)(FSE:NWN) is a comparatively liquid stock, typically trading between 1-2% of its total undiluted outstanding shares in a week.  The number of shares changing hands has picked up considerably in recent days however, hitting 5% last week when the company released first results from its Phase II drill program at the ‘Iron-T’ Vanaidum-Iron-Titanium project in Quebec.

Volumes were on the move again today after a second batch of results was released this afternoon confirming that Apella had cut through more highly significant disseminated, semi massive and massive vanadiferous mineralization. 

As usual, highlights were aplenty for investors to chew one, but Apella noted some particularly good intercepts, including 44.87 Meters @ 44.63% Fe2O3(“Iron”), 9.39% TiO2(“Titanium”), and 0.57% V2O5(“Vanadium”); 28.28 meters @ 52.14% Iron, 10.62% Titanium, and 0.82% Vanadium; 33.44 meters @ 39.80% Iron, 7.45% Titanium, and 0.58% Vanadium; 15.60 meters @48.09% Iron, 9.26% Titanium, and 0.72% Vanadium; and 109.10 meters @ 29.25% Iron, 4.47% Titanium, and 0.36% Vanadium.

The results emanated from four drill holes which extended the mineralized zone by more than 500 meters.  Three of the holes were drilling on a north-south line to ‘test and confirm a thickening of the strong magnetic anomaly’ which the company said would be ‘very important’ when it defines the perimeter of any potentially mineable resource.

Patrick O’Brien, Chairman of Apella said of the results, “We have now proven that the Iron-T hosts mineralization in quantity and quality. Apella’s geological team has advised management that it plans to produce and submit to management an updated 43-101 compliant report on the Iron-T within the next couple of weeks and at that time determine and provide management with an initial inferred resource figure for the Iron-T based on the 24 holes of diamond drilling to date.”

In its Phase 2 of diamond drilling the company submitted 549 drill samples, including 226 from 4 of the last 5 holes.

Of the 549 iron assays received 234 exceeded 30% iron, 166 exceeded 40% iron, 81 exceeded 50% iron, and 107 were in the 50% to 71% iron range. Of the titanium assays 307 assays exceeded 3% titanium, 209 exceed 5% Titanium, and 70 samples exceeded 10% Titanium.  Of the vanadium samples 362 exceeded 0.20% Vanadium, 199 exceeded 0.40% Vanadium, 157 exceeded 0.50% Vanadium, 51 exceeded 0.75% Vanadium and 9 exceed 1% Vanadium. “The assays in the upper percentiles continue to increase in quantity and grade as the number of drill holes increases,” Apella noted.

The junior exploration and development company additionally reported that it was ‘anxiously’ awaiting the results from a recently completed magnetometer survey completed over the eastern and western extension of the project.  Iron-T is still open in both of those directions, and at depth.

http://www.proactiveinvestors.com.au/companies/news/6274/apella-resources-rapidly-moves-towards-maiden-resource-at-iron-t-vanadium-iron-titanium-project-6274.html