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Apella receives complete set of assays from samples of new property in Timmins

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Apella Resources (CVE:APA) (OTCQX: APAFF) announced Tuesday a complete set of assay results obtained following the completion of due diligence on its new vanadium-iron-titanium project in Timmins, Ontario.

In a previous statement in October, the company said it had purchased the property after its geology team assessed the merits of the asset for the potential to mirror Apella's existing Lac Dore, Lac Dore North and Iron-T deposits.

The new asset comprises two distinct mineralized zones, namely the West and East Structures, each presenting potential to host economic vanadium-iron-titanium deposits, Apella said.

In October, Apella said a layered gabbro zone at the new site was sampled by the original prospecting team that discovered the property, as well as by Apella's geology team. Results were as high as 1.15% vanadium equivalent, with other notable samples coming in at 0.7% and 0.8%.

In the previous statement, however, the iron and titanium data were not included for the due diligence samples taken by Apella's team.

This new data was released Tuesday, the company said.

"These added results meet Apella's expectations for the preliminary stages of this new project and have had a significant upward impact on the relevant V2O5Eq [vanadium equivalent] numbers outlined in the same chart herein placing 80% of Dr. C. Derosier's due diligence samples above Apella's breakeven target values," said chairman, Patrick D. O'Brien.
 
Twelve grab samples were taken at different locations along the gabbro sill, by the prospectors. Meanwhile, Dr. C. Derosier, P.Geo and Apella's project Qualified Person for the project, took a further five grab samples.

Two of Dr. Derosier's samples were taken on the same occurrences as the prospector's first samples, and three were taken at different locations.

Notable samples include 1.05% vanadium equivalent, consisting of 0.39% vanadium, 7.77% titanium, and 45.67% iron in sample 171291 - one of the samples taken by the Apella team.

Highlights of the prospecting samples include 1.15% vanadium equivalent, consisting of 0.76% vanadium,  8.68% titanium and 49.79% iron, in sample RL-10.
 
The West Structure of the new asset covers a two kilometre long east-west oriented gabbro sill, which can be delineated by the most recent airborne magnetic and electromagnetic survey carried out by the Ontario Geological Survey.

Meanwhile, the Eastern Structure covers a northwest-southeast oriented magnetic anomaly, which also corresponds to a three kilometre long gabbro sill that is similar to the sill of the Western Structure.

"Assays from Apella's new 100% owned Game-Changer Project look very similar to those obtained by Apella on its 100% owned Iron-T Project during the last drilling program and more particularly on its newly discovered NW-SE Zone on the Iron-T Project," the company concluded in a statement.
 
The planning for the next phase of exploration and drilling on the prospect is in progress, Apella added.

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