Apella's phase 4 drill program expected to boost Iron-T resources "significantly"
Seeking Alpha Analyst Since 2009
Apella Resources (CVE:APA) (OTCQX:APAFF) said Monday that it has completed the first 16 diamond drill holes of the phase four exploration program on its Quebec Iron-T project, which are expected to increase the size of the resource.
The company said the 2,443 metres were completed on track according to the phase four drilling schedule at the Iron-T site, which is prospective for vanadium, iron and titanium.
Twelve of the first sixteen holes completed to date, said Apella, are infill holes that now connect 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, were not included in the company's resource estimate for the project from August last year, and therefore could increase the tonnage at Iron-T significantly.
Apella said that one of the current phase four drill holes has been set up on the eastern end of another mineralized zone, referred to as the II Zone, which runs parallel to Genesis and could further boost resources.
Phase four drilling has now been moved to the western extension of the Iron-T project, in order to test a 5 kilometre long magnetic axis at depth, which has never before been drill tested. Six drill holes, totalling 900 metres in length, are planned for this area.
To date, three phases of exploration have been completed at Iron-T, and based on the first two, the company has identified a minimum of 11.63 million tons of inferred resources.
Upgraded resource calculations for the project will be reported as soon as they become available from SGS-Geostat, Apella said.
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