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Appia Rare Earths & Uranium stock surges on massive monazite discovery as Alces Lake

Camp at Alces lake. Image from Appia.

Appia Rare Earths & Uranium (CSE: API) announced Tuesday the receipt of assay results from the 2022 prospecting program at its wholly owned Alces Lake rare earth elements property in Northern Saskatchewan.

Highlights from the program include 36.11 wt.% total rare earth oxides (TREO) returned from samples of massive to semi-massive monazite in outcrop at the West Limb anomaly; 3.34 wt.% TREO returned from a mineralized biotite shear zone at the West Limb anomaly; 4.34 wt.% TREO returned from visible monazite in a shear zone at a previously unexplored and un-named radiometric prospect south of the Magnet Ridge zone; and 2.03 wt.% TREO returned from visible monazite discovered in the Western anomaly.

“Multiple results exceeding one percent total rare earth oxides from new targets, not explored before 2022, tells us we are just scratching the surface at Alces Lake,” VP exploration Irvine Annesley said a news release.

“With so much area left to explore we are excited about what remains to be discovered and new targets to be drilled.”

Following up on the success of Appia’s 2021 geological field work, a team of two field geologists conducted reconnaissance prospecting of previously unexplored or underexplored radiometric Th (and U) anomalies during the 2022 field season.

The team documented 13 new occurrences of visible monazite across the central portion of the Alces Lake property. Grab samples of anomalously radioactive bedrock were collected whenever possible. Of 34 outcrop grab samples, four returned grades exceeding 2 wt.% TREO and more than half exceeded 0.1 wt.% TREO.

Appia said it has engaged a geophysical contractor to expand the survey coverage to all of the 35,682-hectare Alces Lake property.

“The 2022 prospecting results have shown just how effective and valuable a tool the airborne radiometric data is,” Appia CEO Tom Drivas said.

“After the 2021 survey guided our team to excellent results from new targets for the second season in a row, including the stunning 36.11 wt.% TREO sample in the West Limb, we have decided to expand the survey to cover the entire property,” Drivas added. “This is an important step for unlocking the full potential of Alces Lake as part of an emerging rare earth elements district.”

Appia’s stock surged over 11% by market close in Toronto. The company has a C$48 million ($35m) market capitalization.