Apella Resources boosts inferred resources at Iron T by 24%

Apella Resources (CVE:APA) (OTCQX:APAFF) said Monday that it has increased inferred resources at its Iron T project near Matagami, Quebec by 24%, following the release of an updated NI 43-101 compliant report.
This latest report included results from the company's 2009-2010 exploration activities, and was based on 41 drill holes, including two revised historical drill holes, for a total length of 5,519 metres at Iron-T, which is prospective for vanadium, iron and titanium.
Using a minimum cut-off grade of 0.48% V2O5Eq (vanadium equivalent), inferred resources are now estimated at 14.38 million tonnes, at 0.42% V2O5.
The company said this represents a 24% increase from the classified inferred resource of 11.6 million tonnes in the previous report last August.

The updated study, however,  does not include the 19 hole, 2,893 metre phase 4 diamond drill program just finished by the company, which included 11 in-fill drill holes, now connecting several outside zones of mineralization to the company's main Genesis deposit on the Iron-T property.
The peripheral zones, which cover the eastern extension of Genesis, stand to increase resource tonnage significantly.

The latest report also does not include the high grade holes recently drilled on the western extension of the Main Zone at the property, due to a lack of information validating the grade and continuity of mineralization, the company said.

According to the company that completed the report, SGS-Geostat, the Iron-T mineral deposit contains enough resources to justify additional exploration and development work  on the property.
"The project needs additional definition including detailed cartography and diamond drilling before being ready for mining," SGS-Geostat noted.
"The additional drilling would increase significantly the quality of the geological information as well as the update of the overall resources and the geological model.
"With addition of the drilling data, the update of the resources could include the measured and indicated resources categories.”