Apella Resources Inc. (TSX VENTURE: APA)(OTCQX: APAFF)(FRANKFURT:
NWN) is pleased to announce that SGS-Geostat has delivered to
Apella its updated NI 43-101 resource estimation update for the
Iron-T Vanadium-Iron-Titanium Project in Quebec, Canada. The Iron-T
Vanadium-Titanium-Iron property located 18km east of Matagami in
the Province of Quebec, Canada. This latest calculation reports an
estimated increase of 24% in the quantity of the inferred resource
over the previous report dated August 2010.
The intent of this updated resource estimation report by
SGS-Geostat was to provide a comprehensive review of the 2009-2010
exploration activities. This latest independent NI 43-101 resource
estimate completed by SGS-Geostat is based on 41 drill holes
including 2 revised historical drill holes for a total length of
5,519 metres (18,107ft).
In SGS-Geostat's opinion, the Iron-T mineral deposit contains
enough resources to justify additional exploration work and
development work on the property in the optic of a bulk sampling,
preliminary economic assessment study and prefeasibility study.
Currently, all of the resources reported on the Iron-T are
classified in the inferred category. Many of the sections so far
contain only one drill hole giving limited information on the
deposit. Even though two separate small interpreted solids were
intersected by at least two drill holes (trenches) within a radius
of 50m, there is not enough information yet validating the grade
and lateral continuity of the solids. For this reason holes
MA-10-35, MA-10-36, MA-11-37 drilled on the western extension of
the Main Zone over a distance of 1.8 km have not been considered in
the resource calculations, despite their excellent mineralized
intersections.
The classified inferred resources reported in this latest
SGS-Geostat report are compliant with standards as outlined in the
National Instrument 43-101. These resources were calculated using a
minimum cut-off grade of 0.48% V2O5Eq and now estimated at
14,376,000 tonnes of the inferred category at 0.42% V2O5. This
represents a 24% increase in the classified inferred resource of
11,600,000 tonnes in SGS-Geostat's last report.
The mineral resources estimated to date on the Iron-T Project by
SGS-Geostat are presented in the table below.
----------------------------------------------------------------------------
Current Inferred Mineral Resource Estimate - Iron-T Project
----------------------------------------------------------------------------
V2O5Eq
Cuttoff
(%) Tonnage Volume Fe (%) Fe2O3(%) TiO2(%) V2O5(%) V2O5Eq (Eq)
----------------------------------------------------------------------------
0.48 14,376,000 6,331,000 27.30 39.04 6.55 0.42 0.77
----------------------------------------------------------------------------
Considering the fact that the Iron-T mineral deposit holds a
"non-negligible" portion of TiO2 and Iron ore, SGS considers the
0.48% V2O5Eq cut-off grade as a conservative cut-off and is the one
recommended. This cut-off corresponds roughly to a combined cut-off
of 0.26% V2O5 and 3.78% TiO2. If the combined cut-off would have
been used, a small decrease in tonnage would have been observed in
comparison to the V2O5Eq cut-off.
The V2O5, Fe and TiO2 prices used in the SGS-Geostat report were
provided by Dr. C. Derosier of Apella as of June 21th, 2010 the
same as utilized in the August 2010 report. Those prices were
obtained from Metalprices.com, a website specializing in the
current metal prices in the World. SGS-Geostat did not do an
extensive research of the dollar value of vanadium, TiO2 and Fe
concentrates.
V2O5EQ = V2O5 + 0.011(i)Fe + 0.006(ii)TiO2 in %
(i)$182/tonne metric
(ii)$90/tonne metric
V2O5: 14$/kg
The prices were provided by Dr. C. Derosier of Apella.
It should be noted that this latest resource estimation by
SGS-Geostat does not include the 19 hole, 2,893m (9,491ft) Phase 4
diamond drill program just finished by Apella on this project. This
latest 19 hole drill program included 11 in-fill drill holes in the
main Genesis Deposit being delineated on the Iron-T
Vanadium-Iron-Titanium Project.
As part of the independent verification program, SGS-Geostat
validated Apella's exploration methodology including core logging,
sampling, analytical procedures, and QAQC protocols and
procedures.
Although still considered as preliminary and based on the optic
of an open pit operation, the mineral processing results of 2009
and 2010 showed interestingly good recovery results. Tests included
limited Davis tube tests, density tests, Satmagan tests and a
mineralogy study. The 2011 Davis tube Vanadium recovery was high;
averaging 88.7% recovery with 90% of samples having a recovery of
greater than 79.6%. This means that the Iron-T mineralization has
an excellent recovery rate. Specific Gravity (SG) testing gave
results from 2.93 to 4.37 and a mean average SG of 3.68. The
specific gravity is a function of the concentration and weight of
the mineralization. The Satmagan (content magnetite (Fe3O4))
averaged at 33.8%, and ranged from 13.7% to 48.8%. Results of the
Satmagan shows that magnetic iron oxide content varies from
disseminated to massive layers. The average Ti and V contents were
5.51% and 0.34%, respectively. These results show that Titanium
represents a non-negligible element and that the vanadium content
is similar to the Lac Dore deposit. The concentrates from the
mineralogy tests contained between 80.9% and 96.5% combined
Fe-Oxides, Ti-Magnetite and Ilmenite; which means that the
concentration method is adequate and the recovery obtained is
excellent. For most of the samples analyzed, the major carrier of
Vanadium is the Fe-Oxides (ranging from 66.2% and 91.2%) with
Ti-Magnetite being a minor carrier, at between 7.19% and 32.0%;
which means that layers with higher Ti values will return lower
vanadium values. Between 64.3% and 90.9% of the Oxides were free,
and between 6.46% and 20.7% of the Oxides were liberated. This
signifies that oxides are easily recoverable by physical process.
The locked Oxides were mostly associated with non-opaque gangue
(between 2.22% and 14.9%), with a much smaller proportion
associated with sulphides (between 0.00% and 1.92%). This is
excellent for Apella because the Iron-T deposit has a very low
sulphide content which permits it to be used by the steel
industry.
The mineral resource block model has been interpolated from 1.25
m long analytical composite data constrained within a 3D wireframe
envelop of the mineralized geological model defined from drill hole
mineralized intercepts. The mineral resource model is defined by
blocks 5 m (east-west) by 5 m (north-south) by 5 m (elevation) in
size, located below the bedrock/overburden interface, and covers an
area located within sections 324,500 m E and 325,800 m E on the
Property to a maximum depth of 220m below surface. The length of
the drill tested zone comprised between these two coordinates, is
1,300m. The interpolation of the block grade was performed by
inverse distance squared method in multiple passes using
anisotropic search ellipsoids increasing is size from one pass to
another. This is an industry standard. The mineral resources
calculated by SGS and representing a small portion of the property
correspond to the estimated blocks located below the
bedrock/overburden interface. A bulk density (SG) of 3.5t/m(3) was
used to calculate the final tonnage of the mineral resources based
on the available data. Each deposit is unique and has its own
specific gravity depending of the mineral composition and
concentration.
Following a bias observed in 2010 by SGS-Geostat, corresponding
in a 15% average grade difference between original and duplicate
V2O5 (Vanadium Oxide) assay results, reported by various labs
utilized SGS-Geostat initiated a 2011 independent sampling program
involving the assay of 81 samples submitted to two other
independent certified laboratories. The 2011 independent sampling
program was similar to the 2010 independent sampling program. The
V2O5 (V) average grade of original assays gave results from 12.9%
to 18.7% higher than the independent samples (SGS Lakefield and
Actlabs). SGS found that the ALS-Chemex laboratory tends to be the
one with the overall highest average iron, TiO2 and V2O5 grades.
The SGS Lakefield laboratory and Actlabs are respectively ranked
second and third. Since the majority if not all of the original
samples were sent to the ALS-Chemex lab, SGS strongly recommends
continuing and implementing QAQC procedures involving certified
materials (standards) from the industry to be sent to the
ALS-Chemex lab to check any calibration errors. Apella is
implementing a QAQC program involving the assay of certified
materials (standards) in order to verify the calibration of the
laboratory and two other laboratories. According to the findings of
this QAQC program, these results will help determine a correction
factor on the assay results.
SGS made the following recommendations: "The project needs
additional definition including detailed cartography and diamond
drilling before being ready for mining. 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. SGS recommends infill drilling and target
drilling."
This press release has been reviewed by Dr. Christian Derosier,
P. Geo., Consulting Geologist and Qualified Person for the Iron-T
project under National Instrument 43-101.
Additional information is contained on the Company's website at
www.apellaresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF APELLA RESOURCES INC.
Patrick D. O'Brien, ICD.D, Chairman
S.E.C. Exemption 12(g) 3-2(b) File No. 82-3822, Standard &
Poors Listed, Dun & Bradstreet Listed.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Apella Resources Inc. Adrian Bakker 604-683-8990 or
Toll Free: 1-800-663-8990 604-683-8903 (FAX)
apella@apellaresources.com www.apellaresources.com
AlliancePharma Inc. (TSXV:APA)
Historical Stock Chart
From Jun 2024 to Jul 2024
AlliancePharma Inc. (TSXV:APA)
Historical Stock Chart
From Jul 2023 to Jul 2024