- Appia Rare Earths & Uranium (API) now has a second drill rig operational at its Alces Lake property
- The property is located in Norther Saskatchewan’s Athabasca Basin
- Both drill rigs are now operating 24 hours a day
- A total of 24 holes, covering 4,889 metres have been drilled to date
- The company expects to drill a minimum of 12,000 metres and up to as much as 20,000 metres this year
- Appia Rare Earths & Uranium is down 8.43 percent, trading at $0.38 at 1:30 p.m. ET
Appia Rare Earths & Uranium (API) now has a second drill rig operational at its Alces Lake property.
The property is located in Norther Saskatchewan’s Athabasca Basin.
The Toronto-based mineral exploration company is continuing its current drill program, that began in March. Both drill rigs are operating 24 hours a day.
A total of 24 holes, covering 4,889 metres have been drilled to date.
The company expects to drill a minimum of 12,000 metres and up to as much as 20,000 metres this year. All drilling will be funded with available cash on hand.
All 2021 assay results are now in-house and being analyzed and evaluated prior to release.
The first hole drilled in 2022 intersected 51.2 metres of anomalous radioactivity beginning at the top of hole, which the company calls “encouraging.”
Appia anticipates using an under-construction rare earths processing facility being built by the Saskatchewan Research Council and scheduled to become operational in early 2023.
The company’s Alces Lake project area is 35,682 hectares in size.
Appia Rare Earths & Uranium is down 8.43 percent, trading at $0.38 at 1:30 p.m. ET.