Apella Resources said that it has commissioned SGS Geostat to prepare an updated NI 43-101 compliant report for the company's Iron-T vanadium iron titanium project at Matagami in Quebec.
The updated report will include results from extensions for earlier holes MA 10-11 and MA 10-20, and two new holes MA 10-25 and MA 10-31. In addition, the 11.6 million tonnes resource calculated in August did not include 85 channel samples taken from newly discovered zones in the summer, as well as assay results from 13 additional drill holes drilled since May 2010. These new holes, coupled with the drill-hole extensions, will add a total of 2,222 m of drill results to the new resource calculation.
Highlights from the new results include extended hole MA 10-11, which returned 99.89 meters at 33.07% Fe203, 7.79% TiO2, 0.41% V2O5, and 0.82% vanadium equivalent. Extended hole MA 10-20 intersected 111.5 meters at 19.53% Fe203, 3.98% TiO2, 0.33 V2O5 and 0.57% vanadium equivalent. Of the two new holes released, hole MA 10-25 returned 14.8 meters at 30.65 Fe2O3, 7.76 TiO2, 0.61% V2O5, and 1.00 vanadium equivalent.
Mr Patrick O'Brien chairman of Apella Resources said that "These latest results will have a significant impact in our overall resource figures as we move the Iron T forward. Coupled with the fact that ground geophysics has now just been completed over the entire western portion of the project we anticipate that all of the ground to the west of our previous drilling will amount to one very large drill target."
He added that "The encouraging current and future expectations and predictions for the iron and vanadium markets are certainly compelling reasons to place the Iron T project into high gear."
The company will soon begin the proposed 20,000 metres of definition drilling, which is expected to provide potential to increase and upgrade the resource calculations further at the site.
The Iron T project currently consists of 146 claims totaling 3,995.57 hectares, covering one continuous block of claims straddling Lozeau, Comporte and Isle Dieu townships in Quebec.
(Sourced from www.proactiveinvestors.com)
