Appia completes drilling at Gaia target, advances Taygeta program

Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQB: APAAF) completed auger drilling at the Gaia target and advanced drilling at the Taygeta target within its PCH Rare Earths Project in Goiás State, Brazil, according to a company statement.

The company completed 90 auger drill holes at Gaia and shipped all samples to an accredited laboratory for geochemical and desorption analyses. At Taygeta, 42 auger drill holes have been completed to date, with the program continuing to focus on near-surface horizons.

The drilling program uses two recently acquired auger rigs and targets areas with geological signatures consistent with ionic-adsorption clay systems. Appia will apply the same desorption protocol used at Taygeta to the Gaia samples, using an (NH₄)₂SO₄ 0.5 M solution at pH 4 under ambient temperature.

"We successfully wrapped up the auger program at Gaia and have already shipped the samples for analysis. At the same time, we continue to progress efficiently at Taygeta," said Tom Drivas, CEO and Director.

Separately, Appia closed the final tranche of a non-brokered private placement on October 15, 2024, issuing 3,968,648 working capital units at $0.185 per unit for gross proceeds of $734,200. Each unit consists of one common share and half a warrant exercisable at $0.30 per share for two years.

The company also announced that Ultra Rare Earth Inc. intends to close a transaction to acquire a 50% interest in Appia Brasil Rare Earths Mineracao Ltda, which holds the PCH Project. The transaction is scheduled to close October 31, 2024, and includes Ultra investing $2 million USD in an Appia unit private placement.

All securities from the private placement are subject to a hold period expiring February 16, 2026. Proceeds will be used for working capital and exploration activities in Brazil and Saskatchewan.

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