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Appia Rare Earths & Uranium Corp. (CSE: API, OTCQX: APAAF) has signed a non-binding memorandum of understanding (MOU) with 15997356 Canada Inc. to option up to a 100% working interest in the Elliot Lake Uranium Project. The purchaser can initially earn a 51% interest by paying $25 million by October 31, 2024, and must provide a financing commitment by July 9, 2024. Following this, the purchaser has 36 months to deliver a bankable feasibility study or an additional 12 months with a $5 million payment. Upon delivery, the purchaser can acquire the remaining 49% interest for $50 million. If the feasibility study isn't delivered within the extended timeline, a joint venture is formed with the purchaser obligated to make $15 million in initial expenditures to maintain their interest. The transaction is subject to due diligence, a definitive agreement, and regulatory approval.
Appia Rare Earths & Uranium Corp. announced promising initial results from new exploration targets, Taygeta and Merope, at their PCH project in Brazil. A total of 111 samples from 18 auger drill holes showed significant enrichment of Heavy Rare Earth Oxides (HREO). Key intercepts include 4m@1848ppm TREO, 1138ppm HREO, and 106ppm Dy+Tb from sample PCH-AH-190. The targets, covering 546 and 1,134 hectares respectively, are larger in area compared to Target IV. Desorption test results are pending. The project's next steps include further delineation drilling upon favorable results. The PCH project area spans over 40,000 hectares.
Appia Rare Earths & Uranium Corp. (APAAF) is hosting a webinar on May 14th at 9:45 AM EDT with President Stephen Burega, VP Andre Costa, and analyst John Tumazos. The event will discuss the latest company developments.
Appia Rare Earths & Uranium Corp. announced the confirmation of Ionic Adsorption Clay rare earth elements at the PCH project in Brazil. Desorption tests showed high-grade recoveries for Magnet and Heavy Rare Earth Oxides, indicating commercial viability. The project covers a vast area with potential for new discoveries. The company aims to optimize the desorption process to maximize recoveries and minimize costs. The presence of two distinct mineralization styles enhances the project's potential. The recent mineral resource estimate on Target IV and the Buriti Zone underscores the project's progress.
