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Thursday, 11/16/2023 9:01:49 AM

Thursday, November 16, 2023 9:01:49 AM

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Appia Re-Evaluates Potential of its Elliot Lake Uranium Deposits in View of Increased Uranium Prices, Confirmation of Significant Rare Earth Mineralization and Bulk Mining Potential

TORONTO, ONTARIO, November 16, 2023, - Appia Rare Earths & Uranium Corp. (the “Company” or “Appia”) (CSE: API, OTCQX: APAAF, Germany: “A0I0.F”, “A0I0.MU”, “A0I0.BE”) is pleased to announce that the Company is revisiting its large uranium-rare earths deposits located at Elliot Lake, Ontario to examine the impact of increased uranium prices and confirmation of significant rare element (“REE”) mineralization. The Company will also evaluate the cost–saving potential of bulk mining the Teasdale Lake and Banana Lake Zones.

In 2007-08 and 2012, Appia completed drill programs to confirm mineralization detailed in historical resource estimates for the Teasdale Lake and Banana Lake Zones. Following the drill program, Appia engaged consulting firm Watts, Griffis and McOuat Limited (WGM) to provide an updated NI 43-101 Resource Estimate for the two zones.

The technical report was prepared in accordance with the provisions of National Instrument 43-101 and entitled “UPDATE REPORT ON THE APPIA ENERGY CORP. URANIUM-RARE EARTH PROPERTY, ELLIOT LAKE DISTRICT, NORTH-CENTRAL ONTARIO, CANADA” by Watts, Griffis and McOuat, dated July 30, 2013 (the “2013 Updated Resource Estimate Report”) and filed on SEDARplus at on August 14, 2013.

The NI 43-101 Indicated Mineral Resource for the Teasdale Lake Zone was 14,435,000 tons grading 0.554 lbs U3O8/ton and 3.30 lbs. TREE/ton for a total of 7,995,000 lbs. U3O8 and 47,689,000 lbs. TREE. The Inferred Mineral Resource was 42,447,000 tons grading 0.474 lbs. U3O8/ton and 3.14 lbs. TREE/ton totalling 20,115,000 lbs. U3O8 and 133,175,000 lbs. TREE – see Table 1.

The Inferred Mineral Resource for the Banana Lake Zone was 30,315,000 tons grading 0.912 lbs. U3O8/ton for a total of 27,638,000 lbs. U3O8 – see Table 2.

The historical resource for the five separate zones comprising Appia’s Elliot Lake Property is summarized in Table 3.

Go to web site for tables.